# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0001683863-25-005690
**Filing Date:** 2025-7
**Character Count:** 68699
**Document Hash:** b6e052259f57c418bf5bdea95b3dfa37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-005690.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0001683863-25-005690

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**EFFECTIVENESS DATE**: 20250710

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios IV
- **CENTRAL INDEX KEY:** 0002042316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283903
- **FILM NUMBER:** 251116855

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

![](gadm02wye33ac0oku8e10.jpg)

**As filed with the Securities and Exchange Commission on July 10, 2025**

**File No.: 333-283903**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

---

| | |
|:---|:---|
| ** Pre-Effective Amendment No.** | ** Post-Effective Amendment No. 1** |

---

(Check appropriate box or boxes)

**VICTORY PORTFOLIOS IV**

(Exact Name of Registrant as Specified in Charter)

**15935 La Cantera Parkway**

**San Antonio, TX 78256**

(Address of Principal Executive Office)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 539-3863

(Area Code and Telephone Number)

Copy to:

---

| | |
|:---|:---|
| **Thomas Dusenberry** | **Jay G. Baris** |
| **Victory Portfolios IV** | **Matthew J. Kutner** |
| **15935 La Cantera Parkway** | **Sidley Austin LLP** |
| **San Antonio, TX 78256** | **787 Seventh Avenue** |
|  | **New York, NY 10019** |

---

No filing fee is due because an indefinite number of shares has been registered in reliance on Section 24(f) under the Investment Company Act of 1940, as amended.

It is proposed that this Registration Statement will become effective immediately pursuant to Rule 485(b) under the Securities Act of 1933, as amended.

**Victory Portfolios IV**

This Post-Effective Amendment consists of the following:

(1)Facing Sheet of the Registration Statement.

(2)Part C to the Registration Statement (including signature page).

Parts A and B are incorporated herein by reference to the Registration Statement on Form N-14 (File No. 333- 283903), filed on February 7, 2025, and the supplement thereto filed on February 12, 2025.

This Post-Effective Amendment is being filed solely to file the tax opinions as Exhibit No. 12 to the Registration Statement on Form N-14.

**Victory Portfolios IV**

**Part C. Other Information**

**_________________________________**

**ITEM 15. INDEMNIFICATION**

Article X, Section 10.02 of Registrant's Delaware Trust Instrument, as amended, provides for the indemnification of Registrant's Trustees and officers, as follows:

(a)Subject to the exceptions and limitations contained in Subsection (b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)every person who is, or has been, a Trustee or an officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened while in office or thereafter, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

(b)No indemnification shall be provided hereunder to a Covered Person to the extent that such indemnification is prohibited by applicable federal law.

(c)The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel, other than Covered Persons, and other persons may be entitled by contract or otherwise under law.

(d)Expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in Subsection (a) of this Section 10.02 shall be paid by the Trust or Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him to the Trust or Series if it is ultimately determined that he is not entitled to indemnification under this Section 10.02. The advancement of any expenses pursuant to this Section 10.02(d) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002 or for any other reason.

(e)Notwithstanding anything to the contrary in the Trust Instrument or the Bylaws, for purposes of any determinations that under applicable federal law need to be made in connection with the provision of indemnification or advancement by the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust and are not party to the proceeding at issue ("Qualifying Trustees"), a majority of the Qualifying Trustees shall constitute a quorum unless there is only one Qualifying Trustee, in which case such one Qualifying Trustee shall constitute a quorum. To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Qualifying Trustees making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

Registrant has obtained from a major insurance carrier a trustees' and officers' liability policy covering certain types of errors and omissions. In no event will Registrant indemnify any of its trustees, officers, employees or agents against any liability to which such person would otherwise be subject by reason of his willful misfeasance, bad faith, or gross

negligence in the performance of his duties, or by reason of his reckless disregard of the duties involved in the conduct of his office or under his agreement with Registrant. Registrant will comply with Rule 484 under the Securities Act and Release 11330 under the 1940 Act in connection with any indemnification.

Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers, and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act, as amended, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer, or controlling person of Registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**ITEM 16. EXHIBITS**

1.(a) [<u>Certificate of Trust dated October 21, 2024</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386324009294/f40338d2.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386324009294/f40338d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[<u>Form of Second Amended and Restated Trust Instrument</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d2.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d2.htm)

2.[<u>Bylaws</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d3.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d3.htm)

3. None.

4. Agreements and Plans of Reorganization are incorporated by reference to Exhibit A to the joint proxy statement/prospectus filed as a supplement to the Registration Statement on Form N-14 on February 12, 2025.

5. The rights of holders of the securities being registered are set out in Articles II, VII, IX and X of the Amended and Restated Trust Instrument referenced in Exhibit (1)(b) above and in Article IV of the Bylaws referenced in Exhibit (2) above.

6.[<u>Investment Advisory Agreement between Registrant and Victory Capital Management Inc.</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d4.htm)

7.[<u>Distribution Agreement between Registrant and Victory Capital Services, Inc.</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d5.htm)

8. None.

9.[<u>Form of Assignment Agreement related to Custody Agreement with The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d6.htm)[.](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d6.htm)

10.(a) [<u>Distribution and Service Plan Class A Shares</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d6.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[<u>Distribution and Service Plan Class C Shares</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d7.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[<u>Distribution and Service Plan Class R Shares</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d8.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)[<u>Class R Shares Service Plan</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d9.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d9.htm)

11.[<u>Opinion and consent of Morris Nichols Arsht & Tunnell LLP regarding legality of issuance of shares</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d10.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000516/f40488d10.htm)

12. Opinions of Sidley Austin LLP regarding tax matters.\*

13.(a) [<u>Form of Administration and Fund Accounting Agreement between Registrant and Victory Capital Management Inc.</u>](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[<u>Form of Assignment Agreement related to Fund Administration and Accounting Agreement with The Bank of New York Mellon</u>](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d10.htm)[.](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[<u>Form of Assignment Agreement related to Transfer Agency and Shareholder Services Agreement with BNY Mellon Investment Servicing (US) Inc.</u>](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)[<u>Form of Expense Limitation Agreement between Registrant and Victory Capital Management Inc</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d3.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d3.htm)

14.[<u>Consents of Independent Registered Public Accounting Firms</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d4.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d4.htm)

15. None.

16.[<u>Powers of Attorney of: John E. Baumgardner, Jr., David C. Brown, Diane Durnin, Benjamin M. Friedman, Craig C. MacKay, Lorraine H. Monchak, Thomas J. Perna, Fred J. Ricciardi.</u>](http://www.sec.gov/Archives/edgar/data/2042317/000168386325000323/f40476d14.htm)

17.[<u>Form of Proxy Card</u>](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d5.htm)[.](http://www.sec.gov/Archives/edgar/data/2042316/000168386325000669/f40605d5.htm)

_______

\* Filed herewith.

**ITEM 17. UNDERTAKINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The undersigned Registrant undertakes to file the opinion of counsel supporting the tax consequences of the proposed reorganization required by Item 16(12) through an amendment to this Registration Statement no later than a reasonable time after the closing of the Reorganization.

![](gxs018cxhuwa6qc7z17xd.jpg)

**SIGNATURES**

As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the City of San Antonio and State of Texas, on the 10th day of July 2025.

**VICTORY PORTFOLIOS IV (Registrant)**

By: <u>/s/ Thomas Dusenberry</u>

Thomas Dusenberry, President

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on the date stated above.

/s/ Thomas Dusenberry Thomas Dusenberry

/s/ Carol D. Trevino Carol D. Trevino

\*

Thomas J. Perna

\*

John E. Baumgardner, Jr.

\*

David C. Brown

\*

Diane Durnin

\*

Benjamin M. Friedman

\*

Craig C. MacKay

\*

Lorraine H. Monchak

\*

Fred J. Ricciardi

\*By: /s/ Thomas Dusenberry Thomas Dusenberry Attorney-in-Fact

President (Principal Executive Officer)

Treasurer (Principal Accounting Officer and Principal Financial Officer)

Chair

Trustee

Trustee

Trustee

Trustee

Trustee

Trustee

Trustee

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT INDEX** |
| &nbsp;&nbsp;Exhibit Number | &nbsp;&nbsp;Description of Exhibit |
| (12) | &nbsp;&nbsp;Opinions of Sidley Austin LLP regarding tax matters |

---

## Exhibit 99.12

![](gbe61t6p3j1u77xn8nuyu.jpg)

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

May 2, 2025

Victory Portfolios IV

c/o Victory Capital Management Inc. 4900 Tiedeman Road

Brooklyn, OH 44144

Pioneer High Yield Fund Pioneer Series Trust IV Pioneer Series Trust VI Pioneer Series Trust VIII c/o Amundi US

60 State Street Boston, MA 02109

Ladies and Gentlemen:

This opinion is rendered to you pursuant to Paragraph 8.8 of that certain Agreement and Plan of Reorganization, dated as of December 30, 2024 (the "**Agreement**"), by and among Victory Portfolios IV, a Delaware statutory trust (the "**Acquiring Trust**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquiring Fund**"), and each of Pioneer High Yield Fund, Pioneer Series Trust IV, Pioneer Series Trust VI and Pioneer Series Trust VIII, each a Delaware statutory trust (each, an "**Acquired Trust**" and together, the "**Acquired Trusts**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquired Fund**"), Victory Capital Management Inc. and Amundi Asset Management US, Inc., along with other parties and on behalf of other series. This opinion only pertains to the Acquiring Funds and the Acquired Funds set forth on Schedule A of this opinion.

We have acted as counsel to the Acquiring Trust in connection with (i) the acquisition of all of the assets of each Acquired Fund by the applicable Acquiring Fund other than certain securities owned by the applicable Acquired Fund that may be restricted as to transfer due to sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) ("**Acquired Assets**") in exchange solely for the assumption by the applicable Acquiring Fund of liabilities of the corresponding Acquired Fund and newly-issued shares of the applicable Acquiring Fund (including fractional shares) ("**Acquiring Fund Shares**") and (ii) the distribution of the applicable Acquiring Fund Shares to the shareholders of the applicable Acquired Fund (other than the corresponding Acquiring Fund, which will be a shareholder in the applicable Acquired Fund at that time) and the applicable Acquired Fund shall elect to be disregarded as separate from the corresponding Acquiring Fund for U.S. federal income tax purposes by filing an IRS Form

![](g75knauq56y5c7kz1i56s.jpg)

Victory Portfolios IV

Pioneer High Yield Fund

Pioneer Series Trust IV

Pioneer Series Trust VI

Pioneer Series Trust VIII

8832 effective one day after the closing date, all upon the terms and conditions set forth in the Agreement (all the foregoing transactions being referred to herein collectively as a "**Reorganization**"). This opinion is being delivered pursuant to Section 8.8 of the Agreement, and this opinion pertains to each Acquired Fund and the corresponding Acquiring Fund listed on Schedule A of this opinion.

We have reviewed such documents and materials as we have considered necessary for the purpose of rendering this opinion. In rendering this opinion, we have assumed that such documents as yet unexecuted will, when executed, conform in all material respects to the proposed forms of such documents that we have examined. In addition, we have assumed the genuineness of all signatures, the capacity of each party executing a document to so execute that document, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies.

We have made inquiry as to the underlying facts that we considered to be relevant to the conclusions set forth in this opinion. The opinions expressed in this letter are based upon representations made in letters from each of the Acquired Trusts and the Acquiring Trust on behalf of the Acquired Funds and the Acquiring Funds, respectively, addressed to us for our use in rendering this opinion (the "**Tax Representation Letters**"). We have no reason to believe that these representations and facts are not valid, but we have not attempted to verify independently any of these representations and facts, and this opinion is based upon the assumption that each of them is accurate.

The conclusions expressed herein are based upon the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations issued thereunder, published rulings and procedures of the Internal Revenue Service and judicial decisions, all as in effect on the date of this opinion.

Based upon the foregoing, we are of the opinion for U.S. federal income tax purposes that with respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The steps of the Reorganization, all pursuant to the Agreement, will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the corresponding Acquiring Fund and the Acquired Fund will each be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Acquired Assets of the corresponding Acquired Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the corresponding Acquired Fund;

![](gxgchvix5lf5hky26tjry.jpg)

Victory Portfolios IV

Pioneer High Yield Fund

Pioneer Series Trust IV

Pioneer Series Trust VI

Pioneer Series Trust VIII

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No gain or loss will be recognized by the Acquired Fund upon the transfer of the Acquired Assets of the Acquired Fund to the corresponding Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund or upon the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund (other than the corresponding Acquiring Fund) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No gain or loss will be recognized by the shareholders of the Acquired Fund upon the receipt of Acquiring Fund Shares pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The aggregate tax basis of Acquiring Fund Shares received by shareholders of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor by such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The holding period of the Acquiring Fund Shares to be received by shareholders of the Acquired Fund pursuant to the Reorganization will include the period during which the Acquired Fund Shares exchanged therefor were held by such shareholder, provided such Acquired Fund Shares are held as capital assets at the time of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The tax basis of the Acquired Assets acquired by each Acquiring Fund will be the same as the tax basis of such Acquired Assets to the corresponding Acquired Fund immediately before the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The holding period of the Acquired Assets in the hands of the Acquiring Fund will include the period during which those Acquired Assets were held by the corresponding Acquired Fund.

This opinion is based upon the accuracy of the certifications, representations and warranties and satisfaction of the covenants and obligations contained in the Agreement, the Tax Representation Letters and in the various other documents related thereto. Our opinion may not be relied upon if any of such certifications, representations or warranties are not accurate to any material extent or if any of such covenants or obligations are not satisfied in all material respects.

This opinion is being delivered solely to the addressees in connection with the matters described above and may not be quoted to or relied upon by, nor may this opinion or copies hereof be delivered to, any other person, nor may this opinion be used for any other purpose, without our prior written consent.

Sincerely yours,

/s/ Sidley Austin LLP

**SCHEDULE A**

---

| | |
|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund, each a series of Victory**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolios IV** |
| Pioneer Equity Premium Income Fund, a series | Victory Pioneer Equity Premium Income Fund |
| of Pioneer Series Trust VI |  |
| Pioneer High Yield Fund, a series of Pioneer | Victory Pioneer High Yield Fund |
| High Yield Fund |  |
| Pioneer International Equity Fund, a series of | Victory Pioneer International Equity Fund |
| Pioneer Series Trust VIII |  |
| Pioneer Multi-Asset Income Fund, a series of | Victory Pioneer Multi-Asset Income Fund |
| Pioneer Series Trust IV |  |

---

------

![](gazv12sfmhcg0n4xw4jcv.jpg)

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

April 1, 2025

Victory Portfolios IV

c/o Victory Capital Management Inc. 4900 Tiedeman Road

Brooklyn, OH 44144

Pioneer Series Trust V Pioneer Series Trust XIV c/o Amundi US

60 State Street Boston, MA 02109

Ladies and Gentlemen:

This opinion is rendered to you pursuant to Paragraph 8.8 of that certain Agreement and Plan of Reorganization, dated as of December 30, 2024 (the "**Agreement**"), by and among Victory Portfolios IV, a Delaware statutory trust (the "**Acquiring Trust**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquiring Fund**"), and each of Pioneer Series Trust V and Pioneer Series Trust XIV, each a Delaware statutory trust (each, an "**Acquired Trust**" and together, the "**Acquired Trusts**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquired Fund**"), Victory Capital Management Inc. and Amundi Asset Management US, Inc., along with other parties and on behalf of other series. This opinion only pertains to the Acquiring Funds and the Acquired Funds set forth on Schedule A of this opinion.

We have acted as counsel to the Acquiring Trust in connection with (i) the acquisition of all of the assets of each Acquired Fund by the applicable Acquiring Fund other than certain securities owned by the applicable Acquired Fund that may be restricted as to transfer due to sanctions imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) ("**Acquired Assets**") in exchange solely for the assumption by the applicable Acquiring Fund of liabilities of the corresponding Acquired Fund and newly-issued shares of the applicable Acquiring Fund (including fractional shares) ("**Acquiring Fund Shares**") and (ii) the distribution of the applicable Acquiring Fund Shares to the shareholders of the applicable Acquired Fund (other than the corresponding Acquiring Fund, which will be a shareholder in the applicable Acquired Fund at that time) and the applicable Acquired Fund shall elect to be disregarded as separate from the corresponding Acquiring Fund for U.S. federal income tax purposes by filing an IRS Form 8832 effective one day after the closing date, all upon the terms and conditions set forth in the Agreement (all the foregoing transactions being referred to herein collectively as a "**Reorganization**"). This opinion is being delivered pursuant to Section 8.8 of the Agreement,

![](gyutudv0toeqsnhv9sjtr.jpg)

Pioneer Series Trust V

Pioneer Series Trust XIV

and this opinion pertains to each Acquired Fund and the corresponding Acquiring Fund listed on Schedule A of this opinion.

We have reviewed such documents and materials as we have considered necessary for the purpose of rendering this opinion. In rendering this opinion, we have assumed that such documents as yet unexecuted will, when executed, conform in all material respects to the proposed forms of such documents that we have examined. In addition, we have assumed the genuineness of all signatures, the capacity of each party executing a document to so execute that document, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies.

We have made inquiry as to the underlying facts that we considered to be relevant to the conclusions set forth in this opinion. The opinions expressed in this letter are based upon representations made in letters from each of the Acquired Trusts and the Acquiring Trust on behalf of the Acquired Funds and the Acquiring Funds, respectively, addressed to us for our use in rendering this opinion (the "**Tax Representation Letters**"). We have no reason to believe that these representations and facts are not valid, but we have not attempted to verify independently any of these representations and facts, and this opinion is based upon the assumption that each of them is accurate.

The conclusions expressed herein are based upon the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations issued thereunder, published rulings and procedures of the Internal Revenue Service and judicial decisions, all as in effect on the date of this opinion.

Based upon the foregoing, we are of the opinion for U.S. federal income tax purposes that with respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The steps of the Reorganization, all pursuant to the Agreement, will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the corresponding Acquiring Fund and the Acquired Fund will each be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Acquired Assets of the corresponding Acquired Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the corresponding Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No gain or loss will be recognized by the Acquired Fund upon the transfer of the Acquired Assets of the Acquired Fund to the corresponding Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund or upon the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund (other than the corresponding Acquiring Fund) ;

![](g2fwt19jb9rsn1sug50n6.jpg)

Pioneer Series Trust V

Pioneer Series Trust XIV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No gain or loss will be recognized by the shareholders of the Acquired Fund upon the receipt of Acquiring Fund Shares pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The aggregate tax basis of Acquiring Fund Shares received by shareholders of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor by such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The holding period of the Acquiring Fund Shares to be received by shareholders of the Acquired Fund pursuant to the Reorganization will include the period during which the Acquired Fund Shares exchanged therefor were held by such shareholder, provided such Acquired Fund Shares are held as capital assets at the time of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The tax basis of the Acquired Assets acquired by each Acquiring Fund will be the same as the tax basis of such Acquired Assets to the corresponding Acquired Fund immediately before the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The holding period of the Acquired Assets in the hands of the Acquiring Fund will include the period during which those Acquired Assets were held by the corresponding Acquired Fund.

This opinion is based upon the accuracy of the certifications, representations and warranties and satisfaction of the covenants and obligations contained in the Agreement, the Tax Representation Letters and in the various other documents related thereto. Our opinion may not be relied upon if any of such certifications, representations or warranties are not accurate to any material extent or if any of such covenants or obligations are not satisfied in all material respects.

This opinion is being delivered solely to the addressees in connection with the matters described above and may not be quoted to or relied upon by, nor may this opinion or copies hereof be delivered to, any other person, nor may this opinion be used for any other purpose, without our prior written consent.

Sincerely yours,

/s/ Sidley Austin LLP

---

| | | |
|:---|:---|:---|
| | **SCHEDULE A** | **SCHEDULE A** |
| |  | **Acquiring Fund, each a series of Victory** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund** |  | **Portfolios IV** |
| Pioneer Global Sustainable Equity Fund, a |  | Victory Pioneer Global Equity Fund |
| series of Pioneer Series Trust V |  |  |
| Pioneer Global Sustainable Value Fund, a |  | Victory Pioneer Global Value Fund |
| series of Pioneer Series Trust XIV |  |  |
| Pioneer Strategic Income Fund, a series of |  | Victory Pioneer Strategic Income Fund |
| Pioneer Series Trust XIV |  |  |

---

------

![](gkkq3yn0h5pxxty24r6e4.jpg)

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

May 2, 2025

Victory Portfolios IV

c/o Victory Capital Management Inc. 4900 Tiedeman Road

Brooklyn, OH 44144

Pioneer Series Trust II Pioneer Series Trust IV Pioneer Series Trust V Pioneer Series Trust VI Pioneer Series Trust VII Pioneer Series Trust X c/o Amundi US

60 State Street Boston, MA 02109

Ladies and Gentlemen:

This opinion is rendered to you pursuant to Paragraph 8.8 of that certain Agreement and Plan of Reorganization, dated as of December 30, 2024 (the "**Agreement**"), by and among Victory Portfolios IV, a Delaware statutory trust (the "**Acquiring Trust**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquiring Fund**"), and each of Pioneer Series Trust II, Pioneer Series Trust IV, Pioneer Series Trust V, Pioneer Series Trust VI, Pioneer Series Trust VII and Pioneer Series Trust X, each a Delaware statutory trust (each, an "**Acquired Trust**" and together, the "**Acquired Trusts**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquired Fund**"), Victory Capital Management Inc. and Amundi Asset Management US, Inc., along with other parties and on behalf of other series. This opinion only pertains to the Acquiring Funds and the Acquired Funds set forth on Schedule A of this opinion.

We have acted as counsel to the Acquiring Trust in connection with (i) the acquisition of all of the assets of each Acquired Fund by the applicable Acquiring Fund in exchange solely for the assumption by the applicable Acquiring Fund of liabilities of the corresponding Acquired Fund and newly-issued shares of the applicable Acquiring Fund (including fractional shares) ("**Acquiring Fund Shares**") and (ii) the distribution of the applicable Acquiring Fund Shares to the shareholders of the applicable Acquired Fund and the termination, dissolution and complete liquidation of the applicable Acquired Fund, all upon the terms and conditions set forth in the Agreement (all the foregoing transactions being referred to herein collectively as a "**Reorganization**"). This opinion is being delivered pursuant to Section 8.8 of

![](gve6dsxpr5i4mgpulhmcl.jpg)

Victory Portfolios IV

Pioneer Series Trust II

Pioneer Series Trust IV

Pioneer Series Trust V

Pioneer Series Trust VI

Pioneer Series Trust VII

Pioneer Series Trust X

the Agreement, and this opinion pertains to each Acquired Fund and the corresponding Acquiring Fund listed on Schedule A of this opinion.

We have reviewed such documents and materials as we have considered necessary for the purpose of rendering this opinion. In rendering this opinion, we have assumed that such documents as yet unexecuted will, when executed, conform in all material respects to the proposed forms of such documents that we have examined. In addition, we have assumed the genuineness of all signatures, the capacity of each party executing a document to so execute that document, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies.

We have made inquiry as to the underlying facts that we considered to be relevant to the conclusions set forth in this opinion. The opinions expressed in this letter are based upon representations made in letters from each of the Acquired Trusts and the Acquiring Trust on behalf of the Acquired Funds and the Acquiring Funds, respectively, addressed to us for our use in rendering this opinion (the "**Tax Representation Letters**"). We have no reason to believe that these representations and facts are not valid, but we have not attempted to verify independently any of these representations and facts, and this opinion is based upon the assumption that each of them is accurate.

The conclusions expressed herein are based upon the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations issued thereunder, published rulings and procedures of the Internal Revenue Service and judicial decisions, all as in effect on the date of this opinion.

Based upon the foregoing, we are of the opinion for U.S. federal income tax purposes that with respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The transfer of all of the assets of the Acquired Fund ("**Assets**") solely in exchange for the corresponding Acquiring Fund Shares (including fractional shares) and the assumption by the corresponding Acquiring Fund of liabilities of the Acquired Fund followed by the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund, and (ii) the dissolution, liquidation and termination of the Acquired Fund, all pursuant to the Agreement, will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the corresponding Acquiring Fund and the Acquired Fund will each be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets of the corresponding Acquired Fund solely in exchange for the Acquiring Fund

![](ga2o1on4xq2f5kae6dcb0.jpg)

Victory Portfolios IV

Pioneer Series Trust II

Pioneer Series Trust IV

Pioneer Series Trust V

Pioneer Series Trust VI

Pioneer Series Trust VII

Pioneer Series Trust X

Shares and the assumption by the Acquiring Fund of the liabilities of the corresponding Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No gain or loss will be recognized by the Acquired Fund upon the transfer of the Assets of the Acquired Fund to the corresponding Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund or upon the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund followed by the complete dissolution, liquidation and termination of the Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No gain or loss will be recognized by the shareholders of the Acquired Fund upon the receipt of Acquiring Fund Shares pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The aggregate tax basis of Acquiring Fund Shares received by each shareholder of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor by such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The holding period of the Acquiring Fund Shares to be received by each shareholder of the Acquired Fund pursuant to the Reorganization will include the period during which the Acquired Fund Shares exchanged therefor were held by such shareholder, provided such Acquired Fund Shares are held as capital assets at the time of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The tax basis of the Assets acquired by each Acquiring Fund will be the same as the tax basis of such Assets to the corresponding Acquired Fund immediately before the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The holding period of the Assets in the hands of the Acquiring Fund will include the period during which those Assets were held by the corresponding Acquired Fund.

This opinion is based upon the accuracy of the certifications, representations and warranties and satisfaction of the covenants and obligations contained in the Agreement, the Tax Representation Letters and in the various other documents related thereto. Our opinion may not be relied upon if any of such certifications, representations or warranties are not accurate to any material extent or if any of such covenants or obligations are not satisfied in all material respects.

This opinion is being delivered solely to the addressees in connection with the matters described above and may not be quoted to or relied upon by, nor may this opinion or copies hereof be delivered to, any other person, nor may this opinion be used for any other purpose, without our prior written consent.

![](gx9bmkbg34gn4tttsq5p4.jpg)

Victory Portfolios IV

Pioneer Series Trust II

Pioneer Series Trust IV

Pioneer Series Trust V

Pioneer Series Trust VI

Pioneer Series Trust VII

Pioneer Series Trust X

Sincerely yours,

/s/ Sidley Austin LLP

**SCHEDULE A**

---

| | |
|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund, each a series of Victory**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolios IV** |
| Pioneer AMT-Free Municipal Fund, a series of | Victory Pioneer AMT-Free Municipal Fund |
| Pioneer Series Trust II |  |
| Pioneer CAT Bond Fund, a series of Pioneer | Victory Pioneer CAT Bond Fund |
| Series Trust VII |  |
| Pioneer Fundamental Growth Fund, a series of | Victory Pioneer Fundamental Growth Fund |
| Pioneer Series Trust X |  |
| Pioneer High Income Municipal Fund, a series | Victory Pioneer High Income Municipal Fund |
| of Pioneer Series Trust V |  |
| Pioneer Securitized Income Fund, a series of | Victory Pioneer Securitized Income Fund |
| Pioneer Series Trust IV |  |
| Pioneer Floating Rate Fund, a series of Pioneer | Victory Pioneer Floating Rate Fund |
| Series Trust VI |  |

---

------

![](g9z67j7cdbvb2x11g0vnk.jpg)

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

June 6, 2025

Victory Portfolios IV

c/o Victory Capital Management Inc. 4900 Tiedeman Road

Brooklyn, OH 44144

Pioneer Series Trust III Pioneer Series Trust X Pioneer Bond Fund c/o Amundi US

60 State Street Boston, MA 02109

Ladies and Gentlemen:

This opinion is rendered to you pursuant to Paragraph 8.8 of that certain Agreement and Plan of Reorganization, dated as of December 30, 2024 (the "**Agreement**"), by and among Victory Portfolios IV, a Delaware statutory trust (the "**Acquiring Trust**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquiring Fund**"), and each of Pioneer Series Trust III, Pioneer Series Trust X and Pioneer Bond Fund, each a Delaware statutory trust (each, an "**Acquired Trust**" and together, the "**Acquired Trusts**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquired Fund**"), Victory Capital Management Inc. and Amundi Asset Management US, Inc., along with other parties and on behalf of other series. This opinion only pertains to the Acquiring Funds and the Acquired Funds set forth on Schedule A of this opinion.

We have acted as counsel to the Acquiring Trust in connection with (i) the acquisition of all of the assets of each Acquired Fund by the applicable Acquiring Fund in exchange solely for the assumption by the applicable Acquiring Fund of liabilities of the corresponding Acquired Fund and newly-issued shares of the applicable Acquiring Fund (including fractional shares) ("**Acquiring Fund Shares**") and (ii) the distribution of the applicable Acquiring Fund Shares to the shareholders of the applicable Acquired Fund and the termination, dissolution and complete liquidation of the applicable Acquired Fund, all upon the terms and conditions set forth in the Agreement (all the foregoing transactions being referred to herein collectively as a "**Reorganization**"). This opinion is being delivered pursuant to Section 8.8 of the Agreement, and this opinion pertains to each Acquired Fund and the corresponding Acquiring Fund listed on Schedule A of this opinion.

![](g4p3y452huck94n5ec6go.jpg)

Victory Portfolios IV

Pioneer Series Trust III

Pioneer Series Trust X

Pioneer Bond Fund

We have reviewed such documents and materials as we have considered necessary for the purpose of rendering this opinion. In rendering this opinion, we have assumed that such documents as yet unexecuted will, when executed, conform in all material respects to the proposed forms of such documents that we have examined. In addition, we have assumed the genuineness of all signatures, the capacity of each party executing a document to so execute that document, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies.

We have made inquiry as to the underlying facts that we considered to be relevant to the conclusions set forth in this opinion. The opinions expressed in this letter are based upon representations made in letters from each of the Acquired Trusts and the Acquiring Trust on behalf of the Acquired Funds and the Acquiring Funds, respectively, addressed to us for our use in rendering this opinion (the "**Tax Representation Letters**"). We have no reason to believe that these representations and facts are not valid, but we have not attempted to verify independently any of these representations and facts, and this opinion is based upon the assumption that each of them is accurate.

The conclusions expressed herein are based upon the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations issued thereunder, published rulings and procedures of the Internal Revenue Service and judicial decisions, all as in effect on the date of this opinion.

Based upon the foregoing, we are of the opinion for U.S. federal income tax purposes that with respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The transfer of all of the assets of the Acquired Fund ("**Assets**") solely in exchange for the corresponding Acquiring Fund Shares (including fractional shares) and the assumption by the corresponding Acquiring Fund of liabilities of the Acquired Fund followed by the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund, and (ii) the dissolution, liquidation and termination of the Acquired Fund, all pursuant to the Agreement, will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the corresponding Acquiring Fund and the Acquired Fund will each be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets of the corresponding Acquired Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the corresponding Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No gain or loss will be recognized by the Acquired Fund upon the transfer of the Assets of the Acquired Fund to the corresponding Acquiring Fund solely in exchange for

![](gr31f6uuvoywpm1dkw73d.jpg)

Victory Portfolios IV

Pioneer Series Trust III

Pioneer Series Trust X

Pioneer Bond Fund

the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund or upon the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund followed by the complete dissolution, liquidation and termination of the Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No gain or loss will be recognized by the shareholders of the Acquired Fund upon the receipt of Acquiring Fund Shares pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The aggregate tax basis of Acquiring Fund Shares received by each shareholder of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor by such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The holding period of the Acquiring Fund Shares to be received by each shareholder of the Acquired Fund pursuant to the Reorganization will include the period during which the Acquired Fund Shares exchanged therefor were held by such shareholder, provided such Acquired Fund Shares are held as capital assets at the time of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The tax basis of the Assets acquired by each Acquiring Fund will be the same as the tax basis of such Assets to the corresponding Acquired Fund immediately before the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The holding period of the Assets in the hands of the Acquiring Fund will include the period during which those Assets were held by the corresponding Acquired Fund.

This opinion is based upon the accuracy of the certifications, representations and warranties and satisfaction of the covenants and obligations contained in the Agreement, the Tax Representation Letters and in the various other documents related thereto. Our opinion may not be relied upon if any of such certifications, representations or warranties are not accurate to any material extent or if any of such covenants or obligations are not satisfied in all material respects.

This opinion is being delivered solely to the addressees in connection with the matters described above and may not be quoted to or relied upon by, nor may this opinion or copies hereof be delivered to, any other person, nor may this opinion be used for any other purpose, without our prior written consent.

Sincerely yours,

/s/ Sidley Austin LLP

**SCHEDULE A**

---

| | |
|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund** | **Acquiring Fund, each a series of Victory**<br>**Portfolios IV** |
| Pioneer Bond Fund, a series of Pioneer Bond | Victory Pioneer Bond Fund |
| Fund |  |
| Pioneer Active Credit Fund, a series of Pioneer | Victory Pioneer Active Credit Fund |
| Series Trust X |  |
| Pioneer Disciplined Value Fund, a series of | Victory Pioneer Disciplined Value Fund |
| Pioneer Series Trust III |  |

---

------

![](grayp3orqnlw0rzcf9d2z.jpg)

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

April 1, 2025

Victory Portfolios IV

c/o Victory Capital Management Inc. 4900 Tiedeman Road

Brooklyn, OH 44144

Pioneer Asset Allocation Trust Pioneer Equity Income Fund Pioneer Fund

Pioneer Mid Cap Value Fund Pioneer Money Market Trust Pioneer Series Trust II Pioneer Series Trust IV Pioneer Series Trust X Pioneer Series Trust XI Pioneer Series Trust XII Pioneer Series Trust XIV Pioneer Short Term Income Fund c/o Amundi US

60 State Street Boston, MA 02109

Ladies and Gentlemen:

This opinion is rendered to you pursuant to Paragraph 8.8 of that certain Agreement and Plan of Reorganization, dated as of December 30, 2024 (the "**Agreement**"), by and among Victory Portfolios IV, a Delaware statutory trust (the "**Acquiring Trust**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquiring Fund**"), and each of Pioneer Asset Allocation Trust, Pioneer Equity Income Fund, Pioneer Fund, Pioneer Mid Cap Value Fund, Pioneer Money Market Trust, Pioneer Series Trust II, Pioneer Series Trust IV, Pioneer Series Trust X, Pioneer Series Trust XI, Pioneer Series Trust XII, Pioneer Series Trust XIV and Pioneer Short Term Income Fund, each a Delaware statutory trust (each, an "**Acquired Trust**" and together, the "**Acquired Trusts**"), on behalf of each series set forth on Schedule A of this opinion (each, an "**Acquired Fund**"), Victory Capital Management Inc. and Amundi Asset Management US, Inc., along with other parties and on behalf of other series. This opinion only pertains to the Acquiring Funds and the Acquired Funds set forth on Schedule A of this opinion.

![](g9erqefszz7jqbtnuhl96.jpg)

Victory Portfolios IV

Pioneer Asset Allocation Trust

Pioneer Equity Income Fund

Pioneer Fund

Pioneer Mid Cap Value Fund

Pioneer Money Market Trust

Pioneer Series Trust II

Pioneer Series Trust IV

Pioneer Series Trust X

Pioneer Series Trust XI

Pioneer Series Trust XII

Pioneer Series Trust XIV

Pioneer Short Term Income Fund

We have acted as counsel to the Acquiring Trust in connection with (i) the acquisition of all of the assets of each Acquired Fund by the applicable Acquiring Fund in exchange solely for the assumption by the applicable Acquiring Fund of liabilities of the corresponding Acquired Fund and newly-issued shares of the applicable Acquiring Fund (including fractional shares) ("**Acquiring Fund Shares**") and (ii) the distribution of the applicable Acquiring Fund Shares to the shareholders of the applicable Acquired Fund and the termination, dissolution and complete liquidation of the applicable Acquired Fund, all upon the terms and conditions set forth in the Agreement (all the foregoing transactions being referred to herein collectively as a "**Reorganization**"). This opinion is being delivered pursuant to Section 8.8 of the Agreement, and this opinion pertains to each Acquired Fund and the corresponding Acquiring Fund listed on Schedule A of this opinion.

We have reviewed such documents and materials as we have considered necessary for the purpose of rendering this opinion. In rendering this opinion, we have assumed that such documents as yet unexecuted will, when executed, conform in all material respects to the proposed forms of such documents that we have examined. In addition, we have assumed the genuineness of all signatures, the capacity of each party executing a document to so execute that document, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies.

We have made inquiry as to the underlying facts that we considered to be relevant to the conclusions set forth in this opinion. The opinions expressed in this letter are based upon representations made in letters from each of the Acquired Trusts and the Acquiring Trust on behalf of the Acquired Funds and the Acquiring Funds, respectively, addressed to us for our use in rendering this opinion (the "**Tax Representation Letters**"). We have no reason to believe that these representations and facts are not valid, but we have not attempted to verify independently any of these representations and facts, and this opinion is based upon the assumption that each of them is accurate.

The conclusions expressed herein are based upon the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations issued thereunder, published rulings and procedures of the Internal Revenue Service and judicial decisions, all as in effect on the date of this opinion.

![](gginbdp1blqra5g4dj8ao.jpg)

Victory Portfolios IV

Pioneer Asset Allocation Trust

Pioneer Equity Income Fund

Pioneer Fund

Pioneer Mid Cap Value Fund

Pioneer Money Market Trust

Pioneer Series Trust II

Pioneer Series Trust IV

Pioneer Series Trust X

Pioneer Series Trust XI

Pioneer Series Trust XII

Pioneer Series Trust XIV

Pioneer Short Term Income Fund

Based upon the foregoing, we are of the opinion for U.S. federal income tax purposes that with respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The transfer of all of the assets of the Acquired Fund ("**Assets**") solely in exchange for the corresponding Acquiring Fund Shares (including fractional shares) and the assumption by the corresponding Acquiring Fund of liabilities of the Acquired Fund followed by the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund, and (ii) the dissolution, liquidation and termination of the Acquired Fund, all pursuant to the Agreement, will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the corresponding Acquiring Fund and the Acquired Fund will each be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets of the corresponding Acquired Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the corresponding Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No gain or loss will be recognized by the Acquired Fund upon the transfer of the Assets of the Acquired Fund to the corresponding Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund or upon the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund followed by the complete dissolution, liquidation and termination of the Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No gain or loss will be recognized by the shareholders of the Acquired Fund upon the receipt of Acquiring Fund Shares pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The aggregate tax basis of Acquiring Fund Shares received by each shareholder of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor by such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The holding period of the Acquiring Fund Shares to be received by each shareholder of the Acquired Fund pursuant to the Reorganization will include the period during

![](gwsrg26pxchxn4vjrqgdo.jpg)

Victory Portfolios IV

Pioneer Asset Allocation Trust

Pioneer Equity Income Fund

Pioneer Fund

Pioneer Mid Cap Value Fund

Pioneer Money Market Trust

Pioneer Series Trust II

Pioneer Series Trust IV

Pioneer Series Trust X

Pioneer Series Trust XI

Pioneer Series Trust XII

Pioneer Series Trust XIV

Pioneer Short Term Income Fund

which the Acquired Fund Shares exchanged therefor were held by such shareholder, provided such Acquired Fund Shares are held as capital assets at the time of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The tax basis of the Assets acquired by each Acquiring Fund will be the same as the tax basis of such Assets to the corresponding Acquired Fund immediately before the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The holding period of the Assets in the hands of the Acquiring Fund will include the period during which those Assets were held by the corresponding Acquired Fund.

This opinion is based upon the accuracy of the certifications, representations and warranties and satisfaction of the covenants and obligations contained in the Agreement, the Tax Representation Letters and in the various other documents related thereto. Our opinion may not be relied upon if any of such certifications, representations or warranties are not accurate to any material extent or if any of such covenants or obligations are not satisfied in all material respects.

This opinion is being delivered solely to the addressees in connection with the matters described above and may not be quoted to or relied upon by, nor may this opinion or copies hereof be delivered to, any other person, nor may this opinion be used for any other purpose, without our prior written consent.

Sincerely yours,

/s/ Sidley Austin LLP

**SCHEDULE A**

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| | |
|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund, each a series of Victory**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolios IV** |
| Pioneer Balanced ESG Fund, a series of | Victory Pioneer Balanced Fund |
| Pioneer Series Trust IV |  |
| Pioneer Core Equity Fund, a series of Pioneer | Victory Pioneer Core Equity Fund |
| Series Trust XI |  |
| Pioneer Disciplined Growth Fund, a series of | Victory Pioneer Disciplined Growth Fund |
| Pioneer Series Trust XII |  |
| Pioneer Equity Income Fund, a series of | Victory Pioneer Equity Income Fund |
| Pioneer Equity Income Fund |  |
| Pioneer Fund, a series of Pioneer Fund | Victory Pioneer Fund |
| Pioneer Global Sustainable Growth Fund, a | Victory Pioneer Global Growth Fund |
| series of Pioneer Series Trust XIV |  |
| Pioneer Intrinsic Value Fund, a series of | Victory Pioneer Intrinsic Value Fund |
| Pioneer Series Trust XIV |  |
| Pioneer Mid Cap Value Fund, a series of | Victory Pioneer Mid Cap Value Fund |
| Pioneer Mid Cap Value Fund |  |
| Pioneer Multi-Asset Ultrashort Income Fund, a | Victory Pioneer Multi-Asset Ultrashort Income |
| series of Pioneer Series Trust X | Fund |
| Pioneer Select Mid Cap Growth Fund, a series | Victory Pioneer Select Mid Cap Growth Fund |
| of Pioneer Series Trust II |  |
| Pioneer Short Term Income Fund, a series of | Victory Pioneer Short Term Income Fund |
| Pioneer Short Term Income Fund |  |
| Pioneer Solutions - Balanced Fund, a series of | Victory Pioneer Solutions - Balanced Fund |
| Pioneer Asset Allocation Trust |  |
| Pioneer U.S. Government Money Market | Victory Pioneer U.S. Government Money |
| Fund, a series of Pioneer Money Market Trust | Market Fund |

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