# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-010176
**Filing Date:** 2025-11
**Character Count:** 91983
**Document Hash:** db866586af2e7aedd72715a0c40115df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010176.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010176

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251516229

**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

## Series and Classes Contracts Data

### Victory AMT-Free Municipal Fund (Series ID: S000089753)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256470 | Class C      | MNBCX           |
| C000256471 | Class Y      | PBYMX           |
| C000256472 | Class A      | PBMFX           |

## Nport-Ex

## Victory Pioneer AMT-Free Municipal Fund
(successor to Pioneer AMT-Free Municipal Fund)

Schedule of Investments \| September 30, 2025

------

### Schedule of Investments \| 9/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 96.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal Bonds — 96.5% of Net Assets(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama — 2.9%** |  |
| 14275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue, 5.50%, 10/1/53 | $14896676 |
| 3,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District, Series B, 5.25%, 7/1/54 | &nbsp;&nbsp; 3289560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Alabama** | &nbsp;&nbsp; **$18186236** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona — 2.9%** |  |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, 3.00%, 2/1/45 | $1596441 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, Series B, 5.25%, 1/1/53 | &nbsp;&nbsp; 10603300 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, Salt River Project, Series B, 5.00%, 1/1/35 | &nbsp;&nbsp; 5849450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arizona** | &nbsp;&nbsp; **$18049191** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas — 1.5%** |  |
| 9,850,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayetteville School District No 1, Arkansas Construction Bonds, 4.00%, 2/1/50 (ST AID WITHHLDG Insured) | $9361538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arkansas** | &nbsp;&nbsp;&nbsp;&nbsp; **$9361538** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — 9.1%** |  |
| 36,350,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Capital Appreciation, Stanislaus County, Subordinated, Series D, 6/1/55 | $2953801 |
| 13,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities Authority, Series V-5, 5.00%, 3/1/55 | &nbsp;&nbsp; 15415010 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities Authority, Stanford University, 5.00%, 4/1/51 | &nbsp;&nbsp; 1766400 |
| 12900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A, 3.00%, 8/15/51 | &nbsp;&nbsp; 9338826 |
| 145,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series B-2, 6/1/66 | &nbsp;&nbsp; 15625200 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Beach Bond Finance Authority, Series A, 5.50%, 11/15/37 | &nbsp;&nbsp; 3425820 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M-S-R Energy Authority, Series B, 6.50%, 11/1/39 | &nbsp;&nbsp; 2327595 |
| 950,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pomona Unified School District, Series A, 6.55%, 8/1/29 (NATL Insured) | &nbsp;&nbsp; 1039689 |
| 5,530,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Paula Unified School District, Ventura County, California, Series D, 3.00%, 8/1/49 | &nbsp;&nbsp; 4200533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total California** | &nbsp;&nbsp; **$56092874** |

---

1Victory Pioneer AMT-Free Municipal Fund \| 9/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado — 3.9%** |  |
| 7040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series A, 3.00%, 11/15/51 (BAM-TCRS Insured) | $5177850 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Covenant Living Communities And Services, Series A, 5.125%, 12/1/55 | &nbsp;&nbsp; 3566535 |
| 11,740,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County School District No 1, Series C, 5.50%, 12/1/46 (ST AID WITHHLDG Insured) | &nbsp;&nbsp; 12984557 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority, Series A, 5.125%, 12/1/50 | &nbsp;&nbsp; 1001790 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority, Series A, 6.00%, 12/1/55 | &nbsp;&nbsp; 1074610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp; **$23805342** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia — 1.2%** |  |
| 7055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 | $7266862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total District of Columbia** | &nbsp;&nbsp;&nbsp;&nbsp; **$7266862** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — 8.8%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brevard County Health Facilities Authority, Series A, 5.00%, 4/1/52 | $5004000 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Miami, Miami Forever Infrastructure Programs, Series C, 5.25%, 1/1/49 | &nbsp;&nbsp; 2643925 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade Water & Sewer System Revenue, Series B, 3.00%, 10/1/49 (BAM-TCRS Insured) | &nbsp;&nbsp; 7717400 |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida State Board of Governors Florida International University Dormitory Rev, Series A, 3.00%, 7/1/46 (BAM Insured) | &nbsp;&nbsp; 3431443 |
| 8255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority, 3.50%, 8/1/55 (BAM-TCRS Insured) | &nbsp;&nbsp; 6377813 |
| 10870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority, Orlando Health Obligated Group, Series A, 5.25%, 10/1/56 | &nbsp;&nbsp; 11290561 |
| 5860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida Department of Transportation Turnpike System Revenue, Series B, 4.00%, 7/1/54 | &nbsp;&nbsp; 5245696 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida Department of Transportation Turnpike System Revenue, Series C, 3.00%, 7/1/51 | &nbsp;&nbsp; 12696640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp; **$54407478** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia — 0.6%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series A, 4.00%, 5/15/39 | $1919540 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savannah Georgia Convention Center Authority, Series A, 5.25%, 6/1/61 | &nbsp;&nbsp; 1492890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;&nbsp;&nbsp; **$3412430** |

---

Victory Pioneer AMT-Free Municipal Fund \| 9/30/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho — 0.5%** |  |
| 2725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association, The College Of Idaho Project, 5.375%, 11/1/38 (144A) | $2819939 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Idaho** | &nbsp;&nbsp;&nbsp;&nbsp; **$2819939** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois — 3.4%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Senior Lien, Series B, 5.50%, 1/1/59 | $2109220 |
| 10,350,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A, 5.50%, 1/1/49 | &nbsp;&nbsp; 10082660 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Grenshaw Parking Properties LLC– University Of Illinois Chicago Parking Structure Project, Series A, 5.25%, 10/1/54 | &nbsp;&nbsp; 5160050 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series H-1, 4.50%, 7/1/62 (FHA 542(C) Insured) | &nbsp;&nbsp; 2773170 |
| 715,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Mccormick Place Convention, 7.00%, 7/1/26 | &nbsp;&nbsp; 733547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Illinois** | &nbsp;&nbsp; **$20858647** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana — 2.3%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Marquette Project, Series A, 5.375%, 3/1/55 | $2005220 |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, SFP-PUFW I LLC - Student Housing Project, Series A, 5.00%, 7/1/54 | &nbsp;&nbsp; 1271400 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, SFP-PUFW I LLC - Student Housing Project, Series A, 5.00%, 7/1/59 | &nbsp;&nbsp; 1561296 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, SFP-PUFW I LLC - Student Housing Project, Series A, 5.25%, 7/1/64 | &nbsp;&nbsp; 1492575 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Series B-1, 5.25%, 1/1/55 | &nbsp;&nbsp; 7888650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp; **$14219141** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iowa — 1.0%** |  |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Lifespace Communities Inc., Series A, 5.125%, 5/15/59 | $6074770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iowa** | &nbsp;&nbsp;&nbsp;&nbsp; **$6074770** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maine — 0.4%** |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority, Series C, 5.125%, 7/1/52 (AG ST AID WITHHLDG Insured) | $1282050 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority, Series C, 5.50%, 7/1/47 (AG ST AID WITHHLDG Insured) | &nbsp;&nbsp; 1060760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Maine** | &nbsp;&nbsp;&nbsp;&nbsp; **$2342810** |

---

3Victory Pioneer AMT-Free Municipal Fund \| 9/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts — 6.6%** |  |
| 3,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series A, 5.00%, 5/1/48 | $3130350 |
| 4530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Medical Center, 5.25%, 7/1/52 | &nbsp;&nbsp; 4510295 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Brown University Health Obligated Group, Series A, 5.50%, 8/15/50 | &nbsp;&nbsp; 2589225 |
| 13020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Harvard University, Series A, 5.00%, 7/15/40 | &nbsp;&nbsp; 15022736 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lasell Village, 5.25%, 7/1/55 | &nbsp;&nbsp; 3520510 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lawrence General Hospital, Series A, 5.50%, 7/1/44 | &nbsp;&nbsp; 2358200 |
| 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, WGBH Educational Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured) | &nbsp;&nbsp; 7562676 |
| 3,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Swampscott, 3.00%, 3/1/52 | &nbsp;&nbsp; 2240040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp; **$40934032** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri — 0.6%** |  |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Series AG, 4.00%, 11/15/45 (AG-CR Insured) | $3659320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;&nbsp;&nbsp; **$3659320** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nebraska — 1.8%** |  |
| 14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Nebraska Facilities Corp., Green Bond, Series B, 3.00%, 7/15/54 | $10871340 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Nebraska** | &nbsp;&nbsp; **$10871340** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Hampshire — 0.9%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act, Dartmouth Health, Series A, 5.00%, 8/1/59 (BAM-TCRS Insured) | $5374300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Hampshire** | &nbsp;&nbsp;&nbsp;&nbsp; **$5374300** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Jersey — 1.2%** |  |
| 3,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton University, Series A, 5.00%, 7/1/64 | $3469890 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency, Series K, 4.70%, 10/1/50 | &nbsp;&nbsp; 2524950 |

---

Victory Pioneer AMT-Free Municipal Fund \| 9/30/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Jersey — (continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passaic County Improvement Authority, Paterson Charter School For Science And Technology, Inc. Project, 4.50%, 7/1/40 | $1003620 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passaic County Improvement Authority, Paterson Charter School For Science And Technology, Inc. Project, 5.00%, 7/1/44 | &nbsp;&nbsp; 504775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;&nbsp;&nbsp; **$7503235** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mexico — 0.3%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Series C, 5.10%, 9/1/55 (GNMA/FNMA/FHLMC Insured) | $2039600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Mexico** | &nbsp;&nbsp;&nbsp;&nbsp; **$2039600** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — 8.6%** |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany Capital Resource Corp., KIPP Capital Region Public Charter Schools Project, 4.75%, 6/1/54 | $1097892 |
| 5,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series F-1, 3.00%, 3/1/51 (BAM-TCRS Insured) | &nbsp;&nbsp; 3596150 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Climate Bond Certified, Series A, 4.00%, 11/15/48 (BAM Insured) | &nbsp;&nbsp; 4520900 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., 3.05%, 5/1/50 | &nbsp;&nbsp; 3665300 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series E, 5.50%, 11/1/49 | &nbsp;&nbsp; 5419000 |
| 40,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust, Series F, 6/1/60 | &nbsp;&nbsp; 2247200 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., 4 World Trade Center Project, Series A, 3.00%, 11/15/51 | &nbsp;&nbsp; 5339775 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., 4 World Trade Center Project, Series AG, 3.00%, 11/15/51 (AG-CR Insured) | &nbsp;&nbsp; 5398200 |
| 3135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, 3.00%, 2/1/50 (FHA 241 Insured) | &nbsp;&nbsp; 2288613 |
| 11400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, 3.00%, 7/1/48 | &nbsp;&nbsp; 8315616 |
| 5,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, 5.25%, 3/15/52 | &nbsp;&nbsp; 5915 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, 5.50%, 5/1/56 | &nbsp;&nbsp; 1016990 |
| 4290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Columbia University, Series A, 5.00%, 10/1/50 | &nbsp;&nbsp; 4765031 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Montefiore Obligated Group, 5.50%, 11/1/47 | &nbsp;&nbsp; 1062690 |

---

5Victory Pioneer AMT-Free Municipal Fund \| 9/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — (continued)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, White Plains Hospital Obligated Group, 5.25%, 10/1/49 | $505510 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp., 6.00%, 12/1/53 | &nbsp;&nbsp; 4046840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New York** | &nbsp;&nbsp; **$53291622** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina — 1.7%** |  |
| 5920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Union, Enterprise System Revenue, 3.00%, 6/1/51 | $4329711 |
| 3540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Carolina Meadows, 5.25%, 12/1/54 | &nbsp;&nbsp; 3519503 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Twin Lakes Community, Series A, 5.25%, 1/1/55 | &nbsp;&nbsp; 2521775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp; **$10370989** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio — 4.1%** |  |
| 3595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series A-2, 4.00%, 6/1/48 | $3043635 |
| 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Senior Class 2, Series B-2, 5.00%, 6/1/55 | &nbsp;&nbsp; 7725780 |
| 16780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Series A, 4.00%, 1/15/50 (BAM-TCRS Insured) | &nbsp;&nbsp; 14516546 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp; **$25285961** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon — 0.5%** |  |
| 4120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medford Hospital Facilities Authority, Series A, 3.00%, 8/15/50 (AG Insured) | $3110559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oregon** | &nbsp;&nbsp;&nbsp;&nbsp; **$3110559** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — 6.4%** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown Commercial and Industrial Development Authority, Executive Education Academy Charter School Project, 5.00%, 7/1/59 (144A) | $3237535 |
| 3725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A) | &nbsp;&nbsp; 3592166 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster Municipal Authority, Garden Spot Village Project, Series A, 5.00%, 5/1/49 | &nbsp;&nbsp; 850554 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster Municipal Authority, Garden Spot Village Project, Series B, 5.00%, 5/1/54 | &nbsp;&nbsp; 383304 |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster Municipal Authority, Garden Spot Village Project, Series B, 5.00%, 5/1/59 | &nbsp;&nbsp; 504279 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Series B, 4.00%, 5/1/56 (BAM-TCRS Insured) | &nbsp;&nbsp; 8534100 |

---

Victory Pioneer AMT-Free Municipal Fund \| 9/30/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — (continued)** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series AG, 3.25%, 5/1/55 (AG-CR Insured) | $7099500 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, The Haverford School Project, 4.00%, 3/1/49 | &nbsp;&nbsp; 2561610 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Ursinus College Project, 5.25%, 11/1/54 | &nbsp;&nbsp; 1228613 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 149A, 5.20%, 4/1/53 | &nbsp;&nbsp; 2541400 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A, 4.00%, 12/1/51 | &nbsp;&nbsp; 8910000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp; **$39443061** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico — 4.0%** |  |
| 4,563,146(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/43 | $2988861 |
| 5,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | &nbsp;&nbsp; 1337500 |
| 1994000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 4.75%, 7/1/53 | &nbsp;&nbsp; 1873941 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 5.00%, 7/1/58 | &nbsp;&nbsp; 18316760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Puerto Rico** | &nbsp;&nbsp; **$24517062** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island — 1.5%** |  |
| 7,050,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, RIB, Series 2019, 2.92%, 9/1/47 (144A) | $5143116 |
| 20,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Asset-Backed, Series B, 6/1/52 | &nbsp;&nbsp; 3906000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rhode Island** | &nbsp;&nbsp;&nbsp;&nbsp; **$9049116** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee — 0.5%** |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton County & Chattanooga Sports Authority, Tennessee Public Facility Revenue Bonds (Stadium Project), Series A, 5.75%, 12/1/50 | $1385213 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton County & Chattanooga Sports Authority, Tennessee Public Facility Revenue Bonds (Stadium Project), Series A, 6.00%, 12/1/55 | &nbsp;&nbsp; 1974787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;&nbsp;&nbsp; **$3360000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — 8.8%** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series B, 5.00%, 8/15/49 | $8812160 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Series D, 3.00%, 1/1/46 (BAM-TCRS Insured) | &nbsp;&nbsp; 3846150 |

---

7Victory Pioneer AMT-Free Municipal Fund \| 9/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — (continued)** |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Inspire Academies, 4.50%, 8/15/54 (PSF-GTD Insured) | $2135295 |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., International Leadership Of Texas, Inc., Series A, 5.25%, 2/15/49 (PSF-GTD Insured) | &nbsp;&nbsp; 3417212 |
| 2,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe Independent School District, Montgomery County, 4.00%, 2/15/50 (PSF-GTD Insured) | &nbsp;&nbsp; 1868720 |
| 2,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Bexar, 3.00%, 6/15/41 | &nbsp;&nbsp; 1680940 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EP Essential Housing WF PFC, Home Essential Function Housing Program, 4.25%, 12/1/34 | &nbsp;&nbsp; 5077450 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp., Texas Biomedical Research Institute Project, Series A, 5.25%, 6/1/54 | &nbsp;&nbsp; 6897750 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, 3.00%, 10/1/51 | &nbsp;&nbsp; 7156800 |
| 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority, LCRA Transmission Services Corporation Project, 5.00%, 5/15/47 | &nbsp;&nbsp; 2677894 |
| 3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority, LCRA Transmission Services Corporation Project, 5.50%, 5/15/48 (AG Insured) | &nbsp;&nbsp; 3282105 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Cook Children'S Medical Center, 3.00%, 12/1/50 | &nbsp;&nbsp; 5825360 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, 4.80%, 10/15/52 | &nbsp;&nbsp; 1518750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp; **$54196586** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah — 3.3%** |  |
| 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue, Series B, 5.50%, 7/1/55 | $4534782 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, Series A, 5.50%, 6/1/55 (AG Insured) | &nbsp;&nbsp; 4278560 |
| 1,500,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Cormont Public Infrastructure District, Series A-1, 6.25%, 6/1/55 (144A) | &nbsp;&nbsp; 1569960 |
| 13110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah State University, Series B, 3.00%, 12/1/49 (BAM-TCRS Insured) | &nbsp;&nbsp; 10043833 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp; **$20427135** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — 4.9%** |  |
| 8470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority, Howard Hughes Medical Institute Issue, 4.00%, 10/1/52 | $7789774 |
| 15490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B-1, 5.00%, 6/1/47 | &nbsp;&nbsp; 13258821 |

---

Victory Pioneer AMT-Free Municipal Fund \| 9/30/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — (continued)** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Public Higher Education Financing Program, Series C, 3.00%, 9/1/51 (ST INTERCEPT Insured) | $5867040 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Lifespire Of Virginia, Series A, 5.50%, 12/1/54 | &nbsp;&nbsp; 3534370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virginia** | &nbsp;&nbsp; **$30450005** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington — 1.6%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Blakeley And Laurel Villages Portfolio, Series A, 5.25%, 7/1/55 (144A), (BAM Insured) | $2028240 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Blakeley And Laurel Villages Portfolio, Series A, 5.25%, 7/1/64 (144A), (BAM Insured) | &nbsp;&nbsp; 6519175 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Radford Court And Nordhem Court Portfolio, 5.50%, 7/1/59 | &nbsp;&nbsp; 1035500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;&nbsp;&nbsp; **$9582915** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wisconsin — 0.7%** |  |
| 4240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Kahala Nui Project, 5.25%, 11/15/61 | $4256833 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;&nbsp;&nbsp; **$4256833** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (Cost $604,623,374)** | **$594620929** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 0.3% of Net Assets** |  |
| 2,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 10/14/25 | $1997082 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $1,997,111)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1997082** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.8%<br> (Cost $606,620,485)** | **$596618011** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 3.2%** | &nbsp;&nbsp; $19539067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$616157078** |

---

---

| | |
|:---|:---|
| AMBAC | &nbsp;&nbsp;Ambac Assurance Corporation. |
| BAM | &nbsp;&nbsp;Build America Mutual Assurance Company. |
| NATL | &nbsp;&nbsp;National Public Finance Guarantee Corp. |
| PSF-GTD | &nbsp;&nbsp;Permanent School Fund Guaranteed. |

---

9Victory Pioneer AMT-Free Municipal Fund \| 9/30/25

------

---

| | |
|:---|:---|
| RIB | &nbsp;&nbsp;Residual Interest Bond is purchased in a secondary market. The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at September 30, 2025. |
| ST AID WITHHLDG | &nbsp;&nbsp;State Aid Withholding. |
| ST INTERCEPT | &nbsp;&nbsp;State Aid Intercept. |
| TCRS | &nbsp;&nbsp;Transferable Custodial Receipts. |
| (144A) | &nbsp;&nbsp;The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $24,910,131, or 4.0% of net assets. |

---

(a) Consists of Revenue Bonds unless otherwise indicated.

(b) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2025.

(c) Represents a General Obligation Bond.

(d) Security issued with a zero coupon. Income is recognized through accretion of discount.

(e) Escrow to maturity.

(f) Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds
in full at the earliest refunding date.

The concentration of investments as a percentage of total investments by type of obligation/market sector is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Revenue Bonds:** |  |
| &nbsp;&nbsp;Health Revenue | &nbsp;&nbsp;&nbsp;24.9% |
| &nbsp;&nbsp;Education Revenue | &nbsp;&nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Development Revenue | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;Tobacco Revenue | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Transportation Revenue | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Water Revenue | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Power Revenue | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;General Revenue | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Utilities Revenue | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
|  | &nbsp;&nbsp;&nbsp;91.7% |
| &nbsp;&nbsp;**General Obligation Bonds:** | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
|  | 100.0% |

---

Victory Pioneer AMT-Free Municipal Fund \| 9/30/2510

------

(unaudited) (continued)

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |

---

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Municipal Bonds | $— | &nbsp;&nbsp;$594620929 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$594620929 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997082 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997082 |
| **Total Investments in Securities** | **$—** | &nbsp;&nbsp;**$596618011** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$596618011** |

---

During the period ended September 30, 2025, there were no transfers in or out of Level 3.

11Victory Pioneer AMT-Free Municipal Fund \| 9/30/25

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios IV

- **b. Investment Company Act file number:** 811-24019

- **c. CIK number of Registrant:** 0002042316

- **d. LEI of Registrant:** 25490054DPU07WNNLY79

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 LA CANTERA PARKWAY

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 210-697-3624

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory Pioneer AMT-Free Municipal Fund

- **b. EDGAR series identifier (if any):** S000089753

- **c. LEI of Series:** 549300YL3O4P6CF3WW53

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $610571449.81

**Total Liabilities:** $2922935.28

**Net Assets:** $607648514.53

**Cash Not Reported:** $5244963.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -71.00000000 | **1-Year:** -54.00000000 | **5-Year:** -63369.00000000 | **10-Year:** -91704.00000000 | **30-Year:** -388307.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -18008.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2749.00000000 | **10-Year:** 0.00000000 | **30-Year:** -92843.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256470 | -1.91%               | 0.78%                | 4.91%                |
| Class ID C000256472 | -1.91%               | 0.84%                | 4.92%                |
| Class ID C000256471 | -1.90%               | 0.95%                | 4.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2723436.73             | $-10767906.49                              |
| Month 2  | $-537915.25              | $3507691.10                                |
| Month 3  | $0.00                    | $26706616.54                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                        | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4240000 | PA      | $4256832.80   | 0.70%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UB31<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  12900000 | PA      | $9338826.00   | 1.54%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CLG BLDG AUTH EDUC | Virginia College Building Authority                                             | CUSIP: 92778WPX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $5867040.00   | 0.97%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                       | CUSIP: 87638QQR3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $5825360.00   | 0.96%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF GOVERNORS FL | Florida State Board of Governors Florida International University Dormitory Rev | CUSIP: 34114CDM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $3431443.25   | 0.56%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FYU2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7040000 | PA      | $5177849.60   | 0.85%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1337500.00   | 0.22%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990GYA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  11400000 | PA      | $8315616.00   | 1.37%             | 2048-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H | Montgomery County Higher Education and Health Authority                         | CUSIP: 613603L64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8534100.00   | 1.40%             | 2056-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966QZJ2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3596150.00   | 0.59%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19000000 | PA      | $18316760.00  | 3.01%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                       | CUSIP: 45471FAY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1561296.00   | 0.26%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R | Tobacco Settlement Financing Corp/RI                                            | CUSIP: 888809AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $3906000.00   | 0.64%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179XC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $15415010.00  | 2.54%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU | Montgomery County Industrial Development Authority/PA                           | CUSIP: 613609N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1228612.50   | 0.20%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAVANNAH GEORGIA CONVENTION CT | Savannah Georgia Convention Center Authority                                    | CUSIP: 804828AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492890.00   | 0.25%             | 2061-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414009QY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7156800.00   | 1.18%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                     | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3534370.00   | 0.58%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                     | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1997082.58   | 0.33%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EP ESSENTIAL HOUSING WF PFC TX | EP Essential Housing WF PFC                                                     | CUSIP: 29416AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5077450.00   | 0.84%             | 2034-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONROE TX INDEP SCH DIST       | Conroe Independent School District                                              | CUSIP: 2084185M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1868720.00   | 0.31%             | 2050-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                       | CUSIP: 45506EPA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005220.00   | 0.33%             | 2055-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                              | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001790.00   | 0.16%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3425820.00   | 0.56%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX                  | County of Bexar TX                                                              | CUSIP: 088281XB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1680940.00   | 0.28%             | 2041-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4278560.00   | 0.70%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                                   | CUSIP: 67756CFY9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  16780000 | PA      | $14516545.80  | 2.39%             | 2050-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                        | CUSIP: 57583UJ66<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2358200.00   | 0.39%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES | Board of Regents of the University of Texas System                              | CUSIP: 91514AJV8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8812160.00   | 1.45%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                     | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6519175.00   | 1.07%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                       | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1271400.00   | 0.21%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                    | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10603300.00  | 1.74%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST TURNPIKE AUTH TURNP | State of Florida Department of Transportation Turnpike System Revenue           | CUSIP: 343137MR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $12696640.00  | 2.09%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                              | CUSIP: 64990KFW8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5915.20      | 0.00%             | 2052-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                           | CUSIP: 187145TN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2135295.00   | 0.35%             | 2054-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                          | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521775.00   | 0.42%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACS  | Maine Health & Higher Educational Facilities Authority                          | CUSIP: 56042R8N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282050.00   | 0.21%             | 2052-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Corp                                         | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4046840.00   | 0.67%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT | New Jersey Educational Facilities Authority                                     | CUSIP: 646067KE7<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3469890.00   | 0.57%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP | Hamilton County & Chattanooga Sports Authority                                  | CUSIP: 407081AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1974787.50   | 0.32%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH LEASE REVENU | Illinois Finance Authority                                                      | CUSIP: 45203NCS6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5160050.00   | 0.85%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972EJW0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3665300.00   | 0.60%             | 2050-05-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY NJ IMPT AUTH CHRT | Passaic County Improvement Authority/The                                        | CUSIP: 70275QAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504775.00    | 0.08%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL HLTH FACS AUTH | Brevard County Health Facilities Authority                                      | CUSIP: 107416QP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004000.00   | 0.82%             | 2052-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                    | CUSIP: 79574CGY3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5849450.00   | 0.96%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3595000 | PA      | $3043634.85   | 0.50%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519EC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $5398200.00   | 0.89%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU | Montgomery County Industrial Development Authority/PA                           | CUSIP: 613609K88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2561610.00   | 0.42%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA | New Hampshire Health and Education Facilities Authority Act                     | CUSIP: 64461XGY5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5374300.00   | 0.88%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBU5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1919540.00   | 0.32%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                             | CUSIP: 70879QV91<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2541400.00   | 0.42%             | 2053-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC | Mida Cormont Public Infrastructure District                                     | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569960.00   | 0.26%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH MF RE | Illinois Housing Development Authority                                          | CUSIP: 45202BSW7<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2773170.00   | 0.46%             | 2062-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990G3B6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3135000 | PA      | $2288612.70   | 0.38%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                            | CUSIP: 1675935F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109220.00   | 0.35%             | 2059-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POMONA CA UNIF SCH DIST        | Pomona Unified School District                                                  | CUSIP: 732096P63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1039689.50   | 0.17%             | 2029-08-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990GA85<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4290000 | PA      | $4765031.70   | 0.78%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL | District of Columbia Tobacco Settlement Financing Corp                          | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7055000 | PA      | $7266861.65   | 1.20%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY   | Massachusetts Development Finance Agency                                        | CUSIP: 57583FZE4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   6600000 | PA      | $7562676.00   | 1.24%             | 2042-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY NJ IMPT AUTH CHRT | Passaic County Improvement Authority/The                                        | CUSIP: 70275QAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003620.00   | 0.17%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SWAMPSCOTT MA                  | Town of Swampscott MA                                                           | CUSIP: 869648ZN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2240040.00   | 0.37%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR | Lancaster Municipal Authority                                                   | CUSIP: 514350AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $504279.10    | 0.08%             | 2059-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE       | Iowa Finance Authority                                                          | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6074770.00   | 1.00%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528VFS3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7888650.00   | 1.30%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                          | CUSIP: 65820YTG1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3519503.40   | 0.58%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592249AC0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    715000 | PA      | $733547.10    | 0.12%             | 2026-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FZK3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3566535.00   | 0.59%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B8S0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062690.00   | 0.17%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T | Lower Colorado River Authority                                                  | CUSIP: 54811BB83<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3090000 | PA      | $3282105.30   | 0.54%             | 2048-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                    | CUSIP: 012432EA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1097892.00   | 0.18%             | 2054-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                            | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15490000 | PA      | $13258820.40  | 2.18%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $5339775.00   | 0.88%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MEDFORD OR HOSP FACS AUTH REVE | Medford Hospital Facilities Authority                                           | CUSIP: 584283HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4120000 | PA      | $3110558.80   | 0.51%             | 2050-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                           | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3417212.50   | 0.56%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                     | CUSIP: 93978LHH2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035500.00   | 0.17%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4563146 | PA      | $2988860.54   | 0.49%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR | Lancaster Municipal Authority                                                   | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $850554.00    | 0.14%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A2H9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4520900.00   | 0.74%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1994000 | PA      | $1873941.26   | 0.31%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GREATER TEXAS CULTURAL EDU FAC | Greater Texas Cultural Education Facilities Finance Corp                        | CUSIP: 39237QBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6897750.00   | 1.14%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY & CHATTANOOGA SP | Hamilton County & Chattanooga Sports Authority                                  | CUSIP: 407081AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1385212.50   | 0.23%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACS  | Maine Health & Higher Educational Facilities Authority                          | CUSIP: 56042R8M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060760.00   | 0.17%             | 2047-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri              | CUSIP: 60637AXR8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3659320.00   | 0.60%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                        | CUSIP: 57585BKB3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2589225.00   | 0.43%             | 2050-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR | Lancaster Municipal Authority                                                   | CUSIP: 514350AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $383304.00    | 0.06%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & H | Montgomery County Higher Education and Health Authority                         | CUSIP: 613603M89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7099500.00   | 1.17%             | 2055-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                        | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3520510.00   | 0.58%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA ECON DEV AUTH  | Loudoun County Economic Development Authority                                   | CUSIP: 54601TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8470000 | PA      | $7789774.30   | 1.28%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV | Arizona Industrial Development Authority                                        | CUSIP: 04052EAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1596441.00   | 0.26%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B4Z8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016990.00   | 0.17%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA INDL DEV AUTH | Delaware County Industrial Development Authority/PA                             | CUSIP: 246018GA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3592166.50   | 0.59%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R Energy Authority                                                          | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2327595.00   | 0.38%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FAYETTEVILLE AR SCH DIST #1    | Fayetteville School District No 1                                               | CUSIP: 312680ED9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9850000 | PA      | $9361538.50   | 1.54%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                        | CUSIP: 57584XYD7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  13020000 | PA      | $15022736.40  | 2.47%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST | Denver City & County School District No 1                                       | CUSIP: 249174ZK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11740000 | PA      | $12984557.40  | 2.14%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST       | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88034N4U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7050000 | PA      | $5143116.00   | 0.85%             | 2047-09-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN COMMERCIAL & INDL DE | Allentown Commercial and Industrial Development Authority                       | CUSIP: 01843AAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3237535.00   | 0.53%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1766400.00   | 0.29%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI FL                       | City of Miami FL                                                                | CUSIP: 59338CBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2643925.00   | 0.44%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH  | Orange County Health Facilities Authority                                       | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10870000 | PA      | $11290560.30  | 1.86%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7725780.00   | 1.27%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                        | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4530000 | PA      | $4510294.50   | 0.74%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A | New Jersey Housing & Mortgage Finance Agency                                    | CUSIP: 64613AJN3<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2524950.00   | 0.42%             | 2050-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SANTA PAULA CA UNIF SCH DIST   | Santa Paula Unified School District                                             | CUSIP: 802552BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5530000 | PA      | $4200532.70   | 0.69%             | 2049-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVA | Hillsborough County Industrial Development Authority                            | CUSIP: 43233AGC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8255000 | PA      | $6377813.00   | 1.05%             | 2055-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI | Golden State Tobacco Securitization Corp                                        | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 145000000 | PA      | $15625200.00  | 2.57%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                              | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074610.00   | 0.18%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NC ENTERPRISE SYS R | County of Union NC Enterprise System Revenue                                    | CUSIP: 906400GE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5920000 | PA      | $4329710.40   | 0.71%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority                                    | CUSIP: 64972JPR3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5419000.00   | 0.89%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                   | CUSIP: 57582R2Z8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3130350.00   | 0.52%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL WTR & SWR R | County of Miami-Dade FL Water & Sewer System Revenue                            | CUSIP: 59334DLX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7717400.00   | 1.27%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GLG8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2819939.00   | 0.46%             | 2038-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                              | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  10350000 | PA      | $10082659.50  | 1.66%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF NEBRASKA NE FACS CORP  | University of Nebraska Facilities Corp/The                                      | CUSIP: 914639LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14750000 | PA      | $10871340.00  | 1.79%             | 2054-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                     | CUSIP: 93978LJN7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028240.00   | 0.33%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE | City of Salt Lake City UT Airport Revenue                                       | CUSIP: 795576NW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4534782.00   | 0.75%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST TURNPIKE AUTH TURNP | State of Florida Department of Transportation Turnpike System Revenue           | CUSIP: 343137TJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5860000 | PA      | $5245696.20   | 0.86%             | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T | Lower Colorado River Authority                                                  | CUSIP: 54811BYU9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2677893.75   | 0.44%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505510.00    | 0.08%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST UNIV REVENUE           | Utah State University                                                           | CUSIP: 917563UE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13110000 | PA      | $10043833.20  | 1.65%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE      | Texas Water Development Board                                                   | CUSIP: 88285ABJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518750.00   | 0.25%             | 2052-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH    | New Mexico Mortgage Finance Authority                                           | CUSIP: 6472014U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039600.00   | 0.34%             | 2055-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                                       | CUSIP: 155498NQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3846150.00   | 0.63%             | 2046-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC | California County Tobacco Securitization Agency                                 | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36350000 | PA      | $2953801.00   | 0.49%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14275000 | PA      | $14896676.25  | 2.45%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                       | CUSIP: 45471FAZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492575.00   | 0.25%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI | Energy Southeast A Cooperative District                                         | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3289560.00   | 0.54%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                      | CUSIP: 709221VZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8910000.00   | 1.47%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS | New York Counties Tobacco Trust IV                                              | CUSIP: 62947YAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40000000 | PA      | $2247200.00   | 0.37%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer