# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210064
**Filing Date:** 2025-8
**Character Count:** 39865
**Document Hash:** f170130d8abd066e6140db18a372b4bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210064.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210064

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251268234

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory High Income Municipal Bond Fund (Series ID: S000053574)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168381 | Class A      | RSHMX           |
| C000168382 | Class C      | RSHCX           |
| C000168383 | Class Y      | RHMYX           |
| C000219867 | Member Class | RHMMX           |

## 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

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

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

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

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

- **a. Name of Series:** Victory High Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000053574

- **c. LEI of Series:** 549300SL091JXBJH0623

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $39900293.86

**Total Liabilities:** $195688.94

**Net Assets:** $39704604.92

**Cash Not Reported:** $150964.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -35.40769034 | **1-Year:** -375.49854832 | **5-Year:** -1564.55063050 | **10-Year:** -7455.97134005 | **30-Year:** -4522.05500401

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

- **3-Month:** -11.05635140 | **1-Year:** -384.32263541 | **5-Year:** -1199.17104755 | **10-Year:** -4686.57189566 | **30-Year:** -3435.51068601

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168383 | -1.65%               | -0.18%               | 0.48%                |
| Class ID C000168382 | -1.73%               | -0.16%               | 0.40%                |
| Class ID C000219867 | -1.76%               | -0.08%               | 0.47%                |
| Class ID C000168381 | -1.67%               | -0.09%               | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.02                   | $-703598.96                                |
| Month 2  | $0.00                    | $-199155.55                                |
| Month 3  | $-59645.76               | $106304.92                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV                  | PORT OF PORT ARTHUR NAVIGATION DISTRICT            | CUSIP: 735220AV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 1.51%             | 2040-04-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV                | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $216934.66    | 0.55%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS RETIREMENT FAC REV                                | PUBLIC FIN AUTH WI RETMNT FAC REVENUE              | CUSIP: 74444VAW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $458067.44    | 1.15%             | 2055-03-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VERMONT ECONOMIC DEV AUTH MTG REV                                     | VERMONT ECONOMIC DEVELOPMENT AUTHORITY             | CUSIP: 92415TCB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $395994.76    | 1.00%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                      | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584X4K4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $291156.56    | 0.73%             | 2032-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WINROCK TOWN CTR TAX INCREMENTDEV DIST 1 N MEX GROSS RCPTS TAX INCREM | WINROCK TOWN CENTER TAX INCREMENT DEVELOPMENT DIST | CUSIP: 97535RAG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $450078.96    | 1.13%             | 2040-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                      | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57585BKJ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956156.23    | 2.41%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH ED FAC LEASE REV                       | LA PAZ CNTY AZ INDL DEV AUTH EDU FAC LEASE REVENUE | CUSIP: 50376FBS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    280000 | PA      | $210520.30    | 0.53%             | 2051-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV                  | PORT OF PORT ARTHUR NAVIGATION DISTRICT            | CUSIP: 735220AU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.50%             | 2040-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SR LIVING REV                                   | NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63608SAM4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $384117.09    | 0.97%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP STUDENT HSG REV                         | MARYLAND ST ECON DEV CORP STUDENT HSG REVENUE      | CUSIP: 57420VRN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $172928.71    | 0.44%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ERS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $375517.58    | 0.95%             | 2051-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV                                   | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72177MUQ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $380604.13    | 0.96%             | 2051-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                  | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE            | CUSIP: 179027YN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $93132.90     | 0.23%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS CHARTER SCH REV                                   | PUBLIC FIN AUTH WI CHRT SCH REVENUE                | CUSIP: 744396FT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $438941.04    | 1.11%             | 2055-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MONONGALIA CNTY WEST VA COMMN SPL DIST EXCISE TAX REV                 | MONONGALIA CNTY WV COMMISSION SPL DIST EXCISE TAX  | CUSIP: 61022CAC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002876.43   | 2.53%             | 2043-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| WESTERN REGL OFF-TRACK BETTING CORP N Y REV                           | WESTERN REGIONAL OFF TRACK BETTING CORP            | CUSIP: 959321AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $438542.82    | 1.10%             | 2041-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| SALEM VA ECONOMIC DEV AUTH EDL FACS REV                               | SALEM ECONOMIC DEVELOPMENT AUTHORITY               | CUSIP: 794565BK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    235000 | PA      | $242701.49    | 0.61%             | 2050-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECONOMIC DEV AUTH CHARTER SCH REV                         | DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY      | CUSIP: 246372BC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $373503.49    | 0.94%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV                 | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT  | CUSIP: 84136HBT9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045281.14   | 2.63%             | 2055-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ERW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $90702.64     | 0.23%             | 2051-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS STUDENT HSG REV                                   | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74439YDW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $396970.48    | 1.00%             | 2051-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIP LN COUNCIL FIRST MTG REV                     | NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL         | CUSIP: 647377AN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $440995.75    | 1.11%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                          | ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052BPS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $362975.27    | 0.91%             | 2051-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NORTHEAST OHIO MED UNIV GEN RCPTS                                     | N E OHIO MED UNIV GEN RECPTS                       | CUSIP: 66433RBE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    225000 | PA      | $189278.42    | 0.48%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA OKLA MUN ARPT TR REV                                            | TULSA MUNICIPAL AIRPORT TRUST TRUSTEES OK          | CUSIP: 899661EN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $269306.39    | 0.68%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR VAR STS                                  | DEUTSCHE BANK SPEARS LIFERS TRUST                  | CUSIP: 25156SHA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.25%             | 2061-07-01      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA EDL FACS REV                                       | CAPITAL TRUST AGENCY INC                           | CUSIP: 14054CFL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $254336.76    | 0.64%             | 2053-05-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HARDIN CNTY OHIO ECONOMIC DEV FACS REV                                | HARDIN CNTY OH ECON DEV FACILITIES REVENUE         | CUSIP: 412003AD7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $451746.94    | 1.14%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX ARPT SYS REV                                              | HOUSTON TX ARPT SYS REVENUE                        | CUSIP: 442349GA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $644259.11    | 1.62%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                                     | IOWA ST FIN AUTH REVENUE                           | CUSIP: 46246K4T6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $467365.76    | 1.18%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV                     | ESCAMBIA CNTY FL HLTH FACS AUTH                    | CUSIP: 296110GE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $688791.20    | 1.73%             | 2050-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                      | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DE | CUSIP: 64990G4X7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $167149.34    | 0.42%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                          | ARIZONA ST INDL DEV AUTH EDU REVENUE               | CUSIP: 04052BMT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $524007.29    | 1.32%             | 2051-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                      | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AH83<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $415396.16    | 1.05%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y SR ARPT FACS REV                          | BUILD NYC RESOURCE CORP                            | CUSIP: 12008QAG4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $101110.88    | 0.25%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY S C ASSMT REV                                          | LANCASTER ASSMT A REF                              | CUSIP: 514088AN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1674991.82   | 4.22%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN  REV                                     | OHIO HIGHER EDUCATIONAL FACILITY COMMISSION        | CUSIP: 67756DJ80<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $256643.24    | 0.65%             | 2047-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                  | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE            | CUSIP: 179027WR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $444715.61    | 1.12%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV                | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $196323.09    | 0.49%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ETK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $250518.38    | 0.63%             | 2052-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                     | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061ULP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $462484.63    | 1.16%             | 2056-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| RICHLAND CNTY SOUTH CAROLINA ASSMT REV                                | COUNTY OF RICHLAND SC                              | CUSIP: 76363RAC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    290000 | PA      | $252249.78    | 0.64%             | 2031-11-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| DUNKIRK N Y                                                           | CITY OF DUNKIRK NY                                 | CUSIP: 265543SW9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $501336.06    | 1.26%             | 2025-07-24      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| VERMONT EDL & HEALTH BLDGS FING AGY REV                               | VERMONT ST EDU HLTH BLDGS FING                     | CUSIP: 924166JX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $656417.20    | 1.65%             | 2046-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY ORE HOSP AUTH REV                                        | YAMHILL COUNTY HOSPITAL AUTHORITY                  | CUSIP: 98464UAX4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $202177.43    | 0.51%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH HEALTHCARE REV                         | DENVER HEALTH HOSPITAL AUTHORITY                   | CUSIP: 24918EEN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $247708.53    | 0.62%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                               | INDIANA ST FIN AUTH REVENUE                        | CUSIP: 45506EAC7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $446004.91    | 1.12%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                     | MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP NY       | CUSIP: 61075TRT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $586890.43    | 1.48%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV                          | UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TZG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    525000 | PA      | $323214.14    | 0.81%             | 2050-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                               | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PA39<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $392820.40    | 0.99%             | 2052-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GRAND FORKS N D SR HSG & NURSING FAC REV                              | GRAND FORKS ND SENIOR HSG NUR FAC REVENUE          | CUSIP: 38549PBG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968023.15    | 2.44%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV                       | MISSOURI ST HLTH EDUCTNL FACS AUTH EDUCTNL FACS    | CUSIP: 60636APU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $436182.44    | 1.10%             | 2042-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY METRO GOVT HOSP REV                    | LOUISVILLE JEFFERSON COUNTY METROPOLITAN GOVERNMEN | CUSIP: 54660DAC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $478363.53    | 1.20%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS CHARTER SCH REV                                   | PUBLIC FINANCE AUTHORITY                           | CUSIP: 744396HS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $231637.27    | 0.58%             | 2052-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVIRONMENTAL REV                                 | INDIANA ST FIN AUTH ENVRNMNTL REVENUE              | CUSIP: 455054BE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004444.35   | 2.53%             | 2026-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                               | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JDS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $320645.26    | 0.81%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                               | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JED1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $407072.83    | 1.03%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH REV                                     | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY    | CUSIP: 165588FN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $499154.43    | 1.26%             | 2052-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                       | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 646136WK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $835382.48    | 2.10%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FLA EDL FACS AUTH LEASE REV                             | PINELLAS COUNTY EDUCATIONAL FACILITIES AUTHORITY   | CUSIP: 72316AAB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $365950.32    | 0.92%             | 2046-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV                     | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS  | CUSIP: 65820YRS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $225973.01    | 0.57%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV                          | UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TS61<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $246293.22    | 0.62%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                      | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XQ87<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $236408.58    | 0.60%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH HOTEL REV                                  | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH | CUSIP: 71885JAB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $675727.69    | 1.70%             | 2051-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HOSP REV                                  | BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE           | CUSIP: 11861MBN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $465844.04    | 1.17%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT EDL & HEALTH BLDGS FING AGY REV                               | VERMONT ST EDUCTNL HLTH BLDGS FING AGY REVENUE     | CUSIP: 924166LK5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $442318.92    | 1.11%             | 2052-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ONONDAGA N Y CIVIC DEV CORP REV                                       | ONONDAGA CIVIC DEVELOPMENT CORP                    | CUSIP: 682832DU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $209995.38    | 0.53%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MINN CHARTER SCH LEASE REV                                   | CITY OF WOODBURY MN                                | CUSIP: 979134AU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $304309.42    | 0.77%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY ALA INDL DEV AUTH SOLID WASTE DISP REV                    | MOBILE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY     | CUSIP: 60733UAA9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $238487.97    | 0.60%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                     | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UGS1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $375305.21    | 0.95%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                      | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990G3K6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873517.30    | 2.20%             | 2040-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECOMMUNICATION REV                         | UTAH INFRASTRUCTURE AGY TELE                       | CUSIP: 917467AU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1158727.13   | 2.92%             | 2040-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MISSION TEX ECONOMIC DEV CORP SOLID WASTE DISP REV                    | MISSION ECONOMIC DEVELOPMENT CORP                  | CUSIP: 605155BW9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $407479.58    | 1.03%             | 2064-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FLA INDL DEV AUTH EDL FACS REV                          | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENU | CUSIP: 816686AM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    705000 | PA      | $531577.27    | 1.34%             | 2056-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                               | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PWN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $385266.23    | 0.97%             | 2051-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ETL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $245612.96    | 0.62%             | 2062-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                                     | IOWA ST FIN AUTH REVENUE                           | CUSIP: 46246K6Y3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $389617.65    | 0.98%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH SR LIVING REV                            | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72178AAH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $266452.71    | 0.67%             | 2052-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV       | CALIFORNIA CNTY CA TOBACCO SECURITIZATION          | CUSIP: 13016NFB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |     35000 | PA      | $34792.42     | 0.09%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLLUTN CTL REV                                | BURKE COUNTY DEVELOPMENT AUTHORITY                 | CUSIP: 121342PQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 1.51%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH EXEMPT FACS REV                      | MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 56678TAA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $428913.57    | 1.08%             | 2047-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLID WASTE DISP FACS REV             | WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY       | CUSIP: 95648VBU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $203881.06    | 0.51%             | 2055-01-01      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV                 | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT  | CUSIP: 84136HBC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017557.83   | 2.56%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                      | MET TRANSPRTN AUTH NY                              | CUSIP: 59261AG68<br>LEI: N/A | Long             | DBT              | MUN               | US        |    365000 | PA      | $391975.70    | 0.99%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN  REV                                     | OHIO HIGHER EDUCATIONAL FACILITY COMMISSION        | CUSIP: 67756DY42<br>LEI: N/A | Long             | DBT              | MUN               | US        |    865000 | PA      | $860841.17    | 2.17%             | 2050-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH REV                                 | COLORADO EDUCATIONAL CULTURAL FACILITIES AUTHORI   | CUSIP: 19645UTS3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010831.76   | 2.55%             | 2059-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLLUTN CTL REV                                | BURKE COUNTY DEVELOPMENT AUTHORITY                 | CUSIP: 121342MW6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.76%             | 2049-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer