# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0001752724-25-182422
**Filing Date:** 2025-7
**Character Count:** 173809
**Document Hash:** e5dc4a901dfbb10d8a1a6734ea8edc2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182422.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**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:** 251161020

**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 Pioneer High Income Municipal Fund (Series ID: S000089772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256545 | Class Y      | HIMYX           |
| C000256546 | Class A      | PIMAX           |
| C000256547 | Class C      | HICMX           |

## Nport-Ex

## Victory Pioneer High<br> Income Municipal Fund
(Successor to Pioneer High Income Municipal Fund)

Schedule of Investments \| May 31, 2025

------

### Schedule of Investments \| 5/31/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 97.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 0.8% of Net<br> Assets** |  |
| 8,470,392(a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Series 2006-B, Class B2, 0.993% (3 Month USD LIBOR + 34 bps), 6/15/34 | $7888052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $7,108,306)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7888052** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal Bonds — 96.6% of Net Assets(c)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama — 1.6%** |  |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, 5.75%, 10/1/49 | $4558892 |
| 9005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County Industrial Development Authority, Calvert LLC Project, Series A, 5.00%, 6/1/54 | &nbsp;&nbsp; 8442728 |
| 3995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County Industrial Development Authority, Calvert LLC Project, Series B, 4.75%, 12/1/54 | &nbsp;&nbsp; 3608524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Alabama** | &nbsp;&nbsp;&nbsp;&nbsp; **$16610144** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona — 1.5%** |  |
| 1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Doral Academy Nevada Fire Mesa, Series A, 5.00%, 7/15/39 | $1672991 |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/41 (144A) | &nbsp;&nbsp; 216174 |
| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/56 (144A) | &nbsp;&nbsp; 714033 |
| 12480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, 3rd & Indian School Assisted Living Project, 5.40%, 10/1/36 | &nbsp;&nbsp; 11517043 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority, Series A, 6.125%, 10/1/47 (144A) | &nbsp;&nbsp; 749228 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority, Series A, 6.125%, 10/1/52 (144A) | &nbsp;&nbsp; 631460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arizona** | &nbsp;&nbsp;&nbsp;&nbsp; **$15500929** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas — 2.0%** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Big River Steel Project, 4.50%, 9/1/49 (144A) | $7860160 |

---

1Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas — (continued)** |  |
| 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Green Bond, 5.45%, 9/1/52 | $6901650 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Hybar Steel Project, Series A, 6.875%, 7/1/48 (144A) | &nbsp;&nbsp; 5263000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arkansas** | &nbsp;&nbsp;&nbsp;&nbsp; **$20024810** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — 9.9%** |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Asset-Backed, Series A, 5.875%, 6/1/43 | $45179 |
| 17,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A, 9.50%, 1/1/65 (144A) | &nbsp;&nbsp; 16430500 |
| 2910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series B, 4.75%, 12/1/31 (144A) | &nbsp;&nbsp; 2704612 |
| 6115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series B, 5.25%, 12/1/36 (144A) | &nbsp;&nbsp; 5415322 |
| 4530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series B, 5.50%, 12/1/39 (144A) | &nbsp;&nbsp; 4021598 |
| 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Ascent 613 Project, Series A, 5.50%, 1/1/60 (144A) | &nbsp;&nbsp; 2156247 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Baptist University, Series A, 5.00%, 11/1/46 (144A) | &nbsp;&nbsp; 1866920 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Westside Neighborhood School Project, 6.20%, 6/15/54 (144A) | &nbsp;&nbsp; 1660432 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Brightline West Passenger Rail Project, Series A, 5.125%, 6/1/59 (144A) | &nbsp;&nbsp; 1342725 |
| 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Fortune School Of Education Obligated Group, Series A, 5.125%, 6/1/64 (144A) | &nbsp;&nbsp; 751315 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, New Designs Charter School Project, Series A, 5.00%, 6/1/64 (144A) | &nbsp;&nbsp; 905630 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Stem Preparatory Schools, Series A, 5.375%, 5/1/63 (144A) | &nbsp;&nbsp; 964530 |
| 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Baptist University, Series A, 6.125%, 11/1/33 (144A) | &nbsp;&nbsp; 1467124 |
| 4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Baptist University, Series A, 6.375%, 11/1/43 (144A) | &nbsp;&nbsp; 4036327 |

---

Victory Pioneer High Income Municipal Fund \| 5/31/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — (continued)** |  |
| 32000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series A-1, 4.214%, 6/1/50 | $22345920 |
| 215,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series B-2, 6/1/66 | &nbsp;&nbsp; 22934050 |
| 20,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco Securitization Corp., Series C-1, 6/1/36 | &nbsp;&nbsp; 9067400 |
| 10,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California, 6/1/46 | &nbsp;&nbsp; 2467200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total California** | &nbsp;&nbsp; **$100583031** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado — 5.4%** |  |
| 577,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 Holly Metropolitan District, Series B, 7.50%, 12/15/50 | $498724 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Regional Transportation Authority, 4.375%, 12/1/52 | &nbsp;&nbsp; 3982550 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Regional Transportation Authority, 5.75%, 12/1/54 (144A) | &nbsp;&nbsp; 6460610 |
| 868,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belleview Village Metropolitan District, 4.95%, 12/1/50 | &nbsp;&nbsp; 752956 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Ascent Classical Academy Charter Schools, Inc Project, 5.75%, 4/1/59 (144A) | &nbsp;&nbsp; 992690 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Ascent Classical Academy Charter Schools, Inc Project, 5.80%, 4/1/54 (144A) | &nbsp;&nbsp; 2523450 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, The Stanley Project, Series 1, 6.875%, 2/1/59 (144A) | &nbsp;&nbsp; 5094900 |
| 10700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Water & Sanitation District, 5.875%, 12/1/52 | &nbsp;&nbsp; 10499696 |
| 5,100,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Valley Ranch East Metropolitan District No. 6, Series A, 5.875%, 12/1/50 | &nbsp;&nbsp; 4761972 |
| 4,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Larkridge Metropolitan District No. 2, 5.25%, 12/1/48 | &nbsp;&nbsp; 3744320 |
| 1,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Business Improvement District, City Of Littleton, Arapahoe County, Series A, 5.75%, 12/1/54 (144A) | &nbsp;&nbsp; 952170 |
| 2,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olde Town Metropolitan District, Douglas County, 6.00%, 12/1/53 (144A) | &nbsp;&nbsp; 1828500 |
| 2,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parterre Metropolitan District No 5, Series A, 6.125%, 12/1/55 | &nbsp;&nbsp; 2037200 |
| 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinery Commercial Metropolitan District No 2, Douglas County, 5.75%, 12/1/54 | &nbsp;&nbsp; 1387765 |
| 2,125,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No 3, Series A, 5.875%, 12/15/46 | &nbsp;&nbsp; 2158171 |

---

3Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado — (continued)** |  |
| 750,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverpark Metropolitan District/Arapahoe County, 6.00%, 12/1/42 | $716955 |
| 1,400,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverpark Metropolitan District/Arapahoe County, 6.375%, 12/1/54 | &nbsp;&nbsp; 1329076 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Ranch Community Authority Board, 5.625%, 12/1/43 | &nbsp;&nbsp; 879993 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Home Partners Corp., 6.00%, 10/1/64 (144A) | &nbsp;&nbsp; 3037470 |
| 755,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willow Bend Metropolitan District, Series B, 12/15/49 | &nbsp;&nbsp; 683743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp;&nbsp;&nbsp; **$54322911** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut — 0.3%** |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series A, 6.25%, 10/1/60 | $1082862 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series A, 6.375%, 10/1/45 | &nbsp;&nbsp; 999870 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series A, 6.50%, 10/1/55 | &nbsp;&nbsp; 1467030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Connecticut** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$3549762** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware — 1.3%** |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/52 | $1710832 |
| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/57 | &nbsp;&nbsp; 999230 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Delaware Economic Development Authority, Academia Antonia Alonso Charter School Project, 7/1/65 | &nbsp;&nbsp; 4925150 |
| 870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Bridgeville, Heritage Shores Special Development District, 5.25%, 7/1/44 (144A) | &nbsp;&nbsp; 869635 |
| 1535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Bridgeville, Heritage Shores Special Development District, 5.625%, 7/1/53 (144A) | &nbsp;&nbsp; 1553834 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Milton, Granary At Draper Farm Special Development District, 5.70%, 9/1/44 (144A) | &nbsp;&nbsp; 963090 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Milton, Granary At Draper Farm Special Development District, 5.95%, 9/1/53 (144A) | &nbsp;&nbsp; 1698743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Delaware** | &nbsp;&nbsp;&nbsp;&nbsp; **$12720514** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia — 1.2%** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/42 | $1523415 |
| 1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/47 | &nbsp;&nbsp; 1133719 |

---

Victory Pioneer High Income Municipal Fund \| 5/31/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia — (continued)** |  |
| 1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/52 | $1769876 |
| 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Union Market Project, Series A, 5.125%, 6/1/34 (144A) | &nbsp;&nbsp; 1091501 |
| 515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 | &nbsp;&nbsp; 525022 |
| 25,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Capital Appreciation, Asset-Backed, Series A, 6/15/46 | &nbsp;&nbsp; 6101000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total District of Columbia** | &nbsp;&nbsp;&nbsp;&nbsp; **$12144533** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — 4.2%** |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Kissimmee Charter Academy Project, 6.50%, 6/15/54 (144A) | $281053 |
| 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Kissimmee Charter Academy Project, 6.625%, 6/15/59 (144A) | &nbsp;&nbsp; 455755 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc., University Bridge, LLC Student Housing Project, Series A, 5.25%, 12/1/58 (144A) | &nbsp;&nbsp; 2824860 |
| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Imagine School At West Pasco Project, Series A, 6.25%, 12/15/43 (144A) | &nbsp;&nbsp; 2077127 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Imagine School At West Pasco Project, Series A, 6.50%, 12/15/58 (144A) | &nbsp;&nbsp; 2008146 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Madrone - Florida Tech Student Housing I, LLC - Florida Institute Of Technology Project, Series A, 5.25%, 7/1/55 (144A) | &nbsp;&nbsp; 471155 |
| 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Madrone - Florida Tech Student Housing I, LLC - Florida Institute Of Technology Project, Series A, 5.375%, 7/1/65 (144A) | &nbsp;&nbsp; 1720777 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Mason Classical Academy Project, Series A, 5.00%, 6/1/54 (144A) | &nbsp;&nbsp; 3000129 |
| 2990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Mason Classical Academy Project, Series A, 5.00%, 6/1/64 (144A) | &nbsp;&nbsp; 2621931 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Venice, Village On The Isle Project, Series A, 5.50%, 1/1/55 (144A) | &nbsp;&nbsp; 999920 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Venice, Village On The Isle Project, Series A, 5.625%, 1/1/60 (144A) | &nbsp;&nbsp; 1254025 |
| 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lake, Imagine South Lake, Charter School Project, 5.00%, 1/15/49 (144A) | &nbsp;&nbsp; 1344379 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 5.25%, 7/1/47 | &nbsp;&nbsp; 4539750 |
| 3,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 12.00%, 7/15/32 (144A) | &nbsp;&nbsp; 3106530 |

---

5Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — (continued)** |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/31 (144A) | $310608 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/35 (144A) | &nbsp;&nbsp; 231525 |
| 13475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/51 (144A) | &nbsp;&nbsp; 12611657 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami Beach Health Facilities Authority, Mount Sinai Medical Center Of Florida, 3.00%, 11/15/51 | &nbsp;&nbsp; 2704320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;&nbsp;&nbsp; **$42563647** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia — 0.3%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Cobb County, Mt. Bethel Christian Academy Project, 6.25%, 6/1/55 (144A) | $1016500 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Cobb County, Mt. Bethel Christian Academy Project, 6.25%, 6/1/64 (144A) | &nbsp;&nbsp; 2020440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$3036940** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam — 0.1%** |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Economic Development & Commerce Authority, Asset-Backed, 5.625%, 6/1/47 | $1028203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Guam** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$1028203** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois — 2.8%** |  |
| 1,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series A, 7.00%, 12/1/46 (144A) | $1029800 |
| 8,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series B, 6.50%, 12/1/46 | &nbsp;&nbsp; 8101200 |
| 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Marion Sales Tax Revenue, Star Bond District Project Area No. 1, 6.625%, 6/1/55 | &nbsp;&nbsp; 5685740 |
| 987,401(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series A-2, 6.00%, 11/15/36 | &nbsp;&nbsp; 78992 |
| 614,528(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Clare Oaks Project, Series A-3, 4.00%, 11/15/52 | &nbsp;&nbsp; 49162 |
| 11975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Development Authority, 5.00%, 6/1/53 | &nbsp;&nbsp; 10931259 |
| 1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Development Authority, 8.00%, 6/1/53 | &nbsp;&nbsp; 1129778 |
| 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Matteson, 6.50%, 12/1/35 | &nbsp;&nbsp; 1243388 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Illinois** | &nbsp;&nbsp;&nbsp;&nbsp; **$28249319** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana — 10.7%** |  |
| 8175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anderson, 5.375%, 1/1/40 (144A) | $7425271 |
| 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Evansville, Silver Birch Evansville Project, 4.80%, 1/1/28 | &nbsp;&nbsp; 349171 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fort Wayne, 5.125%, 1/1/32 | &nbsp;&nbsp; 500395 |

---

Victory Pioneer High Income Municipal Fund \| 5/31/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana — (continued)** |  |
| 4665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fort Wayne, 5.35%, 1/1/38 | $4473315 |
| 24990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hammond, Custodial Receipts Cabelas Project, 7.50%, 2/1/29 (144A) | &nbsp;&nbsp; 24884792 |
| 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Kokomo, Silver Birch of Kokomo, 5.75%, 1/1/34 | &nbsp;&nbsp; 945161 |
| 7825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Kokomo, Silver Birch of Kokomo, 5.875%, 1/1/37 | &nbsp;&nbsp; 7606917 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lafayette, Glasswater Creek Lafayette Project, 5.60%, 1/1/33 | &nbsp;&nbsp; 896985 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lafayette, Glasswater Creek Lafayette Project, 5.80%, 1/1/37 | &nbsp;&nbsp; 5784660 |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Mishawaka, Silver Birch Mishawaka Project, 5.10%, 1/1/32 (144A) | &nbsp;&nbsp; 700560 |
| 5890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Mishawaka, Silver Birch Mishawaka Project, 5.375%, 1/1/38 (144A) | &nbsp;&nbsp; 5703699 |
| 4560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Terre Haute, 5.35%, 1/1/38 | &nbsp;&nbsp; 4415630 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Valparaiso, Pratt Paper LLC Project, 4.875%, 1/1/44 (144A) | &nbsp;&nbsp; 1655727 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Valparaiso, Pratt Paper LLC Project, 5.00%, 1/1/54 (144A) | &nbsp;&nbsp; 1853280 |
| 5190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.125%, 7/1/37 | &nbsp;&nbsp; 5213355 |
| 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.375%, 7/1/47 | &nbsp;&nbsp; 2660455 |
| 1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Sanders Glen Project, Series A, 4.25%, 7/1/43 | &nbsp;&nbsp; 1713648 |
| 2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Sanders Glen Project, Series A, 4.50%, 7/1/53 | &nbsp;&nbsp; 1553865 |
| 11985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, Series A, 5.00%, 1/1/39 (144A) | &nbsp;&nbsp; 11582544 |
| 8175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, Evergreen Village Bloomington Project, 5.50%, 1/1/37 | &nbsp;&nbsp; 7995150 |
| 10100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Plainfield Multifamily Housing Revenue, 5.375%, 9/1/38 | &nbsp;&nbsp; 9780638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp; **$107695218** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kansas — 1.4%** |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Series A, 5.25%, 11/15/33 | $372036 |

---

7Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kansas — (continued)** |  |
| 15405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Series A, 5.25%, 11/15/53 | $11362266 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Series A, 5.50%, 11/15/38 | &nbsp;&nbsp; 2188800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Kansas** | &nbsp;&nbsp;&nbsp;&nbsp; **$13923102** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Louisiana — 1.5%** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, 5.50%, 9/1/59 | $8139920 |
| 6340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, 5.75%, 9/1/64 | &nbsp;&nbsp; 6556765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Louisiana** | &nbsp;&nbsp;&nbsp;&nbsp; **$14696685** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts — 0.7%** |  |
| 3260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Gingercare Living Issue, Series A, 5.50%, 12/1/44 (144A) | $3158092 |
| 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Gingercare Living Issue, Series A, 5.875%, 12/1/60 (144A) | &nbsp;&nbsp; 2679161 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A, 5.00%, 7/1/54 (144A) | &nbsp;&nbsp; 920300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6757553** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan — 2.9%** |  |
| 8340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Ellis Academy-West, 5.25%, 6/1/45 | $7290661 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint International Academy, 5.75%, 10/1/37 | &nbsp;&nbsp; 2990070 |
| 5720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Dr. Joseph F. Pollack Academic Center of Excellence Project, 5.75%, 4/1/40 | &nbsp;&nbsp; 5850302 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Trinity Health Credit Group, Series A, 3.00%, 12/1/49 | &nbsp;&nbsp; 3508250 |
| 4,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, Series B, 7.50%, 11/1/41 | &nbsp;&nbsp; 3841560 |
| 7,075,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, Michigan Department Offices Lease, Series B, 7.75%, 3/1/40 | &nbsp;&nbsp; 5910596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Michigan** | &nbsp;&nbsp;&nbsp;&nbsp; **$29391439** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota — 1.8%** |  |
| 1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, 6.00%, 7/1/57 | $1162835 |
| 4210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Series A, 5.00%, 7/1/48 | &nbsp;&nbsp; 3879557 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Series A, 5.00%, 7/1/53 | &nbsp;&nbsp; 878710 |

---

Victory Pioneer High Income Municipal Fund \| 5/31/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota — (continued)** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Deephaven, Eagle Ridge Academy Project, Series A, 5.50%, 7/1/50 | $1482105 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Rochester Math & Science Academy, Series A, 5.125%, 9/1/38 | &nbsp;&nbsp; 1368300 |
| 3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Rochester Math & Science Academy, Series A, 5.25%, 9/1/43 | &nbsp;&nbsp; 2594059 |
| 6080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Rochester Math & Science Academy, Series A, 5.375%, 9/1/50 | &nbsp;&nbsp; 4731699 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul Minnesota, Great River School Project, Series A, 5.50%, 7/1/52 (144A) | &nbsp;&nbsp; 1887580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Minnesota** | &nbsp;&nbsp;&nbsp;&nbsp; **$17984845** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri — 0.3%** |  |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Industrial Development Authority, Series A, 5.00%, 4/1/46 (144A) | $1974665 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series A-1, 5.00%, 6/1/54 (144A) | &nbsp;&nbsp; 1108988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$3083653** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Jersey — 0.7%** |  |
| 1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.25%, 7/1/37 (144A) | $1155587 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.375%, 7/1/47 (144A) | &nbsp;&nbsp; 2232600 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Repauno Port & Rail Terminal Project, 6.625%, 1/1/45 (144A) | &nbsp;&nbsp; 4038960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$7427147** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mexico — 1.1%** |  |
| 11,430,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Otero, Otero County Jail Project, Certificate Participation, 9.00%, 4/1/28 | $11018520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Mexico** | &nbsp;&nbsp;&nbsp;&nbsp; **$11018520** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — 11.7%** |  |
| 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany Capital Resource Corp., Kipp Capital Region Public Charter Schools Project, 5.00%, 6/1/64 | $2393586 |
| 212,975(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/28 (144A) | &nbsp;&nbsp; 3046 |
| 2,356,917(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/38 (144A) | &nbsp;&nbsp; 33704 |

---

9Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — (continued)** |  |
| 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Tobacco Asset Securitization Corp., Asset-Backed, Series A, 5.00%, 6/1/45 | $1740620 |
| 19015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.00%, 6/1/35 | &nbsp;&nbsp; 18111787 |
| 6245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.125%, 6/1/46 | &nbsp;&nbsp; 5556114 |
| 3625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., 8 Spruce Street, Series RE, 5.25%, 12/15/43 | &nbsp;&nbsp; 3697391 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Series A, 6.25%, 6/1/41 (144A) | &nbsp;&nbsp; 1545696 |
| 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Settlement Pass-Through, Series A, 5.00%, 6/1/42 | &nbsp;&nbsp; 8649199 |
| 21120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Settlement Pass-Through, Series A, 5.00%, 6/1/45 | &nbsp;&nbsp; 19462925 |
| 51,600,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V, Capital Appreciation Pass Through, Series 4A, 6/1/60 (144A) | &nbsp;&nbsp; 2867928 |
| 7440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Series 2B, 5.00%, 6/1/45 | &nbsp;&nbsp; 6508884 |
| 8665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Settlement pass through, Series 2B, 5.00%, 6/1/51 | &nbsp;&nbsp; 7538810 |
| 11110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A, 5.50%, 12/31/60 | &nbsp;&nbsp; 11143885 |
| 7345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, 5.50%, 6/30/60 | &nbsp;&nbsp; 7341328 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Project, 5.125%, 8/1/44 | &nbsp;&nbsp; 940910 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Project, 5.375%, 8/1/54 | &nbsp;&nbsp; 1312395 |
| 2415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverhead Industrial Development Agency, 7.65%, 8/1/34 | &nbsp;&nbsp; 2416787 |
| 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp., 6.00%, 12/1/53 | &nbsp;&nbsp; 5196288 |
| 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 4.50%, 7/1/56 (144A) | &nbsp;&nbsp; 7084980 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 5.00%, 7/1/36 (144A) | &nbsp;&nbsp; 4971450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New York** | &nbsp;&nbsp; **$118517713** |

---

Victory Pioneer High Income Municipal Fund \| 5/31/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina — 0.2%** |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Penick Village Project, Series A, 5.50%, 9/1/44 | $818392 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Penick Village Project, Series A, 5.50%, 9/1/54 | &nbsp;&nbsp; 991800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$1810192** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio — 4.3%** |  |
| 191,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-3, 6/1/57 | $17610200 |
| 27900000 | &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; 24177582 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Development Authority, RBM Phase 3 Garage Project, 5.125%, 12/1/55 | &nbsp;&nbsp; 1362270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;&nbsp;&nbsp; **$43150052** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oklahoma — 0.7%** |  |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, American Airlines, Inc. Project, 6.25%, 12/1/35 | $3597330 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, American Airlines, Inc. Project, 6.25%, 12/1/40 | &nbsp;&nbsp; 3202170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oklahoma** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6799500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — 6.4%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority, Waterfront - 30 E. Allen Street Project, Series A, 5.25%, 5/1/42 (144A) | $956050 |
| 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority, Waterfront - 30 E. Allen Street Project, Series B, 6.00%, 5/1/42 (144A) | &nbsp;&nbsp; 3930381 |
| 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.125%, 10/15/37 | &nbsp;&nbsp; 802387 |
| 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.25%, 10/15/47 | &nbsp;&nbsp; 1091239 |
| 645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Industrial Development Authority, Renaissance Academy Charter School Project, 4.50%, 10/1/54 (144A) | &nbsp;&nbsp; 540807 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Industrial Development Authority, Renaissance Academy Charter School Project, 4.50%, 10/1/64 (144A) | &nbsp;&nbsp; 490428 |
| 8465000 | &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; 7890734 |
| 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Ursinus College Project, 5.25%, 11/1/54 | &nbsp;&nbsp; 1746363 |

---

11Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — (continued)** |  |
| 2290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.00%, 4/15/42 (144A) | $2116464 |
| 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.00%, 4/15/52 (144A) | &nbsp;&nbsp; 1157872 |
| 6045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.125%, 12/15/44 (144A) | &nbsp;&nbsp; 5485112 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.25%, 6/1/48 (144A) | &nbsp;&nbsp; 3330915 |
| 4370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.375%, 6/1/53 (144A) | &nbsp;&nbsp; 4100021 |
| 9435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.50%, 6/1/49 (144A) | &nbsp;&nbsp; 9118456 |
| 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series A, 5.00%, 11/15/31 | &nbsp;&nbsp; 808178 |
| 4055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 2800 American Street Co. Project, Series A, 5.625%, 7/1/48 (144A) | &nbsp;&nbsp; 3835097 |
| 8295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Global Leadership Academy Charter School Project, Series A, 5.00%, 11/15/50 | &nbsp;&nbsp; 6849181 |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A, 6.50%, 6/1/45 | &nbsp;&nbsp; 2183434 |
| 2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Project, Series A, 6.625%, 6/1/50 | &nbsp;&nbsp; 2864148 |
| 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.125%, 6/15/42 | &nbsp;&nbsp; 1017099 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.375%, 6/15/57 | &nbsp;&nbsp; 935738 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Tacony Academy Charter school Project, 5.375%, 6/15/38 (144A) | &nbsp;&nbsp; 1501185 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Tacony Academy Charter school Project, 5.50%, 6/15/43 (144A) | &nbsp;&nbsp; 1698900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;&nbsp;&nbsp; **$64450189** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico — 8.4%** |  |
| 24,792,296(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/43 | $14813397 |
| 17,550,354(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | &nbsp;&nbsp; 9038257 |
| 10,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | &nbsp;&nbsp; 3227000 |

---

Victory Pioneer High Income Municipal Fund \| 5/31/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico — (continued)** |  |
| 25,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | $6375000 |
| 13,204,996(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, Restructured Series A-1, 4.00%, 7/1/46 | &nbsp;&nbsp; 10732756 |
| 14744143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico, 7.50%, 8/20/40 | &nbsp;&nbsp; 14082131 |
| 5,900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial Development Co., 7.00%, 1/1/54 | &nbsp;&nbsp; 5594203 |
| 25,435,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 7/1/46 | &nbsp;&nbsp; 8065693 |
| 36,282,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 7/1/51 | &nbsp;&nbsp; 8585410 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 4.75%, 7/1/53 | &nbsp;&nbsp; 910740 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 5.00%, 7/1/58 | &nbsp;&nbsp; 3748520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Puerto Rico** | &nbsp;&nbsp;&nbsp;&nbsp; **$85173107** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island — 0.1%** |  |
| 2,065,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Falls Detention Facility Corp., 7.25%, 7/15/35 | $826000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rhode Island** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$826000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Carolina — 0.2%** |  |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South Of Broad Healthcare Project, 5.75%, 11/15/54 | $2219910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2219910** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee — 0.2%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Madrone Memphis Student Housing I LLC - University Of Memphis Project, Series A-1, 5.25%, 6/1/56 (144A) | $1891920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$1891920** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — 5.1%** |  |
| 16545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., LTTS Charter School, Universal Academy, 5.45%, 3/1/49 (144A) | $15706168 |
| 435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Universal Academy, Series A, 6.625%, 3/1/29 | &nbsp;&nbsp; 435909 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.00%, 3/1/34 | &nbsp;&nbsp; 375634 |
| 7030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.125%, 3/1/44 | &nbsp;&nbsp; 6900648 |

---

13Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — (continued)** |  |
| 3665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A, 5.00%, 8/15/50 | $3879769 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Valor Education, Series A, 5.75%, 6/15/44 (144A) | &nbsp;&nbsp; 545439 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Valor Education, Series A, 6.00%, 6/15/54 (144A) | &nbsp;&nbsp; 743424 |
| 16,755,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp., 9.00%, 2/1/50 (144A) | &nbsp;&nbsp; 10220550 |
| 3,335,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp., Series B, 9.00%, 2/1/33 (144A) | &nbsp;&nbsp; 2034350 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston Higher Education Finance Corp., Houston Christian University Project, 5.25%, 10/1/54 | &nbsp;&nbsp; 1176813 |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1, 5.50%, 1/1/57 | &nbsp;&nbsp; 4150350 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Westminster Project, 5.00%, 11/1/60 | &nbsp;&nbsp; 907960 |
| 5875019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., The Stayton At Museum Way 2024, Series A, 5.75%, 12/1/54 | &nbsp;&nbsp; 4929376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;&nbsp;&nbsp; **$52006390** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah — 0.9%** |  |
| 3,300,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grapevine Wash Local District, Series A-1, 6.00%, 3/1/55 (144A) | $3011580 |
| 725,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Cormont Public Infrastructure District, Series A-1, 6.25%, 6/1/55 (144A) | &nbsp;&nbsp; 735868 |
| 2,365,000(d)(f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Cormont Public Infrastructure District, Series A-2, 6/1/55 (144A) | &nbsp;&nbsp; 1881358 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Mountain Veterans Program Public Infrastructure District, 5.20%, 6/1/54 (144A) | &nbsp;&nbsp; 2081767 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Mountain Village Public Infrastructure District, Series 1, 5.125%, 6/15/54 (144A) | &nbsp;&nbsp; 1635480 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9346053** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virgin Islands — 0.2%** |  |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Frenchman'S Reef Hotel Development Project, Series A, 6.00%, 4/1/53 (144A) | $2390208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virgin Islands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2390208** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — 2.7%** |  |
| 5475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority, Centra Health Obligated Group, 3.00%, 1/1/51 | $3718018 |

---

Victory Pioneer High Income Municipal Fund \| 5/31/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — (continued)** |  |
| 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/1/46 | $7105410 |
| 13905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B-1, 5.00%, 6/1/47 | &nbsp;&nbsp; 12003213 |
| 14,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series D, 6/1/47 | &nbsp;&nbsp; 4008480 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virginia** | &nbsp;&nbsp;&nbsp;&nbsp; **$26835121** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington — 0.7%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Blakeley And Laurel Villages Portfolio, Series A, 5.50%, 7/1/50 (144A) | $1962700 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Blakeley And Laurel Villages Portfolio, Series A, 5.75%, 7/1/60 (144A) | &nbsp;&nbsp; 4985650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6948350** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wisconsin — 3.1%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Series A, 5.75%, 7/1/49 | $5138750 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Cincinnati Classical Academy, Series A, 6.00%, 6/15/64 (144A) | &nbsp;&nbsp; 935290 |
| 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Las Vegas, Series A, 5.625%, 7/1/44 | &nbsp;&nbsp; 1592178 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/29 (144A) | &nbsp;&nbsp; 372938 |
| 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/39 (144A) | &nbsp;&nbsp; 1642694 |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 4.00%, 6/1/61 (144A) | &nbsp;&nbsp; 796823 |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 5.375%, 6/1/37 (144A) | &nbsp;&nbsp; 338668 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 5.875%, 6/1/52 (144A) | &nbsp;&nbsp; 859707 |
| 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 6.00%, 6/1/62 (144A) | &nbsp;&nbsp; 1556095 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Foundation Academy Charter School Project, 5.00%, 7/1/55 (144A) | &nbsp;&nbsp; 1759320 |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Foundation Academy Charter School Project, 5.00%, 7/1/60 (144A) | &nbsp;&nbsp; 1032504 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lead Academy Project, Series A, 4.25%, 8/1/26 (144A) | &nbsp;&nbsp; 149636 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lead Academy Project, Series A, 5.00%, 8/1/36 (144A) | &nbsp;&nbsp; 1893040 |

---

15Victory Pioneer High Income Municipal Fund \| 5/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wisconsin — (continued)** |  |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lead Academy Project, Series A, 5.125%, 8/1/46 (144A) | $2118300 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Mater Academy Of Nevada - East Las Vegas Campus Project, Series A, 5.00%, 12/15/54 (144A) | &nbsp;&nbsp; 1847240 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 5.25%, 7/15/33 (144A) | &nbsp;&nbsp;&nbsp; 235118 |
| 690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 6.00%, 7/15/43 (144A) | &nbsp;&nbsp;&nbsp; 701620 |
| 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 6.25%, 7/15/53 (144A) | &nbsp;&nbsp;&nbsp; 643360 |
| 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 6.50%, 7/15/63 (144A) | &nbsp;&nbsp; 1185269 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, SearStone CCRC Project, 4.00%, 6/1/41 (144A) | &nbsp;&nbsp; 1772860 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, SearStone CCRC Project, Series A, 5.00%, 6/1/37 (144A) | &nbsp;&nbsp;&nbsp; 497065 |
| 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Senior Lien-Puerto Rico Tollroads LLC, Series A, 5.75%, 7/1/54 | &nbsp;&nbsp; 4292358 |
| 10,640,000(a)(e)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Springshire Pre-Development Project, 12/31/25 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;&nbsp;&nbsp; **$31360833** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (Cost $1,038,247,889)** | &nbsp;&nbsp;&nbsp; **$976038443** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debtors in Possession Financing — 0.3%<br> of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retirement Housing — 0.3%** |  |
| 9,000,000(a)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springshire Retirement LLC - Promissory Note, 9.00%, 12/31/25 | $2970000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retirement Housing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2970000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL DEBTORS IN POSSESSION FINANCING<br> (Cost $8,720,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2970000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.7%<br> (Cost $1,054,076,195)** | &nbsp;&nbsp;&nbsp; **$** **986896495** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp; $23728176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$1010624671** |

---

Victory Pioneer High Income Municipal Fund \| 5/31/2516

------

(unaudited) (continued)

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| (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 May 31, 2025, the value of these securities amounted to $331,395,288, or 32.8% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Security is in default. |
| (b) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at May 31, 2025. |
| (c) | &nbsp;&nbsp;Consists of Revenue Bonds unless otherwise indicated. |
| (d) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at May 31, 2025. |
| (e) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (f) | &nbsp;&nbsp;Represents a General Obligation Bond. |
| (g) | &nbsp;&nbsp;Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at May 31, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Springshire Retirement LLC - Promissory Note | 12/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;$8720000 | &nbsp;&nbsp;&nbsp;&nbsp;$2970000 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3% |

---

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). |

---

17Victory Pioneer High Income Municipal Fund \| 5/31/25

------

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset Backed Securities | $— | &nbsp;&nbsp;&nbsp;$7888052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7888052 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;976038443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;976038443 |
| Debtors in Possession Financing | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970000 |
| **Total Investments in Securities** | **$—** | &nbsp;&nbsp;**$983926495** | &nbsp;&nbsp;**$2970000** | &nbsp;&nbsp;**$986896495** |

---

\* Securities valued at $0.

During the period ended May 31, 2025, there were no transfers in or out of Level 3.

Victory Pioneer High Income Municipal Fund \| 5/31/2518

## 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 High Income Municipal Fund

- **b. EDGAR series identifier (if any):** S000089772

- **c. LEI of Series:** DFRKKS65Q9UGO1PRYT83

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-30

**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:** $1015086100.67

**Total Liabilities:** $6864212.53

**Net Assets:** $1008221888.14

**Cash Not Reported:** $13023293.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -225.00000000 | **1-Year:** 0.00000000 | **5-Year:** -1168.00000000 | **10-Year:** -37101.00000000 | **30-Year:** -79300.00000000

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

- **3-Month:** -87.00000000 | **1-Year:** -264.00000000 | **5-Year:** -47951.00000000 | **10-Year:** -61495.00000000 | **30-Year:** -527755.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256545 | -1.50%               | -1.20%               | -0.89%               |
| Class ID C000256546 | -1.50%               | -1.36%               | -0.89%               |
| Class ID C000256547 | -1.71%               | -1.26%               | -0.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1431670.93             | $-20637075.20                              |
| Month 2  | $-4191568.51             | $-13930425.98                              |
| Month 3  | $-7876194.80             | $-5418969.20                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BUFFALO & ERIE CNTY NY INDL LA                             | Buffalo & Erie County Industrial Land Development Corp              | CUSIP: 11943KDF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    212974 | PA      | $3045.53      | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT                             | Aerotropolis Regional Transportation Authority                      | CUSIP: 008051AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3982550.00   | 0.40%             | 2052-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1556095.15   | 0.15%             | 2062-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                             | Michigan Strategic Fund                                             | CUSIP: 594714AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3841560.00   | 0.38%             | 2041-11-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                   | District of Columbia                                                | CUSIP: 25483VB29<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1133719.75   | 0.11%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5138750.00   | 0.51%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XGM9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1157872.20   | 0.11%             | 2052-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FALLS RI DETENTION FAC                              | Central Falls Detention Facility Corp                               | CUSIP: 153457AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $826000.00    | 0.08%             | 2035-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                                | Indiana Finance Authority                                           | CUSIP: 45506DF91<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2660454.70   | 0.26%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                              | Chester County Industrial Development Authority                     | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $802386.75    | 0.08%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HS4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $859707.00    | 0.09%             | 2052-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                                               | City of Rochester MN                                                | CUSIP: 77158CAD3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   6080000 | PA      | $4731699.20   | 0.47%             | 2050-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUFFALO & ERIE CNTY NY INDL LA                             | Buffalo & Erie County Industrial Land Development Corp              | CUSIP: 11943KDG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2356917 | PA      | $33703.92     | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DAR2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1893040.00   | 0.19%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC                              | Public Finance Authority                                            | CUSIP: 74444VAA8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10640000 | PA      | $0.00         | 0.00%             | 2020-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PTP0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497065.00    | 0.05%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CBP4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1017098.50   | 0.10%             | 2042-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KOKOMO IN MF HSG REVENUE                                   | City of Kokomo IN                                                   | CUSIP: 500364AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $945160.65    | 0.09%             | 2034-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE                             | Tempe Industrial Development Authority                              | CUSIP: 87972MAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $631460.00    | 0.06%             | 2052-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                             | South Carolina Jobs-Economic Development Authority                  | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2219910.00   | 0.22%             | 2054-11-15      | Fixed         | 5.75%                 | 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        |   4000000 | PA      | $3748520.00   | 0.37%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL                              | Arkansas Development Finance Authority                              | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7860160.00   | 0.78%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLINT INTERNATIONAL ACADEMY MI                             | Flint International Academy                                         | CUSIP: 339526AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2990070.00   | 0.30%             | 2037-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PARTERRE MET DIST #5 CO                                    | Parterre Metropolitan District No 5                                 | CUSIP: 70211AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037200.00   | 0.20%             | 2055-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VAIL HOME PARTNERS CORP CO HSG                             | Vail Home Partners Corp                                             | CUSIP: 91879VAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037470.00   | 0.30%             | 2064-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                                | Indiana Finance Authority                                           | CUSIP: 45506DF83<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5190000 | PA      | $5213355.00   | 0.52%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1032504.00   | 0.10%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HR6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $338668.25    | 0.03%             | 2037-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V                             | Tobacco Settlement Financing Corp/VA                                | CUSIP: 88880NAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $4008480.00   | 0.40%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                              | New Hope Cultural Education Facilities Finance Corp                 | CUSIP: 64542UHC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907960.00    | 0.09%             | 2060-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LARKRIDGE CO MET DIST #2                                   | Larkridge Metropolitan District No 2                                | CUSIP: 51724SAA4<br>LEI: 549300WGG345EZVXJV26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3744320.00   | 0.37%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DAS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2118300.00   | 0.21%             | 2046-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                             | Hoover Industrial Development Board                                 | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $4558892.25   | 0.45%             | 2049-10-01      | Fixed         | 5.75%                 | 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        |   1000000 | PA      | $910740.00    | 0.09%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                              | Chester County Industrial Development Authority                     | CUSIP: 165588FV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $540806.70    | 0.05%             | 2054-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1759320.00   | 0.17%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                              | New York City Housing Development Corp                              | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   3625000 | PA      | $3697391.25   | 0.37%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PINERY CO COML MET DIST #2 SPL                             | Pinery Commercial Metropolitan District No 2                        | CUSIP: 72330FAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1387765.20   | 0.14%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $435909.15    | 0.04%             | 2029-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                             | Mobile County Industrial Development Authority                      | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3995000 | PA      | $3608523.70   | 0.36%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust V                                   | CUSIP: 649441AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  51600000 | PA      | $2867928.00   | 0.28%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                    | Florida Development Finance Corp                                    | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4539750.00   | 0.45%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED                             | California Municipal Finance Authority                              | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1660432.00   | 0.16%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396FE7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    370000 | PA      | $372937.80    | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                      | Chicago Board of Education                                          | CUSIP: 167505RD0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8101200.00   | 0.80%             | 2046-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust VI                                  | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8665000 | PA      | $7538809.95   | 0.75%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                              | Westchester County Local Development Corp                           | CUSIP: 95737TEV4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7084980.00   | 0.70%             | 2056-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TRX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964530.00    | 0.10%             | 2063-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BELLEVIEW VLG MET DIST CO                                  | Belleview Village Metropolitan District                             | CUSIP: 07882PAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    868000 | PA      | $752955.28    | 0.07%             | 2050-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                                               | City of Rochester MN                                                | CUSIP: 77158CAB7<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1368300.00   | 0.14%             | 2038-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                             | Housing & Redevelopment Authority of The City of St Paul Minnesota  | CUSIP: 852297CK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1887580.00   | 0.19%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DLE9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935290.00    | 0.09%             | 2064-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 2000 HOLLY MET DIST CO                                     | 2000 Holly Metropolitan District                                    | CUSIP: 90214UAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    577000 | PA      | $498724.18    | 0.05%             | 2050-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                             | City of Bethel MN                                                   | CUSIP: 086759AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1162834.60   | 0.12%             | 2057-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  24792296 | PA      | $14813397.08  | 1.47%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| TERRE HAUTE IN MF HSG REVENUE                              | City of Terre Haute IN                                              | CUSIP: 881080AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4560000 | PA      | $4415630.40   | 0.44%             | 2038-01-01      | Fixed         | 5.35%                 | 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        |    515000 | PA      | $525021.90    | 0.05%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GREATER TEXAS CULTURAL EDU FAC                             | Greater Texas Cultural Education Facilities Finance Corp            | CUSIP: 39237QBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $2034350.00   | 0.20%             | 2033-02-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                             | Mobile County Industrial Development Authority                      | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9005000 | PA      | $8442727.80   | 0.84%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    230000 | PA      | $235117.50    | 0.02%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                             | Massachusetts Development Finance Agency                            | CUSIP: 57585BCW6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3158092.40   | 0.31%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HGR EDU FIN CORP UN                             | Houston Higher Education Finance Corp                               | CUSIP: 44237QAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1176812.50   | 0.12%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OLDE TOWNE CO MET DIST                                     | Olde Towne Metropolitan District                                    | CUSIP: 68042GAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1828500.00   | 0.18%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                             | Massachusetts Development Finance Agency                            | CUSIP: 57585BCX4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2679161.00   | 0.27%             | 2060-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1545696.00   | 0.15%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $6375000.00   | 0.63%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD                              | Sterling Ranch Community Authority Board                            | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $879993.00    | 0.09%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT                             | Aerotropolis Regional Transportation Authority                      | CUSIP: 008051AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6460610.00   | 0.64%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                                               | City of Rochester MN                                                | CUSIP: 77158CAC5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3145000 | PA      | $2594058.90   | 0.26%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH                              | Miami Beach Health Facilities Authority                             | CUSIP: 593211FP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2704320.00   | 0.27%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP                                 | Onondaga Civic Development Corp                                     | CUSIP: 682832KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940910.00    | 0.09%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2077126.80   | 0.21%             | 2043-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC                             | Capital Projects Finance Authority/FL                               | CUSIP: 14043FAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $281052.75    | 0.03%             | 2054-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                             | Colorado Educational & Cultural Facilities Authority                | CUSIP: 19645UTS3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5094900.00   | 0.51%             | 2059-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 191000000 | PA      | $17610200.00  | 1.75%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GREATER TEXAS CULTURAL EDU FAC                             | Greater Texas Cultural Education Facilities Finance Corp            | CUSIP: 39237QBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16755000 | PA      | $10220550.00  | 1.01%             | 2050-02-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XGL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2116463.80   | 0.21%             | 2042-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL                             | GDB Debt Recovery Authority of Puerto Rico                          | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14744143 | PA      | $14082130.98  | 1.40%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FL EDUCTNL FACS REVE                             | County of Lake FL                                                   | CUSIP: 50825CAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1344379.00   | 0.13%             | 2049-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION WTR & SANTN DIST CO R                             | Dominion Water & Sanitation District                                | CUSIP: 25755AAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10499696.00  | 1.04%             | 2052-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE IN MF HSG REVENUE                                | City of Lafayette IN                                                | CUSIP: 506309AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5784660.00   | 0.57%             | 2037-01-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL                             | District of Columbia Tobacco Settlement Financing Corp              | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $6101000.00   | 0.61%             | 2046-06-15      | None          | 0.00%                 | 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        |  13905000 | PA      | $12003213.15  | 1.19%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                             | North Carolina Medical Care Commission                              | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    800000 | PA      | $818392.00    | 0.08%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TUL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1342725.00   | 0.13%             | 2059-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3                              | Prairie Center Metropolitan District No 3                           | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2158171.25   | 0.21%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                       | Stamford Housing Authority                                          | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467030.00   | 0.15%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                   | District of Columbia                                                | CUSIP: 25483VB37<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1769875.85   | 0.18%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XFJ7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3330915.00   | 0.33%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM ECON DEV & COMMERCE AUTH                              | Guam Economic Development & Commerce Authority                      | CUSIP: 40064LAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1028203.00   | 0.10%             | 2047-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH DO                             | New Jersey Economic Development Authority                           | CUSIP: 64578TAB0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4038960.00   | 0.40%             | 2045-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM                             | Nassau County Tobacco Settlement Corp                               | CUSIP: 63166MCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19015000 | PA      | $18111787.50  | 1.80%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7030000 | PA      | $6900648.00   | 0.68%             | 2044-03-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE                             | Kansas Development Finance Authority                                | CUSIP: 48542RCB8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |  15405000 | PA      | $11362265.85  | 1.13%             | 2053-11-15      | Fixed         | 5.25%                 | 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        |   5100000 | PA      | $5196288.00   | 0.52%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE IN MF HSG REVENUE                                | City of Lafayette IN                                                | CUSIP: 506309AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $896985.00    | 0.09%             | 2033-01-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V                             | Tobacco Settlement Financing Corp/VA                                | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7105410.00   | 0.70%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP                                 | Onondaga Civic Development Corp                                     | CUSIP: 682832KJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1312395.00   | 0.13%             | 2054-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  17550354 | PA      | $9038256.91   | 0.90%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                       | Stamford Housing Authority                                          | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999870.00    | 0.10%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                             | Colorado Educational & Cultural Facilities Authority                | CUSIP: 19645URG1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523450.00   | 0.25%             | 2054-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH MF HS                             | Industrial Development Authority of the City of Phoenix Arizona/The | CUSIP: 718903RP4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |  12480000 | PA      | $11517043.20  | 1.14%             | 2036-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                               | Illinois Finance Authority                                          | CUSIP: 45204FEQ4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    987401 | PA      | $78992.04     | 0.01%             | 2036-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TUM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $751315.00    | 0.07%             | 2064-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                             | Florida Development Finance Corp                                    | CUSIP: 34061WAW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310608.00    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                             | Michigan Strategic Fund                                             | CUSIP: 594714AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7075000 | PA      | $5910596.50   | 0.59%             | 2040-03-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC                             | Capital Projects Finance Authority/FL                               | CUSIP: 14043FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $455755.65    | 0.05%             | 2059-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                             | Massachusetts Development Finance Agency                            | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920300.00    | 0.09%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                             | Indiana Housing & Community Development Authority                   | CUSIP: 45506CAY3<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |  11985000 | PA      | $11582543.70  | 1.15%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LYNCHBURG VA ECON DEV AUTH HOS                             | Lynchburg Economic Development Authority                            | CUSIP: 55123TBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5475000 | PA      | $3718017.75   | 0.37%             | 2051-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT                             | Port of Greater Cincinnati Development Authority                    | CUSIP: 73421NAD9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1362270.00   | 0.14%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SC                             | New Jersey Economic Development Authority                           | CUSIP: 645912DY9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2232600.00   | 0.22%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency                     | CUSIP: 13016NAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45179.10     | 0.00%             | 2043-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG                                   | Town of Bridgeville DE                                              | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $869634.60    | 0.09%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375633.75    | 0.04%             | 2034-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                             | Delaware State Economic Development Authority                       | CUSIP: 246372BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $999230.40    | 0.10%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED                              | Riverpark Metropolitan District/Arapahoe County                     | CUSIP: 76883BAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716955.00    | 0.07%             | 2042-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH EDU                             | California School Finance Authority                                 | CUSIP: 130591BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905630.00    | 0.09%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                            | CUSIP: 38122ND66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  32000000 | PA      | $22345920.00  | 2.22%             | 2050-06-01      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH                             | Virgin Islands Public Finance Authority                             | CUSIP: 927677AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2390208.00   | 0.24%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES                             | Board of Regents of the University of Texas System                  | CUSIP: 91514AJZ9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3879769.00   | 0.38%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                  | City of Venice FL                                                   | CUSIP: 922687AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999920.00    | 0.10%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                             | City of Bethel MN                                                   | CUSIP: 086759AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878710.00    | 0.09%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                             | City of Deephaven MN                                                | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482105.00   | 0.15%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   9435000 | PA      | $9118455.75   | 0.90%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                              | Westchester County Local Development Corp                           | CUSIP: 95737TER3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4971450.00   | 0.49%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CBV1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1698900.00   | 0.17%             | 2043-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  13204996 | PA      | $10732756.65  | 1.06%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VVD7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2910000 | PA      | $2704612.20   | 0.27%             | 2031-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H                             | Capital Trust Agency Inc                                            | CUSIP: 140536AD5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2824860.00   | 0.28%             | 2058-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VVF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4530000 | PA      | $4021598.10   | 0.40%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREEN VALLEY RANCH EAST MET DI                             | Green Valley Ranch East Metropolitan District No 6                  | CUSIP: 39356MAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4761972.00   | 0.47%             | 2050-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MISHAWAKA IN MF HSG REVENUE                                | City of Mishawaka IN                                                | CUSIP: 604786AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5890000 | PA      | $5703699.30   | 0.57%             | 2038-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PTK1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1772860.00   | 0.18%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9700000 | PA      | $8649199.00   | 0.86%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                             | City of Valparaiso IN                                               | CUSIP: 92028RAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1853280.00   | 0.18%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED                              | Riverpark Metropolitan District/Arapahoe County                     | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1329076.00   | 0.13%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                             | Arizona Industrial Development Authority                            | CUSIP: 04052BPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $216173.75    | 0.02%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAPEVINE WASH LOCAL DIST UT                               | Grapevine Wash Local District                                       | CUSIP: 38860EAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3011580.00   | 0.30%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VVE5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6115000 | PA      | $5415321.70   | 0.54%             | 2036-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                  | City of Venice FL                                                   | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254025.00   | 0.12%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OTERO CNTY NM COPS                                         | County of Otero NM                                                  | CUSIP: 688824AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11430000 | PA      | $11018520.00  | 1.09%             | 2028-04-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                              | Chester County Industrial Development Authority                     | CUSIP: 165588FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $490428.00    | 0.05%             | 2064-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MIDACORMONTPUBLICINFRASTRUC                                | MidaCormontPublicInfrastructureDistrict                             | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $1881357.50   | 0.19%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISHAWAKA IN MF HSG REVENUE                                | City of Mishawaka IN                                                | CUSIP: 604786AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700560.00    | 0.07%             | 2032-01-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                             | California Statewide Communities Development Authority              | CUSIP: 13080SBY9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4036327.10   | 0.40%             | 2043-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINERAL BUSINESS IMP DIST CO L                             | Mineral Business Improvement District                               | CUSIP: 60284AAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952170.00    | 0.09%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH SPL FAC RE                             | Southwestern Illinois Development Authority                         | CUSIP: 84552MBQ9<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1129778.00   | 0.11%             | 2053-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1720777.50   | 0.17%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MATTESON IL TAX INCR REVENUE                               | Village of Matteson IL                                              | CUSIP: 577117AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1243387.40   | 0.12%             | 2035-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DAVID ELLIS ACADEMY WEST MI                                | David Ellis Academy-West                                            | CUSIP: 238560AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8340000 | PA      | $7290661.20   | 0.72%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IN MF HSG REVENUE                               | City of Fort Wayne IN                                               | CUSIP: 34926RAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500395.00    | 0.05%             | 2032-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IN EXEMPT FACS REVE                             | City of Valparaiso IN                                               | CUSIP: 92028RAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1655727.50   | 0.16%             | 2044-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L4D6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $3227000.00   | 0.32%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR                             | Inland Empire Tobacco Securitization Corp                           | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $9067400.00   | 0.90%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                             | Louisiana Public Facilities Authority                               | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   6340000 | PA      | $6556764.60   | 0.65%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN                             | California Municipal Finance Authority                              | CUSIP: 13051EAK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2156246.40   | 0.21%             | 2060-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WILLOW BEND MET DIST CO                                    | Willow Bend Metropolitan District                                   | CUSIP: 97111VAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $683743.10    | 0.07%             | 2049-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VLG PUBLIC INFRA                             | Mida Mountain Village Public Infrastructure District                | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1635480.00   | 0.16%             | 2054-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MILTON DE SPL OBLIG                                        | Town of Milton DE                                                   | CUSIP: 601792AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963090.00    | 0.10%             | 2044-09-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR                             | Albany Capital Resource Corp                                        | CUSIP: 012432EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2393586.00   | 0.24%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396FF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1642694.40   | 0.16%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471155.00    | 0.05%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMMOND IN ECON DEV REVENUE                                | City of Hammond IN                                                  | CUSIP: 408386BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24990000 | PA      | $24884792.10  | 2.47%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPRINGSHIRE RETIREMENT LLC - Promissory Note 9% 12/01/2022 | SPRINGSHIRE RETIREMENT LLC - Promissory Note 9% 12/01/2022          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $2970000.00   | 0.29%             | 2025-12-31      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC                             | Mida Cormont Public Infrastructure District                         | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $735867.75    | 0.07%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT                             | Allentown Neighborhood Improvement Zone Development Authority       | CUSIP: 018444CF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3930381.00   | 0.39%             | 2042-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KOKOMO IN MF HSG REVENUE                                   | City of Kokomo IN                                                   | CUSIP: 500364AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7606917.25   | 0.75%             | 2037-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IN MF HSG REVENUE                               | City of Fort Wayne IN                                               | CUSIP: 34926RAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4473315.15   | 0.44%             | 2038-01-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                             | Delaware State Economic Development Authority                       | CUSIP: 246372BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1710832.50   | 0.17%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                             | Louisiana Public Facilities Authority                               | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8139920.00   | 0.81%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAF7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   6045000 | PA      | $5485112.10   | 0.54%             | 2044-12-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TAX INCR REVE                             | District of Columbia                                                | CUSIP: 254840EC1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1091500.90   | 0.11%             | 2034-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HZ8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    690000 | PA      | $701619.60    | 0.07%             | 2043-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                             | Arizona Industrial Development Authority                            | CUSIP: 04052BPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $714032.80    | 0.07%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH SPL FAC RE                             | Southwestern Illinois Development Authority                         | CUSIP: 84552MBP1<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |  11975000 | PA      | $10931259.00  | 1.08%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2008146.00   | 0.20%             | 2058-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC                             | Erie Tobacco Asset Securitization Corp                              | CUSIP: 295095BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1740619.80   | 0.17%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILTON DE SPL OBLIG                                        | Town of Milton DE                                                   | CUSIP: 601792AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1698742.50   | 0.17%             | 2053-09-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                               | Michigan Finance Authority                                          | CUSIP: 59447TXJ7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3508250.00   | 0.35%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust VI                                  | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7440000 | PA      | $6508884.00   | 0.65%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT                             | Allentown Neighborhood Improvement Zone Development Authority       | CUSIP: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956050.00    | 0.09%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE                             | Tempe Industrial Development Authority                              | CUSIP: 87972MAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $749227.80    | 0.07%             | 2047-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC                             | Capital Trust Authority                                             | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2621931.00   | 0.26%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                             | Clifton Higher Education Finance Corp                               | CUSIP: 187145UQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $545439.25    | 0.05%             | 2044-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG                                   | Town of Bridgeville DE                                              | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1553834.45   | 0.15%             | 2053-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                             | Colorado Educational & Cultural Facilities Authority                | CUSIP: 19645URH9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992690.00    | 0.10%             | 2059-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                    | Florida Development Finance Corp                                    | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3106530.00   | 0.31%             | 2032-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806XD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16545000 | PA      | $15706168.50  | 1.56%             | 2049-03-01      | Fixed         | 5.45%                 | 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        |   1850000 | PA      | $1746363.00   | 0.17%             | 2054-11-01      | 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        |  27900000 | PA      | $24177582.00  | 2.40%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21120000 | PA      | $19462924.80  | 1.93%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CBR0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $935737.80    | 0.09%             | 2057-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE                             | Kansas Development Finance Authority                                | CUSIP: 48542RBZ6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    400000 | PA      | $372036.00    | 0.04%             | 2033-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R                             | Indiana Finance Authority                                           | CUSIP: 45471CBF4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $1553864.80   | 0.15%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396JB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1185269.50   | 0.12%             | 2063-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL &                              | Shelby County Health & Educational Facilities Board                 | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1891920.00   | 0.19%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                             | California Statewide Communities Development Authority              | CUSIP: 13080SBX1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1467124.25   | 0.15%             | 2033-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                   | District of Columbia                                                | CUSIP: 25483VA95<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523415.00   | 0.15%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL                              | Development Authority of Cobb County/The                            | CUSIP: 190782AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020440.00   | 0.20%             | 2064-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                             | Tulsa Municipal Airport Trust Trustees/OK                           | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3597330.00   | 0.36%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EVANSVILLE IN MF HSG REVENUE                               | City of Evansville IN                                               | CUSIP: 299351AF3<br>LEI: 5493004FNKVUBIYGJO12 | Long             | DBT              | MUN               | US        |    355000 | PA      | $349170.90    | 0.03%             | 2028-01-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC                             | Capital Trust Authority                                             | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3000129.00   | 0.30%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781PBP4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2183434.00   | 0.22%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4292358.00   | 0.43%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048TG23<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1866920.00   | 0.19%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SC                             | New Jersey Economic Development Authority                           | CUSIP: 645912DX1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1155586.50   | 0.11%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARION IL SALES TAX REVENUE                                | City of Marion IL Sales Tax Revenue                                 | CUSIP: 569498AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5685740.00   | 0.56%             | 2055-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| RIVERHEAD NY INDL DEV AGY                                  | Riverhead Industrial Development Agency                             | CUSIP: 76876RAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2416787.10   | 0.24%             | 2034-08-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                             | Tulsa Municipal Airport Trust Trustees/OK                           | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3202170.00   | 0.32%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                             | Public Finance Authority                                            | CUSIP: 74442ELV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1847240.00   | 0.18%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CBU3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501185.00   | 0.15%             | 2038-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                             | Washington State Housing Finance Commission                         | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962700.00   | 0.19%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                             | New York Transportation Development Corp                            | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11110000 | PA      | $11143885.50  | 1.11%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XFP3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4055000 | PA      | $3835097.35   | 0.38%             | 2048-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH FAC R                             | Indiana Finance Authority                                           | CUSIP: 45471CBE7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1713648.25   | 0.17%             | 2043-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                             | Tarrant County Cultural Education Facilities Finance Corp           | CUSIP: 87638RKM8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5875019 | PA      | $4929375.71   | 0.49%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                             | City of Bethel MN                                                   | CUSIP: 086759AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4210000 | PA      | $3879557.10   | 0.38%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                            | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 215000000 | PA      | $22934050.00  | 2.27%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                      | Chicago Board of Education                                          | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029800.00   | 0.10%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                             | Tobacco Securitization Authority of Southern California             | CUSIP: 888804AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $2467200.00   | 0.24%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL                              | Development Authority of Cobb County/The                            | CUSIP: 190782AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016500.00   | 0.10%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396JA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    640000 | PA      | $643360.00    | 0.06%             | 2053-07-15      | Fixed         | 6.25%                 | 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        |   8465000 | PA      | $7890734.40   | 0.78%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIDAS MOUNTAIN VETERANS PROGRA                             | MIDA Mountain Veterans Program Public Infrastructure District       | CUSIP: 59561SAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2081767.50   | 0.21%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                             | Washington State Housing Finance Commission                         | CUSIP: 93978LJP2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4985650.00   | 0.49%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH INDL DEV CO                             | Puerto Rico Industrial Development Co                               | CUSIP: 745211LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5594203.00   | 0.55%             | 2054-01-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                             | New Hope Cultural Education Facilities Finance Corp                 | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4150350.00   | 0.41%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781PBL3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2864148.00   | 0.28%             | 2050-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                             | Arizona Industrial Development Authority                            | CUSIP: 04052BHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1672991.25   | 0.17%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM                             | Nassau County Tobacco Settlement Corp                               | CUSIP: 63166MCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6245000 | PA      | $5556114.05   | 0.55%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                             | Florida Development Finance Corp                                    | CUSIP: 34061WAX2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    225000 | PA      | $231525.00    | 0.02%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL                              | Arkansas Development Finance Authority                              | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5263000.00   | 0.52%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                             | Indiana Housing & Community Development Authority                   | CUSIP: 45506CAQ0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   8175000 | PA      | $7995150.00   | 0.79%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DAT8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149635.50    | 0.01%             | 2026-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAL4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    825000 | PA      | $808178.25    | 0.08%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit Retirement Systems Fun                             | City of Detroit MI                                                  | CUSIP: 251228AC6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | ABS-O            | CORP              | US        |   8470392 | PA      | $7888052.55   | 0.78%             | 2034-06-15      | Floating      | 0.99%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                             | California Infrastructure & Economic Development Bank               | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16430500.00  | 1.63%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                               | Illinois Finance Authority                                          | CUSIP: 45204FEP6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    614528 | PA      | $49162.25     | 0.00%             | 2052-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                             | North Carolina Medical Care Commission                              | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991800.00    | 0.10%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PLAINFIELD IN MF HSG REVENUE                               | Town of Plainfield IN Multifamily Housing Revenue                   | CUSIP: 72629VAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10100000 | PA      | $9780638.00   | 0.97%             | 2038-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE                             | Kansas Development Finance Authority                                | CUSIP: 48542RCA0<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2188800.00   | 0.22%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $796823.50    | 0.08%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                             | Arkansas Development Finance Authority                              | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6901650.00   | 0.68%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36282000 | PA      | $8585409.66   | 0.85%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                             | Florida Development Finance Corp                                    | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  13475000 | PA      | $12611656.75  | 1.25%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH E                             | Kansas City Industrial Development Authority                        | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1108987.50   | 0.11%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                             | Clifton Higher Education Finance Corp                               | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $743424.00    | 0.07%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25435000 | PA      | $8065692.85   | 0.80%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XFK4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4370000 | PA      | $4100021.40   | 0.41%             | 2053-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                             | Public Finance Authority                                            | CUSIP: 74442EAN0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1592178.30   | 0.16%             | 2044-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                             | New York Transportation Development Corp                            | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7345000 | PA      | $7341327.50   | 0.73%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                       | Stamford Housing Authority                                          | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1082862.00   | 0.11%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                              | Chester County Industrial Development Authority                     | CUSIP: 165588DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1091238.50   | 0.11%             | 2047-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ANDERSON IN MF REVENUE                                     | City of Anderson IN                                                 | CUSIP: 033889AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8175000 | PA      | $7425270.75   | 0.74%             | 2040-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAM2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   8295000 | PA      | $6849181.50   | 0.68%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S                             | Kansas City Industrial Development Authority                        | CUSIP: 48503VAJ1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1974665.00   | 0.20%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                             | Michigan Finance Authority                                          | CUSIP: 594479EQ6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5720000 | PA      | $5850301.60   | 0.58%             | 2040-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer