NPORT-EX 2 AAPI350AMU033125.htm
Victory Pioneer AMT-Free Municipal Fund
(formerly, Pioneer AMT-Free Municipal Fund)
Schedule of Investments | March 31, 2025
Schedule of Investments  |  3/31/25
(unaudited) 
Principal
Amount
USD ($) 		          Value
  UNAFFILIATED ISSUERS — 99.6%  
  Municipal Bonds — 98.0% of Net Assets(a)  
  Alabama — 2.8%  
14,275,000 County of Jefferson Sewer Revenue, 5.50%, 10/1/53 $ 15,066,977
3,000,000(b) Energy Southeast A Cooperative District, Series B, 5.25%, 7/1/54   3,211,560
  Total Alabama  $18,278,537
  Arizona — 3.6%  
2,100,000 Arizona Industrial Development Authority, 3.00%, 2/1/45 $  1,599,381
10,000,000 Salt River Project Agricultural Improvement & Power District, Series B, 5.00%, 1/1/32  11,203,600
10,000,000 Salt River Project Agricultural Improvement & Power District, Series B, 5.25%, 1/1/53  10,712,900
  Total Arizona  $23,515,881
  Arkansas — 1.4%  
9,850,000(c) Fayetteville School District No 1, Arkansas Construction Bonds, 4.00%, 2/1/50 (ST AID WITHHLDG Insured) $  9,120,213
  Total Arkansas   $9,120,213
  California — 7.7%  
36,350,000(d) California County Tobacco Securitization Agency, Capital Appreciation, Stanislaus County, Subordinated, Series D, 6/1/55 $  3,285,313
13,000,000(b) California Educational Facilities Authority, Series V-5, 5.00%, 3/1/55  15,294,500
1,840,000 California Educational Facilities Authority, Stanford University, 5.25%, 4/1/40   2,234,239
1,460,000 California Educational Facilities Authority, Stanford University, Series V-1, 5.00%, 5/1/49   1,634,762
12,900,000 California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A, 3.00%, 8/15/51   9,829,284
650,000 California School Finance Authority, New Designs Charter School Project, Series A, 5.00%, 6/1/54 (144A)      624,780
50,000,000(d) Golden State Tobacco Securitization Corp., Series B-2, 6/1/66   5,509,500
3,000,000 Long Beach Bond Finance Authority, Series A, 5.50%, 11/15/37   3,380,400
1,020,000(c) Pomona Unified School District, Series A, 6.55%, 8/1/29 (NATL Insured)   1,122,377
1Victory Pioneer AMT-Free Municipal Fund | 3/31/25
Principal
Amount
USD ($) 		          Value
  California — (continued)  
2,000,000(c) San Bernardino City Unified School District, San Bernadino County, California, Series F, 3.00%, 8/1/44 (AGM Insured) $  1,599,560
5,530,000(c) Santa Paula Unified School District, Ventura County, California, Series D, 3.00%, 8/1/49   4,170,173
1,500,000(c) State of California, 5.25%, 8/1/54   1,630,320
  Total California  $50,315,208
  Colorado — 3.9%  
7,040,000 Colorado Health Facilities Authority, Series A, 3.00%, 11/15/51 (BAM-TCRS Insured) $  5,371,731
3,500,000(e) Colorado Health Facilities Authority, Covenant Living Communities And Services, Series A, 5.125%, 12/1/55   3,560,445
12,250,000(c) Denver City & County School District No 1, Series C, 5.50%, 12/1/47 (ST AID WITHHLDG Insured)  13,531,473
3,000,000 Dominion Water & Sanitation District, 5.875%, 12/1/52   2,917,830
  Total Colorado  $25,381,479
  District of Columbia — 1.3%  
8,375,000 District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 $  8,560,423
  Total District of Columbia   $8,560,423
  Florida — 8.3%  
2,150,000 Capital Trust Authority, Mason Classical Academy Project, Series A, 5.00%, 6/1/54 (144A) $  2,076,061
2,500,000 City of Miami, Miami Forever Infrastructure Programs, Series C, 5.25%, 1/1/49   2,656,075
2,690,000 County of Hillsborough, 3.25%, 8/1/48   2,074,098
10,000,000 County of Miami-Dade Water & Sewer System Revenue, Series B, 3.00%, 10/1/49 (BAM-TCRS Insured)   7,684,100
4,525,000 Florida State Board of Governors Florida International University Dormitory Rev, Series A, 3.00%, 7/1/46 (BAM Insured)   3,379,541
8,255,000 Hillsborough County Industrial Development Authority, 3.50%, 8/1/55 (BAM-TCRS Insured)   6,970,935
10,870,000 Orange County Health Facilities Authority, Orlando Health Obligated Group, Series A, 5.25%, 10/1/56  11,373,716
Victory Pioneer AMT-Free Municipal Fund | 3/31/252
Schedule of Investments  |  3/31/25
(unaudited) (continued)
Principal
Amount
USD ($) 		          Value
  Florida — (continued)  
5,860,000 State of Florida Department of Transportation Turnpike System Revenue, Series B, 4.00%, 7/1/54 $  5,338,753
16,000,000 State of Florida Department of Transportation Turnpike System Revenue, Series C, 3.00%, 7/1/51  12,476,480
  Total Florida  $54,029,759
  Georgia — 0.8%  
3,000,000 Fayette County Development Authority, United States Soccer Federation, Inc., Project, 5.25%, 10/1/54 $  3,115,650
2,000,000 Main Street Natural Gas, Inc., Series A, 4.00%, 5/15/39   1,911,900
  Total Georgia   $5,027,550
  Idaho — 0.4%  
2,725,000 Idaho Housing & Finance Association, The College Of Idaho Project, 5.375%, 11/1/38 (144A) $  2,842,257
  Total Idaho   $2,842,257
  Illinois — 5.2%  
12,500,000 Chicago O'Hare International Airport, Senior Lien, Series B, 5.50%, 1/1/59 $ 13,376,250
11,000,000(c) City of Chicago, Series A, 5.25%, 1/1/45  11,219,670
5,000,000 Illinois Finance Authority, Grenshaw Parking Properties LLC– University Of Illinois Chicago Parking Structure Project, Series A, 5.25%, 10/1/54   5,217,750
3,000,000 Illinois Housing Development Authority, Series H-1, 4.50%, 7/1/62 (FHA 542(C) Insured)   2,799,120
1,385,000(f) Metropolitan Pier & Exposition Authority, Mccormick Place Convention, 7.00%, 7/1/26   1,438,696
  Total Illinois  $34,051,486
  Indiana — 0.7%  
1,300,000 Indiana Finance Authority, SFP-PUFW I LLC - Student Housing Project, Series A, 5.00%, 7/1/54 $  1,294,631
1,600,000 Indiana Finance Authority, SFP-PUFW I LLC - Student Housing Project, Series A, 5.00%, 7/1/59   1,556,880
1,500,000 Indiana Finance Authority, SFP-PUFW I LLC - Student Housing Project, Series A, 5.25%, 7/1/64   1,502,925
  Total Indiana   $4,354,436
  Iowa — 1.0%  
6,500,000 Iowa Finance Authority, Lifespace Communities Inc., Series A, 5.125%, 5/15/59 $  6,310,785
  Total Iowa   $6,310,785
3Victory Pioneer AMT-Free Municipal Fund | 3/31/25
Principal
Amount
USD ($) 		          Value
  Maine — 0.4%  
1,250,000 Maine Health & Higher Educational Facilities Authority, Series C, 5.125%, 7/1/52 (AGM ST AID WITHHLDG Insured) $  1,260,563
1,000,000 Maine Health & Higher Educational Facilities Authority, Series C, 5.50%, 7/1/47 (AGM ST AID WITHHLDG Insured)   1,060,090
  Total Maine   $2,320,653
  Maryland — 0.9%  
5,000,000(c) State of Maryland, Series A, 5.00%, 6/1/31 $  5,553,400
  Total Maryland   $5,553,400
  Massachusetts — 4.8%  
3,500,000 Massachusetts Development Finance Agency, Boston Medical Center, 4.375%, 7/1/52 $  3,202,430
13,020,000 Massachusetts Development Finance Agency, Harvard University, Series A, 5.00%, 7/15/40  15,095,388
2,500,000 Massachusetts Development Finance Agency, Lawrence General Hospital, Series A, 5.50%, 7/1/44   2,386,050
6,600,000 Massachusetts Development Finance Agency, WGBH Educational Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured)   7,899,870
3,000,000(c) Town of Swampscott, 3.00%, 3/1/52   2,238,000
  Total Massachusetts  $30,821,738
  Missouri — 0.6%  
4,000,000 Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Series F, 4.00%, 11/15/45 $  3,616,360
  Total Missouri   $3,616,360
  Nebraska — 1.7%  
14,750,000 University of Nebraska Facilities Corp., Green Bond, Series B, 3.00%, 7/15/54 $ 11,320,035
  Total Nebraska  $11,320,035
  New Hampshire — 0.8%  
5,000,000 New Hampshire Health and Education Facilities Authority Act, Dartmouth Health, Series A, 5.00%, 8/1/59 (BAM-TCRS Insured) $  5,153,600
  Total New Hampshire   $5,153,600
  New Jersey — 0.6%  
2,500,000 New Jersey Housing & Mortgage Finance Agency, Series K, 4.70%, 10/1/50 $  2,497,975
Victory Pioneer AMT-Free Municipal Fund | 3/31/254
Schedule of Investments  |  3/31/25
(unaudited) (continued)
Principal
Amount
USD ($) 		          Value
  New Jersey — (continued)  
1,000,000 Passaic County Improvement Authority, Paterson Charter School For Science And Technology, Inc. Project, 4.50%, 7/1/40 $    986,170
500,000 Passaic County Improvement Authority, Paterson Charter School For Science And Technology, Inc. Project, 5.00%, 7/1/44     501,885
  Total New Jersey   $3,986,030
  New York — 13.1%  
1,200,000 Albany Capital Resource Corp., KIPP Capital Region Public Charter Schools Project, 4.75%, 6/1/54 $  1,122,780
5,000,000(c) City of New York, Series D, 5.50%, 4/1/46   5,411,700
5,000,000(c) City of New York, Series E-1, 5.25%, 4/1/47   5,262,850
5,000,000(c) City of New York, Series F-1, 3.00%, 3/1/51 (BAM-TCRS Insured)   3,567,550
5,000,000 Metropolitan Transportation Authority, Climate Bond Certified, Series A, 4.00%, 11/15/48 (BAM Insured)   4,487,500
5,000,000 New York City Housing Development Corp., 3.05%, 5/1/50   3,661,550
500,000 New York City Housing Development Corp., 4.80%, 2/1/53 (HUD SECT 8 Insured)      488,535
40,000,000(d) New York Counties Tobacco Trust, Series F, 6/1/60   3,024,800
15,000,000 New York Liberty Development Corp., 4 World Trade Center Project, Series A, 3.00%, 11/15/51  10,646,400
3,135,000 New York State Dormitory Authority, 3.00%, 2/1/50 (FHA 241 Insured)   2,247,576
11,400,000 New York State Dormitory Authority, Series A, 3.00%, 7/1/48   8,715,528
5,000(g) New York State Dormitory Authority, Series A, 5.25%, 3/15/52        5,764
3,995,000 New York State Dormitory Authority, Series A, 5.25%, 3/15/52   4,245,047
1,000,000 New York State Dormitory Authority, Series A, 5.50%, 5/1/56   1,064,250
5,000,000 New York State Dormitory Authority, Columbia University, Series A-2, 5.00%, 10/1/46   5,484,400
5,000,000 New York State Dormitory Authority, Cornell University, Series A, 5.50%, 7/1/54   5,498,100
1,000,000 New York State Dormitory Authority, Montefiore Obligated Group, 5.50%, 11/1/47   1,051,060
7,000,000 New York State Dormitory Authority, Northwell Health Obligated Group, Series A, 5.25%, 5/1/54   7,324,170
500,000 New York State Dormitory Authority, White Plains Hospital Obligated Group, 5.25%, 10/1/49      510,825
5Victory Pioneer AMT-Free Municipal Fund | 3/31/25
Principal
Amount
USD ($) 		          Value
  New York — (continued)  
1,600,000 New York State Dormitory Authority, White Plains Hospital Obligated Group, 5.50%, 10/1/54 (AGC Insured) $  1,706,000
4,000,000 Suffolk Regional Off-Track Betting Co., 6.00%, 12/1/53   4,099,440
5,000,000 Triborough Bridge & Tunnel Authority Sales Tax Revenue, MTA Bridges And Tunnels, Series A, 5.25%, 5/15/62   5,229,600
  Total New York  $84,855,425
  North Carolina — 1.5%  
5,920,000 County of Union, Enterprise System Revenue, 3.00%, 6/1/51 $  4,304,728
5,150,000 North Carolina Medical Care Commission, Carolina Meadows, 5.25%, 12/1/49   5,497,625
  Total North Carolina   $9,802,353
  Ohio — 6.8%  
3,595,000 Buckeye Tobacco Settlement Financing Authority, Series A-2, 4.00%, 6/1/48 $  3,175,104
20,400,000 Buckeye Tobacco Settlement Financing Authority, Senior Class 2, Series B-2, 5.00%, 6/1/55  18,007,080
5,765,000 Ohio Housing Finance Agency, Mortgage-Backed Securities Program, Series B, 4.70%, 9/1/54 (GNMA/FNMA/FHLMC Insured)   5,424,634
1,250,000 Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series B, 5.00%, 12/1/53   1,265,362
1,500,000 Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series B, 5.00%, 12/1/63   1,519,710
16,780,000 State of Ohio, Series A, 4.00%, 1/15/50  14,676,963
  Total Ohio  $44,068,853
  Oregon — 0.5%  
4,120,000 Medford Hospital Facilities Authority, Series A, 3.00%, 8/15/50 (AGM Insured) $  3,007,600
  Total Oregon   $3,007,600
  Pennsylvania — 5.9%  
3,500,000 Allentown Commercial and Industrial Development Authority, Executive Education Academy Charter School Project, 5.00%, 7/1/59 (144A) $  3,261,650
800,000 Chester County Industrial Development Authority, Renaissance Academy Charter School Project, 4.50%, 10/1/64 (144A)      684,816
Victory Pioneer AMT-Free Municipal Fund | 3/31/256
Schedule of Investments  |  3/31/25
(unaudited) (continued)
Principal
Amount
USD ($) 		          Value
  Pennsylvania — (continued)  
3,725,000 Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A) $  3,540,091
900,000 Lancaster Municipal Authority, Garden Spot Village Project, Series A, 5.00%, 5/1/49      900,243
400,000 Lancaster Municipal Authority, Garden Spot Village Project, Series B, 5.00%, 5/1/54      405,292
530,000 Lancaster Municipal Authority, Garden Spot Village Project, Series B, 5.00%, 5/1/59      534,510
10,000,000 Montgomery County Higher Education and Health Authority, Series B, 3.25%, 5/1/55   7,291,800
10,000,000 Montgomery County Higher Education and Health Authority, Series B, 4.00%, 5/1/56 (BAM-TCRS Insured)   8,809,500
3,000,000 Montgomery County Industrial Development Authority, The Haverford School Project, 4.00%, 3/1/49   2,629,830
1,250,000 Montgomery County Industrial Development Authority, Ursinus College Project, 5.25%, 11/1/54   1,229,313
10,000,000 Pennsylvania Turnpike Commission, Series A, 4.00%, 12/1/51   9,011,300
  Total Pennsylvania  $38,298,345
  Puerto Rico — 2.0%  
4,563,146(b) Commonwealth of Puerto Rico, 11/1/43 $  2,874,782
10,000,000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2, 4.784%, 7/1/58   9,625,000
744,000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, 5.00%, 7/1/58     732,840
  Total Puerto Rico  $13,232,622
  Rhode Island — 1.4%  
7,050,000(b) Tender Option Bond Trust Receipts/Certificates, RIB, Series 2019, 9/1/47 (144A) $  5,544,966
20,000,000(d) Tobacco Settlement Financing Corp., Asset-Backed, Series B, 6/1/52   3,808,400
  Total Rhode Island   $9,353,366
  Tennessee — 1.1%  
1,250,000 Hamilton County & Chattanooga Sports Authority, Tennessee Public Facility Revenue Bonds (Stadium Project), Series A, 5.75%, 12/1/50 $  1,392,475
1,750,000 Hamilton County & Chattanooga Sports Authority, Tennessee Public Facility Revenue Bonds (Stadium Project), Series A, 6.00%, 12/1/55   1,979,023
7Victory Pioneer AMT-Free Municipal Fund | 3/31/25
Principal
Amount
USD ($) 		          Value
  Tennessee — (continued)  
1,400,000 Knox County Health Educational & Housing Facility Board, University of Tennessee Project, Series B-1, 5.125%, 7/1/54 (BAM Insured) $  1,418,830
2,555,000 Knox County Health Educational & Housing Facility Board, University of Tennessee Project, Series B-1, 5.25%, 7/1/64 (BAM Insured)   2,590,642
  Total Tennessee   $7,380,970
  Texas — 8.4%  
8,000,000 Board of Regents of the University of Texas System, Series A, 5.00%, 8/15/50 $  8,814,400
5,000,000 Central Texas Regional Mobility Authority, Series D, 3.00%, 1/1/46 (BAM-TCRS Insured)   3,836,700
2,250,000 Clifton Higher Education Finance Corp., Inspire Academies, 4.50%, 8/15/54 (PSF-GTD Insured)   2,169,000
2,000,000(c) County of Bexar, 3.00%, 6/15/41   1,646,800
5,000,000 EP Essential Housing WF PFC, Home Essential Function Housing Program, 4.25%, 12/1/34   4,965,200
7,500,000 Greater Texas Cultural Education Facilities Finance Corp., Texas Biomedical Research Institute Project, Series A, 5.25%, 6/1/54   7,777,575
10,000,000 Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, 3.00%, 10/1/51   7,288,300
825,000 Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Series A, 5.00%, 6/1/28      810,917
500,000 Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Series A, 5.00%, 6/1/33      457,625
6,880,000 Lower Colorado River Authority, LCRA Transmission Services Corp. Project, 5.00%, 5/15/49 (AGM Insured)   7,160,704
2,500,000 New Hope Cultural Education Facilities Finance Corp., Westminster Project, 5.00%, 11/1/60   2,510,025
8,000,000 Tarrant County Cultural Education Facilities Finance Corp., Cook Children'S Medical Center, 3.00%, 12/1/50   5,814,480
1,500,000 Texas Water Development Board, 4.80%, 10/15/52   1,521,105
  Total Texas  $54,772,831
  Utah — 1.5%  
13,110,000 Utah State University, Series B, 3.00%, 12/1/49 (BAM-TCRS Insured) $  9,712,150
  Total Utah   $9,712,150
Victory Pioneer AMT-Free Municipal Fund | 3/31/258
Schedule of Investments  |  3/31/25
(unaudited) (continued)
Principal
Amount
USD ($) 		          Value
  Virginia — 6.6%  
2,750,000 Hampton Roads Transportation Accountability Commission, Series A, 4.00%, 7/1/57 $  2,510,833
8,470,000 Loudoun County Economic Development Authority, Howard Hughes Medical Institute Issue, 4.00%, 10/1/52   7,851,605
18,490,000 Tobacco Settlement Financing Corp., Series B-1, 5.00%, 6/1/47  16,963,650
8,000,000 Virginia College Building Authority, Public Higher Education Financing Program, Series C, 3.00%, 9/1/51 (ST INTERCEPT Insured)   6,080,240
5,000,000 Virginia Public Building Authority, Series A, 5.00%, 8/1/33   5,676,650
3,500,000 Virginia Small Business Financing Authority, Lifespire Of Virginia, Series A, 5.50%, 12/1/54   3,628,485
  Total Virginia  $42,711,463
  Washington — 1.9%  
6,075,000(c) State of Washington, Series A, 5.00%, 8/1/48 $  6,385,979
4,415,000(c) State of Washington, Series R, 5.00%, 7/1/32   4,959,679
1,000,000 Washington State Housing Finance Commission, Radford Court And Nordhem Court Portfolio, 5.50%, 7/1/59   1,043,130
  Total Washington  $12,388,788
  Wisconsin — 0.4%  
2,500,000 Public Finance Authority, Kahala Nui Project, 5.25%, 11/15/61 $  2,541,200
  Total Wisconsin   $2,541,200
  Total Municipal Bonds
(Cost $652,976,478) 		$636,685,796
  U.S. Government and Agency
Obligations — 1.6% of Net Assets 		 
10,700,000(d) U.S. Treasury Bills, 4/17/25 $ 10,679,746
  Total U.S. Government and Agency Obligations
(Cost $10,679,829) 		 $10,679,746
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.6%
(Cost $663,656,307) 		$647,365,542
  OTHER ASSETS AND LIABILITIES — 0.4%   $2,423,898
  net assets — 100.0% $649,789,440
             
9Victory Pioneer AMT-Free Municipal Fund | 3/31/25
AGC Assured Guaranty Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC Ambac Assurance Corporation.
BAM Build America Mutual Assurance Company.
NATL National Public Finance Guarantee Corp.
PSF-GTD Permanent School Fund Guaranteed.
RIB Residual Interest Bond is purchased in a secondary market. The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at December 31, 2024.
ST AID WITHHLDG State Aid Withholding.
ST INTERCEPT State Aid Intercept.
TCRS Transferable Custodial Receipts.
(144A) 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 March 31, 2025, the value of these securities amounted to $18,574,621, or 2.9% of net assets.
(a) Consists of Revenue Bonds unless otherwise indicated.
(b) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at March 31, 2025.
(c) Represents a General Obligation Bond.
(d) Security issued with a zero coupon. Income is recognized through accretion of discount.
(e) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
(f) Escrow to maturity.
(g) Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date.
Victory Pioneer AMT-Free Municipal Fund | 3/31/2510
Schedule of Investments  |  3/31/25
(unaudited) (continued)
The concentration of investments as a percentage of total investments by type of obligation/market sector is as follows:
Revenue Bonds:  
Health Revenue 22.2%
Education Revenue 21.6
Development Revenue 13.0
Transportation Revenue 9.1
Tobacco Revenue 9.0
Other Revenue 5.2
Water Revenue 4.9
Power Revenue 4.7
  89.7%
General Obligation Bonds: 10.3%
  100.0%
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 – significant unobservable inputs (including the Adviser’s own assumptions in determining fair value of investments).
The following is a summary of the inputs used as of March 31, 2025 in valuing the Fund’s investments:
  Level 1 Level 2 Level 3 Total
Municipal Bonds $— $636,685,796 $— $636,685,796
U.S. Government and Agency Obligations — 10,679,746 — 10,679,746
Total Investments in Securities $— $647,365,542 $— $647,365,542
During the period ended March 31, 2025, there were no transfers in or out of Level 3.
11Victory Pioneer AMT-Free Municipal Fund | 3/31/25