# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0000940400-25-010737
**Filing Date:** 2025-11
**Character Count:** 127646
**Document Hash:** 8154a196eb2e52f762cfbe372a612fa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010737.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010737

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Variable Insurance Funds II
- **CENTRAL INDEX KEY:** 0002042317

**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:** 811-24018
- **FILM NUMBER:** 251522668

**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 Yield VCT Portfolio (Series ID: S000089717)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256351 | Class II     |  |
| C000256352 | Class I      |  |

## Nport-Ex

## Victory Variable Insurance Funds II

## Victory Pioneer High Yield

------

## VCT Portfolio
(successor to Pioneer High Yield VCT Portfolio)

Schedule of Investments \| September 30, 2025

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 98.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan Interests — 2.2% of Net Assets(a)\*** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.2%** |  |
| 154786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.57% (Term SOFR + 500 bps), 3/30/27 | $56755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 0.1%** |  |
| 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc., Initial Term Loan, 6.413% (Term SOFR + 225 bps), 9/29/31 | $24000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.3%** |  |
| 64350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.163% (Term SOFR + 300 bps), 5/1/31 | $64410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.2%** |  |
| 54450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 6.163% (Term SOFR + 200 bps), 9/30/31 | $54459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $54459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.8%** |  |
| 235,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, California, Term Loan, 6/25/31 | $230300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp; $230300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.6%** |  |
| 129675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., Initial Term Loan, 10.413% (Term SOFR + 625 bps), 10/8/30 | $128135 |
| 29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, 8.163% (Term SOFR + 400 bps), 4/23/31 | &nbsp;&nbsp; 29784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp; $157919 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $680,440)** | &nbsp;&nbsp;&nbsp;&nbsp; $587843 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 0.4% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.0%†** |  |
| 40(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. | $1110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.4%** |  |
| 6,730(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV | $115759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Passenger Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; $115759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $60,593)** | &nbsp;&nbsp;&nbsp;&nbsp; $116869 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 88.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 2.1%** |  |
| 184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $178703 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 3/15/33 (144A) | &nbsp;&nbsp; 52279 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | &nbsp;&nbsp; 122711 |
| 231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/29 (144A) | &nbsp;&nbsp; 224398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp; $578091 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.2%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechoslovak Group AS, 6.50%, 1/10/31 (144A) | $206039 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efesto Bidco S.p.A Efesto US LLC, 7.50%, 2/15/32 (144A) | &nbsp;&nbsp; 203520 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, 6.75%, 2/1/32 (144A) | &nbsp;&nbsp; 61500 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | &nbsp;&nbsp; 68459 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.75%, 11/15/30 (144A) | &nbsp;&nbsp; 76985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; $616503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 1.6%** |  |
| 153,177(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRA Global Finance, 14.00% (8.00% PIK or 6.00% Cash), 10/22/29 (144A) | $149252 |
| 17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, 4/20/26 (144A) | &nbsp;&nbsp; 17508 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico S.A.B de CV, 8.625%, 11/15/31 (144A) | &nbsp;&nbsp; 124831 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/29 (144A) | &nbsp;&nbsp; 157733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; $449324 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 1.0%** |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | $272852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; $272852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.9%** |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc., 5.75%, 8/15/32 (144A) | $45343 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc., 6.25%, 8/15/33 (144A) | &nbsp;&nbsp; 45953 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital, Inc., 7.50%, 3/24/31 (144A) | &nbsp;&nbsp; 148979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $240275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 2.2%** |  |
| 200,000(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 7.625% (5 Year USD SOFR Swap Rate + 369 bps) | $211937 |
| 200,000(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 7.45% (5 Year CMT Index + 313 bps) (144A) | &nbsp;&nbsp; 208749 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | &nbsp;&nbsp; 14968 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | &nbsp;&nbsp; 167331 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; $602985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 1.1%** |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/33 (144A) | $114487 |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 8/1/28 (144A) | &nbsp;&nbsp; 203176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; $317663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 6.2%** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 6.75%, 4/15/33 | $99578 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 7.20%, 11/15/33 | &nbsp;&nbsp; 67574 |
| 136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 8.00%, 10/1/29 (144A) | &nbsp;&nbsp; 134648 |
| 217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex US Operations, Inc., 6.25%, 3/15/32 (144A) | &nbsp;&nbsp; 220791 |
| 153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 4.25%, 5/15/29 (144A) | &nbsp;&nbsp; 148070 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 7.00%, 12/1/31 (144A) | &nbsp;&nbsp; 63217 |
| 295,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., 7.25%, 2/15/33 (144A) | &nbsp;&nbsp; 295307 |
| 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A) | &nbsp;&nbsp; 299108 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A) | &nbsp;&nbsp; 199839 |
| EUR153,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | &nbsp;&nbsp; 188512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp; $1716644 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coal — 0.8%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 8.625%, 6/15/29 (144A) | $232878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Coal** | &nbsp;&nbsp;&nbsp;&nbsp; $232878 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 3.2%** |  |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT Security Corp., 5.875%, 10/15/33 | $90000 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, 7.875%, 2/15/31 (144A) | &nbsp;&nbsp; 36697 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, 6/15/32 (144A) | &nbsp;&nbsp; 104595 |
| 278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Financing, Inc., 8.75%, 2/15/29 (144A) | &nbsp;&nbsp; 268481 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 7.75%, 2/15/28 (144A) | &nbsp;&nbsp; 82008 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 8.375%, 11/15/32 (144A) | &nbsp;&nbsp; 140134 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.00%, 6/15/30 (144A) | &nbsp;&nbsp; 31162 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.25%, 6/15/33 (144A) | &nbsp;&nbsp; 41756 |
| 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26 (144A) | &nbsp;&nbsp; 26106 |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | &nbsp;&nbsp; 68940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; $889879 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution/Wholesale — 1.0%** |  |
| 272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC, 8.00%, 6/1/29 (144A) | $272711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution/Wholesale** | &nbsp;&nbsp;&nbsp;&nbsp; $272711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 7.4%** |  |
| 135,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | $139238 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 8.375%, 4/1/32 (144A) | &nbsp;&nbsp; 10482 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.125%, 5/15/31 (144A) | &nbsp;&nbsp; 58495 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | &nbsp;&nbsp; 68391 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance, Ltd., 7.75%, 5/15/26 (144A) | &nbsp;&nbsp; 25062 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance, Ltd., 8.00%, 6/15/28 (144A) | &nbsp;&nbsp; 158768 |
| 365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 8.75%, 9/1/27 (144A) | &nbsp;&nbsp; 377095 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS Topco LLC, 8.75%, 7/15/30 (144A) | &nbsp;&nbsp; 256149 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/30 (144A) | &nbsp;&nbsp; 131144 |
| 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 6.50%, 8/1/29 (144A) | &nbsp;&nbsp; 57450 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 7.125%, 2/1/32 (144A) | &nbsp;&nbsp; 125256 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.125%, 5/15/30 | &nbsp;&nbsp; 10127 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.50%, 3/15/33 | &nbsp;&nbsp; 120190 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc., 6.75%, 2/15/34 (144A) | &nbsp;&nbsp; 66306 |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Aviation Capital, Ltd., 9.25%, 7/15/30 (144A) | &nbsp;&nbsp; 180865 |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp., 9.75%, 9/15/29 (144A) | &nbsp;&nbsp; 206044 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.25%, 3/15/31 (144A) | &nbsp;&nbsp; 49762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp; $2040824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 3.4%** |  |
| 180,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp., 6.95% (5 Year CMT Index + 289 bps), 7/15/55 | $176648 |
| 179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (144A) | &nbsp;&nbsp; 168685 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, 7.25%, 8/15/32 (144A) | &nbsp;&nbsp; 95284 |
| 155,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 5.75%, 1/15/34 (144A) | &nbsp;&nbsp; 154842 |
| 190,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 6.00%, 1/15/36 (144A) | &nbsp;&nbsp; 190027 |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 7.75%, 10/15/31 (144A) | &nbsp;&nbsp; 153438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; $938924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engineering & Construction — 0.9%** |  |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM, 6.00%, 8/1/33 (144A) | $235150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engineering & Construction** | &nbsp;&nbsp;&nbsp;&nbsp; $235150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.4%** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International, Inc., 7.25%, 11/15/29 (144A) | $102637 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International, Inc., 7.50%, 9/1/31 (144A) | &nbsp;&nbsp; 25999 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — (continued)** |  |
| 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30 (144A) | $137153 |
| 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 11.875%, 4/15/31 (144A) | &nbsp;&nbsp; 79663 |
| 309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.25%, 7/1/32 (144A) | &nbsp;&nbsp; 326765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; $672217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Control — 0.7%** |  |
| 198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | $193171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Control** | &nbsp;&nbsp;&nbsp;&nbsp; $193171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 0.4%** |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., 7.875%, 3/1/31 (144A) | $26383 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., 9.625%, 9/15/32 (144A) | &nbsp;&nbsp; 86368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp; $112751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.4%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 7.50%, 5/1/33 (144A) | $66300 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 7.75%, 5/1/35 (144A) | &nbsp;&nbsp; 50792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | &nbsp;&nbsp;&nbsp;&nbsp; $117092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.9%** |  |
| 84,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc., 8.375% (5 Year CMT Index + 438 bps), 9/12/55 | $86573 |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 7.375%, 6/1/31 (144A) | &nbsp;&nbsp; 162753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp; $249326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 3.2%** |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., 6.75%, 7/15/33 (144A) | $144368 |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | &nbsp;&nbsp; 138112 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 9.375%, 9/1/29 (144A) | &nbsp;&nbsp; 265200 |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Acute Care Solutions LLC, 9.75%, 5/15/29 (144A) | &nbsp;&nbsp; 337914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; $885594 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.9%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $250800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; $250800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 1.0%** |  |
| 113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.00%, 3/15/32 (144A) | $114126 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.375%, 5/1/33 (144A) | &nbsp;&nbsp; 61252 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.50%, 9/15/31 (144A) | &nbsp;&nbsp; 30922 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.625%, 1/15/34 (144A) | &nbsp;&nbsp; 61825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp; $268125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.7%** |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 6.00%, 5/1/29 (144A) | $197911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp; $197911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 2.8%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29 (144A) | $206592 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd., 7.625%, 4/17/32 (144A) | &nbsp;&nbsp; 261898 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 6.625%, 7/31/26 (144A) | &nbsp;&nbsp; 90669 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Macau, Ltd., 6.75%, 2/15/34 (144A) | &nbsp;&nbsp; 202751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp;&nbsp;&nbsp; $761910 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 5.1%** |  |
| 444000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $394743 |
| 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 4.50%, 11/15/31 (144A) | &nbsp;&nbsp; 247105 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 7.25%, 8/15/33 (144A) | &nbsp;&nbsp; 74321 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 10.50%, 7/15/29 (144A) | &nbsp;&nbsp; 129750 |
| 177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | &nbsp;&nbsp; 180260 |
| 209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125%, 9/1/26 (144A) | &nbsp;&nbsp; 206116 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing BV, 5.00%, 1/15/32 (144A) | &nbsp;&nbsp; 180944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; $1413239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 3.9%** |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | $325737 |
| 152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp., 5.75%, 10/15/28 (144A) | &nbsp;&nbsp; 151813 |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 6.375%, 8/15/33 (144A) | &nbsp;&nbsp; 171757 |
| 306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taseko Mines, Ltd., 8.25%, 5/1/30 (144A) | &nbsp;&nbsp; 324098 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taseko Mines, Ltd., 8.25%, 5/1/30 | &nbsp;&nbsp; 105914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp; $1079319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing — 1.8%** |  |
| 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxam Prill S.a.r.l., 7.75%, 7/15/30 (144A) | $206370 |
| 274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Industries, Inc., 7.75%, 7/15/28 (144A) | &nbsp;&nbsp; 283425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Miscellaneous Manufacturing** | &nbsp;&nbsp;&nbsp;&nbsp; $489795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 5.7%** |  |
| 185437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | $185404 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc., 8.375%, 7/1/28 (144A) | &nbsp;&nbsp; 103655 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc., 8.625%, 11/1/30 (144A) | &nbsp;&nbsp; 46605 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energean Plc, 6.50%, 4/30/27 (144A) | &nbsp;&nbsp; 198750 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | &nbsp;&nbsp; 49137 |
| 113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | &nbsp;&nbsp; 108406 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 (144A) | &nbsp;&nbsp; 39091 |
| 163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29 (144A) | &nbsp;&nbsp; 161563 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, 8.75%, 2/15/32 (144A) | &nbsp;&nbsp; 143907 |
| 56250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.75%, 2/15/30 (144A) | &nbsp;&nbsp; 59185 |
| 35,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International Ltd., 7.875%, 10/15/32 (144A) | &nbsp;&nbsp; 35000 |
| 20238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | &nbsp;&nbsp; 20736 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 6.80%, 3/15/38 | &nbsp;&nbsp; 67759 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.25%, 5/15/29 (144A) | &nbsp;&nbsp; 49293 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.50%, 5/15/31 (144A) | &nbsp;&nbsp; 49002 |
| 252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | &nbsp;&nbsp; 254615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp; $1572108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — 1.2%** |  |
| 108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerflex, Ltd., 9.00%, 10/15/27 (144A) | $109963 |
| 211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29 (144A) | &nbsp;&nbsp; 217609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Services** | &nbsp;&nbsp;&nbsp;&nbsp; $327572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaging & Containers — 2.7%** |  |
| 299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $281290 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV, 4.75%, 2/15/30 (144A) | &nbsp;&nbsp; 209946 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) | &nbsp;&nbsp; 55989 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 5.00%, 4/15/29 (144A) | &nbsp;&nbsp; 104414 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaging & Containers — (continued)** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 6.50%, 7/15/32 (144A) | $41428 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. US, 7.25%, 2/15/31 (144A) | &nbsp;&nbsp; 68206 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Packaging & Containers** | &nbsp;&nbsp;&nbsp;&nbsp; $761273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 3.5%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., 10.00%, 4/15/32 (144A) | $205010 |
| 286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth LLC, 5.125%, 3/1/30 (144A) | &nbsp;&nbsp; 272736 |
| 80,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00% (5 Year CMT Index + 289 bps), 3/10/55 | &nbsp;&nbsp; 83980 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.125%, 4/30/31 (144A) | &nbsp;&nbsp; 175210 |
| 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., 6.625%, 4/1/30 (144A) | &nbsp;&nbsp; 243375 |
| 102,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical, Inc., 7.50%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 272,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricida, Inc., 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; $980311 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 3.8%** |  |
| 146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (144A) | $144643 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33 (144A) | &nbsp;&nbsp; 271300 |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | &nbsp;&nbsp; 115372 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29 (144A) | &nbsp;&nbsp; 88638 |
| 40,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings, Ltd., 7.50% (5 Year CMT Index + 367 bps), 3/1/55 | &nbsp;&nbsp; 42474 |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | &nbsp;&nbsp; 185911 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34 (144A) | &nbsp;&nbsp; 68423 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36 (144A) | &nbsp;&nbsp; 132772 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp; $1049533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.6%** |  |
| 192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc., 4.75%, 2/1/30 | $179270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; $179270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 2.4%** |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 7.00%, 2/15/29 (144A) | $200954 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc., 6.25%, 9/15/32 (144A) | &nbsp;&nbsp; 60157 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc., 6.375%, 8/1/30 (144A) | &nbsp;&nbsp; 81359 |
| 50,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 5.25%, 10/15/28 (144A) | &nbsp;&nbsp; 50015 |
| 75,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 5.75%, 1/15/31 (144A) | &nbsp;&nbsp; 74953 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, 2/15/29 (144A) | &nbsp;&nbsp; 131479 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.625%, 6/15/32 (144A) | &nbsp;&nbsp; 71651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp; $670568 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 5.1%** |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc., 8.25%, 7/15/30 (144A) | $121656 |
| 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.625%, 10/1/29 (144A) | &nbsp;&nbsp; 123484 |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.875%, 10/1/31 (144A) | &nbsp;&nbsp; 213524 |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | &nbsp;&nbsp; 264533 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 6.125%, 3/15/32 (144A) | &nbsp;&nbsp; 300289 |
| 138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 7.375%, 8/1/33 (144A) | &nbsp;&nbsp; 143896 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32 (144A) | &nbsp;&nbsp; 250372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp; $1417754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.1%** |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc., 5.875%, 10/1/33 (144A) | $25255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25255 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.9%** |  |
| 236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., 9.00%, 2/1/31 (144A) | $241871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; $241871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 3.1%** |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A., 5.125%, 7/15/29 (144A) | $222040 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco S.a.r.l./Connect US Finco LLC, 9.00%, 9/15/29 (144A) | &nbsp;&nbsp; 210281 |
| 163030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.875%, 6/30/33 (144A) | &nbsp;&nbsp; 166157 |
| 257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31 (144A) | &nbsp;&nbsp; 266220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; $864698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 1.5%** |  |
| 229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $212887 |
| 149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan Corp., 5.50%, 8/1/29 (144A) | &nbsp;&nbsp; 143662 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Leasing Co. LLC, 7.625%, 2/15/30 (144A) | &nbsp;&nbsp; 53445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; $409994 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $24,207,081)** | $24596160 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Right/Warrant — 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.0%†** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GBP6,300(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Plc, 1/1/59 | $3389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Right/Warrant<br> (Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 7.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 7.2%** |  |
| 1,983,624(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.04% | $1983624 |
|  |  | &nbsp;&nbsp; $1983624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $1,983,624)** | &nbsp;&nbsp; $1983624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.6%<br> (Cost $26,931,738)** | $27287885 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Net<br> Realized<br> Gain (Loss)<br> for the period<br> ended<br> 9/30/25** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the period<br> ended<br> 9/30/25** | **Capital<br> Gain<br> Distributions<br> for the period<br> ended<br> 9/30/25** | **Dividend<br> Income<br> for the period<br> ended<br> 9/30/25** | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.9% of Net Assets** |  |
| 80,577(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer ILS Interval Fund |  | $88635 | $— | $— | $808183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.9%<br> (Cost $810,890)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.9%<br> (Cost $810,890)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.9%<br> (Cost $810,890)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.9%<br> (Cost $810,890)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.9%<br> (Cost $810,890)** | &nbsp;&nbsp;&nbsp;&nbsp; $808183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (1.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (1.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (1.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (1.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (1.5)%** | &nbsp;&nbsp;&nbsp; $(402793) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$27693275** |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing 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 September 30, 2025, the value of these securities amounted to $22,842,046, or 82.5% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at September 30, 2025. |
| (b) | &nbsp;&nbsp;All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
| (c) | &nbsp;&nbsp;Non-income producing security. |
| (d) | &nbsp;&nbsp;Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (e) | &nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date. |
| (f) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2025. |
| (g) | &nbsp;&nbsp;Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
| (h) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2025. |
| (i) | &nbsp;&nbsp;Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Victory Capital Management Inc., (the "Adviser"). |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at September 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**In<br> Exchange for** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Deliver** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;200220 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | 10/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;$281 |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | &nbsp;&nbsp;&nbsp;&nbsp;**$281** |

---

#### SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** |
| **Notional<br> Amount ($)<sup>(1)</sup>** | &nbsp;&nbsp;**Reference Obligation/Index** | &nbsp;&nbsp;**Pay/<br> Receive<sup>(2)</sup>** | &nbsp;&nbsp;**Annual<br> Fixed Rate** | **Expiration<br> Date** | **Premiums<br> (Received)** | **Unrealized<br> (Depreciation)** | **Market<br> Value** |
| 4160000 | &nbsp;&nbsp;Markit CDX North America High Yield Index Series 45 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;5.00% | 12/20/30 | $(315576) | $(10907) | $(326483) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | &nbsp;&nbsp;**$(315576)** | **$(10907)** | &nbsp;&nbsp;**$(326483)** |

---

<sup>(1)</sup> The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.

<sup>(2)</sup> Pays quarterly.

Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.

EUR — Euro <br> GBP — Great British Pound <br> USD — United States Dollar

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

---

| |
|:---|
| &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;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;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer High Yield VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$587843 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$587843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23615849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23615849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right/Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;1983624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Closed-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;808183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$2792917** | &nbsp;&nbsp;&nbsp;&nbsp;**$25303151** | &nbsp;&nbsp;&nbsp;&nbsp;**$—<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**$28096068** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$281 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared swap contracts<sup>^</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10626)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10626)** |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Securities valued at $0. |
| ^ | &nbsp;&nbsp;Reflects the unrealized appreciation (depreciation) of the instruments. |

---

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

## 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 Variable Insurance Funds II

- **b. Investment Company Act file number:** 811-24018

- **c. CIK number of Registrant:** 0002042317

- **d. LEI of Registrant:** 2549008Q8LHE6TN5VU40

- **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 Yield VCT Portfolio

- **b. EDGAR series identifier (if any):** S000089717

- **c. LEI of Series:** YJ7ZWWUVD5RGHGNF3Z30

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $28781416.91

**Total Liabilities:** $1185582.98

**Net Assets:** $27595833.93

**Delayed Delivery Securities:** $690000.00

**Cash Not Reported:** $1032417.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -137.00000000 | **10-Year:** -242.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -35.00000000 | **1-Year:** -292.00000000 | **5-Year:** -4856.00000000 | **10-Year:** -360.00000000 | **30-Year:** -53.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256352 | 0.40%                | 1.20%                | 0.57%                |
| Class ID C000256351 | 0.37%                | 1.19%                | 0.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33555.52                | $-65317.57                                 |
| Month 2  | $-34101.28               | $245430.13                                 |
| Month 3  | $51822.08                | $-2461.96                                  |

**Designated Index Information**

- **Index Name:** ICE BofA US High Yield

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PAR PHARMACEUTICAL INC              | PAR PHARMACEUTICAL INC                                                    | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $0.00         | 0.00%             | 2027-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL             | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC           | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $131478.91    | 0.48%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC              | Trinity Industries Inc                                                    | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    274000 | PA      | $283425.05    | 1.03%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                      | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10126.85     | 0.04%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC              | Nationstar Mortgage Holdings Inc                                          | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $57449.73     | 0.21%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                             | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58495.36     | 0.21%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                                      | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122711.25    | 0.44%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                            | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    190000 | PA      | $190027.29    | 0.69%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS             | US Acute Care Solutions LLC                                               | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $337914.17    | 1.22%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC               | Qnity Electronics Inc                                                     | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45343.21     | 0.16%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                       | ZF North America Capital Inc                                              | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148978.71    | 0.54%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                  | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67574.17     | 0.24%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                       | LFS Topco LLC                                                             | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $256148.90    | 0.93%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC              | Spirit AeroSystems Inc                                                    | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68459.24     | 0.25%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                             | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    195000 | PA      | $197910.57    | 0.72%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company | USD/EUR FORWARD                                                           | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $280.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE             | Avis Budget Car Rental LLC / Avis Budget Finance Inc                      | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104595.10    | 0.38%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC             | Efesto Bidco SpA Efesto US LLC                                            | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    200000 | PA      | $203520.00    | 0.74%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD            | Transocean Titan Financing Ltd                                            | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     20238 | PA      | $20736.00     | 0.08%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30922.08     | 0.11%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                  | Kennedy-Wilson Inc                                                        | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    192000 | PA      | $179270.40    | 0.65%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC               | Long Ridge Energy LLC                                                     | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143907.14    | 0.52%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TRICIDA INC                         | TRICIDA INC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| VELOCITY VEHICLE GROUP              | Velocity Vehicle Group LLC                                                | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    272000 | PA      | $272711.55    | 0.99%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $108406.40    | 0.39%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMAZON HOLDCO INC                   | AMAZON HOLDCO INC                                                         | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |     24000 | PA      | $23999.99     | 0.09%             | 2031-09-29      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                             | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68391.41     | 0.25%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                 | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $82008.32     | 0.30%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management  | Dreyfus Government Cash Management                                        | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1151169 | NS      | $1151168.74   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                 | Sirius XM Radio LLC                                                       | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    209000 | PA      | $206116.05    | 0.75%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68422.73     | 0.25%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L            | First Quantum Minerals Ltd                                                | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $325736.53    | 1.18%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS            | LCM Investments Holdings II LLC                                           | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    270000 | PA      | $264533.22    | 0.96%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS              | Methanex US Operations Inc                                                | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $220790.56    | 0.80%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG             | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC   | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $79662.97     | 0.29%             | 2031-04-15      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN             | Borr IHC Ltd / Borr Finance LLC                                           | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    185437 | PA      | $185404.03    | 0.67%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI            | PetSmart LLC / PetSmart Finance Corp                                      | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250371.57    | 0.91%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC             | Millrose Properties Inc                                                   | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60156.82     | 0.22%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                      | Wynn Macau Ltd                                                            | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $202751.35    | 0.73%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV          | Grupo Aeromexico SAB de CV                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      6730 | NS      | $115758.87    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                | Grupo Aeromexico SAB de CV                                                | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    125000 | PA      | $124831.25    | 0.45%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV             | VZ Secured Financing BV                                                   | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $180943.64    | 0.66%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61252.20     | 0.22%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                       | CoreWeave Inc                                                             | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    236000 | PA      | $241871.44    | 0.88%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC            | Prime Security Services Borrower LLC / Prime Finance Inc                  | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26000 | PA      | $26106.47     | 0.09%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE             | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp  | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $232878.14    | 0.84%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                            | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74321.45     | 0.27%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC               | Level 3 Financing Inc                                                     | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    163030 | PA      | $166156.92    | 0.60%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                      | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120189.60    | 0.44%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H            | SCIL IV LLC / SCIL USA Holdings LLC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    153000 | PA      | $188512.34    | 0.68%             | 2028-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC             | Macy's Retail Holdings LLC                                                | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $143895.91    | 0.52%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                        | Novelis Corp                                                              | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171757.07    | 0.62%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                    | Ford Motor Credit Co LLC                                                  | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $272851.75    | 0.99%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                    | Leeward Renewable Energy Operations LLC                                   | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    179000 | PA      | $168684.98    | 0.61%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                             | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10481.50     | 0.04%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AECOM                               | AECOM                                                                     | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235149.70    | 0.85%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                      | 1261229 BC LTD                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    129675 | PA      | $128135.11    | 0.46%             | 2030-10-08      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                            | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    120000 | PA      | $129750.14    | 0.47%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC               | Civitas Resources Inc                                                     | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103654.90    | 0.38%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                  | Mativ Holdings Inc                                                        | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |    136000 | PA      | $134648.06    | 0.49%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                                              | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211936.80    | 0.77%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                     | Sealed Air Corp                                                           | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104414.16    | 0.38%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                 | DENTSPLY SIRONA Inc                                                       | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     84000 | PA      | $86573.34     | 0.31%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC               | PennyMac Financial Services Inc                                           | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66305.59     | 0.24%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                      | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26383.33     | 0.10%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    444000 | PA      | $394742.98    | 1.43%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Option Care Health Inc              | Option Care Health Inc                                                    | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |        40 | NS      | $1110.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ADAPTHEALTH LLC                     | AdaptHealth LLC                                                           | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286000 | PA      | $272736.26    | 0.99%             | 2030-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING            | Summit Midstream Holdings LLC                                             | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $185910.57    | 0.67%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG             | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC   | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $137153.28    | 0.50%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC            | Prime Security Services Borrower LLC / Prime Finance Inc                  | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $68939.58     | 0.25%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                          | DaVita Inc                                                                | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144367.72    | 0.52%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean International Ltd                                              | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $49293.31     | 0.18%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN               | Provident Funding Associates LP / PFG Finance Corp                        | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $206043.63    | 0.75%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                | LC AHAB US BIDCO LLC                                                      | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |     64512 | PA      | $64573.01     | 0.23%             | 2031-05-01      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN            | Brinker International Inc                                                 | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    115000 | PA      | $121656.09    | 0.44%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                   | OneSky Flight LLC                                                         | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157732.95    | 0.57%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                | ALPHA GENERATION LLC                                                      | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     54450 | PA      | $54458.49     | 0.20%             | 2031-09-30      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR            | Organon & Co / Organon Foreign Debt Co-Issuer BV                          | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $175209.80    | 0.63%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    113000 | PA      | $114126.05    | 0.41%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC              | Nationstar Mortgage Holdings Inc                                          | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $125256.36    | 0.45%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | Goat Holdco LLC                                                           | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61499.98     | 0.22%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC              | First Brands Group LLC                                                    | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    154786 | PA      | $56754.89     | 0.21%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                | OI European Group BV                                                      | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    220000 | PA      | $209945.74    | 0.76%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                 | NOVA Chemicals Corp                                                       | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $63216.78     | 0.23%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                    | Maxam Prill Sarl                                                          | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    205000 | PA      | $206370.17    | 0.75%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP            | Genting New York LLC / GENNY Capital Inc                                  | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $206592.21    | 0.75%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS               | ENDO FINANCE HOLDINGS                                                     | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29700 | PA      | $29783.52     | 0.11%             | 2031-04-23      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                      | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61824.30     | 0.22%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC                 | Star Leasing Co LLC                                                       | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53445.24     | 0.19%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41756.08     | 0.15%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC             | Sotera Health Holdings LLC                                                | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    155000 | PA      | $162752.79    | 0.59%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN            | CQP Holdco LP / BIP-V Chinook Holdco LLC                                  | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146000 | PA      | $144642.83    | 0.52%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE               | Melco Resorts Finance Ltd                                                 | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $261897.85    | 0.95%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER            | Kraken Oil & Gas Partners LLC                                             | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    163000 | PA      | $161562.55    | 0.59%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                      | 1261229 BC Ltd                                                            | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $205010.41    | 0.74%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                      | Owens-Brockway Glass Container Inc                                        | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55988.68     | 0.20%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                        | Energean PLC                                                              | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198750.00    | 0.72%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE              | Delek Logistics Partners LP / Delek Logistics Finance Corp                | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $115372.26    | 0.42%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC               | GFL Environmental Inc                                                     | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $193170.66    | 0.70%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                                            | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $208749.40    | 0.76%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC             | Light & Wonder International Inc                                          | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25998.95     | 0.09%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean International Ltd                                              | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     56250 | PA      | $59184.62     | 0.21%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                     | Sealed Air Corp                                                           | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41428.36     | 0.15%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP               | Clearwater Paper Corp                                                     | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    299000 | PA      | $281290.23    | 1.02%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                        | IAMGOLD Corp                                                              | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    152000 | PA      | $151812.98    | 0.55%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pioneer ILS Interval Fund           | Pioneer ILS Interval Fund                                                 | CUSIP: 72369L107<br>LEI: 549300LH2MO2SJZYNC86 | Long             | EC               | RF                | US        |     80577 | NS      | $808183.40    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DELEK LOG PART/FINANCE              | Delek Logistics Partners LP / Delek Logistics Finance Corp                | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $88638.00     | 0.32%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.     | CDS CDX.NA.HY.44.V1                                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-338244.19   | -1.23%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC              | Spirit AeroSystems Inc                                                    | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     70000 | PA      | $76985.58     | 0.28%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO            | Wildfire Intermediate Holdings LLC                                        | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    252000 | PA      | $254614.50    | 0.92%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RIVER ROCK ENTERTAINMENT            | RIVER ROCK ENTERTAINMENT AUTHORITY                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    235000 | PA      | $230300.00    | 0.83%             | 2031-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                         | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31161.78     | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC                   | Owens & Minor Inc                                                         | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    295000 | PA      | $243375.00    | 0.88%             | 2030-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC               | Qnity Electronics Inc                                                     | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45953.37     | 0.17%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC                | Amkor Technology Inc                                                      | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25254.58     | 0.09%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                    | UWM Holdings LLC                                                          | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49761.87     | 0.18%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                  | Voyager Parent LLC                                                        | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    309000 | PA      | $326764.45    | 1.18%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                  | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    145000 | PA      | $153437.84    | 0.56%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRICIDA INC                         | TRICIDA INC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| LIGHT & WONDER INTL INC             | Light & Wonder International Inc                                          | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102637.10    | 0.37%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR            | Windstream Services LLC / Windstream Escrow Finance Corp                  | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $266220.23    | 0.96%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                 | NOVA Chemicals Corp                                                       | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    153000 | PA      | $148070.34    | 0.54%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN            | American Airlines Inc/AAdvantage Loyalty IP Ltd                           | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     17500 | PA      | $17507.72     | 0.06%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                                        | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52278.45     | 0.19%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC              | Nationstar Mortgage Holdings Inc                                          | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $131144.00    | 0.48%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                 | Lightning Power LLC                                                       | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95284.44     | 0.35%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                    | GGAM Finance Ltd                                                          | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $158768.10    | 0.58%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE            | Connect Finco SARL / Connect US Finco LLC                                 | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    200000 | PA      | $210280.96    | 0.76%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                                        | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    184000 | PA      | $178703.27    | 0.65%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA                                                          | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    260000 | PA      | $222040.00    | 0.80%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN            | CQP Holdco LP / BIP-V Chinook Holdco LLC                                  | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $271300.00    | 0.98%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC             | Stagwell Global LLC                                                       | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    231000 | PA      | $224397.74    | 0.81%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                            | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    155000 | PA      | $154841.80    | 0.56%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                                        | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139238.06    | 0.50%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                  | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99578.10     | 0.36%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                          | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    380000 | PA      | $247104.63    | 0.90%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU            | Camelot Return Merger Sub Inc                                             | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $203176.09    | 0.74%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO             | Allied Universal Holdco LLC                                               | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36697.35     | 0.13%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean International Ltd                                              | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $49001.53     | 0.18%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                         | Gap Inc/The                                                               | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    132000 | PA      | $123484.22    | 0.45%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN            | USA Compression Partners LP / USA Compression Finance Corp                | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211000 | PA      | $217609.36    | 0.79%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                  | Czechoslovak Group AS                                                     | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |    200000 | PA      | $206038.60    | 0.75%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED            | AmeriTex HoldCo Intermediate LLC                                          | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $114486.74    | 0.41%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                 | Travel + Leisure Co                                                       | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90668.70     | 0.33%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LifePoint Health Inc                                                      | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    145000 | PA      | $138112.50    | 0.50%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39091.47     | 0.14%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP            | Olympus Water US Holding Corp                                             | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    285000 | PA      | $299107.50    | 1.08%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | McGraw-Hill Education Inc                                                 | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    177000 | PA      | $180260.16    | 0.65%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP               | Freedom Mortgage Corp                                                     | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    150000 | PA      | $167331.30    | 0.61%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GAP INC/THE                         | Gap Inc/The                                                               | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    235000 | PA      | $213523.75    | 0.77%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC             | Champions Financing Inc                                                   | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    278000 | PA      | $268480.89    | 0.97%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                    | Taseko Mines Ltd                                                          | CUSIP: 000000000<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $105914.40    | 0.38%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean International Ltd                                              | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     80000 | PA      | $67759.11     | 0.25%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE            | Prime Healthcare Services Inc                                             | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $265200.00    | 0.96%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $66300.60     | 0.24%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                 | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $140133.60    | 0.51%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC               | Civitas Resources Inc                                                     | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46604.90     | 0.17%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                           | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83979.44     | 0.30%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49137.37     | 0.18%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                        | Seaspan Corp                                                              | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    149000 | PA      | $143661.34    | 0.52%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC            | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $61546.32     | 0.22%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                    | GGAM Finance Ltd                                                          | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $25062.39     | 0.09%             | 2026-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC             | Millrose Properties Inc                                                   | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81359.20     | 0.29%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD             | Global Aircraft Leasing Co Ltd                                            | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    365000 | PA      | $377095.37    | 1.37%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                        | Enerflex Ltd                                                              | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    108000 | PA      | $109963.01    | 0.40%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC              | Carriage Purchaser Inc                                                    | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $212887.03    | 0.77%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL            | Phoenix Aviation Capital Ltd                                              | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    170000 | PA      | $180865.38    | 0.66%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H            | SCIL IV LLC / SCIL USA Holdings LLC                                       | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199838.68    | 0.72%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                   | Iron Mountain Inc                                                         | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    195000 | PA      | $200953.55    | 0.73%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    125000 | PA      | $132772.13    | 0.48%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC             | Macy's Retail Holdings LLC                                                | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $300289.50    | 1.09%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP              | TMS International Corp/DE                                                 | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    102000 | PA      | $98911.64     | 0.36%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACURIS FIN US/ACURIS FIN            | Acuris Finance US Inc / Acuris Finance SARL                               | CUSIP: 00511BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $250800.00    | 0.91%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                        | AES Corp/The                                                              | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176647.52    | 0.64%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL             | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC           | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $71651.42     | 0.26%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST             | Starwood Property Trust Inc                                               | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50014.48     | 0.18%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US            | Sealed Air Corp/Sealed Air Corp US                                        | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $68205.67     | 0.25%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     45000 | PA      | $50791.87     | 0.18%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                    | Taseko Mines Ltd                                                          | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    306000 | PA      | $324098.05    | 1.17%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP            | Olympus Water US Holding Corp                                             | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    295000 | PA      | $295307.25    | 1.07%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD            | South Bow Canadian Infrastructure Holdings Ltd                            | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $42474.52     | 0.15%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AVATION PLC WTS 01JAN59             | AVATION PLC WTS 01JAN59                                                   | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               | CORP              | US        |      6300 | NC      | $3389.15      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                 | ABRA Global Finance                                                       | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |    153177 | PA      | $149252.18    | 0.54%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                      | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $86367.36     | 0.31%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP               | Freedom Mortgage Corp                                                     | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14967.44     | 0.05%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Victory Variable Insurance Funds II

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer