# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-002599
**Filing Date:** 2025-9
**Character Count:** 168017
**Document Hash:** e71c3c2374c42d7af64a6f8f2662669c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002599.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002599

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios IV
- **CENTRAL INDEX KEY:** 0002042316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251346118

**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 Fund (Series ID: S000089771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256542 | Class Y      | TYHYX           |
| C000256543 | Class A      | TAHYX           |
| C000256544 | Class C      | PYICX           |

## Nport-Ex

## Victory Pioneer High Yield Fund \*
(Successor to Pioneer High Yield Fund)\*

Schedule of Investments \| July 31, 2025

------

Schedule of Investments \| 7/31/25

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 98.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate<br> Loan Interests — 2.7% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.7%** |  |
| 3715843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.57% (Term SOFR + 500 bps), 3/30/27 | $3643076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3643076** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 0.1%** |  |
| 561600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc., Initial Term Loan, 6.606% (Term SOFR + 225 bps), 9/29/31 | $559055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **559055** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.3%** |  |
| 1414312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.356% (Term SOFR + 300 bps), 5/1/31 | $1415197 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1415197** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.2%** |  |
| 1121525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 6.356% (Term SOFR + 200 bps), 9/30/31 | $1121525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1121525** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.8%** |  |
| 4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, California, Term Loan, 13.341% (Term SOFR + 900 bps), 6/17/31 | $4324125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4324125** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.6%** |  |
| 2,585,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., Initial Term Loan, 10.606% (Term SOFR + 625 bps), 10/8/30 | $2536531 |
| 650088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, 8.356% (Term SOFR + 400 bps), 4/23/31 | &nbsp;&nbsp; 652728 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3189259** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $14,237,909)** | &nbsp;&nbsp; **$** **14252237** |

---

1Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 0.4% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.0%†** |  |
| 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | $8574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8574** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.0%†** |  |
| 138,656(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unifin Financiera SAB de CV | $8820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8820** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.0%†** |  |
| 1,068(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. | $31346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **31346** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.0%†** |  |
| 1,443,476(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desarrolladora Homex SAB de CV | $76 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **76** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.0%†** |  |
| 48(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Energy Corp. | $182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **182** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products — 0.0%** |  |
| 459,481(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald Plantation Holdings, Ltd. | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Paper & Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.4%** |  |
| 126,641(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV | $2153760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Passenger Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2153760** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.0%†** |  |
| 190,086,798(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento S.A. | $19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **19** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $1,692,853)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2202777** |

---

Victory Pioneer High Yield Fund \| 7/31/252

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—0.1% of Net Assets** |  |
| 148,308(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSLA Mortgage Loan Trust, Series 2005-AR6, Class 2A1C, 5.305% (1 Month Term SOFR + 95 bps), 10/19/45 | $151132 |
| 139195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A) | &nbsp;&nbsp; 58334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $137,602)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **209466** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds —<br> 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.0%†** |  |
| &nbsp;&nbsp;IDR11,178,198,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Bakrie & Brothers Tbk, 12/31/25 | $35325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **35325** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.0%†** |  |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., 2.875%, 1/15/30 (144A) | $91205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **91205** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $898,256)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **126530** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 90.4% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 1.9%** |  |
| 3994000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $3638619 |
| 685,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 3/15/33 (144A) | &nbsp;&nbsp; 683784 |
| 2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | &nbsp;&nbsp; 2772690 |
| 2691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/29 (144A) | &nbsp;&nbsp; 2590134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9685227** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.0%** |  |
| 2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechoslovak Group AS, 6.50%, 1/10/31 (144A) | $2080894 |
| 4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efesto Bidco S.p.A Efesto US LLC, 7.50%, 2/15/32 (144A) | &nbsp;&nbsp; 4110605 |
| 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, 6.75%, 2/1/32 (144A) | &nbsp;&nbsp; 1229841 |

---

3Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — (continued)** |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | $1162302 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.75%, 11/15/30 (144A) | &nbsp;&nbsp; 1649705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp; **$** **10233347** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 1.6%** |  |
| 3,137,502(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRA Global Finance, 14.00% (8.00% PIK or 6.00% Cash), 10/22/29 (144A) | $2392345 |
| 238750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, 4/20/26 (144A) | &nbsp;&nbsp; 238533 |
| 2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico S.A.B de CV, 8.625%, 11/15/31 (144A) | &nbsp;&nbsp; 2461875 |
| 2885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/29 (144A) | &nbsp;&nbsp; 3039483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **8132236** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 1.2%** |  |
| 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 6.10%, 8/19/32 | $2258733 |
| 3955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | &nbsp;&nbsp; 3853104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6111837** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 1.2%** |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS, 6.80%, 2/6/26 (144A) | $120904 |
| 2,226,000(f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 7.625% (5 Year USD SOFR Swap Rate + 369 bps) | &nbsp;&nbsp; 2267554 |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credito Real S.A.B de CV Escrow, 8.00%, 1/21/28 | &nbsp;&nbsp; 84000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | &nbsp;&nbsp; 250142 |
| 3363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | &nbsp;&nbsp; 3719966 |
| 1,025,000(f)(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovcombank Via SovCom Capital DAC, 7.60% (5 Year CMT Index + 636 bps) (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 750,000(f)(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovcombank Via SovCom Capital DAC, 7.75% (5 Year CMT Index + 638 bps) (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6442566** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 2.6%** |  |
| 2,050,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/33 (144A) | $2084787 |
| 2631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A) | &nbsp;&nbsp; 2792080 |
| 2461000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 4.25%, 2/1/32 (144A) | &nbsp;&nbsp; 2271253 |
| 3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 8/1/28 (144A) | &nbsp;&nbsp; 2881669 |

---

Victory Pioneer High Yield Fund \| 7/31/254

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — (continued)** |  |
| 1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32 (144A) | $1240497 |
| 1406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30 (144A) | &nbsp;&nbsp; 1338291 |
| 810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 6.375%, 3/1/32 (144A) | &nbsp;&nbsp; 830732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp; **$** **13439309** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 5.2%** |  |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 6.75%, 4/15/33 | $1896144 |
| 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 7.20%, 11/15/33 | &nbsp;&nbsp; 516783 |
| 1635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 8.00%, 10/1/29 (144A) | &nbsp;&nbsp; 1474461 |
| 4308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex US Operations, Inc., 6.25%, 3/15/32 (144A) | &nbsp;&nbsp; 4270282 |
| 3244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 4.25%, 5/15/29 (144A) | &nbsp;&nbsp; 3098020 |
| 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 7.00%, 12/1/31 (144A) | &nbsp;&nbsp; 1247463 |
| 5940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A) | &nbsp;&nbsp; 6227050 |
| 3860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A) | &nbsp;&nbsp; 3838632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR1,855,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | &nbsp;&nbsp; 2223025 |
| 3220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 3/15/29 (144A) | &nbsp;&nbsp; 2505192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp; **$** **27297052** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coal — 0.6%** |  |
| 2774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 8.625%, 6/15/29 (144A) | $2931427 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Coal** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2931427** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 4.8%** |  |
| 1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, 7.875%, 2/15/31 (144A) | $1840358 |
| 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29 (144A) | &nbsp;&nbsp; 574227 |
| 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | &nbsp;&nbsp; 1382409 |
| 596,676(e)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento Luxco 1 S.A., 20.00% (10.00% PIK or 10.00% Cash), 11/30/29 (144A) | &nbsp;&nbsp; 149169 |
| 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, 6/15/32 (144A) | &nbsp;&nbsp; 2011635 |
| 5289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Financing, Inc., 8.75%, 2/15/29 (144A) | &nbsp;&nbsp; 4897158 |
| 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 4.625%, 2/15/27 (144A) | &nbsp;&nbsp; 292377 |

---

5Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — (continued)** |  |
| 1232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 6.00%, 6/1/29 (144A) | $1208423 |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 7.75%, 2/15/28 (144A) | &nbsp;&nbsp; 1936084 |
| 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 8.375%, 11/15/32 (144A) | &nbsp;&nbsp; 2245577 |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.00%, 6/15/30 (144A) | &nbsp;&nbsp; 547774 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.25%, 6/15/33 (144A) | &nbsp;&nbsp; 828411 |
| 2943000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | &nbsp;&nbsp; 2942789 |
| 4045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotheby's, 7.375%, 10/15/27 (144A) | &nbsp;&nbsp; 3963475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp; **$** **24819866** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers — 0.8%** |  |
| 3085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc., 4.75%, 9/30/28 (144A) | $2973169 |
| 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Voyix Corp., 5.00%, 10/1/28 (144A) | &nbsp;&nbsp; 1254156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4227325** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution/Wholesale — 1.0%** |  |
| 5166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC, 8.00%, 6/1/29 (144A) | $5227047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution/Wholesale** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5227047** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 8.8%** |  |
| 2,900,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | $2967557 |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 8.375%, 4/1/32 (144A) | &nbsp;&nbsp; 219897 |
| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.125%, 5/15/31 (144A) | &nbsp;&nbsp; 1081095 |
| 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | &nbsp;&nbsp; 1448779 |
| 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance, Ltd., 7.75%, 5/15/26 (144A) | &nbsp;&nbsp; 498307 |
| 3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGAM Finance, Ltd., 8.00%, 6/15/28 (144A) | &nbsp;&nbsp; 3469574 |
| 6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 8.75%, 9/1/27 (144A) | &nbsp;&nbsp; 7125200 |
| 4830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS Topco LLC, 8.75%, 7/15/30 (144A) | &nbsp;&nbsp; 4671752 |
| 3909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/30 (144A) | &nbsp;&nbsp; 3901573 |
| 2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 7.125%, 2/1/32 (144A) | &nbsp;&nbsp; 2558406 |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 1096762 |
| 695,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.125%, 5/15/30 | &nbsp;&nbsp; 696167 |
| 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 9.00%, 1/15/29 | &nbsp;&nbsp; 1395580 |

---

Victory Pioneer High Yield Fund \| 7/31/256

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — (continued)** |  |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Aviation Capital, Ltd., 9.25%, 7/15/30 (144A) | $3405371 |
| 4315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp., 9.75%, 9/15/29 (144A) | &nbsp;&nbsp; 4515583 |
| 995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Cos., Inc., 6.125%, 8/1/30 (144A) | &nbsp;&nbsp; 1008883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR360,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwood Financing Plc, 4.50%, 11/15/26 | &nbsp;&nbsp; 408973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP960,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwood Financing Plc, 6.00%, 11/15/26 (144A) | &nbsp;&nbsp; 1255095 |
| 1,066,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unifin Financiera SAB de CV, 8.375%, 1/27/28 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | &nbsp;&nbsp; 3904568 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp; **$** **45629122** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.8%** |  |
| 1,800,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp., 6.95% (5 Year CMT Index + 289 bps), 7/15/55 | $1734339 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, 6.75%, 10/15/32 (144A) | &nbsp;&nbsp; 613994 |
| 1022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | &nbsp;&nbsp; 932839 |
| 1437000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (144A) | &nbsp;&nbsp; 1346507 |
| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, 7.25%, 8/15/32 (144A) | &nbsp;&nbsp; 1991616 |
| 2755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 7.75%, 10/15/31 (144A) | &nbsp;&nbsp; 2915870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9535165** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipments — 0.4%** |  |
| 2109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) | $2139760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipments** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2139760** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engineering & Construction — 0.9%** |  |
| 4410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM, 6.00%, 8/1/33 (144A) | $4445853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engineering & Construction** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4445853** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 1.7%** |  |
| 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Treasury DAC, 5.875%, 6/4/31 (144A) | $1333739 |
| 2573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30 (144A) | &nbsp;&nbsp; 2667524 |
| 4615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.25%, 7/1/32 (144A) | &nbsp;&nbsp; 4881950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **8883213** |

---

7Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Control — 0.8%** |  |
| 4056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | $3926591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Control** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3926591** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 0.4%** |  |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., 7.875%, 3/1/31 (144A) | $560004 |
| 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., 9.625%, 9/15/32 (144A) | &nbsp;&nbsp; 1711966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2271970** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.4%** |  |
| 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 7.50%, 5/1/33 (144A) | $1231136 |
| 855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 7.75%, 5/1/35 (144A) | &nbsp;&nbsp; 937479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2168615** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 1.4%** |  |
| 4,110,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc., 8.375% (5 Year CMT Index + 438 bps), 9/12/55 | $4143710 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 7.375%, 6/1/31 (144A) | &nbsp;&nbsp; 3413758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **7557468** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 3.5%** |  |
| 2725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., 6.75%, 7/15/33 (144A) | $2810265 |
| 3915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | &nbsp;&nbsp; 3680100 |
| 5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 9.375%, 9/1/29 (144A) | &nbsp;&nbsp; 5316563 |
| 6272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Acute Care Solutions LLC, 9.75%, 5/15/29 (144A) | &nbsp;&nbsp; 6408234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp; **$** **18215162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products/Wares — 0.7%** |  |
| 4767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands, Inc., 3.875%, 3/15/31 (144A) | $3803256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Products/Wares** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3803256** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.3%** |  |
| 1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/1/32 (144A) | $1650373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1650373** |

---

Victory Pioneer High Yield Fund \| 7/31/258

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 1.1%** |  |
| 5030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $5117509 |
| 855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Trading Technologies S.a.r.l., 9.50%, 5/30/29 (144A) | &nbsp;&nbsp; 885980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6003489** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 1.1%** |  |
| 2347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.00%, 3/15/32 (144A) | $2289756 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.375%, 5/1/33 (144A) | &nbsp;&nbsp; 1216955 |
| 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.50%, 9/15/31 (144A) | &nbsp;&nbsp; 429222 |
| 2069000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS International Corp., 6.25%, 4/15/29 (144A) | &nbsp;&nbsp; 1969815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5905748** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 2.1%** |  |
| 3665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 6.00%, 5/1/29 (144A) | $3697501 |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cruise Yacht Upper HoldCo, Ltd., 11.875%, 7/5/28 | &nbsp;&nbsp; 1623644 |
| 3421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp., Ltd., 7.75%, 2/15/29 (144A) | &nbsp;&nbsp; 3629117 |
| 965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp., Ltd., 8.125%, 1/15/29 (144A) | &nbsp;&nbsp; 1013771 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP Cruises Intermediate, Ltd., 11.50%, 3/14/30 (144A) | &nbsp;&nbsp; 1156345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp; **$** **11120378** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 3.0%** |  |
| 3515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29 (144A) | $3618936 |
| 0(e)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Posadas SAB de CV, 7.00% (7.00% PIK or 5.00% Cash), 12/30/27 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2754000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 5.00%, 6/1/29 (144A) | &nbsp;&nbsp; 2635793 |
| 4380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd., 7.625%, 4/17/32 (144A) | &nbsp;&nbsp; 4501887 |
| 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International, 6.50%, 4/15/32 | &nbsp;&nbsp; 2549477 |
| 2556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 6.625%, 7/31/26 (144A) | &nbsp;&nbsp; 2574823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp; **$** **15880916** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 4.3%** |  |
| 3103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $2754647 |
| 2290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28 (144A) | &nbsp;&nbsp; 2247134 |
| 3154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 4.50%, 11/15/31 (144A) | &nbsp;&nbsp; 2101100 |
| 895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 5.375%, 2/1/28 (144A) | &nbsp;&nbsp; 822960 |
| 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 11.75%, 1/31/29 (144A) | &nbsp;&nbsp; 360125 |

---

9Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — (continued)** |  |
| 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 7.25%, 8/15/33 (144A) | $1218557 |
| 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 10.50%, 7/15/29 (144A) | &nbsp;&nbsp; 2819129 |
| 4506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | &nbsp;&nbsp; 4580268 |
| 3141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125%, 9/1/26 (144A) | &nbsp;&nbsp; 3070435 |
| 2995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing BV, 5.00%, 1/15/32 (144A) | &nbsp;&nbsp; 2633933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; **$** **22608288** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Fabricate/Hardware — 0.7%** |  |
| 3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 8.50%, 8/1/30 (144A) | $3432071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Fabricate/Hardware** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3432071** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 3.0%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 8.00%, 3/1/33 (144A) | $247301 |
| 5151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | &nbsp;&nbsp; 5363499 |
| 760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 9.375%, 3/1/29 (144A) | &nbsp;&nbsp; 805381 |
| 3164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp., 5.75%, 10/15/28 (144A) | &nbsp;&nbsp; 3129127 |
| 5966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taseko Mines, Ltd., 8.25%, 5/1/30 (144A) | &nbsp;&nbsp; 6229300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp; **$** **15774608** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing — 1.8%** |  |
| 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxam Prill S.a.r.l., 7.75%, 7/15/30 (144A) | $3715370 |
| 5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Industries, Inc., 7.75%, 7/15/28 (144A) | &nbsp;&nbsp; 5877101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Miscellaneous Manufacturing** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9592471** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 6.8%** |  |
| 1108353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC, Ltd./Borr Finance LLC, 10.00%, 11/15/28 (144A) | $1059745 |
| 1543762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | &nbsp;&nbsp; 1454673 |
| 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc., 8.625%, 11/1/30 (144A) | &nbsp;&nbsp; 2642409 |
| 2622000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energean Plc, 6.50%, 4/30/27 (144A) | &nbsp;&nbsp; 2576115 |
| 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | &nbsp;&nbsp; 1135760 |
| 2156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | &nbsp;&nbsp; 2069719 |
| 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 (144A) | &nbsp;&nbsp; 726052 |
| 3557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | &nbsp;&nbsp; 3363357 |

---

Victory Pioneer High Yield Fund \| 7/31/2510

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — (continued)** |  |
| 3108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29 (144A) | $3047157 |
| 2570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, 8.75%, 2/15/32 (144A) | &nbsp;&nbsp; 2665139 |
| 2391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A) | &nbsp;&nbsp; 2047194 |
| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.75%, 2/15/30 (144A) | &nbsp;&nbsp; 1418300 |
| 506667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | &nbsp;&nbsp; 519256 |
| 1735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 6.80%, 3/15/38 | &nbsp;&nbsp; 1301797 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.25%, 5/15/29 (144A) | &nbsp;&nbsp; 1048296 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.50%, 5/15/31 (144A) | &nbsp;&nbsp; 1019830 |
| 2884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil Plc, 10.25%, 5/15/26 (144A) | &nbsp;&nbsp; 2588390 |
| 4767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | &nbsp;&nbsp; 4743360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp; **$** **35426549** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — 0.9%** |  |
| 2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerflex, Ltd., 9.00%, 10/15/27 (144A) | $2589867 |
| 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29 (144A) | &nbsp;&nbsp; 2228512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4818379** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaging & Containers — 2.3%** |  |
| 2619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $2468408 |
| 3835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV, 4.75%, 2/15/30 (144A) | &nbsp;&nbsp; 3633703 |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) | &nbsp;&nbsp; 1476406 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 5.00%, 4/15/29 (144A) | &nbsp;&nbsp; 1785349 |
| 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 6.50%, 7/15/32 (144A) | &nbsp;&nbsp; 973290 |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. US, 7.25%, 2/15/31 (144A) | &nbsp;&nbsp; 1486349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Packaging & Containers** | &nbsp;&nbsp; **$** **11823505** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.0%** |  |
| 2475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., 10.00%, 4/15/32 (144A) | $2519770 |
| 5570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth LLC, 5.125%, 3/1/30 (144A) | &nbsp;&nbsp; 5235807 |
| 1,650,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00% (5 Year CMT Index + 289 bps), 3/10/55 | &nbsp;&nbsp; 1697586 |
| 3726000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.125%, 4/30/31 (144A) | &nbsp;&nbsp; 3223420 |
| 5897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., 6.625%, 4/1/30 (144A) | &nbsp;&nbsp; 5310235 |
| 2,554,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

11Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR2,415,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/30 | $2825994 |
| 2,645,000(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricida, Inc., 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp; **$** **20812812** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 3.9%** |  |
| 2885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33 (144A) | $3072421 |
| 1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | &nbsp;&nbsp; 1220900 |
| 2314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29 (144A) | &nbsp;&nbsp; 2408201 |
| 2,927,000(f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | &nbsp;&nbsp; 2996762 |
| 905,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings, Ltd., 7.50% (5 Year CMT Index + 367 bps), 3/1/55 (144A) | &nbsp;&nbsp; 940239 |
| 3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | &nbsp;&nbsp; 3743065 |
| 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.375%, 6/1/31 (144A) | &nbsp;&nbsp; 1132622 |
| 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.50%, 2/1/29 (144A) | &nbsp;&nbsp; 1003333 |
| 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34 (144A) | &nbsp;&nbsp; 1316801 |
| 2355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36 (144A) | &nbsp;&nbsp; 2422602 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp; **$** **20256946** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity — 0.2%** |  |
| 960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC , 3.375%, 6/15/26 (144A) | $941693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Private Equity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **941693** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.6%** |  |
| 3643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc., 4.75%, 2/1/30 | $3356697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3356697** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 1.4%** |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc., 6.75%, 12/1/33 | $123185 |
| 3061000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | &nbsp;&nbsp; 2896627 |

---

Victory Pioneer High Yield Fund \| 7/31/2512

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — (continued)** |  |
| 2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, 2/15/29 (144A) | $2791986 |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.625%, 6/15/32 (144A) | &nbsp;&nbsp; 1450413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **7262211** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 3.5%** |  |
| 2645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc., 8.25%, 7/15/30 (144A) | $2805742 |
| 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cougar JV Subsidiary LLC, 8.00%, 5/15/32 (144A) | &nbsp;&nbsp; 2152295 |
| 2735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.625%, 10/1/29 (144A) | &nbsp;&nbsp; 2523865 |
| 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.875%, 10/1/31 (144A) | &nbsp;&nbsp; 1221914 |
| 3775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | &nbsp;&nbsp; 3668625 |
| 3126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 6.125%, 3/15/32 (144A) | &nbsp;&nbsp; 2993056 |
| 2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 7.375%, 8/1/33 (144A) | &nbsp;&nbsp; 2629980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp; **$** **17995477** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.9%** |  |
| 4610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., 9.00%, 2/1/31 (144A) | $4590345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4590345** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 2.9%** |  |
| 3,402,000(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France Holding S.A., 6.00%, 2/15/28 (144A) | $1250235 |
| 3345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A., 5.125%, 7/15/29 (144A) | &nbsp;&nbsp; 2893425 |
| 2728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco S.a.r.l./Connect US Finco LLC, 9.00%, 9/15/29 (144A) | &nbsp;&nbsp; 2754764 |
| 3098782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.875%, 6/30/33 (144A) | &nbsp;&nbsp; 3140165 |
| 4880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31 (144A) | &nbsp;&nbsp; 5108823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp; **$** **15147412** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 1.9%** |  |
| 4376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $4057755 |
| 2009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp., 8.50%, 3/1/28 (144A) | &nbsp;&nbsp; 2048469 |

---

13Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — (continued)** |  |
| 2743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan Corp., 5.50%, 8/1/29 (144A) | $2611972 |
| 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Leasing Co. LLC, 7.625%, 2/15/30 (144A) | &nbsp;&nbsp; 1075129 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9793325** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $475,428,816)** | **$471317107** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock — 0.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.2%** |  |
| 1617862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento preferred | $1213396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1213396** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (Cost $1,617,862)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1213396** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Right/Warrant — 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.0%†** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP63,875(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Plc, 1/1/59 | $33743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **33743** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Right/Warrant<br> (Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **33743** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.0%†<br> of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 2,400,000(c)(k)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2018, 12/31/25 | $2400 |
| 1,668,837(c)(k)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 643,077(c)(k)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/26 | $4630 |
| 550,000(c)(k)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/25 | &nbsp;&nbsp;&nbsp; — |
| 233,537(c)(k)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7030** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $141,006)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7030** |

---

Victory Pioneer High Yield Fund \| 7/31/2514

------

Schedule of Investments \| 7/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 2.9% of Net Assets** |  |
| 15,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 8/26/25 | $14955229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $14,955,661)** | &nbsp;&nbsp; **$** **14955229** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 1.8% of<br> Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 1.8%** |  |
| 9,395,139(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.20% | $9395139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $9395139 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $9,395,139)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9395139** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.5%<br> (Cost $518,505,104)** | **$513712654** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; $7669651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$521382305** |

---

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| 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 July 31, 2025, the value of these securities amounted to $431,672,098, or 82.8% of net assets. |

---

(a) Floating rate note. Coupon rate, reference index and spread shown at July 31, 2025.

(b) 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) Non-income producing security.

(d) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.

(e) Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount.

(f) Security is perpetual in nature and has no stated maturity date.

15Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | |
|:---|:---|
| (g) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2025. |
| (h) | &nbsp;&nbsp;Security is in default. |
| (i) | &nbsp;&nbsp;Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at July 31, 2025. |
| (j) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (k) | &nbsp;&nbsp;Issued as preference shares. |
| (l) | &nbsp;&nbsp;Rate shown represents yield-to-maturity. |
| (m) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at July 31, 2025. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund 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 July 31, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Harambee Re 2018 | 12/19/2017 | &nbsp;&nbsp;&nbsp;&nbsp;$41697 | &nbsp;&nbsp;&nbsp;&nbsp;$2400 |
| &nbsp;&nbsp;Harambee Re 2019 | 4/24/2019 | &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;Lorenz Re 2019 | 7/10/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Viribus Re 2019 | 3/25/2019 | &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;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7030 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0%† |

---

† Amount rounds to less than 0.1%.

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **In<br> Exchange for** | **Currency<br> Sold** | **Deliver** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | &nbsp;&nbsp;1875000 | USD | 2212060 | Morgan Stanley & Co., LLC | 10/28/25 | $(59708) |
| USD | 10467584 | EUR | 8950000 | State Street Bank & Trust Co. | 9/25/25 | &nbsp;&nbsp;&nbsp;214817 |
| USD | &nbsp;&nbsp;1158452 | GBP | &nbsp;&nbsp;&nbsp;850000 | State Street Bank & Trust Co. | 9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;35268 |
| **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** | **$190377** |

---

Victory Pioneer High Yield Fund \| 7/31/2516

------

Schedule of Investments \| 7/31/25 (continued)

#### SWAP CONTRACTS

#### CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)<sup>(1)</sup>** | **Reference<br> Obligation/Index** | **Pay/<br> Receive<sup>(2)</sup>** | **Annual<br> Fixed Rate** | **Expiration<br> Date** | **Premiums<br> (Received)** | **Unrealized<br> (Depreciation)** | **Market<br> Value** |
| 64010000 | Markit CDX North America High Yield Index Series 44 | Pay | 5.00% | 6/20/30 | $(2898133) | $(2116131) | $(5014264) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **$(2898133)** | **$(2116131)** | **$(5014264)** |
| **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** |  | **$(2898133)** | **$(2116131)** | **$(5014264)** |

---

<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 |
| GBP — Great British Pound |
| IDR — Indonesian Rupiah |
| USD — United States Dollar |

---

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$14252237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$14252237 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial Services | &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;8820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8820 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2153760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153760 |
| &nbsp;&nbsp;&nbsp;Professional Services | &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;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;All Other Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40178 | &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;40178 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209466 |
| Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126530 |

---

17Victory Pioneer High Yield Fund \| 7/31/25

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$6442566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* | &nbsp;&nbsp;&nbsp;$6442566 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24670697 | &nbsp;&nbsp;&nbsp;149169 | &nbsp;&nbsp;&nbsp;&nbsp;24819866 |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45629122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;45629122 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20812812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;20812812 |
| &nbsp;&nbsp;&nbsp;All Other Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;373612741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;373612741 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213396 |
| Right/Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33743 | &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;33743 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &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;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &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;4630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14955229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14955229 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;9395139 | &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;9395139 |
| **Total Investments in Securities** | **$9469060** | &nbsp;&nbsp;**$504078556** | &nbsp;&nbsp;**$165038** | &nbsp;&nbsp;**$513712654** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$190377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$190377 |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2116130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2116130) |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1925753)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1925753)** |

---

---

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

---

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

Victory Pioneer High Yield Fund \| 7/31/2518

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer High Yield Fund

- **b. EDGAR series identifier (if any):** S000089771

- **c. LEI of Series:** 549300KIPK21IOE42X58

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $537382860.56

**Total Liabilities:** $17608154.27

**Net Assets:** $519774706.29

**Delayed Delivery Securities:** $4768622.66

**Cash Not Reported:** $2626424.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -100.00000000 | **1-Year:** -79.00000000 | **5-Year:** -2544.00000000 | **10-Year:** -2087.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -488.00000000 | **1-Year:** -5264.00000000 | **5-Year:** -99253.00000000 | **10-Year:** -3484.00000000 | **30-Year:** -3169.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256542 | 1.93%                | 1.78%                | 0.51%                |
| Class ID C000256543 | 1.80%                | 1.87%                | 0.38%                |
| Class ID C000256544 | 1.70%                | 1.78%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1559415.50             | $9859322.66                                |
| Month 2  | $-1071316.42             | $9349633.44                                |
| Month 3  | $433900.14               | $-1031407.44                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DELEK LOG PART/FINANCE              | Delek Logistics Partners LP / Delek Logistics Finance Corp                   | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2314000 | PA      | $2408200.63   | 0.46%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2019, 12/31/22           | Viribus Re 2019, 12/31/22                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      233537 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| QUIKRETE HOLDINGS INC               | Quikrete Holdings Inc                                                        | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      810000 | PA      | $830731.95    | 0.16%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                             | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      385000 | PA      | $360124.78    | 0.07%             | 2029-01-31      | Fixed         | 11.75%                | 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        |     1155000 | PA      | $1135760.01   | 0.22%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Harambee Re 2018, 12/31/21          | Harambee Re 2018, 12/31/21                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2400000 | PA      | $2400.00      | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                     | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2156000 | PA      | $2069718.60   | 0.40%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                     | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      495000 | PA      | $516783.47    | 0.10%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| CREDITO REAL SAB DE CV SOFOM ER     | CREDITO REAL SAB DE CV SOFOM ER                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      700000 | PA      | $84000.00     | 0.02%             | 2028-01-21      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                     | Sealed Air Corp                                                              | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      945000 | PA      | $973290.47    | 0.19%             | 2032-07-15      | 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        |     5151000 | PA      | $5363499.35   | 1.03%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Atento preferred                    | Atento preferred                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     1617862 | NS      | $1213396.50   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR             | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                      | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1215000 | PA      | $1240496.78   | 0.24%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                | Flutter Treasury DAC                                                         | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     1325000 | PA      | $1333738.38   | 0.26%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      530000 | PA      | $547773.88    | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | 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        |     4880000 | PA      | $5108823.20   | 0.98%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP               | Freedom Mortgage Corp                                                        | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      250000 | PA      | $250142.00    | 0.05%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRICIDA INC                         | TRICIDA INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2645000 | PA      | $0.03         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Atento ordinary                     | Atento ordinary                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   190086798 | NS      | $19.01        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                             | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     3154000 | PA      | $2101099.99   | 0.40%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                     | Sealed Air Corp                                                              | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     1810000 | PA      | $1785348.71   | 0.34%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP               | Clearwater Paper Corp                                                        | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |     2619000 | PA      | $2468407.50   | 0.47%             | 2028-08-15      | Fixed         | 4.75%                 | 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        |     6900000 | PA      | $7125200.27   | 1.37%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L            | First Quantum Minerals Ltd                                                   | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      760000 | PA      | $805380.36    | 0.15%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                  | Ford Motor Co                                                                | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     2255000 | PA      | $2258732.70   | 0.43%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2226000 | PA      | $2267554.26   | 0.44%             | N/A             | Fixed         | 7.62%                 | 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        |     2754000 | PA      | $2635793.34   | 0.51%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC               | Civitas Resources Inc                                                        | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     2590000 | PA      | $2642408.65   | 0.51%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                         | Gap Inc/The                                                                  | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     2735000 | PA      | $2523865.03   | 0.49%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                          | DaVita Inc                                                                   | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     2725000 | PA      | $2810265.25   | 0.54%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AECOM                               | AECOM                                                                        | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     4410000 | PA      | $4445853.30   | 0.86%             | 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        |     2585000 | PA      | $2536531.25   | 0.49%             | 2030-10-08      | Floating      | 10.61%                | 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        |      126641 | NS      | $2153759.62   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1040000 | PA      | $1081095.60   | 0.21%             | 2031-05-15      | Fixed         | 9.12%                 | 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        |     2943000 | PA      | $2942789.28   | 0.57%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED            | AmeriTex HoldCo Intermediate LLC                                             | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2631000 | PA      | $2792080.34   | 0.54%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC              | Trinity Industries Inc                                                       | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     5645000 | PA      | $5877100.61   | 1.13%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II             | GLP Capital LP / GLP Financing II Inc                                        | CUSIP: 361841AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      115000 | PA      | $123185.47    | 0.02%             | 2033-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                    | Allied Universal Holdco LLC / Allied Universal Finance Corp                  | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      590000 | PA      | $574227.35    | 0.11%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                    | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |      295000 | PA      | $292377.27    | 0.06%             | 2027-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                   | Kosmos Energy Ltd                                                            | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     3557000 | PA      | $3363356.92   | 0.65%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Harambee Re 2019, 12/31/22          | Harambee Re 2019, 12/31/22                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1668837 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| CRUISE YACHT UPPER HOLDC            | Cruise Yacht Upper HoldCo Ltd                                                | CUSIP: 000000000<br>LEI: 984500DE088QEE80G074 | Long             | DBT              | CORP              | MT        |     2200000 | PA      | $1623644.44   | 0.31%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1448778.64   | 0.28%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| UNITI GRP/UNITI HLD/CSL             | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC                  | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3061000 | PA      | $2896626.90   | 0.56%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                    | Taseko Mines Ltd                                                             | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     5966000 | PA      | $6229300.04   | 1.20%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                    | MGM Resorts International                                                    | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     2510000 | PA      | $2549476.48   | 0.49%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                | LC AHAB US BIDCO LLC                                                         | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |     1414312 | PA      | $1415196.44   | 0.27%             | 2031-05-01      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                       | LFS Topco LLC                                                                | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4830000 | PA      | $4671752.49   | 0.90%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                         | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1620000 | PA      | $1711965.78   | 0.33%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                            | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      800000 | PA      | $828411.20    | 0.16%             | 2033-06-15      | Fixed         | 7.25%                 | 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        |     4315000 | PA      | $4515582.78   | 0.87%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Option Care Health Inc              | Option Care Health Inc                                                       | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |        1068 | NS      | $31345.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY OP LLC              | Clearway Energy Operating LLC                                                | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     1022000 | PA      | $932839.03    | 0.18%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                                         | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     2865000 | PA      | $2772689.70   | 0.53%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                | OI European Group BV                                                         | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     3835000 | PA      | $3633702.92   | 0.70%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC             | Stagwell Global LLC                                                          | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |     2691000 | PA      | $2590134.59   | 0.50%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                      | Owens-Brockway Glass Container Inc                                           | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     1460000 | PA      | $1476406.02   | 0.28%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                        | Energean PLC                                                                 | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     2622000 | PA      | $2576115.00   | 0.50%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                 | NCL Corp Ltd                                                                 | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      965000 | PA      | $1013771.10   | 0.20%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                | Teva Pharmaceutical Finance Netherlands II BV                                | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     2415000 | PA      | $2825993.71   | 0.54%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                | Alpha Generation LLC                                                         | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |      600000 | PA      | $613993.80    | 0.12%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lorenz Re 2019, 6/30/22             | Lorenz Re 2019, 6/30/22                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      643077 | PA      | $4630.15      | 0.00%             | 2026-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ROCKET COS INC                      | Rocket Cos Inc                                                               | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      995000 | PA      | $1008882.74   | 0.19%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                                           | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     3994000 | PA      | $3638618.67   | 0.70%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1280000 | PA      | $1316801.36   | 0.25%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                 | Sirius XM Radio LLC                                                          | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     2513000 | PA      | $2456543.17   | 0.47%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                           | Sotheby's                                                                    | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |     4045000 | PA      | $3963474.97   | 0.76%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      215000 | PA      | $219896.63    | 0.04%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                               | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1368000 | PA      | $1418299.99   | 0.27%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                         | Danaos Corp                                                                  | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     2009000 | PA      | $2048468.81   | 0.39%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC            | Ford Motor Credit Co LLC                                                     | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     3955000 | PA      | $3853104.21   | 0.74%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                         | Gap Inc/The                                                                  | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1221913.96   | 0.24%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AVATION PLC WTS 01JAN59             | AVATION PLC WTS 01JAN59                                                      | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               | CORP              | US        |       63875 | NC      | $33742.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                     | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     1880000 | PA      | $1896143.56   | 0.36%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                         | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      430000 | PA      | $429222.39    | 0.08%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV        | LyondellBasell Industries NV                                                 | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |         148 | NS      | $8573.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL ENVIRONMENTAL INC               | GFL Environmental Inc                                                        | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     4056000 | PA      | $3926590.89   | 0.76%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                                           | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     2900000 | PA      | $2967557.50   | 0.57%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| UNIFIN FINANCIERA SA DE             | UNIFIN FINANCIERA SAB DE CV                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1066000 | PA      | $0.01         | 0.00%             | 2028-01-27      | Fixed         | 0.01%                 | No            |                  3 | 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        |     1855000 | PA      | $2223025.36   | 0.43%             | 2028-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES            | ION Trading Technologies Sarl                                                | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |      855000 | PA      | $885980.07    | 0.17%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP               | Freedom Mortgage Corp                                                        | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     3363000 | PA      | $3719965.64   | 0.72%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                 | Travel + Leisure Co                                                          | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     2556000 | PA      | $2574823.28   | 0.50%             | 2026-07-31      | Fixed         | 6.62%                 | 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        |     1950000 | PA      | $2011634.70   | 0.39%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                 | NOVA Chemicals Corp                                                          | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     3244000 | PA      | $3098020.00   | 0.60%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC              | Venture Global LNG Inc                                                       | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     1095000 | PA      | $1132622.01   | 0.22%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP              | Velocity Vehicle Group LLC                                                   | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5166000 | PA      | $5227046.62   | 1.01%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     2355000 | PA      | $2422601.59   | 0.47%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING            | Summit Midstream Holdings LLC                                                | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3675000 | PA      | $3743065.37   | 0.72%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                         | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      695000 | PA      | $696167.60    | 0.13%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC              | Carriage Purchaser Inc                                                       | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4376000 | PA      | $4057755.40   | 0.78%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN              | MIWD Holdco II LLC / MIWD Finance Corp                                       | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1406000 | PA      | $1338290.70   | 0.26%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO            | Wildfire Intermediate Holdings LLC                                           | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     4767000 | PA      | $4743359.64   | 0.91%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC               | Level 3 Financing Inc                                                        | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     3098782 | PA      | $3140164.44   | 0.60%             | 2033-06-30      | Fixed         | 6.88%                 | 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        |     3726000 | PA      | $3223420.69   | 0.62%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                 | Lightning Power LLC                                                          | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     1905000 | PA      | $1991616.54   | 0.38%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)            | Sovcombank Via SovCom Capital DAC                                            | CUSIP: 84605LAD8<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |     1025000 | PA      | $0.00         | 0.00%             | N/A             | Fixed         | 7.60%                 | No            |                  3 | On Loan: No      |
| RIVER ROCK ENTERTAINMENT            | RIVER ROCK ENTERTAINMENT AUTHORITY                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4435000 | PA      | $4324125.00   | 0.83%             | 2031-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                      | 1261229 BC Ltd                                                               | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2475000 | PA      | $2519769.98   | 0.48%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA                                                             | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     3345000 | PA      | $2893425.00   | 0.56%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                                 | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2290000 | PA      | $2247133.79   | 0.43%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                 | DENTSPLY SIRONA Inc                                                          | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     4110000 | PA      | $4143710.22   | 0.80%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                    | Maxam Prill Sarl                                                             | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |     3800000 | PA      | $3715370.20   | 0.71%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L            | First Quantum Minerals Ltd                                                   | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      240000 | PA      | $247301.32    | 0.05%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                         | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1096761.90   | 0.21%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE            | Prime Healthcare Services Inc                                                | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5350000 | PA      | $5316562.50   | 1.02%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                   | OneSky Flight LLC                                                            | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |     2885000 | PA      | $3039483.10   | 0.58%             | 2029-12-15      | Fixed         | 8.88%                 | 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        |     5030000 | PA      | $5117509.02   | 0.98%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE               | Melco Resorts Finance Ltd                                                    | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     4380000 | PA      | $4501886.64   | 0.87%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Unifin Financiera SAB de CV         | Unifin Financiera SAB de CV                                                  | CUSIP: 000000000<br>LEI: 5493007GRMPGDJG93Z17 | Long             | EC               | CORP              | MX        |      138656 | NS      | $8819.89      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ENERGY TRANSFER LP                  | Energy Transfer LP                                                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     2927000 | PA      | $2996762.12   | 0.58%             | N/A             | Fixed         | 7.12%                 | 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       |     1543762 | PA      | $1454673.53   | 0.28%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC             | Sotera Health Holdings LLC                                                   | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     3300000 | PA      | $3413757.60   | 0.66%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)            | Sovcombank Via SovCom Capital DAC                                            | CUSIP: 84605LAB2<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |      750000 | PA      | $0.00         | 0.00%             | N/A             | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| STAR LEASING CO LLC                 | Star Leasing Co LLC                                                          | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     1090000 | PA      | $1075128.48   | 0.21%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                    | GGAM Finance Ltd                                                             | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     3280000 | PA      | $3469574.16   | 0.67%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC              | First Brands Group LLC                                                       | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3715843 | PA      | $3643075.62   | 0.70%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA            | Altice France Holding SA                                                     | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     3402000 | PA      | $1250235.00   | 0.24%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                        | Seaspan Corp                                                                 | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |     2743000 | PA      | $2611972.38   | 0.50%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      855000 | PA      | $937479.22    | 0.18%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI             | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1425000 | PA      | $1382408.89   | 0.27%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                | Shelf Drilling Holdings Ltd                                                  | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |     2391000 | PA      | $2047194.05   | 0.39%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust            | DSLA Mortgage Loan Trust 2005-AR6                                            | CUSIP: 23332UFX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      148308 | PA      | $151131.99    | 0.03%             | 2045-10-19      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC            | Builders FirstSource Inc                                                     | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     2461000 | PA      | $2271253.70   | 0.44%             | 2032-02-01      | Fixed         | 4.25%                 | 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        |     2180000 | PA      | $2228512.17   | 0.43%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN            | Live Nation Entertainment Inc                                                | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       85000 | PA      | $91205.00     | 0.02%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                         | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1216954.83   | 0.23%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SP CRUISES INTERMEDIATE             | SP Cruises Intermediate Ltd                                                  | CUSIP: 000000000<br>LEI: 2549001UGAS65A7Y0678 | Long             | DBT              | CORP              | BM        |     1250000 | PA      | $1156344.95   | 0.22%             | 2030-03-14      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT              | HAT Holdings I LLC / HAT Holdings II LLC                                     | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      960000 | PA      | $941692.80    | 0.18%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                         | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     1330000 | PA      | $1395579.64   | 0.27%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC              | Venture Global LNG Inc                                                       | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      920000 | PA      | $1003332.68   | 0.19%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                               | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1218557.21   | 0.23%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA                   | Atento Luxco 1 SA                                                            | CUSIP: 000000000<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |      596676 | PA      | $149169.00    | 0.03%             | 2029-11-30      | Fixed         | 20.00%                | 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        |     2870000 | PA      | $2791986.23   | 0.54%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                               | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1110000 | PA      | $1048296.10   | 0.20%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                 | ABRA Global Finance                                                          | CUSIP: 000852AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     3137502 | PA      | $2392345.17   | 0.46%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                    | Leeward Renewable Energy Operations LLC                                      | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |     1437000 | PA      | $1346506.79   | 0.26%             | 2029-07-01      | 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       |      238750 | PA      | $238532.33    | 0.05%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                        | IAMGOLD Corp                                                                 | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |     3164000 | PA      | $3129127.02   | 0.60%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                  | Mativ Holdings Inc                                                           | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     1635000 | PA      | $1474460.61   | 0.28%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                               | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1735000 | PA      | $1301796.53   | 0.25%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS               | ENDO FINANCE HOLDINGS                                                        | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      650088 | PA      | $652728.16    | 0.13%             | 2031-04-23      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                             | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      895000 | PA      | $822960.28    | 0.16%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                | Grupo Aeromexico SAB de CV                                                   | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2525000 | PA      | $2461875.00   | 0.47%             | 2031-11-15      | Fixed         | 8.62%                 | 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        |     2620000 | PA      | $2629979.97   | 0.51%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                                  | CUSIP: 912797QL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    15000000 | PA      | $14955229.20  | 2.88%             | 2025-08-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV             | VZ Secured Financing BV                                                      | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     2995000 | PA      | $2633932.68   | 0.51%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                          | Tronox Inc                                                                   | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     4873000 | PA      | $3791242.29   | 0.73%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC              | PAR PHARMACEUTICAL INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2554000 | PA      | $0.03         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| AMERITEX HOLDCO INTERMED            | AmeriTex HoldCo Intermediate LLC                                             | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2050000 | PA      | $2084786.76   | 0.40%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| KBR INC                             | KBR Inc                                                                      | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     3085000 | PA      | $2973168.75   | 0.57%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                 | NCL Corp Ltd                                                                 | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     3421000 | PA      | $3629116.54   | 0.70%             | 2029-02-15      | Fixed         | 7.75%                 | 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        |     2573000 | PA      | $2667524.30   | 0.51%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC              | Energizer Holdings Inc                                                       | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     2109000 | PA      | $2139759.77   | 0.41%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                     | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     2755000 | PA      | $2915869.96   | 0.56%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                        | AES Corp/The                                                                 | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     1800000 | PA      | $1734339.44   | 0.33%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                              | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     1650000 | PA      | $1697586.00   | 0.33%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company | EUR/USD FORWARD                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |           1 | NC      | $214816.79    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                      | Transocean Inc                                                               | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1110000 | PA      | $1019830.48   | 0.20%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                  | Kennedy-Wilson Inc                                                           | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |     3643000 | PA      | $3356696.63   | 0.65%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2018, 12/31/21           | Viribus Re 2018, 12/31/21                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      550000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | 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        |     2774000 | PA      | $2931427.27   | 0.56%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                          | Akbank TAS                                                                   | CUSIP: 00971YAG5<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |      120000 | PA      | $120904.07    | 0.02%             | 2026-02-06      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| TULLOW OIL PLC                      | Tullow Oil PLC                                                               | CUSIP: 899415AG8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |     2884000 | PA      | $2588390.00   | 0.50%             | 2026-05-15      | Fixed         | 10.25%                | 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        |     3103000 | PA      | $2754647.29   | 0.53%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL            | Phoenix Aviation Capital Ltd                                                 | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |     3250000 | PA      | $3405371.19   | 0.66%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                    | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     2180000 | PA      | $2245576.58   | 0.43%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                    | GGAM Finance Ltd                                                             | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |      495000 | PA      | $498306.60    | 0.10%             | 2026-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC              | Sherwood Financing PLC                                                       | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |      960000 | PA      | $1255094.70   | 0.24%             | 2026-11-15      | Fixed         | 6.00%                 | 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        |     1215000 | PA      | $1220900.04   | 0.23%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FI 4.5% 11/15/26/EUR/      | SHERWOOD FI 4.5% 11/15/26/EUR/                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      360000 | PA      | $408973.52    | 0.08%             | 2026-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Emerald Plantation Holdings Lt      | Emerald Plantation Holdings Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      459481 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BRINKER INTERNATIONAL IN            | Brinker International Inc                                                    | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |     2645000 | PA      | $2805741.94   | 0.54%             | 2030-07-15      | Fixed         | 8.25%                 | 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       |     2728000 | PA      | $2754764.41   | 0.53%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Amplify Energy Corp                 | Amplify Energy Corp                                                          | CUSIP: 03212B103<br>LEI: J0TW5YQRAZXYN7VEU787 | Long             | EC               | CORP              | US        |          48 | NS      | $182.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US ACUTE CARE SOLUTIONS             | US Acute Care Solutions LLC                                                  | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6272000 | PA      | $6408234.11   | 1.23%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | Goat Holdco LLC                                                              | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1220000 | PA      | $1229841.42   | 0.24%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                 | NOVA Chemicals Corp                                                          | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     1195000 | PA      | $1247463.40   | 0.24%             | 2031-12-01      | Fixed         | 7.00%                 | 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        |     3126000 | PA      | $2993056.07   | 0.58%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TRICIDA INC                         | TRICIDA INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2645000 | PA      | $0.03         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS            | LCM Investments Holdings II LLC                                              | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     3775000 | PA      | $3668625.03   | 0.71%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                | ALPHA GENERATION LLC                                                         | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     1121525 | PA      | $1121525.00   | 0.22%             | 2031-09-30      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD            | South Bow Canadian Infrastructure Holdings Ltd                               | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |      905000 | PA      | $940238.89    | 0.18%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC            | Cougar JV Subsidiary LLC                                                     | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2035000 | PA      | $2152295.37   | 0.41%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                         | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     2347000 | PA      | $2289755.73   | 0.44%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                               | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     2605000 | PA      | $2819129.49   | 0.54%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                  | Czechoslovak Group AS                                                        | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |     2055000 | PA      | $2080894.09   | 0.40%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC            | Park-Ohio Industries Inc                                                     | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |     3575000 | PA      | $3432071.50   | 0.66%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC                   | Owens & Minor Inc                                                            | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     5897000 | PA      | $5310234.70   | 1.02%             | 2030-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                        | Enerflex Ltd                                                                 | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |     2515000 | PA      | $2589866.52   | 0.50%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /            | Albion Financing 1 SARL / Aggreko Holdings Inc                               | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1315000 | PA      | $1353511.09   | 0.26%             | 2030-05-21      | Fixed         | 7.00%                 | 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        |     1430000 | PA      | $1486349.15   | 0.29%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management  | Dreyfus Government Cash Management                                           | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    17386568 | NS      | $17386567.95  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC              | Spirit AeroSystems Inc                                                       | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1649704.71   | 0.32%             | 2030-11-15      | Fixed         | 9.75%                 | 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        |     3515000 | PA      | $3618936.19   | 0.70%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company | GBP/USD FORWARD                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |           1 | NC      | $35268.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC              | Spirit AeroSystems Inc                                                       | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1162301.80   | 0.22%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC             | Champions Financing Inc                                                      | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |     5289000 | PA      | $4897157.56   | 0.94%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC              | Nationstar Mortgage Holdings Inc                                             | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2450000 | PA      | $2558405.93   | 0.49%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                                           | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      685000 | PA      | $683784.23    | 0.13%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS              | Methanex US Operations Inc                                                   | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4308000 | PA      | $4270281.65   | 0.82%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC              | Acrisure LLC / Acrisure Finance Inc                                          | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1630000 | PA      | $1650373.04   | 0.32%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization      | Global Mortgage Securitization Ltd                                           | CUSIP: 378961AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |      139195 | PA      | $58334.08     | 0.01%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                      | NCR Voyix Corp                                                               | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     1275000 | PA      | $1254156.30   | 0.24%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC             | Efesto Bidco S.p.A Efesto US LLC                                             | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     4030000 | PA      | $4110604.59   | 0.79%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Desarrolladora Homex SAB de CV      | Desarrolladora Homex SAB de CV                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     1443476 | NS      | $76.52        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | McGraw-Hill Education Inc                                                    | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     4506000 | PA      | $4580267.89   | 0.88%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                     | AdaptHealth LLC                                                              | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5570000 | PA      | $5235806.85   | 1.01%             | 2030-03-01      | Fixed         | 5.12%                 | 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        |      745000 | PA      | $726052.12    | 0.14%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER            | Kraken Oil & Gas Partners LLC                                                | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |     3108000 | PA      | $3047156.86   | 0.59%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP            | Olympus Water US Holding Corp                                                | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     5940000 | PA      | $6227050.50   | 1.20%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC              | Nationstar Mortgage Holdings Inc                                             | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3909000 | PA      | $3901572.63   | 0.75%             | 2030-12-15      | Fixed         | 5.12%                 | 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        |     3860000 | PA      | $3838631.81   | 0.74%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN             | Borr IHC Ltd / Borr Finance LLC                                              | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1108354 | PA      | $1059744.85   | 0.20%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC               | Long Ridge Energy LLC                                                        | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |     2570000 | PA      | $2665139.45   | 0.51%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                 | Spectrum Brands Inc                                                          | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |     4767000 | PA      | $3803255.61   | 0.73%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                  | Voyager Parent LLC                                                           | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     4615000 | PA      | $4881950.06   | 0.94%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                    | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1232000 | PA      | $1208423.22   | 0.23%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMAZON HOLDCO INC                   | AMAZON HOLDCO INC                                                            | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |      561600 | PA      | $559055.39    | 0.11%             | 2031-09-29      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                    | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1880000 | PA      | $1936084.16   | 0.37%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP              | TMS International Corp/DE                                                    | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |     2069000 | PA      | $1969815.45   | 0.38%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO             | Allied Universal Holdco LLC                                                  | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     1755000 | PA      | $1840357.94   | 0.35%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC               | NESCO Holdings II Inc                                                        | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     1166000 | PA      | $1136859.86   | 0.22%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PT Bakrie & Brothers TBK            | PT Bakrie & Brothers TBK                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        | 11178198000 | PA      | $35324.60     | 0.01%             | 2025-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1140000 | PA      | $1231135.65   | 0.24%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                       | CoreWeave Inc                                                                | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     4610000 | PA      | $4590344.71   | 0.88%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                         | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      530000 | PA      | $560004.36    | 0.11%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LifePoint Health Inc                                                         | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     3915000 | PA      | $3680100.00   | 0.71%             | 2029-01-15      | Fixed         | 5.38%                 | 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        |     2885000 | PA      | $3072421.14   | 0.59%             | 2033-12-15      | 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        |      506667 | PA      | $519255.82    | 0.10%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL            | United Wholesale Mortgage LLC                                                | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     3905000 | PA      | $3904567.99   | 0.75%             | 2027-06-15      | Fixed         | 5.75%                 | 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        |     1430000 | PA      | $1450412.99   | 0.28%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     3665000 | PA      | $3697501.22   | 0.71%             | 2029-05-01      | Fixed         | 6.00%                 | 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      | $-5014263.89  | -0.96%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | EUR/USD FORWARD                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-59708.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU            | Camelot Return Merger Sub Inc                                                | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3145000 | PA      | $2881669.15   | 0.55%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-24

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer