# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0001193125-25-171602
**Filing Date:** 2025-8
**Character Count:** 722560
**Document Hash:** 612777cbbdb0334793e4793b869f3223
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-171602.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001193125-25-171602

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**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:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251175911

**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 Fundamental Growth Fund (Series ID: S000089760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256495 | Class R      | PFGRX           |
| C000256496 | Class R6     | PFGKX           |
| C000256497 | Class A      | PIGFX           |
| C000256498 | Class Y      | FUNYX           |
| C000256499 | Class C      | FUNCX           |

### Victory Pioneer Multi-Asset Ultrashort Income Fund (Series ID: S000089770)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256538 | Class Y      | MYFRX           |
| C000256539 | Class A      | MAFRX           |
| C000256540 | Class C      | MAUCX           |
| C000256541 | Class R6     | MAUKX           |

?xml version='1.0' encoding='ASCII'? Victory Portfolios IV

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-24019

#### Victory Portfolios IV
(Exact name of registrant as specified in charter)

------

15935 La Cantera Parkway, San Antonio, Texas 78256

(Address of principal executive offices) (ZIP code)

Christopher J. Kelley, Victory Capital Management Inc.

60 State Street, Boston, MA 02109

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 742-7825

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class A / PIGFX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") (successor to Pioneer Fundamental Growth Fund) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A\* | $99 | 0.99% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class A shares at NAV returned (0.08)%. For the same period, the Fund's broad-based benchmark, the S&P 500 Total Return Index, returned 8.25%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 7.76% over the period. 

* Sector allocation was a slight detractor with the Fund's underweight to communication services and consumer staples detracting from performance while being mostly offset by positive contributions from an overweight in the consumer discretionary and financial sector. 

* Stock selection detracted from performance with underweight positions in the outperforming stocks of Apple and NVIDIA detracting from performance over the period. An underweight position in the underperforming Microsoft and a position in outperforming out of benchmark stock Intercontinental Exchange contributed positively to performance. 

#### Fund Performance
The line graph below shows the change in value of a $10,000 investment made in Class A shares of the Fund at public offering price during the periods shown, compared to that of the S&P 500 Total Return Index and the Russell 1000 Growth Total Return Index.

 **GROWTH OF $10,000**

![Fund Performance - Growth of 10K](g137366chartimages_9833873.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class A\* (with sales charge)** | -5.83% | 15.64% | 11.73% |
| **Class A\* (without sales charge)** | -0.08% | 17.01% | 12.39% |
| **S&P 500 Total Return Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000 Growth Total Return Index** | 7.76% | 20.09% | 15.12% |

---

 *<sup>\*</sup>* *Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund. The performance of Class A shares of Victory Pioneer Fundamental Growth Fund is the performance of Class A shares of the Predecessor Fund, and has been restated to reflect differences in any applicable sales charges, but not differences in expenses.*

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,728,910,320% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$45664694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.*

 **SECTOR DISTRIBUTION**

 **(as of March 31, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 38.7% |
| Consumer Discretionary | 18.9% |
| Financials | 13.3% |
| Health Care | 12.8% |
| Industrials | 9.7% |
| Communication Services | 6.6% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

In the Reorganization, shareholders holding Class A shares of the Predecessor Fund received Class A shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser (the "Transaction"). All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34194-00-A-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class C / FUNCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") (successor to Pioneer Fundamental Growth Fund) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C\* | $171 | 1.72% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class C shares at NAV returned (0.82)%. For the same period, the Fund's broad-based benchmark, the S&P 500 Total Return Index, returned 8.25%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 7.76% over the period. 

* Sector allocation was a slight detractor with the Fund's underweight to communication services and consumer staples detracting from performance while being mostly offset by positive contributions from an overweight in the consumer discretionary and financial sector. 

* Stock selection detracted from performance with underweight positions in the outperforming stocks of Apple and NVIDIA detracting from performance over the period. An underweight position in the underperforming Microsoft and a position in outperforming out of benchmark stock Intercontinental Exchange contributed positively to performance. 

#### Fund Performance
The line graph below shows the change in value of a $10,000 investment made in Class C shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and the Russell 1000 Growth Total Return Index.

 **GROWTH OF $10,000**

![Fund Performance - Growth of 10K](g137366chartimages_9833901.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class C\* (with contingent deferred sales charge)** | -1.75% | 16.17% | 11.61% |
| **Class C\* (without contingent deferred sales charge)** | -0.82% | 16.17% | 11.61% |
| **S&P 500 Total Return Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000 Growth Total Return Index** | 7.76% | 20.09% | 15.12% |

---

 *<sup>\*</sup>* *Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund. The performance of Class C shares of Victory Pioneer Fundamental Growth Fund is the performance of Class C shares of the Predecessor Fund, and has been restated to reflect differences in any applicable sales charges, but not differences in expenses.*

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,728,910,320% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$45664694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.*

 **SECTOR DISTRIBUTION**

 **(as of March 31, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 38.7% |
| Consumer Discretionary | 18.9% |
| Financials | 13.3% |
| Health Care | 12.8% |
| Industrials | 9.7% |
| Communication Services | 6.6% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

In the Reorganization, shareholders holding Class C shares of the Predecessor Fund received Class C shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser (the "Transaction"). All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34195-00-C-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class R / PFGRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") (successor to Pioneer Fundamental Growth Fund) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R\* | $139 | 1.39% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class R shares at NAV returned (0.49)%. For the same period, the Fund's broad-based benchmark, the S&P 500 Total Return Index, returned 8.25%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 7.76% over the period. 

* Sector allocation was a slight detractor with the Fund's underweight to communication services and consumer staples detracting from performance while being mostly offset by positive contributions from an overweight in the consumer discretionary and financial sector. 

* Stock selection detracted from performance with underweight positions in the outperforming stocks of Apple and NVIDIA detracting from performance over the period. An underweight position in the underperforming Microsoft and a position in outperforming out of benchmark stock Intercontinental Exchange contributed positively to performance. 

#### Fund Performance
The line graph below shows the change in value of a $10,000 investment made in Class R shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and the Russell 1000 Growth Total Return Index.

 **GROWTH OF $10,000**

![Fund Performance - Growth of 10K](g137366chartimages_9833957.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class R\*** | -0.49% | 16.56% | 12.00% |
| **S&P 500 Total Return Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000 Growth Total Return Index** | 7.76% | 20.09% | 15.12% |

---

 *<sup>\*</sup>* *Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund. The performance of Class R shares of Victory Pioneer Fundamental Growth Fund is the performance of Class R shares of the Predecessor Fund, and has not been restated to reflect differences in expenses.*

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,728,910,320% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$45664694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.*

 **SECTOR DISTRIBUTION**

 **(as of March 31, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 38.7% |
| Consumer Discretionary | 18.9% |
| Financials | 13.3% |
| Health Care | 12.8% |
| Industrials | 9.7% |
| Communication Services | 6.6% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

In the Reorganization, shareholders holding Class R shares of the Predecessor Fund received Class R shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser (the "Transaction"). All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34197-00-R-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class R6 / PFGKX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") (successor to Pioneer Fundamental Growth Fund) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6\* | $65 | 0.65% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class R6 shares\* at NAV returned 0.27%. For the same period, the Fund's broad-based benchmark, the S&P 500 Total Return Index, returned 8.25%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 7.76% over the period. 

* Sector allocation was a slight detractor with the Fund's underweight to communication services and consumer staples detracting from performance while being mostly offset by positive contributions from an overweight in the consumer discretionary and financial sector. 

* Stock selection detracted from performance with underweight positions in the outperforming stocks of Apple and NVIDIA detracting from performance over the period. An underweight position in the underperforming Microsoft and a position in outperforming out of benchmark stock Intercontinental Exchange contributed positively to performance. 

#### Fund Performance
The line graph below shows the change in value of a $5 million investment made in Class R6 shares\* of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and the Russell 1000 Growth Total Return Index.

 **GROWTH OF $5 million**

![Fund Performance - Growth of 10K](g137366chartimages_9833929.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6\*** | 0.27% | 17.43% | 12.83% |
| **S&P 500 Total Return Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000 Growth Total Return Index** | 7.76% | 20.09% | 15.12% |

---

 *<sup>\*</sup>* *Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund. The performance of Class R6 shares of Victory Pioneer Fundamental Growth Fund is the performance of Class K shares of the Predecessor Fund, and has not been restated to reflect differences in expenses.*

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,728,910,320% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$45664694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.*

 **SECTOR DISTRIBUTION**

 **(as of March 31, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 38.7% |
| Consumer Discretionary | 18.9% |
| Financials | 13.3% |
| Health Care | 12.8% |
| Industrials | 9.7% |
| Communication Services | 6.6% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser (the "Transaction"). All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34196-00-R6-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class Y / FUNYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") (successor to Pioneer Fundamental Growth Fund) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Y\* | $76 | 0.76% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class Y shares at NAV returned 0.15%. For the same period, the Fund's broad-based benchmark, the S&P 500 Total Return Index, returned 8.25%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 7.76% over the period. 

* Sector allocation was a slight detractor with the Fund's underweight to communication services and consumer staples detracting from performance while being mostly offset by positive contributions from an overweight in the consumer discretionary and financial sector. 

* Stock selection detracted from performance with underweight positions in the outperforming stocks of Apple and NVIDIA detracting from performance over the period. An underweight position in the underperforming Microsoft and a position in outperforming out of benchmark stock Intercontinental Exchange contributed positively to performance. 

#### Fund Performance
The line graph below shows the change in value of a $5 million investment made in Class Y shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and the Russell 1000 Growth Total Return Index.

 **GROWTH OF $5 million**

![Fund Performance - Growth of 10K](g137366chartimages_9833985.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class Y\*** | 0.15% | 17.30% | 12.71% |
| **S&P 500 Total Return Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000 Growth Total Return Index** | 7.76% | 20.09% | 15.12% |

---

 *<sup>\*</sup>* *Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund. The performance of Class Y shares of Victory Pioneer Fundamental Growth Fund is the performance of Class Y shares of the Predecessor Fund, and has not been restated to reflect differences in expenses.*

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,728,910,320% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$45664694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.*

 **SECTOR DISTRIBUTION**

 **(as of March 31, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 38.7% |
| Consumer Discretionary | 18.9% |
| Financials | 13.3% |
| Health Care | 12.8% |
| Industrials | 9.7% |
| Communication Services | 6.6% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization which was approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

In the Reorganization, shareholders holding Class Y shares of the Predecessor Fund received Class Y shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser (the "Transaction"). All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34198-00-Y-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class A / MAFRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 0.58% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class A shares at NAV returned 5.85%. For the same period, the Fund's broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 4.88%. The performance benchmark, the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index, returned 4.97% over the period. 

* The Fund's credit positioning contributed to returns. Credit spreads compressed across the majority of the sectors where the portfolio invests. 

* The Fund's securitized credit allocations were strong performers, with the allocation to Asset-Backed Securities (ABS) experiencing the largest gain. Within Investment Grade (IG) Corporate exposures, financials and industrials relatively outperformed utilities, benefitting the portfolio's overweight position. Bank Loans and catastrophe bonds also contributed to relative returns. 

* Cash allocations detracted from returns as most non-cash assets outperformed. There were no other major detractors for the period. 

#### Fund Performance
The line graph below shows the change in value of a $10,000 investment made in Class A shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index.

 **GROWTH OF $10,000**

![Fund Performance - Growth of 10K](g137366chartimages_9834013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class A** | 5.85% | 4.46% | 2.46% |
| **Bloomberg U.S. Aggregate Bond Total Return Index** | 4.88% | -0.40% | 1.46% |
| **ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index** | 4.97% | 2.56% | 1.87% |

---

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,798,048,490% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1165<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18848079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

 **PORTFOLIO DIVERSIFICATION**

 **(as of March 31, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 39.5% |
| Asset Backed Securities | 29.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 11.1% |
| U.S. Government and Agency Obligations | 5.1% |
| Senior Secured Floating Rate Loan Interests | 2.4% |
| Insurance-Linked Securities | 0.4% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, after the end of the annual reporting period covered by this report, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class A shares of the Predecessor Fund received Class A shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34199-00-A-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class C / MAUCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $92 | 0.90% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class C shares at NAV returned 5.51%. For the same period, the Fund's broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 4.88%. The performance benchmark, the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index, returned 4.97% over the period. 

* The Fund's credit positioning contributed to returns. Credit spreads compressed across the majority of the sectors where the portfolio invests. 

* The Fund's securitized credit allocations were strong performers, with the allocation to Asset-Backed Securities (ABS) experiencing the largest gain. Within Investment Grade (IG) Corporate exposures, financials and industrials relatively outperformed utilities, benefitting the portfolio's overweight position. Bank Loans and catastrophe bonds also contributed to relative returns. 

* Cash allocations detracted from returns as most non-cash assets outperformed. There were no other major detractors for the period. 

#### Fund Performance
The line graph below shows the change in value of a $10,000 investment made in Class C shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index.

 **GROWTH OF $10,000**

![Fund Performance - Growth of 10K](g137366chartimages_9834041.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class C** | 5.51% | 4.13% | 2.16% |
| **Bloomberg U.S. Aggregate Bond Total Return Index** | 4.88% | -0.40% | 1.46% |
| **ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index** | 4.97% | 2.56% | 1.87% |

---

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,798,048,490% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1165<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18848079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

 **PORTFOLIO DIVERSIFICATION**

 **(as of March 31, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 39.5% |
| Asset Backed Securities | 29.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 11.1% |
| U.S. Government and Agency Obligations | 5.1% |
| Senior Secured Floating Rate Loan Interests | 2.4% |
| Insurance-Linked Securities | 0.4% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, after the end of the annual reporting period covered by this report, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class C shares and Class C2 shares of the Predecessor Fund received Class C shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34200-00-C-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class R6 / MAUKX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $36 | 0.35% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class R6 shares at NAV returned 6.09%. For the same period, the Fund's broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 4.88%. The performance benchmark, the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index, returned 4.97% over the period. 

* The Fund's credit positioning contributed to returns. Credit spreads compressed across the majority of the sectors where the portfolio invests. 

* The Fund's securitized credit allocations were strong performers, with the allocation to Asset-Backed Securities (ABS) experiencing the largest gain. Within Investment Grade (IG) Corporate exposures, financials and industrials relatively outperformed utilities, benefitting the portfolio's overweight position. Bank Loans and catastrophe bonds also contributed to relative returns. 

* Cash allocations detracted from returns as most non-cash assets outperformed. There were no other major detractors for the period. 

#### Fund Performance
The line graph below shows the change in value of a $5 million investment made in Class R6 shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index.

 **GROWTH OF $5 million**

![Fund Performance - Growth of 10K](g137366chartimages_9834097.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class R6** | 6.09% | 4.70% | 2.71% |
| **Bloomberg U.S. Aggregate Bond Total Return Index** | 4.88% | -0.40% | 1.46% |
| **ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index** | 4.97% | 2.56% | 1.87% |

---

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

 **The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,798,048,490% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1165<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18848079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

 **PORTFOLIO DIVERSIFICATION**

 **(as of March 31, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 39.5% |
| Asset Backed Securities | 29.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 11.1% |
| U.S. Government and Agency Obligations | 5.1% |
| Senior Secured Floating Rate Loan Interests | 2.4% |
| Insurance-Linked Securities | 0.4% |

---

 <sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, after the end of the annual reporting period covered by this report, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34201-00-R6-0525

Victory Capital Management

![Victory Funds Black](g137366images_27688.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class Y / MYFRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Y | $45 | 0.44% |

---

How did the Fund perform last year and what affected the Fund performance?

* For the fiscal year ended March 31, 2025, the Fund's Class Y shares at NAV returned 6.00%. For the same period, the Fund's broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 4.88%. The performance benchmark, the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index, returned 4.97% over the period. 

* The Fund's credit positioning contributed to returns. Credit spreads compressed across the majority of the sectors where the portfolio invests. 

* The Fund's securitized credit allocations were strong performers, with the allocation to Asset-Backed Securities (ABS) experiencing the largest gain. Within Investment Grade (IG) Corporate exposures, financials and industrials relatively outperformed utilities, benefitting the portfolio's overweight position. Bank Loans and catastrophe bonds also contributed to relative returns. 

* Cash allocations detracted from returns as most non-cash assets outperformed. There were no other major detractors for the period. 

#### Fund Performance
The line graph below shows the change in value of a $5 million investment made in Class Y shares of the Fund during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index and the ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index.

**GROWTH OF $5 million**

![Fund Performance - Growth of 10K](g137366chartimages_9834125.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Class Y** | 6.00% | 4.62% | 2.62% |
| **Bloomberg U.S. Aggregate Bond Total Return Index** | 4.88% | -0.40% | 1.46% |
| **ICE Bank of America (BofA) U.S. 3-Month Treasury Bill Total Return Index** | 4.97% | 2.56% | 1.87% |

---

Call 1-800-225-6292 or visit https://advisor.vcm.com/literature/mutual-fund-prospectuses for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

**The performance data quoted represents past performance, which is no guarantee of future results.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS

(as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,798,048,490% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1165<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18848079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.* 

**PORTFOLIO DIVERSIFICATION**

**(as of March 31, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 39.5% |
| Asset Backed Securities | 29.9% |
| Collateralized Mortgage Obligations | 11.6% |
| Commercial Mortgage-Backed Securities | 11.1% |
| U.S. Government and Agency Obligations | 5.1% |
| Senior Secured Floating Rate Loan Interests | 2.4% |
| Insurance-Linked Securities | 0.4% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, after the end of the annual reporting period covered by this report, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class Y shares of the Predecessor Fund received Class Y shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. All portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

#### Important notice to shareholders
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

34202-00-Y-0525

Victory Capital Management

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ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 19(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period covered by this report.

(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention.

------

Not applicable.

(f) The registrant must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 19(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's Board of Trustees has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

The audit fees for the Trust were $104,850 and $101,900 billed by Deloitte & Touche LLP for the year ended March 31, 2025 and March 31, 2024 respectively.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

There were no audit-related services in 2025 or 2024.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

The aggregate non-audit fees for the Trust were billed by Deloitte & Touche LLP for tax services of $26,550 and $29,500 during the fiscal years ended March 31, 2025 and 2024, respectively.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

There were no other fees in 2025 or 2024.

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

PIONEER FUNDS

APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES

PROVIDED BY THE INDEPENDENT AUDITOR

SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.

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Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.

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| | | |
|:---|:---|:---|
| SECTION II - POLICY | SECTION II - POLICY | SECTION II - POLICY |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
| I. AUDIT SERVICES | Services that are directly related to performing the independent audit of the Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting research assistance<br>|
|  | Services that are directly related to performing the independent audit of the Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC consultation, registration statements, and reporting<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax accrual related matters<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of new accounting standards<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance letters (e.g. rating agency letters)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory reviews and assistance regarding financial matters<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Semi-annual reviews (if requested)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comfort letters for closed end offerings<br>|
| II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule<br> 210.2-01(C)(4) (the "Rule")<br> and are related extensions of the audit services support the audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AICPA attest and agreed-upon procedures<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology control assessments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial reporting control assessments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enterprise security architecture assessment |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "One-time" pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "One-time" pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" |

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------

SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
| III. TAX SERVICES | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax planning and support<br>|
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax controversy assistance<br>|
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax compliance, tax returns, excise tax returns and support<br>|
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax opinions |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |  |

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---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "One-time" pre-approval for the fund fiscal year within a specified dollar limit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" |  |

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------

SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
| IV. OTHER SERVICES | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business Risk Management support<br>|
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other control and regulatory compliance projects |
| A. SYNERGISTIC, UNIQUE QUALIFICATIONS | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |
|  | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. |  |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "One-time" pre-approval for the fund fiscal year within a specified dollar limit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" |  |

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SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE SUBCATEGORIES |
| PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client\* |
|  |  | 2. Financial information systems design and implementation\* |
|  |  | 3. Appraisal or valuation services, fairness\* opinions, or contribution-in-kind reports |
|  |  | 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)\* |
|  |  | 5. Internal audit outsourcing services\* |
|  |  | 6. Management functions or human resources |
|  |  | 7. Broker or dealer, investment advisor, or investment banking services |
|  |  | 8. Legal services and expert services unrelated to the audit |
|  |  | 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |

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---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• These services are not to be performed with the exception of the(\*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |

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GENERAL AUDIT COMMITTEE APPROVAL POLICY:

• For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence.

• Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.

• At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services

Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended March 31, 2025 and 2024, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees for the Trust were billed by Deloitte & Touche LLP for tax services of $26,550 and $29,500 during the fiscal years ended March 31, 2025 and 2024, respectively.

(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

------

The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

N/A

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

N/A

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

N/A

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; N/A

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant;

N/A

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

N/A

------

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 7 of this Form.

Included in Item 7

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

## Victory Pioneer Fundamental Growth Fund
(successor to Pioneer Fundamental Growth Fund)\*

Annual: Full Financials \| March 31, 2025

\* Effective May 2, 2025, after the end of the annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization"). The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

![](g137366imgaabc44f31.gif)

------

visit us: vcm.com

------

### **Table of Contents**

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_eacd79c3-080f-4730-86f3-3955e0efad54_1) | 2 |
| [Financial Statements](#xx_215e2dfc-a9ba-4c44-bebb-a51525419a8d_1) | 6 |
| [Notes to Financial Statements](#xx_d0bd71b0-f6aa-48a0-8256-1c73b657bb9d_1) | 15 |
| [Report of Independent Registered Public Accounting Firm](#xx_45e70e0e-532e-46bf-b747-31e1f0fce7cd_1) | 28 |
| [Additional Information (unaudited)](#xx_1b3c8f2a-23c9-48ea-afd7-44adc71ede1c_1) | 30 |
| [Approval of Investment Advisory Agreement](#xx_98169500-dc27-4884-b945-7a3bfea3ecde_1) | 31 |

---

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/251

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Schedule of Investments \| 3/31/25

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 99.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 2.7%** |  |
| 377,319(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | $182931798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | **$** **182931798** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 6.8%** |  |
| 2,387,036(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | $454157469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Broadline Retail** | **$** **454157469** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 4.0%** |  |
| 110703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | $50330012 |
| 1282725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp; 221270062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | **$** **271600074** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 2.9%** |  |
| 2,153,234(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. | $121851512 |
| 763707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp; 74423247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services & Supplies** | **$** **196274759** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.9%** |  |
| 290040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | $126982412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | **$** **126982412** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 2.0%** |  |
| 321260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. Plc | $87328106 |
| 172657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 44611116 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | **$** **131939222** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components<br> — 3.0%** |  |
| 3059045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | $200642762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | **$** **200642762** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.3%** |  |
| 1541651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | $152160954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | **$** **152160954** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 7.4%** |  |
| 608261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | $333400019 |
| 475569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp; 166667912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | **$** **500067931** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 3.8%** |  |
| 3,510,499(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | $255774957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ground Transportation** | **$** **255774957** |

---

The accompanying notes are an integral part of these financial statements.

2Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.7%** |  |
| 371,707(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | $184095326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | **$** **184095326** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.7%** |  |
| 39279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | $180954818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | **$** **180954818** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 1.8%** |  |
| 428786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | $121350726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | **$** **121350726** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 4.3%** |  |
| 967645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | $151175178 |
| 4,528,044(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A | &nbsp;&nbsp; 140369364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Interactive Media & Services** | **$** **291544542** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 3.0%** |  |
| 343042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | $70323610 |
| 269022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 133865347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences Tools & Services** | **$** **204188957** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 1.0%** |  |
| 280899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | $69665761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | **$** **69665761** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.2%** |  |
| 345969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | $285739257 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | **$** **285739257** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment —<br> 8.1%** |  |
| 1,432,544(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | $147179571 |
| 230825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 152951570 |
| 2483872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 120244243 |
| 1161480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 125881202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | **$** **546256586** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 19.1%** |  |
| 348,234(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | $133558185 |
| 307921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp; 189060415 |
| 1158626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 434936614 |
| 1501453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 209918144 |
| 704289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 189002996 |
| 160,240(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp; 127573474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | **$1284049828** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 9.5%** |  |
| 400581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | $146808930 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/253

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — (continued)** |  |
| 134,660(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | $192911223 |
| 981406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp; 125413873 |
| 1404314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp; 171045445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | **$** **636179471** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals —<br> 6.6%** |  |
| 1990712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | $442196857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | **$** **442196857** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $3,520,399,246)** | **$6718754467** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.3% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.3%** |  |
| 17,970,550(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.23% | $17970550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$17970550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $17,970,550)** | **$** **17970550** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.1%<br> (Cost $3,538,369,796)** | **$6736725017** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;$(7814697) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$6728910320** |

---

(a) Non-income producing security.

(b) Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2025.

Purchases and sales of securities (excluding short-term investments, TBA sales commitments, in-kind redemptions and all derivative contracts except for options purchased) for the year ended March 31, 2025, aggregated $1,896,420,380 and $2,391,709,086, respectively.

At March 31, 2025, the net unrealized appreciation on investments based on cost for federal tax purposes of $3,550,811,296 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3313595280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127681559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3185913721 |

---

The accompanying notes are an integral part of these financial statements.

4Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

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.). See Notes to Financial Statements — Note 1A. |
| &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). See Notes to Financial Statements — Note 1A. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | $6718754467 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6718754467 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17970550 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17970550 |
| **Total Investments in Securities** | **$6736725017** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6736725017** |

---

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

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/255

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Statement of Assets and Liabilities \| 3/31/25

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $3,538,369,796) | $6736725017 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9537233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671054 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$6748045928** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | $578277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15320653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270043 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366327 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187545 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186609 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$19135608** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $2856673239 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;3872237081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | **$6728910320** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> (based on $1,338,690,277/40,937,743 shares) | $32.70 |
| &nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> (based on $163,007,503/6,188,061 shares) | $26.34 |
| &nbsp;&nbsp;&nbsp;Class K<sup>\*</sup> (based on $1,028,274,090/30,972,803 shares) | $33.20 |
| &nbsp;&nbsp;&nbsp;Class R<sup>\*</sup> (based on $120,376,773/3,891,323 shares) | $30.93 |
| &nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> (based on $4,078,561,677/121,551,260 shares) | $33.55 |
| **MAXIMUM OFFERING PRICE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;Class A (based on $32.70 net asset value per share/100%-5.75% maximum sales charge) | $34.69 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class, A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

6Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Statement of Operations FOR THE YEAR ENDED 3/31/25

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers (net of foreign taxes withheld $31,638) | $56112868 |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$57637381** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $45664694 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915018 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class K<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808319 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660683 |  |
| &nbsp;&nbsp;&nbsp;Shareholder communications expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237540 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76586 |  |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190217 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276974 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40634 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406418 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61738 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$62100441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(4463060)** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $989234837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;162176160 | &nbsp;&nbsp;&nbsp;&nbsp;$1151410997 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;$(1094044866) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$57366131** |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$52903071** |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class, A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/257

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $(4463060) | &nbsp;&nbsp;&nbsp;&nbsp;$838419 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1151410997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332046510 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(1094044866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658079432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | **$52903071** | &nbsp;&nbsp;&nbsp;&nbsp;**$1990964361** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* ($1.99 and $1.06 per share, respectively) | $(80332710) | &nbsp;&nbsp;&nbsp;&nbsp;$(42635195) |
| &nbsp;&nbsp;&nbsp;Class C\* ($1.99 and $1.06 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12812407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9004830) |
| &nbsp;&nbsp;&nbsp;Class K\* ($1.99 and $1.10 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60033076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32150781) |
| &nbsp;&nbsp;&nbsp;Class R\* ($1.99 and $1.06 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7598743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4032334) |
| &nbsp;&nbsp;&nbsp;Class Y\* ($1.99 and $1.08 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248028591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134531743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | $(408805527) | &nbsp;&nbsp;&nbsp;&nbsp;$(222354883) |
| **FROM FUND SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | $1461656539 | &nbsp;&nbsp;&nbsp;&nbsp;$1506150245 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367817818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199968620 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(2022097057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459055345) |
| In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206808725) | &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;Net increase (decrease) in net assets resulting from Fund share transactions | $(399431425) | &nbsp;&nbsp;&nbsp;&nbsp;$247063520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(755333881)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2015672998** |
| **NET ASSETS:** |  |  |
| Beginning of year | $7484244201 | &nbsp;&nbsp;&nbsp;&nbsp;$5468571203 |
| End of year | **$6728910320** | &nbsp;&nbsp;&nbsp;&nbsp;**$7484244201** |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class, A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

8Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25<br> Shares** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25<br> Amount** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24<br> Shares** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24<br> Amount** |
| **Class A\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;4795332 | &nbsp;&nbsp;&nbsp;&nbsp;$168484828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686376 | &nbsp;&nbsp;&nbsp;&nbsp;$286611893 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1991869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71348756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37927408 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;(7456650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262777243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7708219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229169491) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669449) | &nbsp;&nbsp;&nbsp;&nbsp;$(22943659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245784 | &nbsp;&nbsp;&nbsp;&nbsp;$95369810 |
| **Class C\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849861 | &nbsp;&nbsp;&nbsp;&nbsp;$24343267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014503 | &nbsp;&nbsp;&nbsp;&nbsp;$25551623 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12203415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8566565 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;(3079432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88174326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3611818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89090919) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(1807600) | &nbsp;&nbsp;&nbsp;&nbsp;$(51627644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2249646) | &nbsp;&nbsp;&nbsp;&nbsp;$(54972731) |
| **Class K\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5218582 | &nbsp;&nbsp;&nbsp;&nbsp;$186254844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068822 | &nbsp;&nbsp;&nbsp;&nbsp;$213334589 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1562244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56740718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30135603 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;(6746919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240899176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4752019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143171602) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33907 | &nbsp;&nbsp;&nbsp;&nbsp;$2096386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311854 | &nbsp;&nbsp;&nbsp;&nbsp;$100298590 |
| **Class R\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535443 | &nbsp;&nbsp;&nbsp;&nbsp;$17843894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633629 | &nbsp;&nbsp;&nbsp;&nbsp;$17908442 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997903 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(793610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26486395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19209896) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36158) | &nbsp;&nbsp;&nbsp;&nbsp;$(1109736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100828 | &nbsp;&nbsp;&nbsp;&nbsp;$2696449 |
| **Class Y\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;29518600 | &nbsp;&nbsp;&nbsp;&nbsp;$1064729706 | &nbsp;&nbsp;&nbsp;&nbsp;31544731 | &nbsp;&nbsp;&nbsp;&nbsp;$962743698 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;5991072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219992164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119341141 |
| Less shares repurchased | (38851806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403759917) | &nbsp;&nbsp;&nbsp;&nbsp;(32340612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(978413437) |
| In-kind redemptions | &nbsp;&nbsp;&nbsp;(5678919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206808725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;(9021053) | &nbsp;&nbsp;&nbsp;&nbsp;$(325846772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104687 | &nbsp;&nbsp;&nbsp;&nbsp;$103671402 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class, A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/259

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $34.54 | &nbsp;&nbsp;&nbsp;&nbsp;$26.24 | &nbsp;&nbsp;&nbsp;&nbsp;$29.25 | &nbsp;&nbsp;&nbsp;&nbsp;$31.88 | &nbsp;&nbsp;&nbsp;&nbsp;$22.43 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05)(b) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.95)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.78** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.28** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | $(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.83)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(1.84)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.30** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.63)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.45** |
| &nbsp;&nbsp;Net asset value, end of period | $32.70 | &nbsp;&nbsp;&nbsp;&nbsp;$34.54 | &nbsp;&nbsp;&nbsp;&nbsp;$26.24 | &nbsp;&nbsp;&nbsp;&nbsp;$29.25 | &nbsp;&nbsp;&nbsp;&nbsp;$31.88 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.55%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $1338690 | &nbsp;&nbsp;&nbsp;&nbsp;$1437055 | &nbsp;&nbsp;&nbsp;&nbsp;$1006630 | &nbsp;&nbsp;&nbsp;&nbsp;$1159356 | &nbsp;&nbsp;&nbsp;&nbsp;$1143970 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A shares of the Predecessor Fund received Class A shares of the Fund.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

(d) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

10Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class C<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $28.38 | &nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;$24.76 | &nbsp;&nbsp;&nbsp;&nbsp;$28.01 | &nbsp;&nbsp;&nbsp;&nbsp;$20.07 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22)(b) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.98 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$(0.05)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.56** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.82)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.16** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.77** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | $(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.83)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(2.04)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.50** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.88)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.25)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.94** |
| &nbsp;&nbsp;Net asset value, end of period | $26.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.38 | &nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;$24.76 | &nbsp;&nbsp;&nbsp;&nbsp;$28.01 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.28%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.53%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $163008 | &nbsp;&nbsp;&nbsp;&nbsp;$226890 | &nbsp;&nbsp;&nbsp;&nbsp;$224126 | &nbsp;&nbsp;&nbsp;&nbsp;$356963 | &nbsp;&nbsp;&nbsp;&nbsp;$432822 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class C shares of the Predecessor Fund received Class C shares of the Fund.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

(d) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2511

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class K<sup>\*(a)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $34.92 | &nbsp;&nbsp;&nbsp;&nbsp;$26.46 | &nbsp;&nbsp;&nbsp;&nbsp;$29.39 | &nbsp;&nbsp;&nbsp;&nbsp;$31.94 | &nbsp;&nbsp;&nbsp;&nbsp;$22.43 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | $0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03(c) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.56** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.87)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.42** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.45)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.91)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(1.72)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.46** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.93)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.55)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.51** |
| &nbsp;&nbsp;Net asset value, end of period | $33.20 | &nbsp;&nbsp;&nbsp;&nbsp;$34.92 | &nbsp;&nbsp;&nbsp;&nbsp;$26.46 | &nbsp;&nbsp;&nbsp;&nbsp;$29.39 | &nbsp;&nbsp;&nbsp;&nbsp;$31.94 |
| &nbsp;&nbsp;**Total return (d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56.21%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $1028274 | &nbsp;&nbsp;&nbsp;&nbsp;$1080400 | &nbsp;&nbsp;&nbsp;&nbsp;$731131 | &nbsp;&nbsp;&nbsp;&nbsp;$844949 | &nbsp;&nbsp;&nbsp;&nbsp;$846019 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

(a) In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

(b) The per-share data presented above is based on the average shares outstanding for the period presented.

(c) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(d) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(e) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

12Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class R<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $32.90 | &nbsp;&nbsp;&nbsp;&nbsp;$25.13 | &nbsp;&nbsp;&nbsp;&nbsp;$28.17 | &nbsp;&nbsp;&nbsp;&nbsp;$31.03 | &nbsp;&nbsp;&nbsp;&nbsp;$21.95 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15)(b) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.83** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.98)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.91** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | $(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.83)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(1.97)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.77** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.04)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.86)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.08** |
| &nbsp;&nbsp;Net asset value, end of period | $30.93 | &nbsp;&nbsp;&nbsp;&nbsp;$32.90 | &nbsp;&nbsp;&nbsp;&nbsp;$25.13 | &nbsp;&nbsp;&nbsp;&nbsp;$28.17 | &nbsp;&nbsp;&nbsp;&nbsp;$31.03 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.07%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $120377 | &nbsp;&nbsp;&nbsp;&nbsp;$129216 | &nbsp;&nbsp;&nbsp;&nbsp;$96175 | &nbsp;&nbsp;&nbsp;&nbsp;$111781 | &nbsp;&nbsp;&nbsp;&nbsp;$108568 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class R shares of the Predecessor Fund received Class R shares of the Fund.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(d) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2513

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class Y<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $35.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.76 | &nbsp;&nbsp;&nbsp;&nbsp;$29.73 | &nbsp;&nbsp;&nbsp;&nbsp;$32.25 | &nbsp;&nbsp;&nbsp;&nbsp;$22.63 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $—(b) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.45 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.63** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.91)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.50** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.42)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.88)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(1.76)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.97)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.52)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.62** |
| &nbsp;&nbsp;Net asset value, end of period | $33.55 | &nbsp;&nbsp;&nbsp;&nbsp;$35.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.76 | &nbsp;&nbsp;&nbsp;&nbsp;$29.73 | &nbsp;&nbsp;&nbsp;&nbsp;$32.25 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56.06%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $4078562 | &nbsp;&nbsp;&nbsp;&nbsp;$4610683 | &nbsp;&nbsp;&nbsp;&nbsp;$3410508 | &nbsp;&nbsp;&nbsp;&nbsp;$3798296 | &nbsp;&nbsp;&nbsp;&nbsp;$4268553 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class Y shares of the Predecessor Fund received Class Y shares of the Fund.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Amount rounds to less than $0.01 per share.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(d) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

14Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_798ee314-90d1-45bf-8ab9-55bebaebcc37_TOC)

### Notes to Financial Statements \| 3/31/25
1. Organization and Signiﬁcant Accounting Policies

Victory Pioneer Fundamental Growth Fund (the "Fund") is one of 29 portfolios comprising Victory Portfolios IV (the "Trust"), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The Fund, which commenced operations on May 2, 2025, is the successor to Pioneer Fundamental Growth Fund (the "Predecessor Fund") and, accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund. The Predecessor Fund transferred all of the net assets of its Class A, Class C, Class K, Class R and Class Y shares in exchange for the Fund's Class A, Class C, Class R6, Class R and Class Y shares, respectively, on May 2, 2025, in a one-to-one exchange ratio, pursuant to an agreement and plan of reorganization (the "Reorganization"), which was approved by the shareholders of the Predecessor Fund on April 29, 2025. Accordingly, the Reorganization, which was a tax-free exchange, had no effect on the Fund's operations. The Fund's investment objective is to seek long-term capital growth.

The Fund offers five classes of shares designated as Class A, Class C, Class R6, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Trust Instrument of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date.

Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class R6 or Class Y shares.

Victory Capital Management Inc. ("VCM" or the "Adviser"), the Fund's investment adviser, is an indirect, wholly owned subsidiary of Victory

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Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Victory Capital Services, Inc. (the "Distributor") an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

The Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivative risk management program, appoint a derivative risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the Fund uses derivatives in only a limited manner (a "limited derivatives user"). The Fund is currently a limited derivatives user for purposes of Rule 18f-4.

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07) during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Chief Executive Officer (CEO) has been identified as the Chief Operations Decision Maker (CODM) who assesses performance and allocates resources with respect to the Fund. The Fund's operations constitute a single operating segment and therefore, a single reportable segment, because the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM manages the business activities using information of the Fund as a whole, and assesses performance of the Fund. The financial information provided to and reviewed by the CODM is the same as that presented within the Fund's financial statements.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Fund in the preparation of its ﬁnancial statements:

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| **A.** | **Security Valuation** |
|  | The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such fund's net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. The Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading |

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|  | halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. |
|  | Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Federal Income Taxes** |
|  | It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareholders. Therefore, no provision for federal income taxes is required. As of March 31, 2025, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareholders are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial |

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| statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
| At March 31, 2025, the Fund reclassified $162,167,292 to decrease distributable earnings and $162,167,292 to increase paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. |
| The tax character of distributions paid during the years ended March 31, 2025 and March 31, 2024, was as follows: |

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| &nbsp;&nbsp;**Distributions paid from:** |  |  |
| &nbsp;&nbsp;Ordinary income | $8174863 | $23217939 |
| &nbsp;&nbsp;Long-term capital gains | &nbsp;&nbsp;400630664 | &nbsp;&nbsp;199136944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$408805527** | **$222354883** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2025:

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| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;**Distributable earnings/(losses):** |  |
| &nbsp;&nbsp;Undistributed ordinary income | $10618883 |
| &nbsp;&nbsp;Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;675704477 |
| &nbsp;&nbsp;Net unrealized appreciation | &nbsp;&nbsp;3185913721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$3872237081** |

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The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.

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|:---|:---|
| **D.** | **Fund Shares** |
|  | The Fund records sales and repurchases of its shares as of trade date. The Predecessor Fund's distributor earned $78,691 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2025. |
| **E.** | **Class Allocations** |
|  | Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. |
|  | During the periods covered by these financial statements, distribution fees were calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Predecessor Fund, respectively (see Note 5). Class K and Class Y shares of the |

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|  | Predecessor Fund did not pay distribution fees. All expenses and fees paid to the Fund's transfer agent for its services were allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | During the periods covered by these financial statements, distributions to shareholders were recorded as of the ex-dividend date. During the periods covered by these financial statements, distributions paid by the Predecessor Fund with respect to each class of shares were calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund reflected different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
|  | Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The |

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| consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
| At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| Normally, the Fund invests at least 80% of its net assets in equity securities of large companies. Large companies may fall out of favor with investors and underperform the overall equity market. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other |

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| countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the investment adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareholder information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| As of the date of this report, a significant portion of the Fund's net asset value is attributable to net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses and any available capital loss carryforwards in any fiscal year, it generally will be required to distribute that excess to shareholders. You may receive distributions that are attributable to appreciation that was present in the Fund's portfolio securities at the time you made your investment but had not been realized at that time, or that are attributable to capital gains or other income that, although realized by the Fund, had not yet been distributed at the time you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be |

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|  | taxable to you. You should consult your tax adviser about the tax consequences of your investment in the Fund. |
|  | The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. |
| **G.** | **Repurchase Agreements** |
|  | Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund's collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund's custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities. |

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2. Investment Advisory Agreement

The Adviser manages the Fund's portfolio. Management fees payable under the Fund's Investment Advisory Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Fund's average daily net assets up to $1 billion, 0.60% of the next $6.5 billion of the Fund's average daily net assets and 0.55% of the Fund's average daily net assets over $7.5 billion. Prior to the Reorganization, Amundi Asset Management US, Inc. ("Amundi US") served as the investment adviser of the Predecessor Fund. Under an investment management agreement with Amundi US, the Predecessor Fund paid management fees at the annual rate of 0.65% of the Predecessor Fund's average daily net assets up to $1 billion; 0.60% of the next $6.5 billion of the Predecessor Fund's average daily net assets and 0.55% of the Predecessor Fund's average daily net assets over $7.5 billion. For the year ended March 31, 2025, the effective management fee was equivalent to 0.61% of the Predecessor Fund's average daily net assets.

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The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.99%, 1.72%, 0.65%, 1.39%, and 0.76% of the Fund's Class A, Class C, Class R6, Class R, and Class Y shares, respectively. These expense limitations are in effect through May 2, 2028. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees. There can be no assurance that the Adviser will extend

the expense limitation agreement for a class of shares beyond the date referred to above.

Prior to the Reorganization, Amundi US contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions and acquired fund fees and expenses, and extraordinary expenses, such as litigation) of the Predecessor Fund to the extent required to reduce Predecessor Fund expenses to 1.40% of the average daily net assets attributable to Class R shares of the Predecessor Fund.

In addition, under the management and administration agreements with Amundi US, certain other services and costs, including accounting, regulatory reporting and insurance premiums, were paid by the Predecessor Fund as administrative reimbursements. Reflected on the Statement of Assets and Liabilities is $1,366,327 in management fees payable to Amundi US at March 31, 2025.

3. Compensation of Officers and Trustees

The Predecessor Fund paid an annual fee to its Trustees. Except for the chief compliance officer, the Predecessor Fund did not pay any salary or other compensation to its officers. The Predecessor Fund paid a portion of the chief compliance officer's compensation for his services as the Predecessor Fund's chief compliance officer. The Predecessor Fund's investment adviser paid the remaining portion of the chief compliance officer's compensation. For the year ended March 31, 2025, the Predecessor Fund paid $406,418 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At March 31, 2025, on its Statement of Assets and Liabilities, the Predecessor Fund had a payable for Trustees' fees of $1,103 and a payable for

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administrative expenses of $187,545, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund and the Predecessor Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Predecessor Fund's omnibus relationship contracts.

In addition, during the periods covered by the financial statements the Predecessor Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended March 31, 2025, such out-of-pocket expenses by class of shares were as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Communications:** |  |
| &nbsp;&nbsp;Class A | $63908 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;11956 |
| &nbsp;&nbsp;Class K | &nbsp;&nbsp;&nbsp;&nbsp;15043 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;2908 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;143725 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$237540** |

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5. Distribution and Service Plans

The Predecessor Fund adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Predecessor Fund paid its distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Predecessor Fund also paid its distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consisted of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Reflected on the Statement of Assets and Liabilities is $186,609 in distribution fees payable to Amundi Distributor US, Inc., the Predecessor Fund's distributor, at March 31, 2025.

The Predecessor Fund also adopted a separate service plan for Class R shares ("Service Plan"). The Service Plan authorized the Predecessor Fund

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to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Predecessor Fund a service fee of up to 0.25% of the Predecessor Fund's average daily net assets attributable to Class R shares held by such plans.

In addition, redemptions of Class A and Class C shares of the Predecessor Fund were subject to a contingent deferred sales charge ("CDSC"). A CDSC of 1.00% was imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase were subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remained subject to any CDSC that applied to the original purchase of those shares. Proceeds from the CDSCs were paid to the Predecessor Fund's distributor. For the year ended March 31, 2025, CDSCs in the amount of $20,544 were paid to Amundi Distributor US, Inc, the Predecessor Fund's distributor.

6. Line of Credit Facility

During the periods covered by these financial statements, the Predecessor Fund participated in a committed, unsecured revolving line of credit ("credit facility"). Borrowings were used solely for temporary or emergency purposes. Under the credit facility, the Predecessor Fund was permitted to borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Predecessor Fund's prospectus and the 1940 Act. The Predecessor Fund participated in a credit facility in the amount of $250 million. The commitment fee with respect to the credit facility was 0.20% of the daily unused portion of each lender's commitment. For the year ended March 31, 2025, the Predecessor Fund had no borrowings under the credit facility.

7. In-Kind Redemption

In accordance with procedures adopted by the Fund's Board, the Fund may distribute portfolio securities rather than cash as a payment for a redemption of Fund shares ("in-kind redemption"). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/loss to paid-in capital. During the year ended March 31, 2025, the Predecessor Fund recorded a redemption in-kind of portfolio securities and cash that was valued at $206,808,725. The redeeming shareholder received a pro-rata share of the securities held by the Predecessor Fund. The distribution of such securities generated a

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realized gain of $162,176,160 for the Predecessor Fund, which is reflected on the Statement of Operations.

8. Subsequent Event

On May 2, 2025 (the "Closing Date"), the Predecessor Fund was reorganized with the Fund (the "Reorganization"). The purpose of this transaction was to combine two funds with similar investment objectives and strategies.

This tax-free Reorganization was accomplished by exchanging the assets and liabilities of the Predecessor Fund for shares of the Fund. Shareowners holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively, in the Reorganization. The investment portfolio of the Predecessor Fund, with an aggregate value of $6,857,671,293 and an identified cost of $3,503,091,899 at May 2, 2025, was the principal asset acquired by the Fund.

The Predecessor Fund was the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

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### Report of Independent Registered Public Accounting Firm
**To the Board of Trustees of Victory Portfolios IV (formerly Pioneer Series Trust X) and the Shareholders of Victory Pioneer Fundamental Growth Fund (formerly Pioneer Fundamental Growth Fund):**

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#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Victory Pioneer Fundamental Growth Fund (formerly Pioneer Fundamental Growth Fund) (the "Fund") (one of the funds constituting Victory Portfolios IV) (formerly Pioneer Series Trust X), including the schedule of investments, as of March 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, and the results of its operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the years ended March 31, 2023, 2022, and 2021 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated May 25, 2023.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial

28Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

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reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 30, 2025

We have served as the auditor of one or more of the Pioneer investment companies since 2024.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2529

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### Additional Information (unaudited)
For the year ended March 31, 2025, certain dividends paid by the Predecessor Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Predecessor Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

The Predecessor Fund designated $975,944,516 as long-term capital gains distributions during the year ended March 31, 2025. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

The qualifying percentage of the Predecessor Fund's ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.

30Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

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### Approval of Investment Advisory Agreement with Victory Capital Management Inc.
Victory Capital Management Inc. ("Victory Capital") serves as the investment adviser to Victory Pioneer Fundamental Growth Fund (the "Fund") pursuant to an investment advisory agreement between Victory Capital and the Fund (the "Investment Advisory Agreement").

The Fund is newly-organized and was established in connection with the reorganization of Pioneer Fundamental Growth Fund (the "Predecessor Fund") into the Fund (the "Reorganization"). The Predecessor Fund and the Fund entered into the Reorganization in connection with the contribution of Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, to Victory Capital Holdings, Inc. ("Victory Capital Holdings"), the parent company of Victory Capital (the "Transaction"). The Reorganization was approved by shareholders of the Predecessor Fund at a meeting held on April 29, 2025 and was consummated on May 2, 2025.

The Trustees of the Fund, including all of the Independent Trustees, met to consider the Investment Advisory Agreement at an in-person meeting held on December 16, 2024. The Independent Trustees also served on the Board of Trustees of the Predecessor Fund.

To assist the Trustees in their consideration of the Investment Advisory Agreement, Victory Capital provided extensive information to the Trustees regarding the Reorganization, the Transaction and the investment advisory services to be provided by Victory Capital under the Investment Advisory Agreement. Before and during the December 16, 2024 meeting, the Trustees sought additional information as they deemed necessary and appropriate. In connection with their consideration of the Investment Advisory Agreement, the Independent Trustees worked with their independent legal counsel to prepare requests for additional information that were submitted to Victory Capital and Amundi US. The Trustees' requests for information sought information relevant to the Trustees' consideration of the Investment Advisory Agreement and anticipated impacts of the Reorganization and the Transaction on the Fund and its shareholders. The Independent Trustees met with senior management representatives of Victory Capital and Amundi US on numerous occasions to discuss various aspects of the Reorganization and the Transaction, to review information provided to assist the Independent Trustees in their consideration of the Investment Advisory Agreement, the Reorganization and the Transaction, and to make supplemental due diligence requests for

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2531

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additional information from Victory Capital and Amundi US with respect to the Investment Advisory Agreement, the Reorganization and the Transaction. Victory Capital and Amundi US provided documents and information in response to the requests from the Independent Trustees, as well as made presentations to, and responded to questions from, the Independent Trustees.

Prior to voting on the Investment Advisory Agreement, the Independent Trustees reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with representatives of Amundi US and Victory Capital, counsel to the Fund and counsel to the Independent Trustees. The Independent Trustees also reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with their independent legal counsel in private sessions at which no representatives of Amundi US, Victory Capital or counsel to the Fund were present.

The Trustees' evaluation of the Investment Advisory Agreement reflected information provided specifically in connection with their review of the Investment Advisory Agreement, as well as, where relevant, information that was previously furnished to the Independent Trustees in connection with the renewal of the Predecessor Fund's investment advisory agreement with Amundi US (the "Predecessor Fund Investment Advisory Agreement") at an in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024 and at other meetings of the Predecessor Fund's Board of Trustees throughout the prior year.

Among other things, the Trustees considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that, in the Transaction, Amundi US would be combined into Victory Capital Holdings in exchange for shares of Victory Capital Holdings issued to Amundi Asset Management S.A.S. ("Amundi"), the parent company of Amundi US, without Amundi becoming a controlling stockholder of Victory Capital Holdings, and that Victory Capital Holdings and Amundi would establish a long-term reciprocal distribution partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) representations by Victory Capital regarding the reputation, experience, financial strength and resources of Victory Capital and its investment franchises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Victory Capital informed the Trustees that the portfolio managers of the Predecessor Fund were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a planned Victory Capital investment franchise, managing the Fund using the same investment approach under which the Predecessor Fund was managed,

32Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

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and the Trustees considered the historical investment performance record of the Predecessor Fund under such investment approach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's legal and operational structure, risk management, administrative, legal, compliance and cybersecurity functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Victory Capital's distribution capabilities, including its significant network of intermediary relationships, which may provide additional opportunities for the Fund to grow assets and lower fees and expenses through increased economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Victory Capital's broad distribution network and a large fund family of Victory Funds may also provide opportunities for asset growth for the Fund and economies of scale through the potential to negotiate lower fee rates from service providers and to determine based on the assets of the entire Victory Fund complex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the fact that the contractual advisory fee rate payable by the Fund would be the same as the contractual advisory fee rate payable by the Predecessor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the fact that the Independent Trustees received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) that Victory Capital agreed with the Trustees that, for at least three years after the closing of the Reorganization, Victory Capital would waive fees and/or reimburse expenses so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year at the time of the closing of the Reorganization, and that the contractual expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund;

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2533

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) that Victory Capital had acquired and integrated several investment management companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) that Victory Capital had agreed to conduct, and use reasonable best efforts to cause its affiliates to conduct, its business in compliance with Section 15(f) of the 1940 Act so as not to impose an "unfair burden" on the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the potential benefits to the shareholders of the Fund, including continuity of portfolio management and operating efficiencies due to the greater scale of Victory Capital that may be achieved from the Reorganization.

Certain of these considerations are discussed in more detail below.

The Trustees also requested, obtained and considered the following information in connection with their evaluation of the Reorganization, the Transaction and the Investment Advisory Agreement for the Fund: (i) memoranda provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the Investment Advisory Agreement; and (ii) the financial statements of Victory Capital, a profitability analysis provided by Victory Capital, and an analysis from Victory Capital as to possible economies of scale. The Independent Trustees further considered materials provided in connection with their review of the Predecessor Fund Investment Advisory Agreement, including information regarding the qualifications of the investment management team for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In addition, the Independent Trustees considered the information provided at and in connection with regularly scheduled meetings of the Board of Trustees of the Predecessor Fund throughout the year regarding the Predecessor Fund's performance and risk attributes, including through meetings with investment management personnel, and took into account other information related to the Predecessor Fund provided to the Independent Trustees at regularly scheduled meetings.

At the December 16, 2024 meeting, based on their evaluation of the information provided, the Trustees including the Independent Trustees voting separately, approved the Investment Advisory Agreement. In approving the Investment Advisory Agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in their determinations.

34Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

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#### Nature, Extent and Quality of Services
The Trustees considered that the Fund is newly-organized and was established in connection with the Reorganization. The Trustees considered that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund. The Trustees also considered Victory Capital's representation that, under the Investment Advisory Agreement, the Fund would be managed using the same investment approach under which the Predecessor Fund was managed.

The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Predecessor Fund and that were expected to be provided by Victory Capital to the Fund following the consummation of the Reorganization, taking into account the investment objective and principal investment strategies of the Fund.

The Trustees considered information provided by Victory Capital regarding its business and operating structure, scale of operations, leadership and reputation. The Trustees also considered the capabilities, resources, and personnel of Victory Capital, in order to determine whether Victory Capital is capable of providing at least the same level of investment management services provided to the Predecessor Fund. The Trustees received information regarding Victory Capital's plans to integrate Amundi US investment personnel into Victory Capital as members of Pioneer Investments, a Victory Capital investment franchise. The Independent Trustees noted that they had considered the qualifications of the portfolio managers at Amundi US at meetings of the Predecessor Fund's Board of Trustees held prior to September 17, 2024.

The Trustees considered the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's compliance, risk management, cybersecurity and legal resources and personnel. The Trustees also reviewed information provided by Victory Capital related to its business, legal, and regulatory affairs, including information regarding the resources available to Victory Capital to provide the services specified under the Investment Advisory Agreement. The Trustees also considered Victory Capital's financial condition, and noted that Victory Capital was expected to be able to provide a high level of service to the Fund and continuously invest and re-invest in its investment management business.

The Trustees considered that Amundi US supervised and monitored the performance of the Predecessor Fund's service providers and provided the Predecessor Fund with personnel (including Fund officers) and other resources that were necessary for the Predecessor Fund's business

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2535

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management and operations, and considered the personnel and resources that Victory Capital proposed to provide with respect to such services for the Fund under the Investment Advisory Agreement. The Trustees also considered that, as administrator, Amundi US was responsible for the administration of the Predecessor Fund's business and other affairs and that, following the Reorganization, Victory Capital would be responsible for the administration of the Fund's business and other affairs. The Trustees considered that the fees Victory Capital would charge for administration services were higher than the fees that Amundi US received as reimbursement for services rendered, and considered Victory Capital's explanation of the reasons for the differences in administration fees charged by Victory Capital and Amundi US as well as the expense limitation arrangement proposed to be implemented for the Fund for at least three years following the completion of the Reorganization.

Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Victory Capital would provide to the Fund would be satisfactory and consistent with the terms of the Investment Advisory Agreement.

#### Performance of the Fund
The Fund is newly-organized and does not have a performance history. The Trustees considered that the Fund succeeded to the performance history of the Predecessor Fund in the Reorganization. In considering the Predecessor Fund's performance, the Independent Trustees regularly reviewed and discussed throughout the year data and information comparing the Predecessor Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Predecessor Fund's benchmark index. They also discussed the Predecessor Fund's performance with the Predecessor Fund's portfolio managers on a regular basis. The Independent Trustees' regular reviews and discussions with respect to the Predecessor Fund were factored into the Trustees' deliberations concerning the approval of the Investment Advisory Agreement.

In addition, the Trustees considered that the Predecessor Fund's portfolio managers were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a Victory Capital investment franchise. The Trustees also considered that the investment objective and principal investment strategies of the Fund are the same as those of the Predecessor Fund.

36Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/25

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#### Advisory Fee and Expenses
The Independent Trustees considered that the contractual advisory fee rate payable by the Fund under the Investment Advisory Agreement would be the same as the contractual advisory fee rate payable by the Predecessor Fund. The Independent Trustees also considered that, for at least three years after the close of the Reorganization, Victory Capital had agreed to waive fees and/or reimburse expenses of the Fund so that its total net operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year, at the time of the closing of the Reorganization. The Independent Trustees also considered that they had received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024. The Trustees concluded that the proposed advisory fee payable by the Fund to Victory Capital was reasonable in relation to the nature and quality of services to be provided by Victory Capital.

#### Profitability
The Trustees considered information provided by Victory Capital regarding the estimated profitability of Victory Capital with respect to the advisory services proposed to be provided by Victory Capital to the Fund, including the methodology used by Victory Capital in allocating certain of its costs to the management of the Fund. The Trustees also considered Victory Capital's estimated profit margins in connection with the overall operation of the Fund. The Trustees considered the investments Victory Capital expected to make to support and grow the Pioneer funds brand and the costs to integrate the Amundi US/Pioneer Funds business into Victory Capital. The Trustees also considered information regarding Victory Capital's profit margins with respect to the funds it currently manages. The Trustees considered Victory Capital's representation that the fully integrated Amundi US/Pioneer Funds business, including investments to support ongoing growth, was expected to have a positive impact on Victory Capital's overall financial profitability. The Trustees considered Victory Capital's current profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2537

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allocating expenses. The Trustees concluded that Victory Capital's estimated profitability with respect to the management of the Fund was not unreasonable.

#### Economies of Scale
The Trustees considered the extent to which Victory Capital may realize economies of scale or other efficiencies in managing and supporting the Fund. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Victory Capital in research and analytical capabilities and Victory Capital's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, would be appropriately shared with the Fund.

#### Other Benefits
The Trustees considered the other benefits that Victory Capital may enjoy from its relationship with the Fund. The Trustees considered the character and amount of fees to be paid by the Fund, other than under the Investment Advisory Agreement, for services to be provided by Victory Capital and its affiliates. The Trustees further considered the revenues and profitability of Victory Capital's businesses other than the Fund business. To the extent applicable, the Trustees also considered the potential benefits to the Fund and to Victory Capital and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

The Trustees noted that the completion of the Transaction would result in a long-term reciprocal distribution partnership between Amundi and Victory Capital, and that Victory Capital may benefit from Amundi's ability to market the services of Victory Capital globally, including in an increase of the overall scale of Victory Capital. The Trustees considered that the Transaction would significantly increase Victory Capital's assets under management and expand Victory Capital's investment capabilities. The Trustees considered that this increased size and diversification could facilitate Victory Capital's continued investment in its business and products, which Victory Capital would be able to leverage across a broader base of assets. The Trustees considered that Victory Capital and the Fund are expected to receive reciprocal intangible benefits from the relationship,

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including mutual brand recognition. The Trustees concluded that any such benefits received by Victory Capital as a result of its relationship with the Fund were reasonable.

#### Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the Investment Advisory Agreement, including the fees payable thereunder, was fair and reasonable and voted to approve the Investment Advisory Agreement.

Victory Pioneer Fundamental Growth Fund \| Annual \| 3/31/2539

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### How to Contact Victory Capital

#### We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

#### Call us for:

------

#### Account Information, including existing accounts, new accounts, prospectuses, applications and service forms

#### 1-800-225-6292

#### Visit our web site: vcm.com
This report must be preceded or accompanied by a prospectus.

**The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://www.sec.gov.**

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![](g137366imgaabc44f31.gif)

Victory Capital Management, Inc.

60 State Street

Boston, MA 02109

#### vcm.com
Securities offered through Victory Capital Services, Inc.

60 State Street, Boston, MA 02109

Underwriter of Victory Funds, Member SIPC© 2025 Victory Capital Management, Inc. 19341-19-0525

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## Victory Pioneer Multi-Asset Ultrashort Income Fund
(successor to Pioneer Multi-Asset Ultrashort Income Fund)\*

Annual: Full Financials \| March 31, 2025

\* Effective April 1, 2025, after the end of the annual reporting period covered by this report, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization"). The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Victory Pioneer Multi-Asset Ultrashort Income Fund.

![](g137366img01d6cebb1.gif)

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visit us: vcm.com

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### **Table of Contents**

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| | |
|:---|:---|
| [Schedule of Investments](#xx_b8109098-fff7-4843-951c-be32600c9489_1) | 2 |
| [Financial Statements](#xx_478a9689-9d66-4514-91e8-ca87a8cd874d_1) | 75 |
| [Notes to Financial Statements](#xx_72ad1308-eb7c-4b99-865b-004a57204434_1) | 84 |
| [Report of Independent Registered Public Accounting Firm](#xx_7661acfb-aa35-4412-aa1b-df39859ebe89_1) | 104 |
| [Additional Information (unaudited)](#xx_7e958f62-ea1a-47a6-a017-595a67757e5e_1) | 106 |
| [Approval of Investment Advisory Agreement](#xx_49edc50a-bf46-483f-ab9e-f01d322d9ccd_1) | 107 |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/251

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Schedule of Investments \| 3/31/25

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 101.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 2.0% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.0%†** |  |
| 245481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.439% (Term SOFR + 400 bps), 8/21/28 | $243537 |
| 1156732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC (Outfront Media Capital Corp.), Extended Term Loan, 6.075% (Term SOFR + 175 bps), 11/18/26 | &nbsp;&nbsp; 1156009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | **$** **1399546** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Services — 0.0%†** |  |
| 709500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc., Term B-1 Loan, 7.823% (Term SOFR + 350 bps), 12/1/28 | $714821 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Services** | **$** **714821** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 1029167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, 6.543% (Term SOFR + 225 bps), 4/20/28 | $1017159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | **$** **1017159** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Manufacturers — 0.0%†** |  |
| 1965910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc., Initial Tranche B Term Loan, 7.075% (Term SOFR + 275 bps), 3/7/32 | $1968367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Manufacturers** | **$** **1968367** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 0.0%†** |  |
| 1,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, Term Loan B, 2/7/32 | $1001875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | **$** **1001875** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.0%†** |  |
| 1,994,805(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 3/30/27 | $1856416 |
| 478045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IXS Holdings, Inc., Initial Term Loan, 8.649% (Term SOFR + 425 bps), 3/5/27 | &nbsp;&nbsp; 466094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | **$** **2322510** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Repair Centers — 0.0%†** |  |
| 1,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc., Term Loan B, 3/19/32 | $1000625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Repair Centers** | **$** **1000625** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto-Truck Trailers — 0.0%†** |  |
| 1455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novae LLC, Tranche B Term Loan, 9.453% (Term SOFR + 500 bps), 12/22/28 | $1367700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto-Truck Trailers** | **$** **1367700** |

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The accompanying notes are an integral part of these financial statements.

2Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Batteries/Battery Systems — 0.0%†** |  |
| 1971250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., Term Loan B, 6.319% (Term SOFR + 200 bps), 3/19/32 | $1973714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Batteries/Battery Systems** | **$** **1973714** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%†** |  |
| 1,368,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., Term Loan, 3/21/32 | $1372275 |
| 987525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc., First Lien 2025 Refinancing Term Loan, 6.549% (Term SOFR + 225 bps), 3/31/28 | &nbsp;&nbsp; 986393 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | **$** **2358668** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction — 0.1%** |  |
| 3609219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan, 7.319% (Term SOFR + 300 bps), 10/29/27 | $3627265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction** | **$** **3627265** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction Products — 0.0%†** |  |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche B Term Loan, 7.669% (Term SOFR + 325 bps), 4/12/28 | $404520 |
| 484840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHS Borrower LLC, Initial Term Loan, 9.175% (Term SOFR + 475 bps), 2/16/29 | &nbsp;&nbsp; 413326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction Products** | **$** **817846** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Production — 0.1%** |  |
| 1496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp., Initial Tranche B Term Loan, 6.286% (Term SOFR + 200 bps), 3/8/32 | $1497870 |
| 491306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.82% (Term SOFR + 250 bps), 4/10/30 | &nbsp;&nbsp; 490999 |
| 2,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 2/10/32 | &nbsp;&nbsp; 1981428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Production** | **$** **3970297** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building-Heavy Construction — 0.0%†** |  |
| 1745625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc., Initial Term Loan, 6.575% (Term SOFR + 225 bps), 8/12/31 | $1748352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building-Heavy Construction** | **$** **1748352** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 0.1%** |  |
| 2886168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, Term Loan B-5, 6.56% (Term SOFR + 225 bps), 12/15/31 | $2879492 |
| 705563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.802% (Term SOFR + 525 bps), 8/2/29 | &nbsp;&nbsp; 696670 |
| 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q, 7.684% (Term SOFR + 325 bps), 1/31/29 | &nbsp;&nbsp; 1006493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | **$** **4582655** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/253

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.0%†** |  |
| 1011780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., Incremental Term B-1 Loan, 6.563% (Term SOFR + 225 bps), 2/6/31 | $1007353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | **$** **1007353** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 0.1%** |  |
| 815,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis 333, Inc., Term Loan, 2/6/32 | $809906 |
| 816750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.675% (Term SOFR + 425 bps), 4/2/29 | &nbsp;&nbsp; 792248 |
| 353614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2031 Tranche B Dollar Term Loan, 8.575% (Term SOFR + 425 bps), 10/7/31 | &nbsp;&nbsp; 332618 |
| 1736897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC, Term Loan B, 7.325% (Term SOFR + 300 bps), 2/7/31 | &nbsp;&nbsp; 1664708 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | **$** **3599480** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 0.1%** |  |
| 1793131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 8.189% (Term SOFR + 375 bps), 4/20/28 | $1788649 |
| 1088273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., Term B Loan, 6.322% (Term SOFR + 200 bps), 11/26/31 | &nbsp;&nbsp; 1088272 |
| 1715082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox Finance LLC, 2024-B Term Loan, 6.799% (Term SOFR + 250 bps), 9/30/31 | &nbsp;&nbsp; 1673814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | **$** **4550735** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.1%** |  |
| 511931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Buyer, Inc., Initial Term Loan, 9.073% (Term SOFR + 475 bps), 11/1/31 | $512011 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Paid Legal Services, Inc., First Lien Initial Term Loan, 7.584% (Term SOFR + 325 bps), 12/15/28 | &nbsp;&nbsp;&nbsp; 1 |
| 2721711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans Union LLC, 2024 Refinancing Term B-8 Loan, 6.075% (Term SOFR + 175 bps), 6/24/31 | &nbsp;&nbsp; 2717032 |
| 623437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp., Term B-1 Loan, 6.579% (Term SOFR + 225 bps), 2/22/31 | &nbsp;&nbsp; 622658 |
| 2699000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc., Term B-3 Loan, 6.075% (Term SOFR + 175 bps), 3/5/32 | &nbsp;&nbsp; 2679432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | **$** **6531134** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 0.1%** |  |
| 1736875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC, First Lien Term B-4 Loan, 7.299% (Term SOFR + 300 bps), 2/1/31 | $1735187 |

---

The accompanying notes are an integral part of these financial statements.

4Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — (continued)** |  |
| 1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Tranche B Term Loan, 6.073% (Term SOFR + 175 bps), 10/30/31 | $1993753 |
| 1371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMX Group LLC, Term Loan, 8.799% (Term SOFR + 450 bps), 2/9/32 | &nbsp;&nbsp; 1370143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | **$** **5099083** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Software — 0.0%†** |  |
| 485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 8.189% (Term SOFR + 375 bps), 10/16/28 | $424779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Software** | **$** **424779** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Memory Devices — 0.0%†** |  |
| 2090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SanDisk Corp., Term Loan B, 7.33% (Term SOFR + 300 bps), 2/20/32 | $2066488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Memory Devices** | **$** **2066488** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consulting Services — 0.0%†** |  |
| 1777545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Advantage Holdings LLC, First Lien Term B-2 Loan, 7.575% (Term SOFR + 325 bps), 10/31/31 | $1768657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consulting Services** | **$** **1768657** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers-Paper & Plastic — 0.0%†** |  |
| 1653560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berry Global, Inc., Term AA Loan, 6.186% (Term SOFR + 175 bps), 7/1/29 | $1654981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers-Paper & Plastic** | **$** **1654981** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.0%†** |  |
| 566400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 2025 Repricing Term Loan (2027), 6.325% (Term SOFR + 200 bps), 8/8/27 | $565693 |
| 1745614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Initial Term Loan, 7.325% (Term SOFR + 300 bps), 5/1/31 | &nbsp;&nbsp; 1758706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | **$** **2324399** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Marketing — 0.0%†** |  |
| 555454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 7.075% (Term SOFR + 275 bps), 3/3/30 | $546601 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Marketing** | **$** **546601** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Disposable Medical Products — 0.0%†** |  |
| 883759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, Third Amendment Incremental Term Loan, 6.575% (Term SOFR + 225 bps), 10/23/28 | $883059 |
| 895500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2024 Refinancing Term Loan, 7.549% (Term SOFR + 325 bps), 5/30/31 | &nbsp;&nbsp; 898858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Disposable Medical Products** | **$** **1781917** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/255

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — 0.1%** |  |
| 2,136,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc., Initial Term Loan, 1/17/32 | $2058570 |
| 1265986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 Dollar Loan, 7.299% (Term SOFR + 300 bps), 6/20/31 | &nbsp;&nbsp; 1247448 |
| 1812308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 7.069% (Term SOFR + 275 bps), 8/1/30 | &nbsp;&nbsp; 1797960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution & Wholesale** | **$** **5103978** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.1%** |  |
| 1377080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 7.075% (Term SOFR + 275 bps), 9/30/31 | $1379662 |
| 857261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.575% (Term SOFR + 525 bps), 4/3/28 | &nbsp;&nbsp; 842259 |
| 1131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, Term B Advance, 8.825% (Term SOFR + 450 bps), 2/19/32 | &nbsp;&nbsp; 1091415 |
| 540171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Company LLC, 2018 Incremental Term Loan, 6.075% (Term SOFR + 175 bps), 12/20/30 | &nbsp;&nbsp; 539322 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | **$** **3852658** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 0.0%†** |  |
| 2084276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc., First Amendment Refinancing Term Loan, 6.318% (Term SOFR + 200 bps), 3/1/31 | $2094698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | **$** **2094698** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment Software — 0.0%†** |  |
| 1313409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp., Term B-1 Loan, 7.189% (Term SOFR + 275 bps), 3/13/28 | $1300439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment Software** | **$** **1300439** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — 0.1%** |  |
| 1432258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, 2024-1 Term Loan, 6.325% (Term SOFR + 200 bps), 10/31/31 | $1432257 |
| 1907166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 Loan, 7.322% (Term SOFR + 300 bps), 3/18/30 | &nbsp;&nbsp; 1906770 |
| 3395670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group LLC, Seventh Amendment Extended Term Loan, 6.313% (Term SOFR + 200 bps), 12/15/31 | &nbsp;&nbsp; 3363836 |
| 1723680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC, Initial Term Loan, 7.319% (Term SOFR + 300 bps), 10/21/31 | &nbsp;&nbsp; 1721525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Investment Banker** | **$** **8424388** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Leasing Company — 0.0%†** |  |
| 1207120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US) LLC, Term B-6 Loan, 6.072% (Term SOFR + 175 bps), 6/22/30 | $1207422 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Leasing Company** | **$** **1207422** |

---

The accompanying notes are an integral part of these financial statements.

6Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footwear & Related Apparel — 0.0%†** |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc., 2024 Refinancing Term Loan, 6.549% (Term SOFR + 225 bps), 2/19/29 | $753750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Footwear & Related Apparel** | **$** **753750** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.0%†** |  |
| 1357812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 6.049% (Term SOFR + 175 bps), 11/30/30 | $1355267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | **$** **1355267** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 0.0%†** |  |
| 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loan, 6.325% (Term SOFR + 200 bps), 1/17/31 | $984078 |
| 992500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, 6.575% (Term SOFR + 225 bps), 4/1/31 | &nbsp;&nbsp; 993223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | **$** **1977301** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer — 0.1%** |  |
| 426855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFS Cogen Holdings I LLC, Term B Advance, 7.799% (Term SOFR + 350 bps), 10/3/31 | $426855 |
| 2,992,481(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, Initial Term B Loan, 8/18/31 | &nbsp;&nbsp; 2980191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power Producer** | **$** **3407046** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers — 0.0%†** |  |
| 2400811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Ltd., 2024-3 Dollar Refinancing Term Loan, 7.325% (Term SOFR + 300 bps), 2/15/31 | $2383304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance Brokers** | **$** **2383304** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 0.0%†** |  |
| 1220882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), 2023 May Incremental First Lien Term Loan, 8.575% (Term SOFR + 425 bps), 5/3/28 | $1166705 |
| 826282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC, First Lien 2024 December New Term Loan, 8.575% (Term SOFR + 425 bps), 12/31/31 | &nbsp;&nbsp; 759353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | **$** **1926058** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Gambling — 0.0%†** |  |
| 2,608,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc., Term Loan B, 6.075% (Term SOFR + 175 bps), 3/4/32 | $2596048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Gambling** | **$** **2596048** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Security — 0.0%†** |  |
| 1,496,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Incremental TLB, 2/12/32 | $1484780 |
| 644167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Tranche B-1 Term Loan, 6.075% (Term SOFR + 175 bps), 9/12/29 | &nbsp;&nbsp; 641636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Security** | **$** **2126416** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/257

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory Services —<br> 0.1%** |  |
| 967644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 7.325% (Term SOFR + 300 bps), 4/7/28 | $965603 |
| 1529717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 9.291% (Term SOFR + 500 bps), 5/30/27 | &nbsp;&nbsp; 1485100 |
| 728408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Tranche B-2 Term Loan, 6.638% (Term SOFR + 225 bps), 7/1/26 | &nbsp;&nbsp; 729622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | **$** **3180325** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Diagnostic Imaging — 0.0%†** |  |
| 1237404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Amendment No. 3 Replacement Term Loan, 9.049% (Term SOFR + 475 bps), 12/15/27 | $1237276 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Diagnostic Imaging** | **$** **1237276** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Information Systems — 0.0%†** |  |
| 651899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., Initial Term Loan, 7.325% (Term SOFR + 300 bps), 2/15/29 | $646195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Information Systems** | **$** **646195** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 0.1%** |  |
| 2952992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.825% (Term SOFR + 250 bps), 2/21/31 | $2944585 |
| 1302750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 8.687% (Term SOFR + 425 bps), 10/1/28 | &nbsp;&nbsp; 1280358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | **$** **4224943** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.1%** |  |
| 2,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co., 2024 Refinancing Dollar Term Loan Facility, 5/19/31 | $1977500 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Padagis LLC, Term B Loan, 9.30% (Term SOFR + 475 bps), 7/6/28 | &nbsp;&nbsp; 754000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | **$** **2731500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Generic Drugs — 0.0%†** |  |
| 1236895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co., Plc, 2024 Refinancing Term B Loan, 6.325% (Term SOFR + 200 bps), 4/20/29 | $1237669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Generic Drugs** | **$** **1237669** |

---

The accompanying notes are an integral part of these financial statements.

8Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 0.0%†** |  |
| 916802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EyeCare Partners LLC, Tranche B Term Loan, 5.393% (Term SOFR + 100 bps), 11/30/28 | $722267 |
| 967155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight Health Holdings LLC, Term B Loan, 9.689% (Term SOFR + 525 bps), 12/23/28 | &nbsp;&nbsp; 498085 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | **$** **1220352** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal-Aluminum — 0.1%** |  |
| 2939000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis, Inc., Term Loan, 6.292% (Term SOFR + 200 bps), 3/11/32 | $2939735 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal-Aluminum** | **$** **2939735** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment — 0.0%†** |  |
| 2352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Tranche B Term Loan, 8.075% (Term SOFR + 375 bps), 3/19/32 | $2331420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Automation & Equipment** | **$** **2331420** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil Comp-Explor & Production — 0.0%†** |  |
| 2027000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I, LP, Initial Loan, 6.322% (Term SOFR + 200 bps), 2/11/30 | $2032068 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil Comp-Explor & Production** | **$** **2032068** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.1%** |  |
| 2077623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP, 2025 Tranche B-6 Term Loan, 6.075% (Term SOFR + 175 bps), 11/22/30 | $2078828 |
| 1229842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater DBR Holdco LLC, TLB, 6.549% (Term SOFR + 225 bps), 3/3/31 | &nbsp;&nbsp; 1227536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **3306364** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Printing-Commercial — 0.0%†** |  |
| 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser LLC, Initial Term Loan, 8.299% (Term SOFR + 400 bps), 11/30/30 | $2320059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Printing-Commercial** | **$** **2320059** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 0.1%** |  |
| 1149659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-12 Term Loan, 8.575% (Term SOFR + 425 bps), 9/19/30 | $1136725 |
| 2595416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, New B-11 Term Loan, 8.675% (Term SOFR + 425 bps), 8/19/28 | &nbsp;&nbsp; 2575302 |
| 2243291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, New B-9 Term Loan, 7.689% (Term SOFR + 325 bps), 7/31/27 | &nbsp;&nbsp; 2228429 |
| 997,493(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 7/31/31 | &nbsp;&nbsp; 995124 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Property & Casualty Insurance** | **$** **6935580** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/259

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection-Safety — 0.0%†** |  |
| 1746833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.325% (Term SOFR + 200 bps), 10/13/30 | $1741374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Protection-Safety** | **$** **1741374** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — 0.0%†** |  |
| 975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.675% (Term SOFR + 525 bps), 4/9/29 | $965098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing** | **$** **965098** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Racetracks — 0.0%†** |  |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Inc., 2021 Incremental Term B Loan, 6.075% (Term SOFR + 175 bps), 3/17/28 | $480600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Racetracks** | **$** **480600** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 0.0%†** |  |
| 2198085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 9.575% (Term SOFR + 525 bps), 2/12/29 | $2226935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | **$** **2226935** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS-Storage — 0.0%†** |  |
| 1021075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 6.325% (Term SOFR + 200 bps), 1/31/31 | $1018043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS-Storage** | **$** **1018043** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental Auto & Equipment — 0.0%†** |  |
| 1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals (North America), Inc., Restatement Term Loan, 6.075% (Term SOFR + 175 bps), 2/14/31 | $1998871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental Auto & Equipment** | **$** **1998871** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.1%** |  |
| 2083778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term B-3 Loan, 7.575% (Term SOFR + 325 bps), 1/23/32 | $2082996 |
| 1120298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition LLC, First Lien 2025-1 Term Loan, 7.825% (Term SOFR + 350 bps), 2/19/30 | &nbsp;&nbsp; 1123799 |
| 577334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC, Initial Term Loan, 8.046% (Term SOFR + 375 bps), 12/4/31 | &nbsp;&nbsp; 555203 |
| 938382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.811% (Term SOFR + 325 bps), 3/3/28 | &nbsp;&nbsp; 856796 |
| 723750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC, Initial Term Loan, 8.175% (Term SOFR + 375 bps), 2/11/28 | &nbsp;&nbsp; 713798 |
| 722391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 8.175% (Term SOFR + 375 bps), 2/8/28 | &nbsp;&nbsp; 648346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | **$** **5980938** |

---

The accompanying notes are an integral part of these financial statements.

10Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Security Services — 0.1%** |  |
| 3124518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial U.S. Dollar Term Loan, 8.175% (Term SOFR + 375 bps), 5/12/28 | $3124519 |
| 1484924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 7.322% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp; 1481211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Security Services** | **$** **4605730** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.0%†** |  |
| 1,139,155(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-3 Refinancing Loan, 3/27/32 | $1128238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | **$** **1128238** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — 0.1%** |  |
| 1682782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIT Worldwide Logistics Holdings, Inc., First Lien Initial Term Loan, 8.302% (Term SOFR + 400 bps), 4/8/30 | $1681731 |
| 1447725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., Term B Loan, 8.325% (Term SOFR + 400 bps), 10/2/28 | &nbsp;&nbsp; 1440486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Services** | **$** **3122217** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $158,412,678)** | **$** **157347310** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 25.3% of Net<br> Assets** |  |
| 172,237(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 4.634% (1 Month Term SOFR + 31 bps), 6/15/41 (144A) | $169519 |
| 304,701(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 4.634% (1 Month Term SOFR + 31 bps), 9/15/41 (144A) | &nbsp;&nbsp; 297743 |
| 578,689(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables LLC, Series 2005-1A, Class A1, 4.664% (1 Month Term SOFR + 34 bps), 11/15/40 (144A) | &nbsp;&nbsp; 564550 |
| 2,216,669(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 Funding CLO, Ltd., Series 2020-6A, Class XR, 5.24% (3 Month Term SOFR + 95 bps), 10/23/34 (144A) | &nbsp;&nbsp; 2217287 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO V Ltd., Series 2019-5A, Class CRR, 10.04% (3 Month Term SOFR + 575 bps), 1/20/36 (144A) | &nbsp;&nbsp; 4065840 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI DIRECT LENDING FUND CLO VI LTD, Series 2019-6A, Class A2RR, 5.917% (3 Month Term SOFR + 160 bps), 1/27/37 (144A) | &nbsp;&nbsp; 4235796 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACC Auto Trust, Series 2022-A, Class D, 10.07%, 3/15/29 (144A) | &nbsp;&nbsp; 1987857 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2511

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 6416036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Mortgage Trust, Series 2024-HE1, Class A, 6.55%, 5/25/39 (144A) | $6543647 |
| 4861878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2024-HE2, Class A, 5.35%, 10/25/39 (144A) | &nbsp;&nbsp; 4825162 |
| 5895989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS TRUST, Series 2024-2PL, Class A, 5.07%, 10/27/31 (144A) | &nbsp;&nbsp; 5900192 |
| 1353547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2023-1A, Class C, 8.59%, 1/22/30 (144A) | &nbsp;&nbsp; 1356038 |
| 1301184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class A, 7.71%, 1/21/31 (144A) | &nbsp;&nbsp; 1303688 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | &nbsp;&nbsp; 5143060 |
| 6799501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29 (144A) | &nbsp;&nbsp; 6816109 |
| 2952495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 6/20/29 (144A) | &nbsp;&nbsp; 2956851 |
| 4,325,113(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class A, 5.581% (1 Month Term SOFR + 126 bps), 10/16/36 (144A) | &nbsp;&nbsp; 4325342 |
| 10580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.61%, 2/15/29 (144A) | &nbsp;&nbsp; 10650766 |
| 6026716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X1, Class A, 6.27%, 5/15/29 (144A) | &nbsp;&nbsp; 6035955 |
| 5476699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X2, Class A, 5.22%, 12/17/29 (144A) | &nbsp;&nbsp; 5474492 |
| 6,820,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 14, Ltd., Series 2021-14A, Class AR, 5.452% (3 Month Term SOFR + 113 bps), 12/2/34 (144A) | &nbsp;&nbsp; 6818929 |
| 3,670,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3 LTD, Series 2020-3A, Class XR, 5.273% (3 Month Term SOFR + 95 bps), 4/15/38 (144A) | &nbsp;&nbsp; 3670576 |
| 1,108,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XIII, Ltd., Series 2021-1A, Class X, 5.555% (3 Month Term SOFR + 126 bps), 7/20/34 (144A) | &nbsp;&nbsp; 1106923 |
| 1,195,833(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XIV, Ltd., Series 2021-2A, Class X, 5.564% (3 Month Term SOFR + 126 bps), 10/15/34 (144A) | &nbsp;&nbsp; 1195758 |
| 14687488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterna Funding III LLC, Series 2024-1A, Class A, 6.26%, 5/16/39 (144A) | &nbsp;&nbsp; 14808635 |
| 2903424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.46%, 3/13/28 (144A) | &nbsp;&nbsp; 2893533 |
| 2722400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2022-2, Class D, 4.85%, 6/13/28 (144A) | &nbsp;&nbsp; 2721086 |
| 5230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-4, Class C, 6.99%, 9/12/30 (144A) | &nbsp;&nbsp; 5322498 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 3/15/28 (144A) | &nbsp;&nbsp; 2002362 |

---

The accompanying notes are an integral part of these financial statements.

12Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 682000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust, Series 2015-SFR1, Class E, 5.639%, 4/17/52 (144A) | $680298 |
| 5778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust, Series 2015-SFR1, Class F, 5.885%, 4/17/52 (144A) | &nbsp;&nbsp; 5762510 |
| 1044000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust, Series 2015-SFR2, Class E, 6.07%, 10/17/52 (144A) | &nbsp;&nbsp; 1044616 |
| 18,657,904(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2B, 4.945% (SOFR30A + 60 bps), 2/18/28 | &nbsp;&nbsp; 18671468 |
| 7236674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2, 5.19%, 7/21/31 (144A) | &nbsp;&nbsp; 7290160 |
| 1341185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A, Class A, 3.14%, 7/16/40 (144A) | &nbsp;&nbsp; 1289248 |
| 1433342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA, Class A, 1.90%, 7/17/46 (144A) | &nbsp;&nbsp; 1325177 |
| 2659785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 7/17/46 (144A) | &nbsp;&nbsp; 2429433 |
| 2,333,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LVII CLO, Ltd., Series 2020-57A, Class XR, 5.562% (3 Month Term SOFR + 126 bps), 1/25/35 (144A) | &nbsp;&nbsp; 2333217 |
| 809981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class A, 3.93%, 5/15/28 (144A) | &nbsp;&nbsp; 807330 |
| 5843046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A, 6.46%, 4/17/28 (144A) | &nbsp;&nbsp; 5880051 |
| 8245111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Career Funding Trust, Series 2024-1A, Class A, 6.77%, 10/25/32 (144A) | &nbsp;&nbsp; 8268162 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSURANT CLO Ltd., Series 2018-2A, Class D, 7.405% (3 Month Term SOFR + 311 bps), 4/20/31 (144A) | &nbsp;&nbsp; 249332 |
| 3,405,571(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUF Funding LLC, Series 2022-1A, Class A1LN, 6.793% (3 Month Term SOFR + 250 bps), 1/20/31 (144A) | &nbsp;&nbsp; 3405983 |
| 2004221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.18%, 12/15/28 (144A) | &nbsp;&nbsp; 2022257 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2021-1, Class F, 5.16%, 10/16/28 (144A) | &nbsp;&nbsp; 1588593 |
| 1293109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2023-1, Class B, 7.12%, 3/15/27 (144A) | &nbsp;&nbsp; 1295033 |
| 5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class D, 7.26%, 10/20/27 (144A) | &nbsp;&nbsp; 5752306 |
| 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-3A, Class D, 7.32%, 2/20/28 (144A) | &nbsp;&nbsp; 2721420 |
| 5,500,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2R Mortgage Trust, Series 2015-2, Class E, 5.763%, 11/15/48 (144A) | &nbsp;&nbsp; 5474894 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2513

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2021-7A, Class A2R, 5.565% (3 Month Term SOFR + 125 bps), 1/22/35 (144A) | $6485843 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-4A, Class XR, 5.408% (3 Month Term SOFR + 110 bps), 10/16/37 (144A) | &nbsp;&nbsp; 4755139 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-6A, Class XR, 5.44% (3 Month Term SOFR + 115 bps), 1/22/38 (144A) | &nbsp;&nbsp; 4999585 |
| 6,975,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardot CLO, Ltd., Series 2019-2A, Class ARR, 5.285% (3 Month Term SOFR + 98 bps), 10/22/32 (144A) | &nbsp;&nbsp; 6939567 |
| 7,979,019(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battalion CLO XII, Ltd., Series 2018-12A, Class ARR, 5.249% (3 Month Term SOFR + 93 bps), 5/17/31 (144A) | &nbsp;&nbsp; 7965104 |
| 5,075,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battery Park CLO, Ltd., Series 2019-1A, Class XR, 5.252% (3 Month Term SOFR + 95 bps), 7/15/36 (144A) | &nbsp;&nbsp; 5076061 |
| 5,318,728(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, 5.44% (SOFR30A + 110 bps), 12/26/31 (144A) | &nbsp;&nbsp; 5334081 |
| 1,251,465(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class C, 5.84% (SOFR30A + 150 bps), 12/26/31 (144A) | &nbsp;&nbsp; 1255099 |
| 4,714,484(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class A, 5.79% (SOFR30A + 145 bps), 6/25/47 (144A) | &nbsp;&nbsp; 4693783 |
| 1833334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII Trust, Series 2024-CAR1F, Class A, 6.971%, 7/29/32 (144A) | &nbsp;&nbsp; 1837612 |
| 59,986(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Series 2001-3, Class A1, 5.335% (1 Month Term SOFR + 101 bps), 10/27/32 | &nbsp;&nbsp; 59785 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class XR2, 5.452% (3 Month Term SOFR + 115 bps), 10/15/37 (144A) | &nbsp;&nbsp; 9999760 |
| 2520427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B, Class A, 6.92%, 12/17/36 (144A) | &nbsp;&nbsp; 2621760 |
| 4701921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2024-1CON, Class A, 5.81%, 4/17/35 (144A) | &nbsp;&nbsp; 4780157 |
| 2722427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital II Aircraft Lease, Ltd., Series 2021-1A, Class A, 2.443%, 7/15/46 (144A) | &nbsp;&nbsp; 2510632 |
| 6103035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bridge Funding LLC, Series 2023-1A, Class A, 7.37%, 11/15/30 (144A) | &nbsp;&nbsp; 6164730 |
| 4,495,271(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 5.644% (3 Month Term SOFR + 134 bps), 7/15/31 (144A) | &nbsp;&nbsp; 4497411 |

---

The accompanying notes are an integral part of these financial statements.

14Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 406694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2, 5.542%, 10/27/31 (144A) | $408388 |
| 884998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 888679 |
| 5544906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.291%, 7/26/32 (144A) | &nbsp;&nbsp; 5637897 |
| 5734000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05%, 7/15/27 (144A) | &nbsp;&nbsp; 5793612 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2020-1A, Class B1R, 8.052% (3 Month Term SOFR + 375 bps), 1/15/31 (144A) | &nbsp;&nbsp; 5498113 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2020-1A, Class C1R, 9.802% (3 Month Term SOFR + 550 bps), 1/15/31 (144A) | &nbsp;&nbsp; 1497081 |
| 5,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2020-1A, Class DR, 10.552% (3 Month Term SOFR + 625 bps), 1/15/31 (144A) | &nbsp;&nbsp; 5882784 |
| 1,855,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2023-1A, Class X, 6.552% (3 Month Term SOFR + 225 bps), 10/15/35 (144A) | &nbsp;&nbsp; 1854471 |
| 5,431,349(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRSP, Ltd., Series 2021-FL1, Class A, 5.581% (1 Month Term SOFR + 126 bps), 8/19/38 (144A) | &nbsp;&nbsp; 5419470 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2021-FL7, Class D, 7.184% (1 Month Term SOFR + 286 bps), 12/15/38 (144A) | &nbsp;&nbsp; 1998422 |
| 206085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXG Receivables Note Trust, Series 2020-A, Class B, 2.49%, 2/28/36 (144A) | &nbsp;&nbsp; 195388 |
| 5,558,090(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.699% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 5543367 |
| 2,102,856(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO II, Ltd., Series 2022-1A, Class X, 5.593% (3 Month Term SOFR + 130 bps), 1/20/37 (144A) | &nbsp;&nbsp; 2102963 |
| 5033928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarNow Auto Receivables Trust, Series 2023-2A, Class B, 8.53%, 1/15/27 (144A) | &nbsp;&nbsp; 5053457 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2021-P2, Class D, 2.02%, 5/10/28 | &nbsp;&nbsp; 947898 |
| 1503084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/28 (144A) | &nbsp;&nbsp; 1485705 |
| 530466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N1, Class A, 6.36%, 4/12/27 (144A) | &nbsp;&nbsp; 530683 |
| 601772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41%, 9/10/27 (144A) | &nbsp;&nbsp; 603896 |
| 14,761,496(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAM, Ltd., Series 2018-5A, Class A, 5.584% (3 Month Term SOFR + 128 bps), 4/17/31 (144A) | &nbsp;&nbsp; 14768508 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2515

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO, Ltd., Series 2021-14A, Class X, 5.352% (3 Month Term SOFR + 105 bps), 10/15/37 (144A) | $1700221 |
| 4,901,039(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerstone SBA Trust, Series 2023-1, Class A, 8.35% (PRIME + 85 bps), 12/27/50 (144A) | &nbsp;&nbsp; 4884915 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class A, 5.817% (3 Month Term SOFR + 135 bps), 1/15/34 (144A) | &nbsp;&nbsp; 4748917 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class B, 6.217% (3 Month Term SOFR + 175 bps), 1/15/34 (144A) | &nbsp;&nbsp; 5986392 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class C, 6.567% (3 Month Term SOFR + 210 bps), 1/15/34 (144A) | &nbsp;&nbsp; 2991867 |
| 2,838,098(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XXIV LP, Series 2018-3A, Class A1, 5.964% (3 Month Term SOFR + 166 bps), 7/15/30 (144A) | &nbsp;&nbsp; 2838266 |
| 2,794,821(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class A, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 2767198 |
| 4,948,195(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB13, Class A, 3.00%, 5/25/34 (144A) | &nbsp;&nbsp; 4846613 |
| 2,075,201(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A, Class A2, 5.599% (SOFR30A + 125 bps), 5/15/35 (144A) | &nbsp;&nbsp; 2085107 |
| 2567812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A1, 6.16%, 10/15/35 (144A) | &nbsp;&nbsp; 2603902 |
| 3,879,771(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A2, 5.449% (SOFR30A + 110 bps), 10/15/35 (144A) | &nbsp;&nbsp; 3897580 |
| 2,054,711(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2024-1A, Class A2, 5.119% (SOFR30A + 77 bps), 5/15/36 (144A) | &nbsp;&nbsp; 2057270 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Middle Market CLO III, Ltd., Series 2021-1A, Class C, 7.158% (3 Month Term SOFR + 286 bps), 10/24/33 (144A) | &nbsp;&nbsp; 1509802 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Middle Market CLO III, Ltd., Series 2021-1A, Class E, 12.718% (3 Month Term SOFR + 842 bps), 10/24/33 (144A) | &nbsp;&nbsp; 4965025 |
| 2,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding, Ltd., Series 2021-7A, Class X, 5.452% (3 Month Term SOFR + 116 bps), 1/23/35 (144A) | &nbsp;&nbsp; 2399834 |
| 949023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1, Class A, 6.86%, 2/15/30 (144A) | &nbsp;&nbsp; 950301 |
| 3,476,917(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A, Class A1, 5.835% (1 Month Term SOFR + 151 bps), 12/28/48 (144A) | &nbsp;&nbsp; 3509285 |

---

The accompanying notes are an integral part of these financial statements.

16Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2732082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 7/16/29 (144A) | $2759596 |
| 150584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A1, 2.73%, 10/25/40 (144A) | &nbsp;&nbsp; 146551 |
| 36,641(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A2, 5.885% (1 Month Term SOFR + 156 bps), 10/25/40 (144A) | &nbsp;&nbsp; 36529 |
| 458,596(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-AGS, Class A2, 5.285% (1 Month Term SOFR + 96 bps), 5/25/41 (144A) | &nbsp;&nbsp; 453980 |
| 512,556(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class A2, 5.085% (1 Month Term SOFR + 76 bps), 9/25/42 (144A) | &nbsp;&nbsp; 503594 |
| 70511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class C, 4.44%, 9/25/42 (144A) | &nbsp;&nbsp; 59849 |
| 421,165(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-AGS, Class A2, 4.935% (1 Month Term SOFR + 61 bps), 2/25/44 (144A) | &nbsp;&nbsp; 415727 |
| 825,766(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-BGS, Class A2, 5.005% (1 Month Term SOFR + 68 bps), 9/25/45 (144A) | &nbsp;&nbsp; 812594 |
| 331,065(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-CGS, Class A2, 5.235% (1 Month Term SOFR + 91 bps), 2/25/46 (144A) | &nbsp;&nbsp; 327470 |
| 630,856(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A2, 5.335% (1 Month Term SOFR + 101 bps), 1/25/47 (144A) | &nbsp;&nbsp; 621589 |
| 3543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A, 5.78%, 12/15/32 (144A) | &nbsp;&nbsp; 3573188 |
| 5697989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP EF Asset Securitization II LLC, Series 2023-1A, Class A, 7.48%, 3/15/32 (144A) | &nbsp;&nbsp; 5768947 |
| 18227322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2024-A, Class A2, 5.90%, 8/20/30 (144A) | &nbsp;&nbsp; 18464883 |
| 1,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Point CLO IV, Ltd., Series 2018-4A, Class C, 6.455% (3 Month Term SOFR + 216 bps), 4/20/31 (144A) | &nbsp;&nbsp; 1439650 |
| 10,675,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerpath Capital CLO, Ltd., Series 2021-1A, Class A1R, 6.102% (3 Month Term SOFR + 180 bps), 7/15/36 (144A) | &nbsp;&nbsp; 10724308 |
| 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Funding Home Equity Loan Trust, Series 1997-2, Class A6, 7.04%, 6/25/27 | &nbsp;&nbsp;&nbsp; 33 |
| 6329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2021-1, Class B, 1.76%, 2/15/28 (144A) | &nbsp;&nbsp; 6320 |
| 924959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-1, Class A2, 5.99%, 3/15/32 (144A) | &nbsp;&nbsp; 928962 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2517

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5300131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2, Class A2, 6.56%, 5/15/34 (144A) | $5340781 |
| 3,236,239(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 53 CLO, Ltd., Series 2017-53A, Class A, 5.684% (3 Month Term SOFR + 138 bps), 1/15/31 (144A) | &nbsp;&nbsp; 3238262 |
| 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2022-2A, Class D, 5.46%, 3/15/28 (144A) | &nbsp;&nbsp; 1359860 |
| 5260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1A, Class C, 5.55%, 10/16/28 (144A) | &nbsp;&nbsp; 5280869 |
| 3,757,895(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO, Ltd., Series 2021-12A, Class XR, 5.393% (3 Month Term SOFR + 110 bps), 4/20/37 (144A) | &nbsp;&nbsp; 3757045 |
| 4,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class B, 6.555% (3 Month Term SOFR + 226 bps), 7/20/30 (144A) | &nbsp;&nbsp; 4897266 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class C, 6.805% (3 Month Term SOFR + 251 bps), 7/20/30 (144A) | &nbsp;&nbsp; 6485206 |
| 6595729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equify ABS LLC, Series 2024-1A, Class A, 5.43%, 4/18/33 (144A) | &nbsp;&nbsp; 6591313 |
| 6830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.02%, 10/15/29 (144A) | &nbsp;&nbsp; 6616211 |
| 1382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-6A, Class D, 8.03%, 4/6/29 | &nbsp;&nbsp; 1434462 |
| 12362780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2024-4A, Class A2, 5.60%, 5/17/27 | &nbsp;&nbsp; 12376965 |
| 3244482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2023-2A, Class A2, 6.79%, 10/15/29 (144A) | &nbsp;&nbsp; 3298292 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class B, 5.04%, 2/17/31 (144A) | &nbsp;&nbsp; 2243076 |
| 197942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2021-2A, Class A, 0.83%, 12/15/26 (144A) | &nbsp;&nbsp; 197342 |
| 2428815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A, Class A2, 6.57%, 6/15/28 (144A) | &nbsp;&nbsp; 2454515 |
| 7,671,085(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE2, Class A, 6.38%, 5/25/54 (144A) | &nbsp;&nbsp; 7785134 |
| 4,629,401(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE3, Class A, 5.937%, 7/25/54 (144A) | &nbsp;&nbsp; 4657765 |
| 769127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 7/15/27 (144A) | &nbsp;&nbsp; 771860 |
| 3800769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2024-1, Class A2, 5.64%, 3/15/28 (144A) | &nbsp;&nbsp; 3812034 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flatiron CLO 21, Ltd., Series 2021-1A, Class XR, 5.393% (3 Month Term SOFR + 110 bps), 10/19/37 (144A) | &nbsp;&nbsp; 3589484 |

---

The accompanying notes are an integral part of these financial statements.

18Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A2, 5.599% (SOFR30A + 125 bps), 5/15/28 (144A) | $4129435 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class B, 5.31%, 5/15/28 (144A) | &nbsp;&nbsp; 1006328 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A1, 4.92%, 5/15/28 (144A) | &nbsp;&nbsp; 10043242 |
| 10,920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities IX CLO, Ltd., Series 2017-9A, Class A1TR, 6.114% (3 Month Term SOFR + 181 bps), 10/15/33 (144A) | &nbsp;&nbsp; 10919509 |
| 8,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class A1, 5.574% (3 Month Term SOFR + 125 bps), 4/20/33 (144A) | &nbsp;&nbsp; 8560978 |
| 8,180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class B, 5.974% (3 Month Term SOFR + 165 bps), 4/20/33 (144A) | &nbsp;&nbsp; 8173996 |
| 2756236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A, Class A, 1.27%, 5/15/41 (144A) | &nbsp;&nbsp; 2579760 |
| 1488868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 1/15/42 (144A) | &nbsp;&nbsp; 1394070 |
| 273112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freed ABS Trust, Series 2021-3FP, Class D, 2.37%, 11/20/28 (144A) | &nbsp;&nbsp; 270036 |
| 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2022-3A, Class D, 6.42%, 6/15/28 (144A) | &nbsp;&nbsp; 4371892 |
| 2695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class D, 7.01%, 1/16/29 (144A) | &nbsp;&nbsp; 2760033 |
| 5540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class E, 11.42%, 3/15/30 (144A) | &nbsp;&nbsp; 6195419 |
| 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-4A, Class C, 6.65%, 8/15/29 (144A) | &nbsp;&nbsp; 3260628 |
| 12436981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-4A, Class A2, 4.76%, 10/15/27 (144A) | &nbsp;&nbsp; 12440562 |
| 10174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.68%, 12/15/27 (144A) | &nbsp;&nbsp; 10179815 |
| 1022359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A, Class A2, 6.27%, 8/16/27 (144A) | &nbsp;&nbsp; 1025457 |
| 2988707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A, Class A2, 6.37%, 6/15/28 (144A) | &nbsp;&nbsp; 3018329 |
| 2520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class C, 5.69%, 3/15/30 (144A) | &nbsp;&nbsp; 2569184 |
| 1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class D, 6.43%, 1/15/31 (144A) | &nbsp;&nbsp; 1992698 |
| 8681000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71%, 4/15/30 (144A) | &nbsp;&nbsp; 8711663 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2519

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 5.499% (SOFR30A + 115 bps), 6/15/28 (144A) | $5537366 |
| 5,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class A2, 4.799% (SOFR30A + 45 bps), 11/15/28 (144A) | &nbsp;&nbsp; 5976694 |
| 2,887,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 10, Ltd., Series 2021-10A, Class XR, 5.343% (3 Month Term SOFR + 105 bps), 10/20/37 (144A) | &nbsp;&nbsp; 2887266 |
| 3,037,901(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 24M-R, Ltd., Series 2015-24A, Class AR, 6.165% (3 Month Term SOFR + 186 bps), 11/5/29 (144A) | &nbsp;&nbsp; 3037801 |
| 14,166,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 24M-R, Ltd., Series 2015-24A, Class BR, 6.565% (3 Month Term SOFR + 226 bps), 11/5/29 (144A) | &nbsp;&nbsp; 14165688 |
| 19,620,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 36m, Ltd., Series 2018-36A, Class B, 6.215% (3 Month Term SOFR + 191 bps), 2/5/31 (144A) | &nbsp;&nbsp; 19608208 |
| 11,385,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 54M L.P, Series 2021-54A, Class A, 6.095% (3 Month Term SOFR + 179 bps), 8/5/33 (144A) | &nbsp;&nbsp; 11388154 |
| 20,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 61M, Series 2022-61A, Class A1AR, 5.53% (3 Month Term SOFR + 123 bps), 7/25/35 (144A) | &nbsp;&nbsp; 20379756 |
| 5,453,818(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class A1R, 5.75% (3 Month Term SOFR + 145 bps), 7/25/33 (144A) | &nbsp;&nbsp; 5451734 |
| 9,377,470(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class BR, 6.30% (3 Month Term SOFR + 200 bps), 7/25/33 (144A) | &nbsp;&nbsp; 9382290 |
| 11,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class CR, 7.05% (3 Month Term SOFR + 275 bps), 7/25/33 (144A) | &nbsp;&nbsp; 11912065 |
| 14,510,168(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-1A, Class A, 6.374% (SOFR90A + 195 bps), 9/1/26 (144A) | &nbsp;&nbsp; 14550082 |
| 5,163,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-1A, Class C, 7.524% (SOFR90A + 310 bps), 9/1/26 (144A) | &nbsp;&nbsp; 5186615 |
| 3,163,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-1A, Class D, 8.924% (SOFR90A + 450 bps), 9/1/26 (144A) | &nbsp;&nbsp; 3179316 |
| 1,306,504(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-2A, Class A, 6.674% (SOFR90A + 225 bps), 3/1/27 (144A) | &nbsp;&nbsp; 1308667 |

---

The accompanying notes are an integral part of these financial statements.

20Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2024-1A, Class A, 6.122% (SOFR90A + 170 bps), 3/1/28 (144A) | $5008776 |
| 2337568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Park Equipment Leasing LLC, Series 2023-1A, Class A2, 6.51%, 5/20/30 (144A) | &nbsp;&nbsp; 2351655 |
| 1,173,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO VI LLC, Series 2021-6A, Class AX, 5.764% (3 Month Term SOFR + 146 bps), 1/15/34 (144A) | &nbsp;&nbsp; 1172722 |
| 4,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO, Ltd., Series 2019-1A, Class X, 5.362% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 4179483 |
| 6,464,598(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE2, Class A1, 5.84% (SOFR30A + 150 bps), 1/25/55 (144A) | &nbsp;&nbsp; 6459107 |
| 5,478,902(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2023-1, Class A, 7.684% (SOFR30A + 325 bps), 10/25/50 (144A) | &nbsp;&nbsp; 5565931 |
| 7,282,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1, Class A, 6.684% (SOFR30A + 225 bps), 12/25/51 (144A) | &nbsp;&nbsp; 7332572 |
| 3205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2022-1A, Class B, 2.19%, 6/25/26 (144A) | &nbsp;&nbsp; 3190234 |
| 1,499,853(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGI CRE CLO, Ltd., Series 2021-FL2, Class A, 5.434% (1 Month Term SOFR + 111 bps), 9/17/36 (144A) | &nbsp;&nbsp; 1496632 |
| 5137705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class A2, 4.723%, 8/20/51 (144A) | &nbsp;&nbsp; 1541311 |
| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class B, 7.432%, 8/20/51 (144A) | &nbsp;&nbsp; 153750 |
| 1,285,714(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 10-2016, Ltd., Series 10A-16, Class XR3, 5.243% (3 Month Term SOFR + 95 bps), 4/20/34 (144A) | &nbsp;&nbsp; 1285905 |
| 5,308,883(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes Series, Series 2024-2, Class C, 6.944% (SOFR30A + 260 bps), 10/20/32 (144A) | &nbsp;&nbsp; 5326167 |
| 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes Series, Series 2025-1, Class B, 4.957%, 3/21/33 (144A) | &nbsp;&nbsp; 10979692 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO, Ltd., Series 2017-1A, Class ERR, 11.921% (3 Month Term SOFR + 762 bps), 7/28/34 (144A) | &nbsp;&nbsp; 3792672 |
| 1,125,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Hill Middle Market Credit Fund IX, Ltd., Series 9A, Class XRR, 5.49% (3 Month Term SOFR + 120 bps), 4/23/34 (144A) | &nbsp;&nbsp; 1124398 |
| 5,223,816(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 6.094% (SOFR30A + 175 bps), 11/25/53 (144A) | &nbsp;&nbsp; 5252547 |
| 11,024,008(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 6.044% (SOFR30A + 170 bps), 3/20/54 (144A) | &nbsp;&nbsp; 11088809 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2521

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 7,187,696(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE3, Class A1, 5.944% (SOFR30A + 160 bps), 5/25/54 (144A) | $7216100 |
| 9,066,122(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, 5.544% (SOFR30A + 120 bps), 10/20/54 (144A) | &nbsp;&nbsp; 9057387 |
| 15,225,647(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust Series, Series 2024-HE3, Class A1, 5.544% (SOFR30A + 120 bps), 2/25/55 (144A) | &nbsp;&nbsp; 15225568 |
| 22,475,480(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust Series, Series 2025-HE1, Class A1, 5.494% (SOFR30A + 115 bps), 7/20/55 (144A) | &nbsp;&nbsp; 22439955 |
| 22167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - CACLN, Series 2021-3, Class B, 0.76%, 2/26/29 (144A) | &nbsp;&nbsp; 22085 |
| 20,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A, 6.999% (SOFR30A + 265 bps), 11/15/27 (144A) | &nbsp;&nbsp; 20362536 |
| 443407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2024-1A, Class A2, 5.44%, 11/16/26 (144A) | &nbsp;&nbsp; 443610 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2025-1A, Class A2, 4.60%, 12/15/27 (144A) | &nbsp;&nbsp; 7995426 |
| 1,447,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Shore MM CLO IV, Ltd., Series 2021-1A, Class XR, 5.602% (3 Month Term SOFR + 130 bps), 1/15/37 (144A) | &nbsp;&nbsp; 1447100 |
| 3,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 35, Ltd., Series 35A, Class BR, 5.97% (3 Month Term SOFR + 165 bps), 10/15/34 (144A) | &nbsp;&nbsp; 3440471 |
| 2,932,777(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVIII LP, Series 18A, Class A1R, 5.575% (3 Month Term SOFR + 128 bps), 4/20/31 (144A) | &nbsp;&nbsp; 2932997 |
| 271924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.22%, 5/17/27 (144A) | &nbsp;&nbsp; 271150 |
| 6914380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2023-3A, Class A2, 7.50%, 12/15/28 (144A) | &nbsp;&nbsp; 7088781 |
| 8049712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-1A, Class A2, 6.19%, 8/15/29 (144A) | &nbsp;&nbsp; 8132981 |
| 8034926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-2A, Class A2, 5.99%, 5/15/29 (144A) | &nbsp;&nbsp; 8111639 |
| 7997669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2025-1A, Class A1, 4.576%, 2/15/26 (144A) | &nbsp;&nbsp; 7996837 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, 10/15/30 (144A) | &nbsp;&nbsp; 8008690 |
| 162895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST1, Class A, 2.50%, 3/15/28 (144A) | &nbsp;&nbsp; 159394 |
| 3363084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS LLC, Series 2023-A, Class A, 7.173%, 7/15/35 (144A) | &nbsp;&nbsp; 3379449 |

---

The accompanying notes are an integral part of these financial statements.

22Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2385888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2023-1A, Class A, 7.00%, 2/15/35 (144A) | $2386395 |
| 1073649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2023-1A, Class B, 10.25%, 2/15/35 (144A) | &nbsp;&nbsp; 1074991 |
| 948209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2, Class A, 7.59%, 4/16/29 (144A) | &nbsp;&nbsp; 951943 |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/27 (144A) | &nbsp;&nbsp; 13000677 |
| 1234523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46 (144A) | &nbsp;&nbsp; 1139145 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXII, Ltd., Series 2019-22A, Class X, 5.302% (3 Month Term SOFR + 100 bps), 7/15/36 (144A) | &nbsp;&nbsp; 5499598 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXXV, Ltd., Series 2022-35A, Class XR, 5.50% (3 Month Term SOFR + 120 bps), 10/25/36 (144A) | &nbsp;&nbsp; 3004827 |
| 366,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marble Point Clo XXV, Ltd., Series 2022-2A, Class X, 5.843% (3 Month Term SOFR + 155 bps), 10/20/36 (144A) | &nbsp;&nbsp; 366653 |
| 3439836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2024-1A, Class A, 5.95%, 7/17/34 (144A) | &nbsp;&nbsp; 3449878 |
| 5,225,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO 10, Ltd., Series 2023-1A, Class XR, 5.354% (3 Month Term SOFR + 100 bps), 4/15/37 (144A) | &nbsp;&nbsp; 5225000 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Series 2017-3A, Class ER, 13.705% (3 Month Term SOFR + 941 bps), 7/20/33 (144A) | &nbsp;&nbsp; 2489312 |
| 7161218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2023-1A, Class A, 7.21%, 5/20/36 (144A) | &nbsp;&nbsp; 7226383 |
| 10660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29 (144A) | &nbsp;&nbsp; 10808520 |
| 9680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class C, 10.42%, 7/20/29 (144A) | &nbsp;&nbsp; 9832120 |
| 2,055,293(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2020-FL4, Class A, 6.134% (1 Month Term SOFR + 181 bps), 12/15/35 (144A) | &nbsp;&nbsp; 2057190 |
| 8,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class A1R2, 5.534% (3 Month Term SOFR + 121 bps), 1/18/36 (144A) | &nbsp;&nbsp; 8278253 |
| 19710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2023-B, Class A, 7.69%, 11/15/28 (144A) | &nbsp;&nbsp; 19779963 |
| 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-B, Class A, 5.88%, 1/15/30 (144A) | &nbsp;&nbsp; 5337775 |
| 8580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2025-A, Class A, 5.80%, 5/15/30 (144A) | &nbsp;&nbsp; 8579959 |
| 10,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XII, Ltd., Series 2021-2A, Class A1, 6.05% (3 Month Term SOFR + 176 bps), 9/14/33 (144A) | &nbsp;&nbsp; 10966127 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2523

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class A1N, 6.009% (3 Month Term SOFR + 168 bps), 2/24/34 (144A) | $4997365 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class B, 6.379% (3 Month Term SOFR + 205 bps), 2/24/34 (144A) | &nbsp;&nbsp; 2996811 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain View CLO XVII, Ltd., Series 2023-1A, Class X, 6.002% (3 Month Term SOFR + 170 bps), 9/14/36 (144A) | &nbsp;&nbsp; 499960 |
| 928843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41 (144A) | &nbsp;&nbsp; 877251 |
| 446113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/36 (144A) | &nbsp;&nbsp; 444860 |
| 790,452(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Trust, Series 2007-A, Class A, 5.255% (1 Month USD LIBOR + 30 bps), 5/25/31 (144A) | &nbsp;&nbsp; 773555 |
| 555941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69 (144A) | &nbsp;&nbsp; 499863 |
| 2,417,841(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2021-1A, Class A1B, 5.054% (SOFR30A + 71 bps), 12/26/69 (144A) | &nbsp;&nbsp; 2399678 |
| 2,140,995(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2005-2, Class A5, 4.724% (SOFR90A + 36 bps), 3/23/37 | &nbsp;&nbsp; 2121952 |
| 588746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.36%, 4/20/62 (144A) | &nbsp;&nbsp; 547554 |
| 3,011,155(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-DA, Class AFL, 5.124% (1 Month Term SOFR + 80 bps), 4/20/62 (144A) | &nbsp;&nbsp; 2995596 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain CLO 1, Ltd., Series CLO-1A, Class X, 5.252% (3 Month Term SOFR + 95 bps), 1/15/38 (144A) | &nbsp;&nbsp; 2000468 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newday Funding Master Issuer Plc - Series, Series 2023-1A, Class A2, 6.08% (SOFR + 175 bps), 11/15/31 (144A) | &nbsp;&nbsp; 5767632 |
| 1,829,115(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2021-1, Class A, 7.25% (PRIME - 25 bps), 12/25/48 (144A) | &nbsp;&nbsp; 1828114 |
| 3,045,425(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2023-1, Class A, 7.00% (PRIME - 50 bps), 7/25/50 (144A) | &nbsp;&nbsp; 3079553 |
| 6,220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2024-1A, Class A1, 5.247% (SOFR30A + 90 bps), 3/15/29 (144A) | &nbsp;&nbsp; 6249278 |
| 9,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2024-2A, Class A1, 5.229% (SOFR30A + 88 bps), 9/15/29 (144A) | &nbsp;&nbsp; 9321210 |
| 3241304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A, Class A2, 6.57%, 6/17/30 (144A) | &nbsp;&nbsp; 3268224 |

---

The accompanying notes are an integral part of these financial statements.

24Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,842,105(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwoods Capital XI-B, Ltd., Series 2018-11BA, Class XR, 5.493% (3 Month Term SOFR + 120 bps), 7/19/37 (144A) | $2828747 |
| 53,410(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaStar Mortgage Funding Trust, Series 2003-1, Class A2, 5.215% (1 Month Term SOFR + 89 bps), 5/25/33 | &nbsp;&nbsp; 52307 |
| 12,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2025-HE1, Class A1, 5.935% (SOFR30A + 160 bps), 2/25/55 (144A) | &nbsp;&nbsp; 12410890 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO, Ltd., Series 2017-14A, Class XR, 5.393% (3 Month Term SOFR + 110 bps), 7/20/37 (144A) | &nbsp;&nbsp; 2749777 |
| 4,205,263(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 49, Ltd., Series 2020-5A, Class X, 5.352% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 4206357 |
| 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2021-1A, Class C, 2.23%, 11/20/28 (144A) | &nbsp;&nbsp; 2717387 |
| 23327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2021-2A, Class A, 1.21%, 9/20/28 (144A) | &nbsp;&nbsp; 23265 |
| 3444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-1A, Class A2, 4.18%, 3/20/28 (144A) | &nbsp;&nbsp; 3442 |
| 2813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-1A, Class D, 5.54%, 2/20/29 (144A) | &nbsp;&nbsp; 2829836 |
| 949106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (144A) | &nbsp;&nbsp; 952410 |
| 2767064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-2A, Class A2, 5.88%, 6/20/31 (144A) | &nbsp;&nbsp; 2777034 |
| 3743775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/29 (144A) | &nbsp;&nbsp; 3778162 |
| 4968582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class A, 5.26%, 8/15/29 (144A) | &nbsp;&nbsp; 4971547 |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2025-1, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 4498685 |
| 7251892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C, Class A, 2.18%, 10/8/31 (144A) | &nbsp;&nbsp; 7082127 |
| 492929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-1A, Class A, 6.334%, 4/8/31 (144A) | &nbsp;&nbsp; 493333 |
| 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-1A, Class B, 6.546%, 4/8/31 (144A) | &nbsp;&nbsp; 2600651 |
| 1760797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class A, 5.86%, 2/9/32 (144A) | &nbsp;&nbsp; 1764791 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class B, 5.83%, 2/9/32 (144A) | &nbsp;&nbsp; 3255727 |
| 7670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-A, Class A, 5.01%, 2/8/33 (144A) | &nbsp;&nbsp; 7670938 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2525

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO II, Ltd., Series 2019-2A, Class ALR, 6.105% (3 Month Term SOFR + 181 bps), 4/20/33 (144A) | $11013024 |
| 2,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO IV, Ltd., Series 2020-4A, Class A1R, 6.184% (3 Month Term SOFR + 186 bps), 8/20/33 (144A) | &nbsp;&nbsp; 2595406 |
| 8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/32 (144A) | &nbsp;&nbsp; 8320329 |
| 5058335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, Series 2022-1A, Class B, 4.096%, 2/15/30 (144A) | &nbsp;&nbsp; 4940790 |
| 5091898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class A, 5.183%, 6/15/32 (144A) | &nbsp;&nbsp; 5106874 |
| 6699432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class B, 5.75%, 6/15/32 (144A) | &nbsp;&nbsp; 6737244 |
| 8720304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class A, 5.092%, 7/15/32 (144A) | &nbsp;&nbsp; 8714977 |
| 6,860,141(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class AB, 5.316%, 7/15/32 (144A) | &nbsp;&nbsp; 6871798 |
| 2197742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-5, Class A, 6.278%, 10/15/31 (144A) | &nbsp;&nbsp; 2220406 |
| 5,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A, 4.939%, 7/15/32 (144A) | &nbsp;&nbsp; 5001733 |
| 5467796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A1, 4.708%, 2/17/26 (144A) | &nbsp;&nbsp; 5465988 |
| 1532204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2, 5.156%, 7/15/32 (144A) | &nbsp;&nbsp; 1534426 |
| 1865219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2022-5, Class A, 8.096%, 6/17/30 (144A) | &nbsp;&nbsp; 1876943 |
| 2134483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-3, Class A, 7.60%, 12/16/30 (144A) | &nbsp;&nbsp; 2139017 |
| 200,575(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5, Class AB, 7.625%, 4/15/31 (144A) | &nbsp;&nbsp; 200860 |
| 686952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5, Class B, 7.625%, 4/15/31 (144A) | &nbsp;&nbsp; 687921 |
| 8012474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-7, Class B, 7.549%, 7/15/31 (144A) | &nbsp;&nbsp; 8039834 |
| 5302973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class A, 6.66%, 7/15/31 (144A) | &nbsp;&nbsp; 5354754 |
| 8769642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B, 7.109%, 7/15/31 (144A) | &nbsp;&nbsp; 8880555 |
| 4859770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class A, 6.319%, 8/15/31 (144A) | &nbsp;&nbsp; 4903175 |
| 1,465,961(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class AB, 6.447%, 8/15/31 (144A) | &nbsp;&nbsp; 1477334 |

---

The accompanying notes are an integral part of these financial statements.

26Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 8486713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class B, 6.611%, 8/15/31 (144A) | $8575748 |
| 6849145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class A, 6.258%, 10/15/31 (144A) | &nbsp;&nbsp; 6903624 |
| 12533511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class B, 6.571%, 10/15/31 (144A) | &nbsp;&nbsp; 12653564 |
| 1,578,947(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd., Series 2020-3A, Class X, 5.523% (3 Month Term SOFR + 120 bps), 11/15/36 (144A) | &nbsp;&nbsp; 1582108 |
| 4,649,501(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square Loan Funding, Ltd., Series 2022-1A, Class A1, 5.352% (3 Month Term SOFR + 105 bps), 4/15/30 (144A) | &nbsp;&nbsp; 4647055 |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2021-1, Class D, 2.75%, 7/15/27 (144A) | &nbsp;&nbsp; 3190427 |
| 2875860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2022-1, Class A3, 5.17%, 2/15/28 (144A) | &nbsp;&nbsp; 2876505 |
| 1810486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class A, 2.60%, 1/15/34 (144A) | &nbsp;&nbsp; 1790965 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class B, 0.000%, 1/15/34 (144A) | &nbsp;&nbsp; 2585580 |
| 2955425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2022-1, Class A2, 7.25%, 10/15/34 (144A) | &nbsp;&nbsp; 2993266 |
| 10526223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class A, 7.42%, 7/15/35 (144A) | &nbsp;&nbsp; 10729244 |
| 5904479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2024-1, Class A, 6.95%, 2/15/36 (144A) | &nbsp;&nbsp; 5968808 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A2, 6.643% (3 Month Term SOFR + 235 bps), 4/20/37 (144A) | &nbsp;&nbsp; 4000048 |
| 15,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2025-A, Class A, 4.999% (SOFR30A + 65 bps), 1/15/29 (144A) | &nbsp;&nbsp; 15238120 |
| 14,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pikes Peak CLO 6, Series 2020-6A, Class ARR, 5.263% (3 Month Term SOFR + 94 bps), 5/18/34 (144A) | &nbsp;&nbsp; 14214901 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post CLO, Ltd., Series 2021-1A, Class AR, 5.395% (3 Month Term SOFR + 108 bps), 10/15/34 (144A) | &nbsp;&nbsp; 13004277 |
| 4135589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2024-1A, Class A2, 5.59%, 11/15/29 (144A) | &nbsp;&nbsp; 4156300 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2025-1A, Class A2, 4.90%, 5/15/31 (144A) | &nbsp;&nbsp; 3508694 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2021-1A, Class E, 3.47%, 3/15/29 (144A) | &nbsp;&nbsp; 3112566 |
| 1,891,515(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance CMDAC, Series 2021-1A, Class A, 5.685% (1 Month Term SOFR + 136 bps), 7/25/51 (144A) | &nbsp;&nbsp; 1895196 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2527

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 78514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, Series 2023-1A, Class A, 7.06%, 7/16/29 (144A) | $78560 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class A, 5.89%, 8/15/28 (144A) | &nbsp;&nbsp; 7813040 |
| 3,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 3, Ltd., Series 2019-3A, Class XR2, 5.352% (3 Month Term SOFR + 105 bps), 7/15/37 (144A) | &nbsp;&nbsp; 3401146 |
| 4136395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach Abs Trust, Series 2024-1A, Class A, 6.30%, 2/18/31 (144A) | &nbsp;&nbsp; 4153036 |
| 12300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach Abs Trust, Series 2024-1A, Class B, 6.29%, 2/18/31 (144A) | &nbsp;&nbsp; 12475426 |
| 3987444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-2A, Class A, 5.88%, 7/15/31 (144A) | &nbsp;&nbsp; 4003170 |
| 7130634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-1A, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 7130523 |
| 1,799,940(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A, 7.00% (PRIME - 50 bps), 12/27/44 (144A) | &nbsp;&nbsp; 1796417 |
| 8,564,774(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2023-3, Class A, 7.57% (PRIME + 7 bps), 4/25/48 (144A) | &nbsp;&nbsp; 8732961 |
| 2,785,714(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta IX Funding, Ltd., Series 2017-1A, Class XR, 5.353% (3 Month Term SOFR + 105 bps), 4/17/37 (144A) | &nbsp;&nbsp; 2782917 |
| 790,196(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta VI Funding, Ltd., Series 2016-1A, Class XR, 5.355% (3 Month Term SOFR + 106 bps), 4/20/34 (144A) | &nbsp;&nbsp; 790139 |
| 1,323,529(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta VII Funding, Ltd., Series 2016-1A, Class X, 5.416% (3 Month Term SOFR + 111 bps), 6/20/34 (144A) | &nbsp;&nbsp; 1321862 |
| 4,858,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta X Funding, Ltd., Series 2017-3A, Class X, 5.303% (3 Month Term SOFR + 100 bps), 7/17/37 (144A) | &nbsp;&nbsp; 4847242 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XXIII Funding, Ltd., Series 2021-4A, Class X, 5.505% (3 Month Term SOFR + 121 bps), 1/20/35 (144A) | &nbsp;&nbsp; 1999900 |
| 6240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2024-2, Class A, 5.11%, 12/15/33 (144A) | &nbsp;&nbsp; 6266873 |
| 6942756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2023-4A, Class A, 7.54%, 3/25/32 (144A) | &nbsp;&nbsp; 7018864 |
| 101,865(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMF Buyout Issuance Trust, Series 2021-HB1, Class A, 1.259%, 11/25/31 (144A) | &nbsp;&nbsp; 101434 |
| 781,309(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO, Ltd., Series 2018-1A, Class A, 5.684% (3 Month Term SOFR + 136 bps), 5/20/31 (144A) | &nbsp;&nbsp; 781825 |

---

The accompanying notes are an integral part of these financial statements.

28Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosy Blue Carat SCS, Series 2018-1, Class A2R, 8.431% (1 Month Term SOFR + 411 bps), 3/15/30 (144A) | $7568250 |
| 3925596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class A, 6.51%, 3/20/28 (144A) | &nbsp;&nbsp; 3940926 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/28 (144A) | &nbsp;&nbsp; 1511978 |
| 1154862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.281%, 5/15/32 (144A) | &nbsp;&nbsp; 1154859 |
| 2174723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class F, 11.91%, 8/16/32 (144A) | &nbsp;&nbsp; 2206133 |
| 5320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class E, 6.799%, 1/18/33 (144A) | &nbsp;&nbsp; 5291237 |
| 308659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Series 2021-CA, Class C, 2.97%, 6/15/28 (144A) | &nbsp;&nbsp; 305765 |
| 648452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.44%, 9/15/27 | &nbsp;&nbsp; 646807 |
| 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-2, Class B, 5.24%, 5/15/28 | &nbsp;&nbsp; 1879490 |
| 412268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-5, Class A2, 6.31%, 7/15/27 | &nbsp;&nbsp; 412421 |
| 3791048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, 9/15/27 | &nbsp;&nbsp; 3792090 |
| 7490763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2024-1A, Class A2, 5.88%, 11/20/29 (144A) | &nbsp;&nbsp; 7515909 |
| 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Trust LLC, Series 2025-1A, Class A2, 4.82%, 7/22/30 (144A) | &nbsp;&nbsp; 4754768 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVII, Ltd., Series 27A, Class XR, 5.152% (3 Month Term SOFR + 85 bps), 7/20/34 (144A) | &nbsp;&nbsp; 2000326 |
| 2708772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038%, 7/25/31 (144A) | &nbsp;&nbsp; 2721992 |
| 194146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class A, 0.99%, 11/20/37 (144A) | &nbsp;&nbsp; 189422 |
| 933,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO II, Ltd., Series 2021-2A, Class X, 5.605% (3 Month Term SOFR + 131 bps), 1/20/35 (144A) | &nbsp;&nbsp; 933267 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO IV, Ltd., Series 2024-4A, Class X, 5.437% (3 Month Term SOFR + 120 bps), 10/20/37 (144A) | &nbsp;&nbsp; 3999460 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO IX, Ltd., Series 2017-9A, Class X, 5.243% (3 Month Term SOFR + 95 bps), 7/21/37 (144A) | &nbsp;&nbsp; 3600083 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2529

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,422,192(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Private Credit Student Loan Trust, Series 2007-A, Class A4A, 4.801% (3 Month Term SOFR + 50 bps), 12/16/41 | $2358768 |
| 1,290,354(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2018-B, Class A2B, 5.154% (1 Month Term SOFR + 83 bps), 1/15/37 (144A) | &nbsp;&nbsp; 1287809 |
| 4,087,828(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-B, Class A1B, 6.149% (SOFR30A + 180 bps), 10/16/56 (144A) | &nbsp;&nbsp; 4163758 |
| 5,508,036(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-C, Class A1B, 5.897% (SOFR30A + 155 bps), 11/15/52 (144A) | &nbsp;&nbsp; 5568799 |
| 7,729,254(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO V-R LTD, Series 2014-1RA, Class A, 5.705% (3 Month Term SOFR + 141 bps), 7/18/31 (144A) | &nbsp;&nbsp; 7736249 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XVI, Ltd., Series 2017-2A, Class D, 8.162% (3 Month Term SOFR + 386 bps), 7/25/30 (144A) | &nbsp;&nbsp; 3020250 |
| 3,226,127(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XX, Ltd., Series 2018-2A, Class A, 5.662% (3 Month Term SOFR + 136 bps), 7/26/31 (144A) | &nbsp;&nbsp; 3227508 |
| 1179239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37 (144A) | &nbsp;&nbsp; 1099337 |
| 366,616(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2021-SFR2, Class A, 5.384% (1 Month Term SOFR + 106 bps), 1/17/39 (144A) | &nbsp;&nbsp; 365199 |
| 6,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2021-SFR2, Class E, 6.434% (1 Month Term SOFR + 211 bps), 1/17/39 (144A) | &nbsp;&nbsp; 6170052 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class A, 6.183% (3 Month Term SOFR + 170 bps), 10/17/36 (144A) | &nbsp;&nbsp; 14006986 |
| 2,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class C, 6.983% (3 Month Term SOFR + 250 bps), 10/17/36 (144A) | &nbsp;&nbsp; 2389343 |
| 10,110,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class A, 5.904% (3 Month Term SOFR + 155 bps), 4/15/37 (144A) | &nbsp;&nbsp; 10110000 |
| 2,130,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class D, 7.954% (3 Month Term SOFR + 360 bps), 4/15/37 (144A) | &nbsp;&nbsp; 2130000 |
| 1222684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak ABS, Series 2021-1A, Class AA, 2.301%, 2/28/33 (144A) | &nbsp;&nbsp; 1162023 |
| 2264703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A, Class A, 6.27%, 7/15/44 (144A) | &nbsp;&nbsp; 2362888 |
| 5,722,247(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2021-FL2, Class A, 5.631% (1 Month Term SOFR + 131 bps), 4/18/38 (144A) | &nbsp;&nbsp; 5725170 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2021-SIF2A, Class A1, 5.852% (3 Month Term SOFR + 155 bps), 1/15/33 (144A) | &nbsp;&nbsp; 12000719 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2021-SIF2A, Class D, 8.152% (3 Month Term SOFR + 385 bps), 1/15/33 (144A) | &nbsp;&nbsp; 7002894 |

---

The accompanying notes are an integral part of these financial statements.

30Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,263,221(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XIX, Ltd., Series 2018-19A, Class A, 5.529% (3 Month Term SOFR + 122 bps), 4/16/31 (144A) | $1263543 |
| 8270922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.13%, 9/21/26 (144A) | &nbsp;&nbsp; 8303988 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THL Credit Wind River CLO, Ltd., Series 2019-1A, Class XR, 5.505% (3 Month Term SOFR + 121 bps), 7/20/34 (144A) | &nbsp;&nbsp; 1499892 |
| 2,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiaa CLO III, Ltd., Series 2017-2A, Class B, 6.069% (3 Month Term SOFR + 176 bps), 1/16/31 (144A) | &nbsp;&nbsp; 2929033 |
| 2627994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidewater Auto Receivables Trust, Series 2020-AA, Class E, 3.35%, 7/17/28 (144A) | &nbsp;&nbsp; 2596393 |
| 5,862,058(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2018-SL1, Class B, 5.485% (1 Month Term SOFR + 116 bps), 1/25/46 (144A) | &nbsp;&nbsp; 5841715 |
| 17,102,095(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.848%, 1/25/64 (144A) | &nbsp;&nbsp; 17159383 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Plc, Series 2024-1A, Class A1, 5.73% (SOFR + 140 bps), 11/15/27 (144A) | &nbsp;&nbsp; 8038968 |
| 4156481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2022-1A, Class E, 7.79%, 8/16/27 (144A) | &nbsp;&nbsp; 4179034 |
| 2790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2023-1A, Class D, 8.56%, 7/15/27 (144A) | &nbsp;&nbsp; 2824758 |
| 4602743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class A, 6.61%, 10/15/27 (144A) | &nbsp;&nbsp; 4632090 |
| 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class B, 6.53%, 12/15/27 (144A) | &nbsp;&nbsp; 3800916 |
| 2073539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27 (144A) | &nbsp;&nbsp; 2086423 |
| 9264365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-3A, Class A, 5.22%, 6/15/28 (144A) | &nbsp;&nbsp; 9287755 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class A, 4.94%, 2/15/29 (144A) | &nbsp;&nbsp; 20000646 |
| 5320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class C, 5.72%, 10/15/29 (144A) | &nbsp;&nbsp; 5332194 |
| 10,660,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR1, Class A, 5.40% (1 Month Term SOFR + 110 bps), 3/17/42 (144A) | &nbsp;&nbsp; 10659978 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran CAVU, Ltd., Series 2022-2A, Class XR, 5.231% (3 Month Term SOFR + 95 bps), 3/27/38 (144A) | &nbsp;&nbsp; 1000000 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO VII, Ltd., Series 2017-7A, Class A1R2, 5.37% (3 Month Term SOFR + 106 bps), 1/25/35 (144A) | &nbsp;&nbsp; 11946360 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2531

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,070,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XI, Ltd., Series 2019-11A, Class X, 5.494% (3 Month Term SOFR + 119 bps), 7/15/34 (144A) | $2069868 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSTAT, Ltd., Series 2022-1A, Class A2RR, 5.693% (3 Month Term SOFR + 140 bps), 7/20/37 (144A) | &nbsp;&nbsp; 5998584 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class C, 6.839% (3 Month Term SOFR + 260 bps), 10/20/35 (144A) | &nbsp;&nbsp; 7983016 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class D, 8.489% (3 Month Term SOFR + 425 bps), 10/20/35 (144A) | &nbsp;&nbsp; 4977645 |
| 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2024-1, Class D, 8.30%, 11/12/29 (144A) | &nbsp;&nbsp; 3230114 |
| 9024245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A, Class A, 5.37%, 2/18/31 (144A) | &nbsp;&nbsp; 9030704 |
| 101428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4, Class A, 2.00%, 7/20/27 (144A) | &nbsp;&nbsp; 100243 |
| 292187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST5, Class A, 2.00%, 7/20/27 (144A) | &nbsp;&nbsp; 288143 |
| 629459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2022-ST2, Class A, 3.80%, 4/20/30 (144A) | &nbsp;&nbsp; 625528 |
| 3605381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34 (144A) | &nbsp;&nbsp; 3615296 |
| 775695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2023-1, Class B, 6.789%, 8/25/32 (144A) | &nbsp;&nbsp; 785600 |
| 5140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class B, 5.582%, 2/25/32 (144A) | &nbsp;&nbsp; 5147650 |
| 940505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAA Auto Owner Trust, Series 2023-A, Class A3, 5.58%, 5/15/28 (144A) | &nbsp;&nbsp; 946374 |
| 9,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture 41 CLO, Ltd., Series 2021-41A, Class A1NR, 5.723% (3 Month Term SOFR + 143 bps), 1/20/34 (144A) | &nbsp;&nbsp; 9333154 |
| 3323384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A, Class A2, 6.24%, 1/13/31 (144A) | &nbsp;&nbsp; 3377814 |
| 4498139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veridian Auto Receivables Trust, Series 2023-1A, Class A3, 5.56%, 3/15/28 (144A) | &nbsp;&nbsp; 4514110 |
| 4541775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2021-1, Class C, 3.64%, 8/15/28 (144A) | &nbsp;&nbsp; 4525392 |
| 8243295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2022-1, Class C, 5.03%, 8/16/27 (144A) | &nbsp;&nbsp; 8234876 |
| 746430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1, Class A, 7.12%, 11/15/28 (144A) | &nbsp;&nbsp; 748767 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1, Class C, 8.32%, 11/15/28 (144A) | &nbsp;&nbsp; 3094442 |
| 2601575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class A, 6.28%, 11/15/27 (144A) | &nbsp;&nbsp; 2616645 |

---

The accompanying notes are an integral part of these financial statements.

32Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4360553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2023-1A, Class A, 7.27%, 3/26/29 (144A) | $4391300 |
| 3,679,935(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.676%, 5/25/54 (144A) | &nbsp;&nbsp; 3720626 |
| 997,851(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2018-1A, Class A1, 5.505% (3 Month Term SOFR + 121 bps), 4/19/31 (144A) | &nbsp;&nbsp; 998375 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2019-1A, Class X, 5.649% (3 Month Term SOFR + 120 bps), 10/15/37 (144A) | &nbsp;&nbsp; 3998844 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2024-6A, Class X, 5.426% (3 Month Term SOFR + 110 bps), 1/20/38 (144A) | &nbsp;&nbsp; 3999612 |
| 4,736,842(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO, Ltd., Series 2022-1A, Class XR, 5.502% (3 Month Term SOFR + 120 bps), 7/15/37 (144A) | &nbsp;&nbsp; 4741323 |
| 942487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class A, 1.788%, 8/20/36 (144A) | &nbsp;&nbsp; 929103 |
| 1597829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class C, 2.488%, 8/20/36 (144A) | &nbsp;&nbsp; 1574160 |
| 3107791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/37 (144A) | &nbsp;&nbsp; 3175636 |
| 6876966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2024-1A, Class C, 7.06%, 1/20/38 (144A) | &nbsp;&nbsp; 6972723 |
| 6340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2023-1A, Class B, 5.41%, 1/18/28 (144A) | &nbsp;&nbsp; 6354784 |
| 10064755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2024-3A, Class A2A, 4.82%, 9/15/27 (144A) | &nbsp;&nbsp; 10073541 |
| 4,198,279(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2024-1A, Class A2, 5.146% (1 Month Term SOFR + 83 bps), 2/18/39 (144A) | &nbsp;&nbsp; 4204008 |
| 6212884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VI, Series 2021-A, Class B, 5.438%, 5/15/46 (144A) | &nbsp;&nbsp; 5939404 |
| 4,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Mortgage Loan Trust, Series 1997-2, Class A6, 4.715% (1 Month Term SOFR + 39 bps), 5/25/28 | &nbsp;&nbsp; 4140 |
| 16,841,131(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodmont Trust, Series 2023-12A, Class A1R, 5.70% (3 Month Term SOFR + 140 bps), 10/25/32 (144A) | &nbsp;&nbsp; 16874964 |
| 145,358(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Select Auto Trust, Series 2023-A, Class A2B, 5.197% (SOFR30A + 85 bps), 3/15/27 | &nbsp;&nbsp; 145385 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class BR, 6.569% (3 Month Term SOFR + 226 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6513734 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class DR, 9.569% (3 Month Term SOFR + 526 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6001302 |
| 7,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class A2AR, 6.102% (3 Month Term SOFR + 180 bps), 7/15/33 (144A) | &nbsp;&nbsp; 6982927 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2533

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,333,520(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 13, Ltd., Series 2019-13A, Class A1AR, 5.602% (3 Month Term SOFR + 130 bps), 7/15/32 (144A) | $1334020 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16, Ltd., Series 2020-16A, Class A1R2, 5.446% (3 Month Term SOFR + 113 bps), 10/20/34 (144A) | &nbsp;&nbsp; 7949016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $1,977,071,893)** | **$1975167496** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—9.8% of Net Assets** |  |
| 13,391(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 3B1, 5.892%, 6/25/30 | $13411 |
| 9,237,431(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2021-3A, Class A2, 5.34% (SOFR30A + 100 bps), 9/25/31 (144A) | &nbsp;&nbsp; 9241798 |
| 22,884,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2021-3A, Class M1C, 5.89% (SOFR30A + 155 bps), 9/25/31 (144A) | &nbsp;&nbsp; 22962229 |
| 15,964,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2022-1, Class M1C, 8.04% (SOFR30A + 370 bps), 1/26/32 (144A) | &nbsp;&nbsp; 16370491 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2024-1, Class M1A, 6.49% (SOFR30A + 215 bps), 8/25/34 (144A) | &nbsp;&nbsp; 3008439 |
| 306,354(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM2, Class A2, 1.28%, 3/25/60 (144A) | &nbsp;&nbsp;&nbsp; 293729 |
| 10,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class A, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 9715460 |
| 2,900,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class M3, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 2638026 |
| 12,172,087(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB14, Class A, 3.00%, 6/25/34 (144A) | &nbsp;&nbsp; 11903423 |
| 5,169,038(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB15, Class A, 4.00%, 8/25/34 (144A) | &nbsp;&nbsp; 5102071 |
| 6,630,915(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, 5.54% (SOFR30A + 120 bps), 2/25/50 (144A) | &nbsp;&nbsp; 6459943 |
| 1,716,237(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.69% (SOFR30A + 135 bps), 2/25/50 (144A) | &nbsp;&nbsp; 1663694 |
| 988,136(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M3, 5.89% (SOFR30A + 155 bps), 2/25/50 (144A) | &nbsp;&nbsp;&nbsp; 959601 |
| 13,704,622(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Series, Series 2025-R01, Class 1A1, 5.286% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 13648981 |
| 12,337,652(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Series, Series 2025-R01, Class 1M1, 5.436% (SOFR30A + 110 bps), 1/25/45 (144A) | &nbsp;&nbsp; 12310632 |

---

The accompanying notes are an integral part of these financial statements.

34Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 5,029,248(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-HRP1, Class M2, 6.604% (SOFR30A + 226 bps), 11/25/39 (144A) | $5039802 |
| 2,532,190(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1, 5.19% (SOFR30A + 85 bps), 12/25/41 (144A) | &nbsp;&nbsp; 2525860 |
| 4,675,355(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1, 5.34% (SOFR30A + 100 bps), 12/25/41 (144A) | &nbsp;&nbsp; 4666612 |
| 12,531,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, 6.24% (SOFR30A + 190 bps), 12/25/41 (144A) | &nbsp;&nbsp; 12638618 |
| 2,186,868(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M1, 5.54% (SOFR30A + 120 bps), 1/25/42 (144A) | &nbsp;&nbsp; 2189621 |
| 19,620,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, 7.34% (SOFR30A + 300 bps), 1/25/42 (144A) | &nbsp;&nbsp; 20010409 |
| 4,849,972(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M1, 6.34% (SOFR30A + 200 bps), 3/25/42 (144A) | &nbsp;&nbsp; 4895465 |
| 1,813,876(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M1, 6.836% (SOFR30A + 250 bps), 9/25/42 (144A) | &nbsp;&nbsp; 1840522 |
| 6,728,548(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, 6.736% (SOFR30A + 240 bps), 12/25/42 (144A) | &nbsp;&nbsp; 6868667 |
| 3,311,050(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, 6.64% (SOFR30A + 230 bps), 1/25/43 (144A) | &nbsp;&nbsp; 3379307 |
| 2,173,145(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M1, 6.84% (SOFR30A + 250 bps), 4/25/43 (144A) | &nbsp;&nbsp; 2201678 |
| 3,210,403(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, 6.04% (SOFR30A + 170 bps), 7/25/43 (144A) | &nbsp;&nbsp; 3219686 |
| 1,061,310(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M1, 6.286% (SOFR30A + 195 bps), 9/25/43 (144A) | &nbsp;&nbsp; 1067341 |
| 3,344,433(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 5.39% (SOFR30A + 105 bps), 1/25/44 (144A) | &nbsp;&nbsp; 3337294 |
| 3,236,286(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, 5.44% (SOFR30A + 110 bps), 2/25/44 (144A) | &nbsp;&nbsp; 3231517 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2535

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 9,548,058(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, 5.486% (SOFR30A + 115 bps), 3/25/44 (144A) | $9534092 |
| 10,370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2, 6.286% (SOFR30A + 195 bps), 3/25/44 (144A) | &nbsp;&nbsp; 10388585 |
| 24,285,156(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1A1, 5.34% (SOFR30A + 100 bps), 5/25/44 (144A) | &nbsp;&nbsp; 24210151 |
| 3,327,971(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, 5.44% (SOFR30A + 110 bps), 5/25/44 (144A) | &nbsp;&nbsp; 3321788 |
| 17,410,802(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2A1, 5.34% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 17367585 |
| 17,465,747(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1, 5.34% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 17438929 |
| 10,072,149(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1, 5.49% (SOFR30A + 115 bps), 9/25/44 (144A) | &nbsp;&nbsp; 10059559 |
| 3,016,069(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, 5.39% (SOFR30A + 105 bps), 9/25/44 (144A) | &nbsp;&nbsp; 3009752 |
| 2,908,154(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, 5.336% (SOFR30A + 100 bps), 2/25/45 (144A) | &nbsp;&nbsp; 2905359 |
| 7,426,115(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, 5.486% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 7420042 |
| 2,628,678(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2021-2, Class M1C, 7.79% (SOFR30A + 345 bps), 4/25/34 (144A) | &nbsp;&nbsp; 2654554 |
| 4,623,493(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1A, 6.34% (SOFR30A + 200 bps), 9/26/33 (144A) | &nbsp;&nbsp; 4639589 |
| 6,770,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1B, 8.29% (SOFR30A + 395 bps), 9/26/33 (144A) | &nbsp;&nbsp; 6965239 |
| 37,621(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2106, Class F, 4.913% (SOFR30A + 56 bps), 12/15/28 | &nbsp;&nbsp; 37482 |
| 21,184(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2122, Class FD, 4.813% (SOFR30A + 46 bps), 2/15/29 | &nbsp;&nbsp; 21123 |
| 23,266(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2186, Class FY, 5.063% (SOFR30A + 71 bps), 4/15/28 | &nbsp;&nbsp; 23267 |

---

The accompanying notes are an integral part of these financial statements.

36Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 14,034(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2368, Class AF, 5.413% (SOFR30A + 106 bps), 10/15/31 | $13524 |
| 14,086(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2377, Class FE, 5.063% (SOFR30A + 71 bps), 11/15/31 | &nbsp;&nbsp; 14060 |
| 33,756(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2411, Class FR, 5.063% (SOFR30A + 71 bps), 6/15/31 | &nbsp;&nbsp; 33697 |
| 36,529(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2432, Class FH, 5.163% (SOFR30A + 81 bps), 3/15/32 | &nbsp;&nbsp; 36579 |
| 77,698(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2439, Class F, 5.463% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 78304 |
| 106,903(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2470, Class AF, 5.463% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 107819 |
| 65,646(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2471, Class FD, 5.463% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 66158 |
| 25,106(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2498, Class FQ, 5.063% (SOFR30A + 71 bps), 9/15/32 | &nbsp;&nbsp; 25016 |
| 22,354(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2543, Class EF, 4.813% (SOFR30A + 46 bps), 12/15/32 | &nbsp;&nbsp; 22224 |
| 126,647(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2551, Class FD, 4.863% (SOFR30A + 51 bps), 1/15/33 | &nbsp;&nbsp; 126095 |
| 83,392(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2567, Class FJ, 4.863% (SOFR30A + 51 bps), 2/15/33 | &nbsp;&nbsp; 82899 |
| 34,989(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2577, Class FA, 5.013% (SOFR30A + 66 bps), 2/15/33 | &nbsp;&nbsp; 34823 |
| 2,950(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2585, Class FD, 4.963% (SOFR30A + 61 bps), 12/15/32 | &nbsp;&nbsp; 2931 |
| 45,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2614, Class FV, 5.967% (SOFR30A + 161 bps), 5/15/33 | &nbsp;&nbsp; 46074 |
| 61,149(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2631, Class FC, 4.863% (SOFR30A + 51 bps), 6/15/33 | &nbsp;&nbsp; 60842 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2537

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 29,426(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2711, Class FA, 5.463% (SOFR30A + 111 bps), 11/15/33 | $29759 |
| 32,568(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2916, Class NF, 4.713% (SOFR30A + 36 bps), 1/15/35 | &nbsp;&nbsp; 32371 |
| 141,085(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2976, Class LF, 4.803% (SOFR30A + 45 bps), 5/15/35 | &nbsp;&nbsp; 139670 |
| 14,308(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3012, Class FE, 4.713% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 14268 |
| 27,201(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3042, Class PF, 4.713% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 27032 |
| 27,363(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3067, Class FA, 4.813% (SOFR30A + 46 bps), 11/15/35 | &nbsp;&nbsp; 27082 |
| 14,178(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3102, Class FG, 4.763% (SOFR30A + 41 bps), 1/15/36 | &nbsp;&nbsp; 14019 |
| 56,984(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class EF, 4.813% (SOFR30A + 46 bps), 2/15/36 | &nbsp;&nbsp; 56472 |
| 114,784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class FE, 4.763% (SOFR30A + 41 bps), 2/15/36 | &nbsp;&nbsp; 113615 |
| 45,420(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3122, Class FP, 4.763% (SOFR30A + 41 bps), 3/15/36 | &nbsp;&nbsp; 45041 |
| 27,718(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3147, Class PF, 4.763% (SOFR30A + 41 bps), 4/15/36 | &nbsp;&nbsp; 27486 |
| 81,240(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3173, Class FC, 4.883% (SOFR30A + 53 bps), 6/15/36 | &nbsp;&nbsp; 80524 |
| 226,191(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3175, Class FE, 4.773% (SOFR30A + 42 bps), 6/15/36 | &nbsp;&nbsp; 224196 |
| 134,024(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3181, Class HF, 4.963% (SOFR30A + 61 bps), 7/15/36 | &nbsp;&nbsp; 133483 |
| 10,677(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3191, Class FE, 4.863% (SOFR30A + 51 bps), 7/15/36 | &nbsp;&nbsp; 10622 |

---

The accompanying notes are an integral part of these financial statements.

38Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 102,627(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3221, Class FW, 4.883% (SOFR30A + 53 bps), 9/15/36 | $101707 |
| 34,473(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3222, Class FN, 4.863% (SOFR30A + 51 bps), 9/15/36 | &nbsp;&nbsp; 34153 |
| 108,807(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class EF, 4.813% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 107927 |
| 54,267(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class FB, 4.813% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 53836 |
| 92,290(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3247, Class FA, 4.713% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 91047 |
| 159,216(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3266, Class F, 4.763% (SOFR30A + 41 bps), 1/15/37 | &nbsp;&nbsp; 156344 |
| 74,101(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3307, Class FT, 4.703% (SOFR30A + 35 bps), 7/15/34 | &nbsp;&nbsp; 73051 |
| 7,690(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3315, Class F, 4.803% (SOFR30A + 45 bps), 5/15/37 | &nbsp;&nbsp; 7614 |
| 225,115(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3373, Class FB, 5.043% (SOFR30A + 69 bps), 10/15/37 | &nbsp;&nbsp; 224239 |
| 23,577(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3376, Class FM, 5.083% (SOFR30A + 73 bps), 10/15/37 | &nbsp;&nbsp; 23554 |
| 84,316(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3560, Class FA, 5.713% (SOFR30A + 136 bps), 5/15/37 | &nbsp;&nbsp; 85468 |
| 142,164(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3610, Class FA, 5.163% (SOFR30A + 81 bps), 12/15/39 | &nbsp;&nbsp; 142298 |
| 30,827(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3708, Class PF, 4.813% (SOFR30A + 46 bps), 7/15/40 | &nbsp;&nbsp; 30712 |
| 11,045(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3867, Class FD, 4.813% (SOFR30A + 46 bps), 5/15/41 | &nbsp;&nbsp; 10958 |
| 1,677(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3914, Class LF, 4.663% (SOFR30A + 31 bps), 8/15/26 | &nbsp;&nbsp; 1677 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2539

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 17,828(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4056, Class QF, 4.813% (SOFR30A + 46 bps), 12/15/41 | $17712 |
| 2,801,306(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M, 4.75%, 5/25/57 | &nbsp;&nbsp; 2721132 |
| 2,452,995(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.75%, 10/25/58 | &nbsp;&nbsp; 2390341 |
| 3,201,006(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M2, 5.99% (SOFR30A + 165 bps), 1/25/34 (144A) | &nbsp;&nbsp; 3207024 |
| 3,180,827(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA6, Class M2, 5.84% (SOFR30A + 150 bps), 10/25/41 (144A) | &nbsp;&nbsp; 3181813 |
| 3,449,939(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M1, 5.19% (SOFR30A + 85 bps), 11/25/41 (144A) | &nbsp;&nbsp; 3445395 |
| 6,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M2, 6.14% (SOFR30A + 180 bps), 11/25/41 (144A) | &nbsp;&nbsp; 6216902 |
| 4,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA3, Class M2, 6.44% (SOFR30A + 210 bps), 9/25/41 (144A) | &nbsp;&nbsp; 4726461 |
| 22,448,417(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA4, Class M1, 5.29% (SOFR30A + 95 bps), 12/25/41 (144A) | &nbsp;&nbsp; 22370040 |
| 18,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class M2, 6.84% (SOFR30A + 250 bps), 1/25/42 (144A) | &nbsp;&nbsp; 19099735 |
| 1,128,263(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA6, Class M1A, 6.49% (SOFR30A + 215 bps), 9/25/42 (144A) | &nbsp;&nbsp; 1137993 |
| 2,207,524(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA1, Class M1A, 6.44% (SOFR30A + 210 bps), 3/25/42 (144A) | &nbsp;&nbsp; 2221980 |
| 2,077,940(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA3, Class M1A, 6.64% (SOFR30A + 230 bps), 8/25/42 (144A) | &nbsp;&nbsp; 2115562 |
| 6,771,233(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-DNA1, Class M1A, 6.436% (SOFR30A + 210 bps), 3/25/43 (144A) | &nbsp;&nbsp; 6859415 |
| 1,740,268(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA1, Class M1A, 6.34% (SOFR30A + 200 bps), 5/25/43 (144A) | &nbsp;&nbsp; 1753963 |

---

The accompanying notes are an integral part of these financial statements.

40Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 3,392,527(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA2, Class M1A, 6.34% (SOFR30A + 200 bps), 6/25/43 (144A) | $3407386 |
| 2,801,797(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class M1, 5.69% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 2801901 |
| 8,712,473(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class A1, 5.59% (SOFR30A + 125 bps), 5/25/44 (144A) | &nbsp;&nbsp; 8717174 |
| 13,111,771(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class M1, 5.54% (SOFR30A + 120 bps), 5/25/44 (144A) | &nbsp;&nbsp; 13107263 |
| 20,547,575(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class A1, 5.39% (SOFR30A + 105 bps), 10/25/44 (144A) | &nbsp;&nbsp; 20526863 |
| 3,167,183(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class M1, 5.34% (SOFR30A + 100 bps), 10/25/44 (144A) | &nbsp;&nbsp; 3160593 |
| 17,876,190(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA1, Class A1, 5.59% (SOFR30A + 125 bps), 3/25/44 (144A) | &nbsp;&nbsp; 17876190 |
| 16,884,083(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class A1, 5.59% (SOFR30A + 125 bps), 8/25/44 (144A) | &nbsp;&nbsp; 16899954 |
| 7,160,149(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class M1, 5.54% (SOFR30A + 120 bps), 8/25/44 (144A) | &nbsp;&nbsp; 7145637 |
| 16,166,445(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class A1, 5.29% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 16128010 |
| 15,921,953(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class M1, 5.39% (SOFR30A + 105 bps), 1/25/45 (144A) | &nbsp;&nbsp; 15875896 |
| 14,642,750(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class A1, 5.29% (SOFR30A + 95 bps), 2/25/45 (144A) | &nbsp;&nbsp; 14597065 |
| 24,724,437(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class M1, 5.49% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 24684398 |
| 53,507(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 237, Class F14, 4.863% (SOFR30A + 51 bps), 5/15/36 | &nbsp;&nbsp; 53026 |
| 51,046(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F29, 4.713% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 50588 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2541

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 220,672(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F30, 4.763% (SOFR30A + 41 bps), 8/15/36 | $218984 |
| 61,131(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 244, Class F22, 4.813% (SOFR30A + 46 bps), 12/15/36 | &nbsp;&nbsp; 60550 |
| 4,816,596(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HQA2, Class M2B, 7.104% (SOFR30A + 276 bps), 12/25/29 | &nbsp;&nbsp; 4930237 |
| 1,750,344(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HRP1, Class M2, 6.904% (SOFR30A + 256 bps), 12/25/42 | &nbsp;&nbsp; 1769778 |
| 7,265,334(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C04, Class 2M2C, 7.304% (SOFR30A + 296 bps), 11/25/29 | &nbsp;&nbsp; 7474472 |
| 2,309,674(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C06, Class 2M2C, 7.254% (SOFR30A + 291 bps), 2/25/30 | &nbsp;&nbsp; 2379027 |
| 3,780,348(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2018-C04, Class 2M2, 7.004% (SOFR30A + 266 bps), 12/25/30 | &nbsp;&nbsp; 3873844 |
| 1,625(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 1997-46, Class FA, 4.962% (SOFR30A + 61 bps), 7/18/27 | &nbsp;&nbsp; 1614 |
| 15,169(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2000-47, Class FD, 5.004% (SOFR30A + 66 bps), 12/25/30 | &nbsp;&nbsp; 15122 |
| 53,469(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-35, Class F, 5.054% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 53370 |
| 18,228(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-37, Class F, 4.954% (SOFR30A + 61 bps), 8/25/31 | &nbsp;&nbsp; 18169 |
| 110,495(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-50, Class FQ, 5.054% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 110291 |
| 48,618(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-65, Class F, 5.054% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 48617 |
| 32,147(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-69, Class FA, 5.054% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 32058 |
| 54,474(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-72, Class FB, 5.354% (SOFR30A + 101 bps), 12/25/31 | &nbsp;&nbsp; 54699 |

---

The accompanying notes are an integral part of these financial statements.

42Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 18,271(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-81, Class FL, 5.112% (SOFR30A + 76 bps), 1/18/32 | $18258 |
| 41,739(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-1, Class FC, 5.154% (SOFR30A + 81 bps), 1/25/32 | &nbsp;&nbsp; 41815 |
| 83,104(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-13, Class FD, 5.354% (SOFR30A + 101 bps), 3/25/32 | &nbsp;&nbsp; 83378 |
| 47,204(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-34, Class FA, 4.962% (SOFR30A + 61 bps), 5/18/32 | &nbsp;&nbsp; 47155 |
| 60,973(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-56, Class FN, 5.454% (SOFR30A + 111 bps), 7/25/32 | &nbsp;&nbsp; 61512 |
| 22,845(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-58, Class FD, 5.054% (SOFR30A + 71 bps), 8/25/32 | &nbsp;&nbsp; 22839 |
| 42,909(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-77, Class F, 5.054% (SOFR30A + 71 bps), 12/25/32 | &nbsp;&nbsp; 42926 |
| 30,546(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-82, Class FB, 4.954% (SOFR30A + 61 bps), 12/25/32 | &nbsp;&nbsp; 30472 |
| 40,637(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-90, Class FH, 4.954% (SOFR30A + 61 bps), 9/25/32 | &nbsp;&nbsp; 40464 |
| 21,351(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-92, Class FB, 5.104% (SOFR30A + 76 bps), 4/25/30 | &nbsp;&nbsp; 21371 |
| 43,389(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-93, Class FH, 4.954% (SOFR30A + 61 bps), 1/25/33 | &nbsp;&nbsp; 43293 |
| 74,204(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-107, Class FD, 4.954% (SOFR30A + 61 bps), 11/25/33 | &nbsp;&nbsp; 74019 |
| 113,431(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-31, Class FM, 4.954% (SOFR30A + 61 bps), 4/25/33 | &nbsp;&nbsp; 113148 |
| 43,856(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-42, Class JF, 4.954% (SOFR30A + 61 bps), 5/25/33 | &nbsp;&nbsp; 43596 |
| 35,417(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-7, Class FA, 5.204% (SOFR30A + 86 bps), 2/25/33 | &nbsp;&nbsp; 35509 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2543

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 27,863(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-8, Class FJ, 4.804% (SOFR30A + 46 bps), 2/25/33 | $27801 |
| 78,643(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-52, Class FW, 4.854% (SOFR30A + 51 bps), 7/25/34 | &nbsp;&nbsp; 78318 |
| 19,633(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-54, Class FN, 4.904% (SOFR30A + 56 bps), 7/25/34 | &nbsp;&nbsp; 19581 |
| 73,700(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class KT, 4.754% (SOFR30A + 41 bps), 10/25/35 | &nbsp;&nbsp; 73128 |
| 68,773(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class LF, 4.764% (SOFR30A + 42 bps), 2/25/35 | &nbsp;&nbsp; 68371 |
| 48,916(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-104, Class GF, 4.774% (SOFR30A + 43 bps), 11/25/36 | &nbsp;&nbsp; 48405 |
| 12,493(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-11, Class FB, 4.754% (SOFR30A + 41 bps), 3/25/36 | &nbsp;&nbsp; 12357 |
| 21,778(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-115, Class BF, 4.694% (SOFR30A + 35 bps), 12/25/36 | &nbsp;&nbsp; 21487 |
| 56,526(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-34, Class FA, 4.764% (SOFR30A + 42 bps), 5/25/36 | &nbsp;&nbsp; 55915 |
| 90,321(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-42, Class CF, 4.904% (SOFR30A + 56 bps), 6/25/36 | &nbsp;&nbsp; 89758 |
| 32,976(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-56, Class FC, 4.744% (SOFR30A + 40 bps), 7/25/36 | &nbsp;&nbsp; 32737 |
| 6,875(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-70, Class BF, 5.004% (SOFR30A + 66 bps), 8/25/36 | &nbsp;&nbsp; 6822 |
| 19,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-82, Class F, 5.024% (SOFR30A + 68 bps), 9/25/36 | &nbsp;&nbsp; 19588 |
| 18,572(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-100, Class YF, 5.004% (SOFR30A + 66 bps), 10/25/37 | &nbsp;&nbsp; 18474 |
| 27,213(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-103, Class AF, 5.454% (SOFR30A + 111 bps), 3/25/37 | &nbsp;&nbsp; 27582 |

---

The accompanying notes are an integral part of these financial statements.

44Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 26,474(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-110, Class FA, 5.074% (SOFR30A + 73 bps), 12/25/37 | $26339 |
| 37,437(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-13, Class FA, 4.704% (SOFR30A + 36 bps), 3/25/37 | &nbsp;&nbsp; 36733 |
| 182,542(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-2, Class FT, 4.704% (SOFR30A + 36 bps), 2/25/37 | &nbsp;&nbsp; 179113 |
| 27,088(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-41, Class FA, 4.854% (SOFR30A + 51 bps), 5/25/37 | &nbsp;&nbsp; 26790 |
| 110,066(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-50, Class FN, 4.694% (SOFR30A + 35 bps), 6/25/37 | &nbsp;&nbsp; 108618 |
| 9,221(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-57, Class FA, 4.684% (SOFR30A + 34 bps), 6/25/37 | &nbsp;&nbsp; 9138 |
| 31,767(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-58, Class FA, 4.704% (SOFR30A + 36 bps), 6/25/37 | &nbsp;&nbsp; 31410 |
| 15,104(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-66, Class FB, 4.854% (SOFR30A + 51 bps), 7/25/37 | &nbsp;&nbsp; 15057 |
| 65,476(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-7, Class FJ, 4.654% (SOFR30A + 31 bps), 2/25/37 | &nbsp;&nbsp; 64459 |
| 104,530(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-85, Class FG, 4.954% (SOFR30A + 61 bps), 9/25/37 | &nbsp;&nbsp; 102853 |
| 134,297(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-91, Class FB, 5.054% (SOFR30A + 71 bps), 10/25/37 | &nbsp;&nbsp; 133883 |
| 43,164(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-92, Class OF, 5.024% (SOFR30A + 68 bps), 9/25/37 | &nbsp;&nbsp; 42876 |
| 25,459(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-93, Class FD, 5.004% (SOFR30A + 66 bps), 9/25/37 | &nbsp;&nbsp; 25266 |
| 13,211(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-98, Class FD, 4.904% (SOFR30A + 56 bps), 6/25/37 | &nbsp;&nbsp; 13136 |
| 15,067(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-6, Class FA, 5.154% (SOFR30A + 81 bps), 2/25/38 | &nbsp;&nbsp; 15069 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2545

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 72,662(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-88, Class FA, 5.674% (SOFR30A + 133 bps), 10/25/38 | $74038 |
| 43,771(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2009-113, Class FB, 5.004% (SOFR30A + 66 bps), 1/25/40 | &nbsp;&nbsp; 43648 |
| 19,195(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class FD, 5.054% (SOFR30A + 71 bps), 5/25/40 | &nbsp;&nbsp; 19119 |
| 77,369(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class IF, 4.954% (SOFR30A + 61 bps), 5/25/40 | &nbsp;&nbsp; 77012 |
| 71,556(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2012-40, Class PF, 4.954% (SOFR30A + 61 bps), 4/25/42 | &nbsp;&nbsp; 70893 |
| 746,764(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2003-W6, Class F, 4.804% (SOFR30A + 46 bps), 9/25/42 | &nbsp;&nbsp; 742549 |
| 234,371(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 2AF, 4.674% (SOFR30A + 33 bps), 3/25/45 | &nbsp;&nbsp; 232223 |
| 21,997(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 3A, 4.643%, 4/25/45 | &nbsp;&nbsp; 21558 |
| 23,984(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W4, Class 3A, 5.099%, 6/25/45 | &nbsp;&nbsp; 24427 |
| 213,238(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, 4.714% (SOFR30A + 37 bps), 11/25/46 | &nbsp;&nbsp; 211345 |
| 3,569(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2003-7, Class FB, 4.634% (1 Month Term SOFR + 31 bps), 1/16/33 | &nbsp;&nbsp; 3558 |
| 159,110(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-16, Class FA, 4.684% (1 Month Term SOFR + 36 bps), 2/20/35 | &nbsp;&nbsp; 158077 |
| 161,709(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-3, Class FC, 4.684% (1 Month Term SOFR + 36 bps), 1/16/35 | &nbsp;&nbsp; 161016 |
| 59,691(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2008-69, Class FA, 4.934% (1 Month Term SOFR + 61 bps), 8/20/38 | &nbsp;&nbsp; 59683 |
| 59,009(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-66, Class UF, 5.434% (1 Month Term SOFR + 111 bps), 8/16/39 | &nbsp;&nbsp; 59504 |

---

The accompanying notes are an integral part of these financial statements.

46Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 41,331(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-92, Class FJ, 5.114% (1 Month Term SOFR + 79 bps), 10/16/39 | $41376 |
| 9,012,273(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Backed Securities Trust, Series 2025-CES1, Class A1A, 5.568%, 5/25/55 (144A) | &nbsp;&nbsp; 9016702 |
| 20,659,399(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, 5.94% (SOFR30A + 160 bps), 8/25/54 (144A) | &nbsp;&nbsp; 20614973 |
| 11,312,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847%, 11/25/67 (144A) | &nbsp;&nbsp; 11311904 |
| 4,535,445(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2021-1, Class M2, 7.304% (SOFR30A + 296 bps), 7/25/33 (144A) | &nbsp;&nbsp; 4566264 |
| 1,894,146(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2023-1, Class M1A, 6.49% (SOFR30A + 215 bps), 10/25/33 (144A) | &nbsp;&nbsp; 1896367 |
| 3132099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 8/18/43 (144A) | &nbsp;&nbsp; 2987239 |
| 1,717,974(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2014-IVR3, Class B4, 6.54%, 9/25/44 (144A) | &nbsp;&nbsp; 1694341 |
| 5,566,714(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 5.185% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 5457242 |
| 912,296(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A3, 5.185% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 879873 |
| 6,265,609(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B1, 5.771%, 4/25/46 (144A) | &nbsp;&nbsp; 6117603 |
| 5,926,161(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B2, 5.771%, 4/25/46 (144A) | &nbsp;&nbsp; 5763813 |
| 532,813(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class AM, 4.935% (1 Month Term SOFR + 61 bps), 5/25/33 (144A) | &nbsp;&nbsp; 520766 |
| 1,228,129(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B1, 4.952%, 5/25/33 (144A) | &nbsp;&nbsp; 1209477 |
| 1,144,811(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B2, 4.952%, 5/25/33 (144A) | &nbsp;&nbsp; 1126105 |
| 882,548(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B3, 4.952%, 5/25/33 (144A) | &nbsp;&nbsp; 861906 |
| 75,997(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Trust, Series 2015-1, Class 1A14, 5.713%, 12/25/44 (144A) | &nbsp;&nbsp; 74726 |
| 2,776,095(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - CHASE, Series 2019-CL1, Class M1, 5.785% (1 Month Term SOFR + 146 bps), 4/25/47 (144A) | &nbsp;&nbsp; 2741535 |
| 4,982,933(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, Class M1, 5.64% (SOFR30A + 130 bps), 3/25/51 (144A) | &nbsp;&nbsp; 4885935 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2547

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 4,490,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1, 7.128%, 3/25/29 (144A) | $4543839 |
| 2,752(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-G, Class A3, 6.375%, 1/25/29 | &nbsp;&nbsp; 2710 |
| 257,874(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-H, Class A1, 5.075% (1 Month Term SOFR + 75 bps), 1/25/29 | &nbsp;&nbsp; 225744 |
| 79,830(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-B, Class A2, 5.402% (6 Month Term SOFR + 97 bps), 5/25/29 | &nbsp;&nbsp; 78672 |
| 7,164(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-C, Class A2B, 5.70% (6 Month Term SOFR + 143 bps), 7/25/29 | &nbsp;&nbsp; 7102 |
| 15,515(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-D, Class A3, 6.29%, 9/25/29 | &nbsp;&nbsp; 15010 |
| 1,390,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2024-RTL1, Class A1, 7.093%, 2/25/29 (144A) | &nbsp;&nbsp; 1400908 |
| 2,564,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2014-1A, Class B4, 5.887%, 6/25/44 (144A) | &nbsp;&nbsp; 2475363 |
| 5,294,833(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 5.935% (1 Month Term SOFR + 161 bps), 6/25/57 (144A) | &nbsp;&nbsp; 5353694 |
| 3,278,730(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktown Re VII, Ltd., Series 2021-2, Class M1B, 7.24% (SOFR30A + 290 bps), 4/25/34 (144A) | &nbsp;&nbsp; 3316189 |
| 2115055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class A, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 2053874 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M1, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 2161189 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M2, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 948206 |
| 4,949,355(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onity Loan Investment Trust, Series 2024-HB2, Class A, 5.00%, 8/25/37 (144A) | &nbsp;&nbsp; 4934953 |
| 3,313,283(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M1C, 7.04% (SOFR30A + 270 bps), 12/27/33 (144A) | &nbsp;&nbsp; 3327235 |
| 1,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M2, 7.49% (SOFR30A + 315 bps), 12/27/33 (144A) | &nbsp;&nbsp; 1810827 |
| 8,176,775(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-2, Class M1B, 8.04% (SOFR30A + 370 bps), 11/25/31 (144A) | &nbsp;&nbsp; 8326542 |
| 6,217,547(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2023-1, Class M1A, 7.04% (SOFR30A + 270 bps), 7/25/33 (144A) | &nbsp;&nbsp; 6259308 |
| 4,940,480(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1A, 6.34% (SOFR30A + 200 bps), 9/25/34 (144A) | &nbsp;&nbsp; 4947755 |
| 85,492(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor RE, Ltd., Series 2022-1, Class M1A, 8.09% (SOFR30A + 375 bps), 9/25/32 (144A) | &nbsp;&nbsp; 85665 |

---

The accompanying notes are an integral part of these financial statements.

48Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 773,999(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESI Finance LP, Series 2003-CB1, Class B3, 5.886% (1 Month Term SOFR + 156 bps), 6/10/35 (144A) | $632651 |
| 6,088,349(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306%, 3/25/54 (144A) | &nbsp;&nbsp; 6132268 |
| 5,086,321(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP1, Class B1, 8.204% (SOFR30A + 386 bps), 4/25/43 (144A) | &nbsp;&nbsp; 5237309 |
| 871,067(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, 5.435% (1 Month Term SOFR + 111 bps), 10/25/48 (144A) | &nbsp;&nbsp; 873291 |
| 2102793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2020-4, Class XA, 3.25%, 10/25/60 (144A) | &nbsp;&nbsp; 2044804 |
| 8,127,897(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES2, Class A1A, 6.125%, 2/25/64 (144A) | &nbsp;&nbsp; 8175803 |
| 6,966,587(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-3, Class M1B, 7.24% (SOFR30A + 290 bps), 2/25/34 (144A) | &nbsp;&nbsp; 7018843 |
| 11,575,880(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.74% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 11739608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $762,539,761)** | **$** **763817915** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—9.4% of Net Assets** |  |
| 12,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrec LLC, Series 2025-FL3, Class A, 5.622% (1 Month Term SOFR + 131 bps), 8/18/42 (144A) | $12445621 |
| 10,673,101(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class A, 5.504% (1 Month Term SOFR + 118 bps), 8/15/34 (144A) | &nbsp;&nbsp; 10671863 |
| 34,435,496(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class A, 5.784% (1 Month Term SOFR + 146 bps), 11/15/36 (144A) | &nbsp;&nbsp; 34439800 |
| 9,497,344(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL1, Class A, 5.799% (SOFR30A + 145 bps), 1/15/37 (144A) | &nbsp;&nbsp; 9497297 |
| 1,201,545(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT Trust, Series 2021-CRE5, Class A, 5.514% (1 Month Term SOFR + 119 bps), 11/17/38 (144A) | &nbsp;&nbsp; 1201513 |
| 15,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2024-CRE9, Class A, 6.006% (1 Month Term SOFR + 169 bps), 5/17/41 (144A) | &nbsp;&nbsp; 15538433 |
| 35,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2025-CRE10, Class A, 5.707% (1 Month Term SOFR + 139 bps), 12/17/29 (144A) | &nbsp;&nbsp; 35277815 |
| 14,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2024-NASH, Class A, 6.32% (1 Month Term SOFR + 200 bps), 5/15/39 (144A) | &nbsp;&nbsp; 14030000 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2549

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 99,565,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2024-NASH, Class XCP, 1.386%, 5/15/39 (144A) | $167349 |
| 1,422,480(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2022-FL11, Class ATS, 6.117% (1 Month Term SOFR + 180 bps), 3/19/39 (144A) | &nbsp;&nbsp; 1421805 |
| 4,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2024-FL13, Class A, 5.893% (1 Month Term SOFR + 158 bps), 9/19/39 (144A) | &nbsp;&nbsp; 4540559 |
| 10,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2025-FL14, Class A, 5.582% (1 Month Term SOFR + 128 bps), 10/21/42 (144A) | &nbsp;&nbsp; 10890558 |
| 9,920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2024-FL11, Class A, 5.957% (1 Month Term SOFR + 164 bps), 7/15/39 (144A) | &nbsp;&nbsp; 9910725 |
| 1,234,297(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class A, 5.849% (SOFR30A + 150 bps), 2/15/37 (144A) | &nbsp;&nbsp; 1234516 |
| 10,993,668(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.704% (1 Month Term SOFR + 139 bps), 12/15/38 (144A) | &nbsp;&nbsp; 10952441 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-XL2, Class D, 5.83% (1 Month Term SOFR + 151 bps), 10/15/38 (144A) | &nbsp;&nbsp; 3482500 |
| 13,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 6.01% (1 Month Term SOFR + 169 bps), 8/15/39 (144A) | &nbsp;&nbsp; 13600000 |
| 12,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, 5.643% (1 Month Term SOFR + 132 bps), 1/15/42 (144A) | &nbsp;&nbsp; 12911355 |
| 5,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class E, 7.71% (1 Month Term SOFR + 339 bps), 1/15/42 (144A) | &nbsp;&nbsp; 5064125 |
| 7,983,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class F, 7.027% (1 Month Term SOFR + 271 bps), 10/15/36 (144A) | &nbsp;&nbsp; 7893191 |
| 11,288,837(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXMT, Ltd., Series 2020-FL2, Class A, 5.584% (1 Month Term SOFR + 101 bps), 2/15/38 (144A) | &nbsp;&nbsp; 11236705 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, Series 2017-CQHP, Class B, 5.467% (1 Month Term SOFR + 115 bps), 11/15/34 (144A) | &nbsp;&nbsp; 7313350 |
| 2,171,167(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class B, 5.584% (1 Month Term SOFR + 126 bps), 6/15/31 (144A) | &nbsp;&nbsp; 2082949 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNY Trust, Series 2019-IKPR, Class B, 6.157% (1 Month Term SOFR + 184 bps), 11/15/38 (144A) | &nbsp;&nbsp; 7245039 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2024-WCL1, Class A, 6.16% (1 Month Term SOFR + 184 bps), 6/15/41 (144A) | &nbsp;&nbsp; 13956125 |
| 6,929,203(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2021-ESH, Class E, 7.283% (1 Month Term SOFR + 296 bps), 7/15/38 (144A) | &nbsp;&nbsp; 6916211 |

---

The accompanying notes are an integral part of these financial statements.

50Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 602,037(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class M1, 6.34% (SOFR30A + 200 bps), 1/25/51 (144A) | $599632 |
| 14,090,631(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto, Series 2021-FL3, Class A, 5.684% (1 Month Term SOFR + 136 bps), 11/16/36 (144A) | &nbsp;&nbsp; 14066498 |
| 4,191,441(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2022-FL4, Class A, 6.245% (SOFR30A + 190 bps), 1/19/39 (144A) | &nbsp;&nbsp; 4186210 |
| 23,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2024-FL9, Class A, 5.947% (1 Month Term SOFR + 163 bps), 10/19/39 (144A) | &nbsp;&nbsp; 22979081 |
| 13,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.685% (1 Month Term SOFR + 139 bps), 8/19/42 (144A) | &nbsp;&nbsp; 13204482 |
| 8,720,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2018-TWR, Class A, 5.517% (1 Month Term SOFR + 120 bps), 7/15/31 (144A) | &nbsp;&nbsp; 6701320 |
| 9,381,303(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 5.69% (1 Month Term SOFR + 136 bps), 12/15/36 (144A) | &nbsp;&nbsp; 9343981 |
| 4,618,142(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class E, 7.09% (1 Month Term SOFR + 276 bps), 12/15/36 (144A) | &nbsp;&nbsp; 4435642 |
| 1,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E, 7.984% (1 Month Term SOFR + 366 bps), 10/15/36 (144A) | &nbsp;&nbsp; 1074069 |
| 4,317,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, 5.39% (1 Month Term SOFR + 106 bps), 12/15/36 (144A) | &nbsp;&nbsp; 4282059 |
| 10,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIH Trust, Series 2024-61P, Class A, 6.161% (1 Month Term SOFR + 184 bps), 10/15/41 (144A) | &nbsp;&nbsp; 10234609 |
| 3,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 5.86% (1 Month Term SOFR + 154 bps), 5/15/37 (144A) | &nbsp;&nbsp; 3977512 |
| 5,470,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 6.26% (1 Month Term SOFR + 194 bps), 5/15/37 (144A) | &nbsp;&nbsp; 5458034 |
| 1,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class C, 7.088%, 5/10/39 (144A) | &nbsp;&nbsp; 1020100 |
| 4,515,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.198%, 5/10/39 (144A) | &nbsp;&nbsp; 4616716 |
| 3,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A, 6.161% (1 Month Term SOFR + 184 bps), 9/15/41 (144A) | &nbsp;&nbsp; 3458917 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2551

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 3,041,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class D, 6.027% (1 Month Term SOFR + 171 bps), 7/15/36 (144A) | $3010562 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class E, 6.527% (1 Month Term SOFR + 221 bps), 7/15/36 (144A) | &nbsp;&nbsp; 5468048 |
| 6,788,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class A, 5.699% (1 Month Term SOFR + 138 bps), 11/15/38 (144A) | &nbsp;&nbsp; 6762545 |
| 5,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class B, 6.099% (1 Month Term SOFR + 178 bps), 11/15/38 (144A) | &nbsp;&nbsp; 5731200 |
| 2,200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class B, 5.797%, 10/5/39 (144A) | &nbsp;&nbsp; 2211606 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class CFL, 6.211% (1 Month Term SOFR + 189 bps), 7/5/33 (144A) | &nbsp;&nbsp; 3398912 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C, 6.534% (1 Month Term SOFR + 221 bps), 9/15/29 (144A) | &nbsp;&nbsp; 3114001 |
| 6,735,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-609M, Class A, 6.054% (1 Month Term SOFR + 173 bps), 10/15/33 (144A) | &nbsp;&nbsp; 6635909 |
| 1474955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class A4, 3.611%, 5/15/48 | &nbsp;&nbsp; 1471698 |
| 26,512,311(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF, Ltd., Series 2022-FL3, Class A, 5.767% (1 Month Term SOFR + 145 bps), 2/17/39 (144A) | &nbsp;&nbsp; 26497517 |
| 5,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.704% (1 Month Term SOFR + 139 bps), 8/17/42 (144A) | &nbsp;&nbsp; 5229520 |
| 3,525,992(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE5, Class A, 5.734% (1 Month Term SOFR + 141 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3524419 |
| 1,427,362(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class A, 5.734% (1 Month Term SOFR + 141 bps), 11/15/38 (144A) | &nbsp;&nbsp; 1425400 |
| 15,128,329(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2022-CRE7, Class A, 5.899% (SOFR30A + 155 bps), 1/17/37 (144A) | &nbsp;&nbsp; 15071612 |
| 4,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HF1, Class A, 6.112% (1 Month Term SOFR + 179 bps), 12/15/41 (144A) | &nbsp;&nbsp; 4090208 |
| 5,581,835(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HTL, Class B, 6.728% (1 Month Term SOFR + 241 bps), 2/15/37 (144A) | &nbsp;&nbsp; 5597526 |

---

The accompanying notes are an integral part of these financial statements.

52Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class A, 5.924%, 6/12/39 (144A) | $4379031 |
| 18,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Series 2024-FL16, Class A, 5.857% (1 Month Term SOFR + 154 bps), 11/18/39 (144A) | &nbsp;&nbsp; 18872243 |
| 13,801,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2024-FL14, Class A, 6.054% (1 Month Term SOFR + 174 bps), 3/19/39 (144A) | &nbsp;&nbsp; 13816333 |
| 1,015,860(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 5.284% (1 Month Term SOFR + 96 bps), 7/15/36 (144A) | &nbsp;&nbsp; 1013705 |
| 17,828,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL6, Class AS, 5.881% (1 Month Term SOFR + 156 bps), 7/16/36 (144A) | &nbsp;&nbsp; 17779403 |
| 11,458,552(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class A, 5.511% (1 Month Term SOFR + 119 bps), 10/16/36 (144A) | &nbsp;&nbsp; 11443713 |
| 6,378,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class AS, 5.881% (1 Month Term SOFR + 156 bps), 10/16/36 (144A) | &nbsp;&nbsp; 6324902 |
| 24,351,159(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2022-FL8, Class A, 5.667% (1 Month Term SOFR + 135 bps), 2/19/37 (144A) | &nbsp;&nbsp; 24307059 |
| 13,870,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL15, Class A, 6.004% (1 Month Term SOFR + 169 bps), 8/18/41 (144A) | &nbsp;&nbsp; 13871997 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2017-ASHF, Class B, 5.867% (1 Month Term SOFR + 155 bps), 11/15/34 (144A) | &nbsp;&nbsp; 8367794 |
| 7,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-BOP, Class B, 5.617% (1 Month Term SOFR + 130 bps), 8/15/33 (144A) | &nbsp;&nbsp; 5288447 |
| 3,490,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class B, 6.199% (1 Month Term SOFR + 188 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3177148 |
| 2,761,005(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFP, Ltd., Series 2024-11, Class A, 6.154% (1 Month Term SOFR + 183 bps), 9/17/39 (144A) | &nbsp;&nbsp; 2765183 |
| 2,527,129(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 5.635% (1 Month Term SOFR + 131 bps), 11/25/36 (144A) | &nbsp;&nbsp; 2524258 |
| 4,825,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 7.385% (1 Month Term SOFR + 306 bps), 11/25/36 (144A) | &nbsp;&nbsp; 4823201 |
| 3,021,915(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, 6.694% (1 Month Term SOFR + 237 bps), 10/25/39 (144A) | &nbsp;&nbsp; 3030016 |
| 18,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHR Trust, Series 2024-LXRY, Class A, 6.269% (1 Month Term SOFR + 195 bps), 10/15/41 (144A) | &nbsp;&nbsp; 18839993 |
| 19,750,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, Series 2025-LINE, Class A, 6.915% (1 Month Term SOFR + 259 bps), 4/15/30 (144A) | &nbsp;&nbsp; 19699799 |
| 4,253,689(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2022-FL3, Class A, 5.699% (SOFR30A + 135 bps), 11/15/38 (144A) | &nbsp;&nbsp; 4238184 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2553

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 5,804,016(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 6.994%, 12/10/34 (144A) | $5917023 |
| 4,150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class B, 7.669%, 12/10/34 (144A) | &nbsp;&nbsp; 4232917 |
| 9,992,093(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class A, 5.969% (1 Month Term SOFR + 165 bps), 2/15/39 (144A) | &nbsp;&nbsp; 9992023 |
| 13,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class AS, 6.469% (1 Month Term SOFR + 215 bps), 2/15/39 (144A) | &nbsp;&nbsp; 13480962 |
| 18,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2025-FL6, Class A, 5.867% (1 Month Term SOFR + 154 bps), 9/18/42 (144A) | &nbsp;&nbsp; 18615082 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TX Trust, Series 2024-HOU, Class A, 5.911% (1 Month Term SOFR + 159 bps), 6/15/39 (144A) | &nbsp;&nbsp; 5988831 |
| 1,835,291(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2023-1, Class A, 6.47%, 1/25/53 (144A) | &nbsp;&nbsp; 1837950 |
| 4,085,175(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-1, Class A, 6.55%, 1/25/54 (144A) | &nbsp;&nbsp; 4120536 |
| 3,597,277(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-2, Class A, 6.58%, 4/25/54 (144A) | &nbsp;&nbsp; 3636351 |
| 8,725,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class C, 5.69% (1 Month Term SOFR + 137 bps), 12/15/34 (144A) | &nbsp;&nbsp; 6167207 |
| 8,715,248(a)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2019-1, Class A, 8.187% (1 Month Term SOFR + 386 bps), 11/6/23 (144A) | &nbsp;&nbsp; 610067 |
| 1,639,376(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2020-5, Class A, 7.693% (1 Month Term SOFR + 337 bps), 10/15/23 (144A) | &nbsp;&nbsp; 1644878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $752,183,443)** | **$** **733607626** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 33.4% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.1%** |  |
| 8,431,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co., 4.945% (3 Month Term SOFR + 64 bps), 5/5/26 | $8460001 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | **$** **8460001** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — 0.4%** |  |
| 1436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40%, 2/14/26 | $1434312 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT International Finance Plc, 3.95%, 6/15/25 (144A) | &nbsp;&nbsp; 3990167 |

---

The accompanying notes are an integral part of these financial statements.

54Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — (continued)** |  |
| 15,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc., 4.969% (SOFR + 61 bps), 2/11/28 (144A) | $15140320 |
| 10698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reynolds American, Inc., 4.45%, 6/12/25 | &nbsp;&nbsp; 10684192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agriculture** | **$** **31248991** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.4%** |  |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., 7.375%, 1/15/26 | $17296417 |
| 3253986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.30%, 8/15/25 | &nbsp;&nbsp; 3240535 |
| 3072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.875%, 1/15/26 | &nbsp;&nbsp; 3066446 |
| 5057461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Airways Pass-Through Trust, 3.95%, 11/15/25 | &nbsp;&nbsp; 5022913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | **$** **28626311** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 3.1%** |  |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.808% (SOFR + 45 bps), 6/13/25 | $8005120 |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.909% (SOFR + 55 bps), 5/11/26 | &nbsp;&nbsp; 16007832 |
| 15,670,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 5.128% (SOFR + 77 bps), 3/12/27 | &nbsp;&nbsp; 15682222 |
| 13,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 4.905% (SOFR + 55 bps), 4/2/26 (144A) | &nbsp;&nbsp; 13237015 |
| 7,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 5.141% (SOFR + 78 bps), 3/19/27 (144A) | &nbsp;&nbsp; 7887139 |
| 11,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 5.278% (SOFR + 92 bps), 8/13/27 (144A) | &nbsp;&nbsp; 11889967 |
| 10220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 3.50%, 4/7/25 (144A) | &nbsp;&nbsp; 10217983 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.196% (SOFR + 84 bps), 1/13/28 (144A) | &nbsp;&nbsp; 9972116 |
| 6,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.32% (SOFR + 96 bps), 9/25/27 (144A) | &nbsp;&nbsp; 6405089 |
| 14,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.405% (SOFR + 105 bps), 7/15/27 | &nbsp;&nbsp; 14053195 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.539% (SOFR + 117 bps), 4/4/28 | &nbsp;&nbsp; 15376530 |
| 10,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.709% (SOFR + 135 bps), 5/8/27 | &nbsp;&nbsp; 10240703 |
| 12,570,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.392% (SOFR + 103 bps), 9/24/27 (144A) | &nbsp;&nbsp; 12564744 |
| 5,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.402% (SOFR + 104 bps), 6/24/27 (144A) | &nbsp;&nbsp; 5658939 |
| 8,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.848% (SOFR + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp; 8176462 |
| 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 6.00%, 7/11/25 (144A) | &nbsp;&nbsp; 9526625 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2555

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 13,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.803% (SOFR + 45 bps), 4/10/26 | $13708634 |
| 10,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.809% (SOFR + 45 bps), 5/15/26 | &nbsp;&nbsp; 10856076 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 5.009% (SOFR + 65 bps), 9/11/25 | &nbsp;&nbsp; 8009758 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 5.011% (SOFR + 65 bps), 3/19/27 | &nbsp;&nbsp; 10535332 |
| 11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.625%, 11/13/25 (144A) | &nbsp;&nbsp; 11476598 |
| 9,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.288% (SOFR + 93 bps), 9/12/25 (144A) | &nbsp;&nbsp; 9013952 |
| 4,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.418% (SOFR + 106 bps), 8/14/26 (144A) | &nbsp;&nbsp; 4561357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | **$** **243063388** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 16.7%** |  |
| 23,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 6.14% (SOFR + 178 bps), 9/18/27 (144A) | $23683728 |
| 6,765,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group, Ltd., 4.995% (SOFR + 64 bps), 10/3/25 (144A) | &nbsp;&nbsp; 6782522 |
| 14,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.473% (SOFR + 112 bps), 7/15/28 | &nbsp;&nbsp; 14873882 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.739% (SOFR + 138 bps), 3/14/28 | &nbsp;&nbsp; 12098893 |
| 10417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.45%, 3/3/26 | &nbsp;&nbsp; 10400116 |
| 14,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.191% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 14092812 |
| 3,428,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.331% (SOFR + 97 bps), 7/22/27 | &nbsp;&nbsp; 3445623 |
| 8,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.411% (SOFR + 105 bps), 2/4/28 | &nbsp;&nbsp; 8376684 |
| 18,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.71% (SOFR + 135 bps), 9/15/27 | &nbsp;&nbsp; 19226360 |
| 15,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA, 5.379% (SOFR + 102 bps), 8/18/26 | &nbsp;&nbsp; 15564160 |
| 8,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.978% (SOFR + 62 bps), 9/15/26 | &nbsp;&nbsp; 8114037 |
| 19,380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.221% (SOFR + 86 bps), 1/27/29 | &nbsp;&nbsp; 19381923 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.688% (SOFR + 133 bps), 6/5/26 | &nbsp;&nbsp; 7577258 |
| 9,910,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon, 5.148% (SOFR + 107 bps), 5/22/26 | &nbsp;&nbsp; 9916491 |
| 17,665,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 5.187% (SOFR + 83 bps), 7/21/28 | &nbsp;&nbsp; 17797122 |
| 11,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 5.14% (SOFR + 78 bps), 6/4/27 | &nbsp;&nbsp; 11164562 |

---

The accompanying notes are an integral part of these financial statements.

56Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 14,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 5.254% (SOFR + 89 bps), 2/14/29 | $14460656 |
| 8,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.429% (SOFR + 107 bps), 2/16/28 (144A) | &nbsp;&nbsp; 8757848 |
| 9,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.49% (SOFR + 113 bps), 1/23/27 (144A) | &nbsp;&nbsp; 9075309 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.754% (SOFR + 140 bps), 7/13/26 (144A) | &nbsp;&nbsp; 7075809 |
| 15,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.848% (SOFR + 149 bps), 3/12/28 | &nbsp;&nbsp; 15707521 |
| 12,316,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 6.238% (SOFR + 188 bps), 9/13/27 | &nbsp;&nbsp; 12533072 |
| 16,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE S.A., 6.337% (SOFR + 198 bps), 10/19/27 (144A) | &nbsp;&nbsp; 16365769 |
| 17,830,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.074% (SOFR + 72 bps), 1/13/28 | &nbsp;&nbsp; 17817804 |
| 6,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.289% (SOFR + 93 bps), 9/11/27 | &nbsp;&nbsp; 6941961 |
| 17,160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.304% (SOFR + 94 bps), 6/28/27 | &nbsp;&nbsp; 17248916 |
| 9,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 4.951% (SOFR + 59 bps), 4/30/26 | &nbsp;&nbsp; 9123869 |
| 9,239,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 5.169% (SOFR + 81 bps), 9/29/25 | &nbsp;&nbsp; 9258116 |
| 12,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 5.42% (SOFR + 106 bps), 12/4/26 | &nbsp;&nbsp; 12557107 |
| 3,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.128% (SOFR + 77 bps), 6/9/27 | &nbsp;&nbsp; 3767985 |
| 21,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.228% (SOFR + 87 bps), 3/4/29 | &nbsp;&nbsp; 21305751 |
| 10,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 4.998% (SOFR + 64 bps), 3/14/28 (144A) | &nbsp;&nbsp; 10441890 |
| 17,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.957% (SOFR + 60 bps), 1/21/28 | &nbsp;&nbsp; 17676405 |
| 15,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 5.251% (SOFR + 90 bps), 10/5/26 | &nbsp;&nbsp; 15879845 |
| 12036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27 (144A) | &nbsp;&nbsp; 12028929 |
| 23,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.991% (SOFR + 63 bps), 1/27/27 (144A) | &nbsp;&nbsp; 23283937 |
| 8,180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank NA, 5.171% (SOFR + 81 bps), 1/28/28 | &nbsp;&nbsp; 8210176 |
| 13,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA, 5.13% (SOFR + 77 bps), 3/18/27 | &nbsp;&nbsp; 13044138 |
| 7,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA/New York NY, 5.109% (SOFR + 75 bps), 5/21/27 | &nbsp;&nbsp; 7502195 |
| 1,576,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.148% (SOFR + 79 bps), 12/9/26 | &nbsp;&nbsp; 1578734 |
| 7,084,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.168% (SOFR + 81 bps), 3/9/27 | &nbsp;&nbsp; 7103229 |
| 4,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.178% (SOFR + 82 bps), 9/10/27 | &nbsp;&nbsp; 4107620 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2557

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 3,174,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.277% (SOFR + 92 bps), 10/21/27 | $3183068 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 6.311% (3 Month Term SOFR + 201 bps), 10/28/27 | &nbsp;&nbsp; 10709697 |
| 8,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.929% (SOFR + 157 bps), 8/14/27 | &nbsp;&nbsp; 8813004 |
| 8,309,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.374% (SOFR + 101 bps), 4/1/27 | &nbsp;&nbsp; 8345442 |
| 20,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.919% (SOFR + 156 bps), 9/11/27 | &nbsp;&nbsp; 20380176 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 7.00%, 11/21/25 (144A) | &nbsp;&nbsp; 18228305 |
| 7,015,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.979% (SOFR + 93 bps), 7/22/28 | &nbsp;&nbsp; 7077600 |
| 14,055,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.126% (SOFR + 77 bps), 9/22/27 | &nbsp;&nbsp; 14105092 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.161% (SOFR + 80 bps), 1/24/29 | &nbsp;&nbsp; 17604839 |
| 7,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.278% (SOFR + 92 bps), 4/22/28 | &nbsp;&nbsp; 7832321 |
| 8,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.56% (SOFR + 120 bps), 1/23/28 | &nbsp;&nbsp; 9078837 |
| 8,667,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.681% (SOFR + 132 bps), 4/26/26 | &nbsp;&nbsp; 8675098 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A., 5.358% (SOFR + 100 bps), 12/8/26 | &nbsp;&nbsp; 10115065 |
| 17034000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank N.A., 4.15%, 8/8/25 | &nbsp;&nbsp; 16987637 |
| 9338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp, 4.15%, 10/29/25 | &nbsp;&nbsp; 9318768 |
| 10,245,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.419% (SOFR + 106 bps), 11/26/28 | &nbsp;&nbsp; 10266329 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.92% (SOFR + 156 bps), 8/7/27 | &nbsp;&nbsp; 10114030 |
| 13,841,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.94% (SOFR + 158 bps), 1/5/28 | &nbsp;&nbsp; 14012779 |
| 9,512,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.794% (SOFR + 144 bps), 4/17/26 | &nbsp;&nbsp; 9516378 |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc., 5.318% (SOFR + 96 bps), 5/22/26 | &nbsp;&nbsp; 16016585 |
| 13,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.376% (SOFR + 102 bps), 4/13/28 | &nbsp;&nbsp; 13588298 |
| 6,320,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.968% (SOFR + 93 bps), 7/14/28 | &nbsp;&nbsp; 6374938 |
| 15,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.224% (SOFR + 87 bps), 5/26/28 | &nbsp;&nbsp; 15502544 |
| 6,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.255% (SOFR + 90 bps), 1/12/29 | &nbsp;&nbsp; 6324370 |
| 10,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.436% (SOFR + 108 bps), 1/14/28 | &nbsp;&nbsp; 10317517 |

---

The accompanying notes are an integral part of these financial statements.

58Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.524% (SOFR + 117 bps), 10/30/26 | $12614695 |
| 15,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank, Ltd., 4.961% (SOFR + 60 bps), 10/26/27 (144A) | &nbsp;&nbsp; 15441110 |
| 8,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada, 5.385% (SOFR + 103 bps), 7/2/27 | &nbsp;&nbsp; 8232102 |
| 6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Securities Clearing Corp., 5.15%, 5/30/25 (144A) | &nbsp;&nbsp; 6405099 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 5.608% (SOFR + 125 bps), 3/1/28 | &nbsp;&nbsp; 6052318 |
| 13,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.259% (SOFR + 90 bps), 5/17/27 (144A) | &nbsp;&nbsp; 13627298 |
| 8,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.311% (SOFR + 95 bps), 3/21/28 (144A) | &nbsp;&nbsp; 8108173 |
| 7,690,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp, 5.059% (SOFR + 70 bps), 3/17/28 (144A) | &nbsp;&nbsp; 7700956 |
| 13703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 3.875%, 4/10/25 | &nbsp;&nbsp; 13700165 |
| 16,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.855% (SOFR + 50 bps), 1/15/27 | &nbsp;&nbsp; 16540628 |
| 14,600,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 5.102% (SOFR + 80 bps), 7/23/27 | &nbsp;&nbsp; 14682722 |
| 4,620,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.931% (SOFR + 57 bps), 4/27/26 | &nbsp;&nbsp; 4630735 |
| 4,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.951% (SOFR + 59 bps), 11/2/26 | &nbsp;&nbsp; 4804439 |
| 20,320,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.184% (SOFR + 82 bps), 3/27/28 | &nbsp;&nbsp; 20321036 |
| 13,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.191% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 13485833 |
| 15,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.307% (SOFR + 95 bps), 1/19/27 | &nbsp;&nbsp; 15391665 |
| 4,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 123 bps), 5/31/27 | &nbsp;&nbsp; 4050380 |
| 17,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 5.764% (SOFR + 141 bps), 4/13/29 (144A) | &nbsp;&nbsp; 17526642 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.598% (SOFR + 124 bps), 1/21/29 (144A) | &nbsp;&nbsp; 17718442 |
| 5,380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 5.001% (SOFR + 64 bps), 10/22/27 | &nbsp;&nbsp; 5390768 |
| 17,300,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 5.104% (SOFR + 113 bps), 5/18/26 | &nbsp;&nbsp; 17313203 |
| 8,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.652% (SOFR + 130 bps), 7/13/26 | &nbsp;&nbsp; 9004179 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.338% (SOFR + 98 bps), 9/10/27 (144A) | &nbsp;&nbsp; 5555104 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2559

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 9,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.478% (SOFR + 112 bps), 3/9/26 (144A) | $9763714 |
| 3,835,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.509% (SOFR + 115 bps), 9/14/26 (144A) | &nbsp;&nbsp; 3870547 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, 5.261% (SOFR + 91 bps), 4/4/25 (144A) | &nbsp;&nbsp; 8500864 |
| 8,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, 5.738% (SOFR + 138 bps), 6/15/26 (144A) | &nbsp;&nbsp; 8949482 |
| 26600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Bank, 5.40%, 8/22/25 | &nbsp;&nbsp; 26635967 |
| 11,667,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.948% (SOFR + 59 bps), 9/10/26 | &nbsp;&nbsp; 11682580 |
| 13,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.081% (SOFR + 73 bps), 4/5/27 | &nbsp;&nbsp; 13266186 |
| 8,985,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.181% (SOFR + 82 bps), 1/31/28 | &nbsp;&nbsp; 8992174 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.437% (SOFR + 108 bps), 7/17/26 | &nbsp;&nbsp; 4029320 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 3.30%, 5/15/26 | &nbsp;&nbsp; 9857168 |
| 11,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.90% (SOFR + 163 bps), 10/28/26 | &nbsp;&nbsp; 11072112 |
| 12,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 6.047% (SOFR + 205 bps), 6/8/27 | &nbsp;&nbsp; 12199767 |
| 18,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 5.289% (SOFR + 93 bps), 9/11/25 | &nbsp;&nbsp; 18759468 |
| 14,110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 5.938% (SOFR + 158 bps), 5/12/26 (144A) | &nbsp;&nbsp; 14127583 |
| 12,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 5.727% (SOFR + 143 bps), 10/21/26 | &nbsp;&nbsp; 12070113 |
| 20,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 5.048% (SOFR + 69 bps), 10/22/27 | &nbsp;&nbsp; 20951977 |
| 7,461,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.908% (SOFR + 132 bps), 4/25/26 | &nbsp;&nbsp; 7456006 |
| 8,575,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.141% (SOFR + 78 bps), 1/24/28 | &nbsp;&nbsp; 8599061 |
| 23,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.428% (SOFR + 107 bps), 4/22/28 | &nbsp;&nbsp; 23177743 |
| 9,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.681% (SOFR + 132 bps), 4/25/26 | &nbsp;&nbsp; 9508066 |
| 12,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.419% (SOFR + 106 bps), 8/7/26 | &nbsp;&nbsp; 12866230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$1302473301** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.5%** |  |
| 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 3.85%, 6/15/25 (144A) | $11972274 |
| 22740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271%, 6/26/26 (144A) | &nbsp;&nbsp; 23149503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | **$** **35121777** |

---

The accompanying notes are an integral part of these financial statements.

60Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 3.0%** |  |
| 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | $11247402 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25 | &nbsp;&nbsp; 17049394 |
| 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 3.375%, 7/1/25 | &nbsp;&nbsp; 13456469 |
| 6320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 5.30%, 6/25/26 | &nbsp;&nbsp; 6367929 |
| 13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 7.10%, 11/15/27 | &nbsp;&nbsp; 14424254 |
| 10,100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 4.99% (SOFR + 100 bps), 5/1/26 | &nbsp;&nbsp; 10101142 |
| 10,100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.043% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 10227112 |
| 11,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.711% (SOFR + 135 bps), 10/30/26 | &nbsp;&nbsp; 11863043 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 4.375%, 5/1/26 (144A) | &nbsp;&nbsp; 16901246 |
| 11,700,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.927% (SOFR + 206 bps), 5/10/28 | &nbsp;&nbsp; 11739651 |
| 17,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.985% (SOFR + 216 bps), 7/24/26 | &nbsp;&nbsp; 17004548 |
| 15,791,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., 5.41% (SOFR + 105 bps), 3/3/27 | &nbsp;&nbsp; 15937888 |
| 8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp; 8798961 |
| 13940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 5.00%, 2/10/26 | &nbsp;&nbsp; 13956192 |
| 13270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 5.03%, 3/16/26 | &nbsp;&nbsp; 13298046 |
| 9,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.95% (SOFR + 60 bps), 10/6/25 (144A) | &nbsp;&nbsp; 9145327 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.959% (SOFR + 60 bps), 11/28/25 | &nbsp;&nbsp; 11012061 |
| 23,260,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 5.614% (SOFR + 125 bps), 7/2/27 | &nbsp;&nbsp; 23459315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | **$** **235989980** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.5%** |  |
| 5167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas, Inc., 3.85%, 10/1/25 (144A) | $5134388 |
| 17,018,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | &nbsp;&nbsp; 17115983 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.00%, 12/8/25 | &nbsp;&nbsp; 19079532 |
| 8982000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France S.A., 3.625%, 10/13/25 (144A) | &nbsp;&nbsp; 8920792 |
| 8,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.161% (SOFR + 80 bps), 2/4/28 | &nbsp;&nbsp; 8799809 |
| 9090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.749%, 9/1/25 | &nbsp;&nbsp; 9126994 |
| 1778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 3.10%, 5/15/26 | &nbsp;&nbsp; 1748742 |
| 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26 (144A) | &nbsp;&nbsp; 8524165 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2561

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — (continued)** |  |
| 23150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.125%, 5/13/25 (144A) | $23125979 |
| 12950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.75%, 1/9/26 | &nbsp;&nbsp; 12953974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | **$** **114530358** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.2%** |  |
| 12336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex, Ltd., 4.75%, 6/15/25 | $12327021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | **$** **12327021** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 0.0%†** |  |
| 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV, 4.25%, 9/15/25 (144A) | $3791973 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | **$** **3791973** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.2%** |  |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | $17078576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | **$** **17078576** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.3%** |  |
| 10,615,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.232% (SOFR + 87 bps), 3/1/28 | $10676981 |
| 8531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.25%, 4/15/25 | &nbsp;&nbsp; 8531516 |
| 5408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.25%, 6/15/26 | &nbsp;&nbsp; 5423802 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | **$** **24632299** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.0%** |  |
| 18,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.18% (SOFR + 83 bps), 1/7/27 (144A) | $18306499 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.209% (SOFR + 85 bps), 5/8/26 (144A) | &nbsp;&nbsp; 6012986 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.573% (SOFR + 121 bps), 3/25/27 (144A) | &nbsp;&nbsp; 4026000 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.684%, 2/23/26 (144A) | &nbsp;&nbsp; 7828402 |
| 9026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corp., 4.50%, 3/1/26 | &nbsp;&nbsp; 9014423 |
| 11455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 5.875%, 6/4/27 (144A) | &nbsp;&nbsp; 11749402 |
| 21,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 5.092% (SOFR + 74 bps), 4/9/27 (144A) | &nbsp;&nbsp; 21298771 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 5.13% (SOFR + 77 bps), 1/29/27 (144A) | &nbsp;&nbsp; 3017390 |
| 9,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 5.059% (SOFR + 70 bps), 6/11/27 (144A) | &nbsp;&nbsp; 9935156 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.936% (SOFR + 58 bps), 1/16/26 (144A) | &nbsp;&nbsp; 11028819 |
| 13,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.94% (SOFR + 58 bps), 12/20/27 (144A) | &nbsp;&nbsp; 13583129 |
| 16,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 5.208% (SOFR + 85 bps), 2/5/27 (144A) | &nbsp;&nbsp; 16287769 |

---

The accompanying notes are an integral part of these financial statements.

62Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — (continued)** |  |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.053% (SOFR + 70 bps), 4/10/26 (144A) | $19391695 |
| 5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.209%, 4/14/26 (144A) | &nbsp;&nbsp; 5089861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | **$** **156570302** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.1%** |  |
| 8439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc., 5.00%, 2/15/26 | $8450107 |
| 1597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., 3.625%, 6/15/25 (144A) | &nbsp;&nbsp; 1592698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | **$** **10042805** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Construction & Mining — 0.3%** |  |
| 22,870,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., 4.88% (SOFR + 52 bps), 3/3/28 | $22883333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Construction & Mining** | **$** **22883333** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 0.2%** |  |
| 1790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC, 3.95%, 5/23/25 | $1787669 |
| 14,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corp., 5.033% (SOFR + 68 bps), 7/15/27 | &nbsp;&nbsp; 14472000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Diversified** | **$** **16259669** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.3%** |  |
| 13,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore Funding LLC, 5.411% (SOFR + 106 bps), 4/4/27 (144A) | $13276109 |
| 12,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Plc, 5.198% (SOFR + 84 bps), 3/14/28 | &nbsp;&nbsp; 12401623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | **$** **25677732** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.2%** |  |
| 15,360,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., 4.828% (SOFR + 47 bps), 2/26/28 | $15390165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | **$** **15390165** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.3%** |  |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 3.875%, 7/20/25 | $17947835 |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 5.00%, 2/20/26 | &nbsp;&nbsp; 4534369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | **$** **22482204** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 1.7%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.90%, 7/15/26 | $991359 |
| 20020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.75%, 1/15/26 | &nbsp;&nbsp; 20015984 |
| 5191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.30%, 6/1/25 | &nbsp;&nbsp; 5185766 |
| 5476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.00%, 3/1/26 | &nbsp;&nbsp; 5484107 |
| 15976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.85%, 1/15/26 | &nbsp;&nbsp; 16097671 |
| 22543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | &nbsp;&nbsp; 22737252 |
| 16804000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd., 4.875%, 1/15/26 | &nbsp;&nbsp; 16816625 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2563

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — (continued)** |  |
| 15600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26 | $15880428 |
| 16080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP, 4.65%, 7/1/26 | &nbsp;&nbsp; 16065741 |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.40%, 3/2/26 | &nbsp;&nbsp; 13091293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **132366226** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.6%** |  |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95%, 2/10/26 (144A) | $17424503 |
| 8033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 4.50%, 10/1/25 | &nbsp;&nbsp; 8019329 |
| 6827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc., 3.25%, 4/15/25 | &nbsp;&nbsp; 6822931 |
| 8950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc., 3.625%, 4/15/25 | &nbsp;&nbsp; 8945234 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 3.55%, 3/15/26 | &nbsp;&nbsp; 4955281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | **$** **46167278** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.4%** |  |
| 3931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 1.50%, 1/19/26 (144A) | $3831822 |
| 24862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 6.25%, 1/17/26 (144A) | &nbsp;&nbsp; 25100103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | **$** **28931925** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.4%** |  |
| 17,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.121% (SOFR + 76 bps), 8/3/28 | $17580960 |
| 16145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc., 5.00%, 3/28/26 | &nbsp;&nbsp; 16213893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | **$** **33794853** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.4%** |  |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint LLC, 7.625%, 3/1/26 | $13203930 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.50%, 4/15/25 | &nbsp;&nbsp; 17990706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | **$** **31194636** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.1%** |  |
| 4110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 4.00%, 7/15/25 (144A) | $4100256 |
| 5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75%, 5/24/26 (144A) | &nbsp;&nbsp; 5708216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | **$** **9808472** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $2,599,638,203)** | **$2608913576** |

---

The accompanying notes are an integral part of these financial statements.

64Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.4% of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 0.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.292%, (1 Month U.S. Treasury Bill + 600 bps), 6/7/27 (144A) | $521900 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 11.542%, (1 Month U.S. Treasury Bill + 725 bps), 6/7/27 (144A) | &nbsp;&nbsp; 262425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$784325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.2%** |  |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caelus Re V, 4.392%, (3 Month U.S. Treasury Bill + 10 bps), 6/9/25 (144A) | $75 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caelus Re V, 4.792%, (3 Month U.S. Treasury Bill + 50 bps), 6/9/25 (144A) | &nbsp;&nbsp; 350000 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.342%, (3 Month U.S. Treasury Bill + 605 bps), 12/6/25 (144A) | &nbsp;&nbsp; 4910500 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re II, 7.292%, (3 Month U.S. Treasury Bill + 300 bps), 4/7/25 (144A) | &nbsp;&nbsp; 2736250 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re II, 7.542%, (3 Month U.S. Treasury Bill + 325 bps), 4/7/25 (144A) | &nbsp;&nbsp; 2985000 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.702%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | &nbsp;&nbsp; 2948100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$13929925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.0%†** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 10.109%, (SOFR + 575 bps), 12/8/25 (144A) | $245325 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 11.292%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/25 (144A) | &nbsp;&nbsp; 1002000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1247325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.1%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro III Re, 10.132%, (3 Month U.S. Treasury Bill + 585 bps), 6/25/25 (144A) | $1000500 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 8.542%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | &nbsp;&nbsp; 3533600 |
| 234,532(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 1.50%, (3 Month U.S. Treasury Bill + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp; 208897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4742997 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.0%†** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 11.122%, (3 Month U.S. Treasury Bill + 683 bps), 6/6/25 (144A) | $200000 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2565

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 0.0%†** |  |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 9.342%, (3 Month U.S. Treasury Bill + 506 bps), 6/7/25 (144A) | $2513750 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Re, 8.045%, (3 Month U.S. Treasury Bill + 376 bps), 7/8/25 (144A) | &nbsp;&nbsp; 1005500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3519250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | **$24423822** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 0.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%** |  |
| 2,088,182(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballybunion Re 2022, 12/31/27 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 2,000,000(i)(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2018, 12/31/25 | $1800 |
| 4,000,000(j)+ | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.1%** |  |
| 4,000,000(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2021-3, 7/31/25 | $183600 |
| 421,041(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | &nbsp;&nbsp; 22357 |
| 3,000,000(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gleneagles Re 2022, 12/31/27 | &nbsp;&nbsp; 450000 |
| 2,744,544(i)(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/25 | &nbsp;&nbsp; 20035 |
| 4,000,000(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2022-2, 12/31/27 | &nbsp;&nbsp; 3378291 |
| 4,000,000(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pangaea Re 2021-3, 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,500,000(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2022, 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,000,000(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2021, 7/31/25 | &nbsp;&nbsp; 24000 |
| 4,000,000(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2022, 6/30/28 | &nbsp;&nbsp; 11200 |
| 750,000(i)(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,500,000(j)+ | &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;&nbsp;$4089483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | **$** **4091283** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $32,899,267)** | **$** **28515105** |

---

The accompanying notes are an integral part of these financial statements.

66Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 4.3% of Net Assets** |  |
| 7905345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/53 | $8112862 |
| 3562989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 3621560 |
| 4327324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 4398200 |
| 287379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 293089 |
| 11405861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/54 | &nbsp;&nbsp; 11850562 |
| 18449704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 19168707 |
| 14912501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 15493165 |
| 696490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 722278 |
| 1720586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1798724 |
| 2152069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 2246508 |
| 2504076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 2617477 |
| 557455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 576054 |
| 1194634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/54 | &nbsp;&nbsp; 1252361 |
| 1809165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/47 | &nbsp;&nbsp; 1621547 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/55 (TBA) | &nbsp;&nbsp; 17134230 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 4/1/55 (TBA) | &nbsp;&nbsp; 17640908 |
| 6469437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 6538061 |
| 28000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 4/1/55 (TBA) | &nbsp;&nbsp; 27962780 |
| 5806473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 5/1/53 | &nbsp;&nbsp; 5927405 |
| 5374073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 5467538 |
| 4850472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 4930355 |
| 3043800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 3127062 |
| 1,018(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.230%, (1 Year CMT Index + 211 bps), 10/1/32 | &nbsp;&nbsp; 1021 |
| 4,444(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.420%, (1 Year CMT Index + 217 bps), 2/1/34 | &nbsp;&nbsp; 4529 |
| 15588063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 12/1/53 | &nbsp;&nbsp; 16137331 |
| 10578639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 3/1/54 | &nbsp;&nbsp; 10930415 |
| 8265940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/54 | &nbsp;&nbsp; 8552074 |
| 15828349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 6/1/54 | &nbsp;&nbsp; 16343846 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2567

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 2702076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/54 | $2827267 |
| 2418101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/54 | &nbsp;&nbsp; 2542429 |
| 1694991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 10/1/54 | &nbsp;&nbsp; 1749421 |
| 3,038(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.636%, (1 year FTSE USD IBOR Consumer Cash Fallbacks + 167 bps), 1/1/48 | &nbsp;&nbsp; 3117 |
| 2,920(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.685%, (1 Year CMT Index + 211 bps), 9/1/32 | &nbsp;&nbsp; 2966 |
| 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.000%, 4/15/55 (TBA) | &nbsp;&nbsp; 25372278 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.500%, 4/15/55 (TBA) | &nbsp;&nbsp; 17402014 |
| 70,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 5/8/25 | &nbsp;&nbsp; 69695315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $331,690,055)** | **$** **334065456** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 17.0% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — 3.9%** |  |
| 54700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 4.36%, dated 3/31/25,<br> to be purchased on 4/1/25 for $54,706,625, collateralized by $55,794,001, Government National Mortgage Association, 2.50%-7.50%, 12/20/25-9/20/64 | $54700000 |
| 60700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.35%, dated 3/31/25,<br> to be purchased on 4/1/25 for $60,707,335, collateralized by $61,914,001, Government National Mortgage Association, 4.00%-8.00%, 7/20/34-3/20/55 | &nbsp;&nbsp; 60700000 |
| 54700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital Inc., 4.36%, dated 3/31/25,<br> to be purchased on 4/1/25 for $54,706,625, collateralized by the following:<br> $7,551,565, Federal Home Loan Mortgage Corporation, 2.50%-7.00%, 4/1/29-10/1/54,<br> $4,068,014, Federal National Mortgage Association, 2.50%-7.00%, 12/1/46-12/1/54,<br> $44,181,243, U.S. Treasury Bill, 4/22/25-3/19/26 | &nbsp;&nbsp; 54700000 |

---

The accompanying notes are an integral part of these financial statements.

68Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — (continued)** |  |
| 54700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc., 4.36%, dated 3/31/25,<br> to be purchased on 4/1/25 for $54,706,625, collateralized by the following:<br> $3,190,011, Federal National Mortgage Association, 5.00%-6.00%, 11/1/52-3/1/55,<br> $8,255,152, U.S. Treasury Bond, 2.75%-5.50%, 8/15/28-8/15/52,<br> $44,355,611, U.S. Treasury Note, 3.88%-4.63%, 6/30/26-5/31/29 | $54700000 |
| 37350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.35%, dated 3/31/25,<br> to be purchased on 4/1/25 for $37,354,513, collateralized by $38,097,032, U.S. Treasury Note, 0.63%-3.25%, 6/30/29-8/15/30 | &nbsp;&nbsp; 37350000 |
| 37350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.36%, dated 3/31/25,<br> to be purchased on 4/1/25 for $37,354,524, collateralized by $38,097,000, Federal Home Loan Mortgage Corporation, 5.00%-6.00%, 8/1/52-1/1/53 | &nbsp;&nbsp; 37350000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$299500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — 9.5% of Net Assets** |  |
| 39,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc., 4.995%, 4/4/25 | $38980321 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc., 5.348%, 4/3/25 | &nbsp;&nbsp; 36486057 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., 5.149%, 4/3/25 | &nbsp;&nbsp; 36486714 |
| 19,100,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autozone, Inc., 5.240%, 4/2/25 | &nbsp;&nbsp; 19095212 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc., 5.006%, 4/3/25 | &nbsp;&nbsp; 36486269 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.228%, 4/2/25 | &nbsp;&nbsp; 36490849 |
| 3,900,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd., 4.877%, 4/8/25 | &nbsp;&nbsp; 3895683 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 0.000%, 4/1/25 | &nbsp;&nbsp; 36495467 |
| 8,900,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 4.909%, 4/3/25 | &nbsp;&nbsp; 8896498 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 4.909%, 4/11/25 | &nbsp;&nbsp; 36449586 |
| 17,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.062%, 4/3/25 | &nbsp;&nbsp; 17493483 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products, 0.000%, 4/1/25 | &nbsp;&nbsp; 36495423 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP Operating LP, 4.501%, 4/1/25 | &nbsp;&nbsp; 36495423 |
| 15,200,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 5.500%, 4/1/25 | &nbsp;&nbsp; 15198086 |
| 21,300,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 5.452%, 4/3/25 | &nbsp;&nbsp; 21291951 |
| 12,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc., 5.285%, 4/8/25 | &nbsp;&nbsp; 11987646 |
| 30,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 5.201%, 4/7/25 | &nbsp;&nbsp; 29970018 |
| 22,600,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., 0.000%, 4/1/25 | &nbsp;&nbsp; 22597116 |
| 6,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc., 4.963%, 4/2/25 | &nbsp;&nbsp; 5998455 |
| 12,600,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., 0.000%, 4/1/25 | &nbsp;&nbsp; 12598420 |
| 45,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Funding LLC, 5.044%, 4/2/25 | &nbsp;&nbsp; 44989218 |
| 17,200,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc., 5.603%, 4/2/25 | &nbsp;&nbsp; 17195684 |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group Plc, 5.313%, 4/7/25 | &nbsp;&nbsp; 36468559 |
| 13,600,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co., 0.000%, 4/1/25 | &nbsp;&nbsp; 13598330 |
| 18,100,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co., 4.930%, 4/2/25 | &nbsp;&nbsp; 18095553 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2569

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — (continued)** |  |
| 36,500,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp., 0.000%, 4/1/25 | $36495072 |
| 28,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc., 5.024%, 4/2/25 | &nbsp;&nbsp; 27992975 |
| 24,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.990%, 4/11/25 | &nbsp;&nbsp; 23966702 |
| 25,000,000(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Power and Light Co., 0.000%, 4/1/25 | &nbsp;&nbsp; 24997000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper<br> (Cost $743,781,415)** | **$** **743687770** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 3.6%** |  |
| 280,796,060(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.23% | $280796060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$280796060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $1,324,077,475)** | **$1323983830** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 101.6%<br> (Cost $7,938,512,775)** | **$7925418314** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TBA Sales Commitments — (1.1)% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (1.1)%** |  |
| (2000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 4/1/55 (TBA) | $(1733126) |
| (2000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 4/1/55 (TBA) | &nbsp;&nbsp;&nbsp; (2031284) |
| (80000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/55 (TBA) | &nbsp;&nbsp;&nbsp; (82489560) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TBA SALES COMMITMENTS<br> (Proceeds $86,074,141)** | **$** **(86253970)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.5)%** | &nbsp;&nbsp;&nbsp;&nbsp;$(41115854) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$7798048490** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| IBOR | &nbsp;&nbsp;Interbank Offered Rate. |

---

The accompanying notes are an integral part of these financial statements.

70Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | |
|:---|:---|
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| PRIME | &nbsp;&nbsp;U.S. Federal Funds Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| REMICs | &nbsp;&nbsp;Real Estate Mortgage Investment Conduits. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal of Securities. |
| (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 March 31, 2025, the value of these securities amounted to $4,158,913,689, or 53.3% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at March 31, 2025. |
| (b) | &nbsp;&nbsp;All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
| (c) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at March 31, 2025. |
| (d) | &nbsp;&nbsp;Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
| (e) | &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 March 31, 2025. |
| (f) | &nbsp;&nbsp;Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
| (g) | &nbsp;&nbsp;Security is in default. |
| (h) | &nbsp;&nbsp;Issued as participation notes. |
| (i) | &nbsp;&nbsp;Non-income producing security. |
| (j) | &nbsp;&nbsp;Issued as preference shares. |
| (k) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (l) | &nbsp;&nbsp;Rate shown represents yield-to-maturity. |
| (m) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at March 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 March 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. |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2571

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Alturas Re 2021-3 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;$387470 | &nbsp;&nbsp;&nbsp;&nbsp;$183600 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 1/6/2022 | &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;22357 |
| &nbsp;&nbsp;Ballybunion Re 2022 | 3/9/2022 | &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;Caelus Re V | 5/4/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 |
| &nbsp;&nbsp;Caelus Re V | 5/4/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;Citrus Re | 4/11/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513750 |
| &nbsp;&nbsp;Commonwealth Re | 6/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005500 |
| &nbsp;&nbsp;Gleneagles Re 2022 | 1/18/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 |
| &nbsp;&nbsp;Harambee Re 2018 | 12/19/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 |
| &nbsp;&nbsp;Harambee Re 2019 | 12/20/2018 | &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;Integrity Re | 5/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;Kilimanjaro III Re | 6/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000500 |
| &nbsp;&nbsp;Long Point Re IV | 5/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533600 |
| &nbsp;&nbsp;Lorenz Re 2019 | 6/26/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20035 |
| &nbsp;&nbsp;Matterhorn Re | 6/5/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208897 |
| &nbsp;&nbsp;Matterhorn Re | 12/15/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245325 |
| &nbsp;&nbsp;Merion Re 2022-2 | 2/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378291 |
| &nbsp;&nbsp;Mona Lisa Re | 6/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002000 |
| &nbsp;&nbsp;Pangaea Re 2021-3 | 6/17/2021 | &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;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910500 |
| &nbsp;&nbsp;Sanders Re II | 5/24/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985000 |
| &nbsp;&nbsp;Sanders Re II | 11/23/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736250 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948100 |
| &nbsp;&nbsp;Thopas Re 2022 | 2/7/2022 | &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;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521900 |
| &nbsp;&nbsp;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262425 |
| &nbsp;&nbsp;Torricelli Re 2021 | 7/1/2021 | &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;24000 |
| &nbsp;&nbsp;Torricelli Re 2022 | 7/26/2022 | &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;11200 |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Viribus Re 2019 | 12/27/2018 | &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;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$28515105 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4% |

---

The accompanying notes are an integral part of these financial statements.

72Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

#### FUTURES CONTRACTS FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Short** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;U.S. 2 Year Note (CBT) | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;$(5151307) | &nbsp;&nbsp;$(5179297) | &nbsp;&nbsp;$(27990) |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;U.S. 5 Year Note (CBT) | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;(12600824) | &nbsp;&nbsp;&nbsp;&nbsp;(12762438) | &nbsp;&nbsp;&nbsp;&nbsp;(161614) |
| &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;(10580633) | &nbsp;&nbsp;&nbsp;&nbsp;(10727750) | &nbsp;&nbsp;&nbsp;&nbsp;(147117) |
| &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;U.S. Long Bond (CBT) | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8467807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8561531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93724) |
|  |  |  | &nbsp;&nbsp;$(36800571) | &nbsp;&nbsp;$(37231016) | &nbsp;&nbsp;$(430445) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(36800571)** | &nbsp;&nbsp;**$(37231016)** | &nbsp;&nbsp;**$(430445)** |
| CBT | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. |

---

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

Purchases and sales of securities (excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased) for the year ended March 31, 2025, aggregated $4,602,343,051 and $2,635,340,089, respectively.

At March 31, 2025, the net unrealized depreciation on investments based on cost for federal tax purposes of $7,940,942,495 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26663890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42367607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(15703717) |

---

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.). See Notes to Financial Statements — Note 1A. |
| &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). See Notes to Financial Statements — Note 1A. |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2573

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Schedule of Investments \| 3/31/25 (continued)

The following is a summary of the inputs used as of March 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;$157347310 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$157347310 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1975167496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1975167496 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763817915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763817915 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733607626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733607626 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2608913576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2608913576 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 |
| &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;— | &nbsp;&nbsp;&nbsp;4089483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089483 |
| &nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24423822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24423822 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334065456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334065456 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299500000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743687770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743687770 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;280796060 | &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;280796060 |
| **Total Investments in Securities** | **$280796060** | &nbsp;&nbsp;**$7640530971** | &nbsp;&nbsp;**$4091283** | &nbsp;&nbsp;**$7925418314** |
| **Liabilities** |  |  |  |  |
| TBA Sales Commitments | $— | &nbsp;&nbsp;$(86253970) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(86253970) |
| **Total Liabilities** | **$—** | &nbsp;&nbsp;**$(86253970)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(86253970)** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | $(430445) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(430445) |
| **Total Other Financial Instruments** | **$(430445)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(430445)** |

---

\* Securities valued at $0.

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

The accompanying notes are an integral part of these financial statements.

74Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Statement of Assets and Liabilities \| 3/31/25

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $7,938,512,775) | $7925418314 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323611 |
| &nbsp;&nbsp;&nbsp;Futures collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857551 |
| &nbsp;&nbsp;&nbsp;Due from broker for futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18617 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87224641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41215992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40067873 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$8096435622** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | $162906181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44372756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194278 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for TBA sales commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18617 |
| &nbsp;&nbsp;&nbsp;TBA sales commitments, at value (net proceeds received $86,074,141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86253970 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731792 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182545 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206150 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$298387132** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $8090933979 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(292885489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | **$7798048490** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> (based on $3,021,146,112/313,071,538 shares) | $9.65 |
| &nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> (based on $52,350,964/5,420,299 shares) | $9.66 |
| &nbsp;&nbsp;&nbsp;Class C2<sup>\*</sup> (based on $5,916,953/612,646 shares) | $9.66 |
| &nbsp;&nbsp;&nbsp;Class K<sup>\*</sup> (based on $552,951,868/57,128,041 shares) | $9.68 |
| &nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> (based on $4,165,682,593/430,938,864 shares) | $9.67 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2575

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Statement of Operations FOR THE YEAR ENDED 3/31/25

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers (net of foreign taxes withheld $(36711)) | $385313361 |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$390975015** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $18848079 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559718 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class K<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333776 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38498 |  |
| &nbsp;&nbsp;&nbsp;Shareholder communications expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163689 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80126 |  |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396153 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297480 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57080 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325915 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67461 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$30749602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$360225413** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(882433) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329393) | &nbsp;&nbsp;&nbsp;&nbsp;$(1211826) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $3014414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBA sales commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179829) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430445) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;$2404433 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1192607** |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$361418020** |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

76Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $360225413 | &nbsp;&nbsp;&nbsp;&nbsp;$283051595 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10289109) |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72460230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | **$361418020** | &nbsp;&nbsp;&nbsp;&nbsp;**$345222716** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* ($0.54 and $0.57 per share, respectively) | $(114319874) | &nbsp;&nbsp;&nbsp;&nbsp;$(74376260) |
| &nbsp;&nbsp;&nbsp;Class C\* ($0.51 and $0.54 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2969520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3872772) |
| &nbsp;&nbsp;&nbsp;Class C2\* ($0.51 and $0.54 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465077) |
| &nbsp;&nbsp;&nbsp;Class K\* ($0.56 and $0.60 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31380098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28876190) |
| &nbsp;&nbsp;&nbsp;Class Y\* ($0.56 and $0.59 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209740075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178868680) |
| **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* ($— and $0.01 per share, respectively) | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(715703) |
| &nbsp;&nbsp;&nbsp;Class C\* ($— and $0.01 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37267) |
| &nbsp;&nbsp;&nbsp;Class C2\* ($— and $0.01 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4475) |
| &nbsp;&nbsp;&nbsp;Class K\* ($— and $0.01 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277868) |
| &nbsp;&nbsp;&nbsp;Class Y\* ($— and $0.01 per share, respectively) | &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;(1721205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | $(358818713) | &nbsp;&nbsp;&nbsp;&nbsp;$(289215497) |
| **FROM FUND SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | $5703125817 | &nbsp;&nbsp;&nbsp;&nbsp;$3111880472 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335997561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263238175 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(3532246740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2485991996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from Fund share transactions | $2506876638 | &nbsp;&nbsp;&nbsp;&nbsp;$889126651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets** | **$2509475945** | &nbsp;&nbsp;&nbsp;&nbsp;**$945133870** |
| **NET ASSETS:** |  |  |
| Beginning of year | $5288572545 | &nbsp;&nbsp;&nbsp;&nbsp;$4343438675 |
| End of year | **$7798048490** | &nbsp;&nbsp;&nbsp;&nbsp;**$5288572545** |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2577

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

### Statements of Changes in Net Assets
(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25<br> Shares** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25<br> Amount** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24<br> Shares** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24<br> Amount** |
| **Class A\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;277426890 | &nbsp;&nbsp;&nbsp;&nbsp;$2678505146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89044093 | &nbsp;&nbsp;&nbsp;&nbsp;$855135969 |
| Reinvestment<br> of distributions | &nbsp;&nbsp;&nbsp;&nbsp;11704069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112985609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7557442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72578371 |
| Less shares<br> repurchased | (131049368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265054125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59899149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574707285) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;158081591 | &nbsp;&nbsp;&nbsp;&nbsp;$1526436630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36702386 | &nbsp;&nbsp;&nbsp;&nbsp;$353007055 |
| **Class C\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465116 | &nbsp;&nbsp;&nbsp;&nbsp;$14167787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170668 | &nbsp;&nbsp;&nbsp;&nbsp;$11248010 |
| Reinvestment<br> of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865799 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2512497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24275384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4194787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40245492) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739179) | &nbsp;&nbsp;&nbsp;&nbsp;$(7138077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2621705) | &nbsp;&nbsp;&nbsp;&nbsp;$(25131683) |
| **Class C2\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425857 | &nbsp;&nbsp;&nbsp;&nbsp;$4114566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186496 | &nbsp;&nbsp;&nbsp;&nbsp;$1791736 |
| Reinvestment<br> of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34216 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5798698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2820336) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171709) | &nbsp;&nbsp;&nbsp;&nbsp;$(1661347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103266) | &nbsp;&nbsp;&nbsp;&nbsp;$(994384) |
| **Class K\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;12587195 | &nbsp;&nbsp;&nbsp;&nbsp;$122111707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880912 | &nbsp;&nbsp;&nbsp;&nbsp;$114480135 |
| Reinvestment<br> of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31380098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28864652 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(9848837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95340987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12438875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119731232) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998507 | &nbsp;&nbsp;&nbsp;&nbsp;$58150818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438899 | &nbsp;&nbsp;&nbsp;&nbsp;$23613555 |
| **Class Y\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;298228512 | &nbsp;&nbsp;&nbsp;&nbsp;$2884226611 | &nbsp;&nbsp;&nbsp;&nbsp;221409265 | &nbsp;&nbsp;&nbsp;&nbsp;$2129224622 |
| Reinvestment<br> of distributions | &nbsp;&nbsp;&nbsp;&nbsp;19500742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188639549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16410541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157895137 |
| Less shares<br> repurchased | (221419434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2141777546) | &nbsp;&nbsp;&nbsp;&nbsp;(181836804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1748487651) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;96309820 | &nbsp;&nbsp;&nbsp;&nbsp;$931088614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55983002 | &nbsp;&nbsp;&nbsp;&nbsp;$538632108 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

78Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.53 | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.69** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.59** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | **$(0.54)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.14)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.42%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $3021146 | &nbsp;&nbsp;&nbsp;&nbsp;$1494536 | &nbsp;&nbsp;&nbsp;&nbsp;$1126767 | &nbsp;&nbsp;&nbsp;&nbsp;$1824401 | &nbsp;&nbsp;&nbsp;&nbsp;$1561042 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2579

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class C<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.51 | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.52** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.56** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | **$(0.51)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.11)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $52351 | &nbsp;&nbsp;&nbsp;&nbsp;$59441 | &nbsp;&nbsp;&nbsp;&nbsp;$83703 | &nbsp;&nbsp;&nbsp;&nbsp;$136692 | &nbsp;&nbsp;&nbsp;&nbsp;$213396 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

The accompanying notes are an integral part of these financial statements.

80Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

------

[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class C2<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.52 | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.52** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.56** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | **$(0.51)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.11)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $5917 | &nbsp;&nbsp;&nbsp;&nbsp;$7571 | &nbsp;&nbsp;&nbsp;&nbsp;$8463 | &nbsp;&nbsp;&nbsp;&nbsp;$15861 | &nbsp;&nbsp;&nbsp;&nbsp;$19432 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2581

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Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class K<sup>\*(a)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | $0.57 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.57** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.61** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | **$(0.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.16)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.68 | &nbsp;&nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.64%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $552952 | &nbsp;&nbsp;&nbsp;&nbsp;$494518 | &nbsp;&nbsp;&nbsp;&nbsp;$465248 | &nbsp;&nbsp;&nbsp;&nbsp;$382288 | &nbsp;&nbsp;&nbsp;&nbsp;$332949 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

(b) The per-share data presented above is based on the average shares outstanding for the period presented.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

The accompanying notes are an integral part of these financial statements.

82Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class Y<sup>\*</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.55 | &nbsp;&nbsp;&nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.57** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.62** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | **$(0.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.16)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.46** |
| &nbsp;&nbsp;Net asset value, end of period | $9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $4165683 | &nbsp;&nbsp;&nbsp;&nbsp;$3232507 | &nbsp;&nbsp;&nbsp;&nbsp;$2659258 | &nbsp;&nbsp;&nbsp;&nbsp;$2725842 | &nbsp;&nbsp;&nbsp;&nbsp;$2335355 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), after the end of the annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2583

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### Notes to Financial Statements \| 3/31/25
1. Organization and Signiﬁcant Accounting Policies

Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") is one of 29 portfolios comprising Victory Portfolios IV (the "Trust"), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund, which commenced operations on April 1, 2025, is the successor to Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") and, accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund. The Predecessor Fund transferred all of the net assets of Class A, Class C, Class C2, Class K and Class Y shares in exchange for the Fund's Class A, Class C, Class C, Class R6 and Class Y shares, respectively, on April 1, 2025 pursuant to an agreement and plan of reorganization (the "Reorganization") which was approved by the shareholders of the Predecessor Fund on March 27, 2025. Accordingly, the Reorganization, which was a tax-free exchange, had no effect on the Fund's operations. The investment objective of the Fund is to seek a high level of current income to the extent consistent with a relatively high level of stability of principal.

The Fund offers four classes of shares designated as Class A, Class C, Class R6 and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-speciﬁc fees and expenses, such as transfer agent and distribution fees. Differences in class-speciﬁc fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Second Amended and Restated Trust Instrument of the Trust gives the Board of Trustees the ﬂexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K or Class Y shares.

Victory Capital Management Inc. ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory

84Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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Capital Operating, LLC. Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

The Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. In accordance with Rule 18f-4, the Fund has established and maintains a comprehensive derivatives risk management program, has appointed a derivatives risk manager and complies with a relative or absolute limit on fund leverage risk calculated based on value-at-risk("VaR").

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07) during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Chief Executive Officer (CEO) has been identified as the Chief Operations Decision Maker (CODM) who assesses performance and allocates resources with respect to the Fund. The Fund's operations constitute a single operating segment and therefore, a single reportable segment, because the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM manages the business activities using information of the Fund as a whole, and assesses performance of the Fund. The financial information provided to and reviewed by the CODM is the same as that presented within the Fund's financial statements.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Fund in the preparation of its ﬁnancial statements:

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2585

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---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Fixed income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. |
|  | Loan interests are valued at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. |
|  | Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
|  | Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the |

---

86Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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---

| | |
|:---|:---|
|  | Fund's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. |
|  | Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. |
|  | Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. The Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2587

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---

| | |
|:---|:---|
|  | Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Federal Income Taxes** |
|  | It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareholders. Therefore, no provision for federal income taxes is required. As of March 31, 2025, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareholders are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | At March 31, 2025, the Fund reclassified $2,135,665 to increase distributable earnings and $2,135,665 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. |
|  | At March 31, 2025, the Fund deferred $313,962 of late-year ordinary losses, which will be recognized by the Fund as occurring at the start of the next fiscal year ending March 31, 2026. |
|  | At March 31, 2025, the Fund was permitted to carry forward indefinitely $154,736,026 of short-term losses and $120,173,927 of long-term losses. |

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88Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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The tax character of distributions paid during the years ended March 31, 2025 and March 31, 2024, was as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| &nbsp;&nbsp;**Distributions paid from:** |  |  |
| &nbsp;&nbsp;Ordinary income | $358818713 | $286458979 |
| &nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2756518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$358818713** | **$289215497** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2025:

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| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;**Distributable earnings/(losses):** |  |
| &nbsp;&nbsp;Capital loss carryforward | $(274909953) |
| &nbsp;&nbsp;Other book/tax temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;(1957857) |
| &nbsp;&nbsp;Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(15703717) |
| &nbsp;&nbsp;Qualified late year loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(292885489)** |

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The difference between book-basis and tax-basis unrealized depreciation is attributable to adjustments relating to event-linked bonds, insurance-linked securities, and the tax treatment of premium and amortization.

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| | |
|:---|:---|
| **D.** | **Fund Shares** |
|  | The Fund records sales and repurchases of its shares as of trade date. The Amundi Distributors US, Inc., the Predecessor Fund's distributor, did not earn underwriting commissions on the sale of Class A shares during the year ended March 31, 2025. |
| **E.** | **Class Allocations** |
|  | Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. |
|  | Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class C2 shares of the Fund, respectively (see Note 5). Class K and Class Y shares of the Predecessor Fund did not pay distribution fees. All expenses and fees paid to the Fund's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2589

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| | |
|:---|:---|
|  | The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. |
|  | During the periods covered by these financial statements, distributions to shareholders were recorded as of the ex-dividend date. During the periods covered by these financial statements, distributions paid by the Fund with respect to each class of shares were calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class C2, Class K and Class Y shares reflect different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
|  | Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |

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90Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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| |
|:---|
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
| At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities lost all, or nearly all, their market value, and many other issuers, securities and markets have |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2591

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| |
|:---|
| been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Fund may invest in mortgage-related and asset-backed securities. The value of mortgage-related and asset-backed securities will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rate than other types of debt securities. These securities are also subject to prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called "sub-prime" mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
| The Fund may invest in credit risk transfer securities. Credit risk transfer securities are unguaranteed and unsecured debt securities issued by government sponsored enterprises and therefore are not directly linked to or backed by the underlying mortgage loans. As a result, in the event that a government sponsored enterprise fails to pay principal or interest on its credit risk transfer securities or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfer securities have no direct recourse to the underlying mortgage loans and will generally receive recovery on par with other unsecured note holders in such a scenario. The risks associated with an investment in credit risk |

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92Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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| |
|:---|
| transfer securities are different than the risks associated with an investment in mortgage-backed securities issued by Fannie Mae and Freddie Mac, or other government sponsored enterprise or issued by a private issuer, because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. As a result, investors in these securities could lose some or all of their investment in these securities if the underlying mortgage loans default. |
| The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
| The market prices of the Fund's fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. For example, if interest rates increase by 1%, the value of a Fund's portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens", the value of the security will generally go down. |
| If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2593

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| |
|:---|
| may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. |
| The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, has ceased publication of most LIBOR settings on a representative basis. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In the U.S., a common benchmark replacement is based on the SOFR published by the Federal Reserve Bank of New York, including certain spread adjustments and benchmark replacement conforming changes, although other benchmark replacements (without or without spread adjustments) may be used in certain transactions. The impact of the transition from LIBOR on the Fund's transactions and financial markets generally cannot yet be determined. The transition away from LIBOR may lead to increased volatility and illiquidity in markets for instruments that have relied on LIBOR and may adversely affect the Fund's performance. |
| With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the investment adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareholder information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any |

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94Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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| | |
|:---|:---|
|  | insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
|  | The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. |
| **G.** | **Restricted Securities** |
|  | Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualiﬁed institutional investors under the provisions of Rule 144A of the Securities Act of 1933. |
|  | Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difﬁcult to achieve. Restricted investments held by the Fund at March 31, 2025 are listed in the Schedule of Investments. |
| **H.** | **Insurance-Linked Securities ("ILS")** |
|  | The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as deﬁned within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a speciﬁc size or magnitude that occur in a designated geographic region during a speciﬁed time period, and/or that involve losses or other metrics that exceed a speciﬁc amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry signiﬁcant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude speciﬁed by the instrument. In addition to the speciﬁed trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |
|  | The Fund's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to speciﬁc risks |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2595

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| | |
|:---|:---|
|  | to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. |
|  | Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund's structured reinsurance investments, and therefore the Fund's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss. |
| **I.** | **Repurchase Agreements** |
|  | Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund**'**s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund**'**s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities. |
|  | Open repurchase agreements at March 31, 2025 are disclosed in the Schedule of Investments. |

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96Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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| | |
|:---|:---|
| **J.** | **TBA Purchases and Sales Commitments** |
|  | The Fund may enter into to-be-announced (TBA) purchases or sales commitments (collectively, TBA transactions), pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by the Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted "good delivery" standards. The Fund may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, the Fund maintains an entitlement to the security to be sold. |
|  | To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund's risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral received, if any, from such counterparty. As of March 31, 2025, no collateral was pledged by the Fund. Collateral received from counterparties totaled $300,000 for TBAs. |
| **K.** | **Futures Contracts** |
|  | The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. |
|  | All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at March 31, 2025 is recorded as "Futures collateral" on the Statement of Assets and Liabilities. |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2597

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|:---|
| Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. |
| The average notional values of long position and short position futures contracts during the year ended March 31, 2025 were $0 and $37,087,209, respectively. Open futures contracts outstanding at March 31, 2025 are listed in the Schedule of Investments. |

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2. Investment Advisory Agreement

The Adviser manages the Fund's portfolio. Management fees payable under the Fund's Investment Advisory Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.35% of the Fund's average daily net assets up to $1 billion, 0.30% of the next $4 billion of the Fund's average daily net assets, 0.25% of the next $2.5 billion of the Fund's average daily net assets and 0.20% of the Fund's average daily net assets over $7.5 billion. Prior to the Reorganization, Amundi Asset Management US, Inc. ("Amundi US") served as the investment adviser of the Predecessor Fund. Under an investment management agreement with Amundi US, the Predecessor Fund paid management fees at the annual rate of 0.35% of the Fund's average daily net assets up to $1 billion, 0.30% of the next $4 billion of the Fund's average daily net assets, 0.25% of the next $2.5 billion of the Fund's average daily net assets and 0.20% of the Fund's average daily net assets over $7.5 billion. For the year ended March 31, 2025, the effective management fee was equivalent to 0.30% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, brokerage

98Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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commissions) do not exceed 0.58%, 0.88%, 0.35%, and 0.44% of the Fund's Class A, Class C, Class R6, and Class Y shares, respectively. These expense limitations are in effect through April 1, 2028. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. The agreement may only be terminated by the Fund's Board of Trustees. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above.

In addition, under the Predecessor Fund's management and administration agreements with Amundi US, certain other services and costs, including accounting, regulatory reporting and insurance premiums, were paid by the Fund as administrative reimbursements. Reflected on the Statement of Assets and Liabilities is $731,792 in management fees payable to Amundi US at March 31, 2025.

3. Compensation of Officers and Trustees

The Fund pays an annual fee to its Trustees. Except for the chief compliance officer, the Fund does not pay any salary or other compensation to its officers. The Fund pays a portion of the chief compliance officer's compensation for his services as the Fund's chief compliance officer. The Adviser pays the remaining portion of the chief compliance officer's compensation. For the year ended March 31, 2025, the Predecessor Fund paid $325,915 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At March 31, 2025, on its Statement of Assets and Liabilities, the Predecessor Fund did not have a payable for Trustees' fees and had a payable for administrative expenses of $182,545, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/2599

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In addition, during the periods covered by the financial statements, the Predecessor Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended March 31, 2025, such out-of-pocket expenses by class of shares were as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Communications:** |  |
| &nbsp;&nbsp;Class A | $32824 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;2984 |
| &nbsp;&nbsp;Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;Class K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;127197 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$163689** |

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5. Distribution Plan

The Predecessor Fund adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class C2 shares. Pursuant to the Plan, the Predecessor Fund paid its distributor 0.20% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Predecessor Fund also paid its distributor 0.50% of the average daily net assets attributable to Class C and Class C2 shares. The fee for Class C and Class C2 shares consisted of a 0.25% service fee and a 0.25% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C and Class C2 shares. In the Reorganization, Class C2 shares of the Predecessor Fund were reorganized into Class C shares of the Fund. Reflected on the Statement of Assets and Liabilities is $206,150 in distribution fees payable to Amundi Distributor US, Inc, the Predecessor Fund's distributor, at March 31, 2025.

In addition, redemptions of Class C2 shares of the Predecessor Fund were subject to a contingent deferred sales charge ("CDSC"). Redemptions of Class C2 shares within 12 months of purchase were subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remained subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class A, Class C, Class K and Class Y shares. Proceeds from the CDSCs were paid to the Predecessor Fund's Distributor. For the year ended March 31, 2025, CDSCs in the amount of $11,229 were paid to Amundi Distributor US, Inc, the Predecessor Fund's distributor.

100Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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6. Line of Credit Facility

During the periods covered by these financial statements, the Predecessor Fund participated in a committed, unsecured revolving line of credit ("credit facility"). Borrowings were used solely for temporary or emergency purposes. The Predecessor Fund was permitted to borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Predecessor Fund's prospectus and the 1940 Act. The Predecessor Fund participated in a credit facility in the amount of $250 million. The commitment fee with respect to the credit facility was 0.20% of the daily unused portion of each lender's commitment. For the year ended March 31, 2025, the Predecessor Fund had no borrowings under the credit facility.

7. Additional Disclosures about Derivative Instruments and Hedging Activities

The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the following risks:

Interest rate risk relates to the ﬂuctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a ﬁnancial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

Foreign exchange rate risk relates to ﬂuctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the ﬂuctuations in the value of ﬁnancial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors speciﬁc to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will ﬂuctuate based on increases or decreases in the commodities market and factors speciﬁc to a particular industry or commodity.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25101

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The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at March 31, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Statement of Assets<br> and Liabilities** | **Interest<br> Rate Risk** | **Credit<br> Risk** | **Foreign<br> Exchange<br> Rate Risk** | **Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts^ | $430445 | $— | $— | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$430445** | **$—** | **$—** | **$—** | &nbsp;&nbsp;**$—** |

---

<br> ^ Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at March 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Statement of Operations** | **Interest<br> Rate Risk** | **Credit<br> Risk** | **Foreign<br> Exchange<br> Rate Risk** | **Equity<br> Risk** | **Commodity<br> Risk** |
| &nbsp;&nbsp;**Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(329393) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(329393)** | **$—** | **$—** | **$—** | **$—** |
| &nbsp;&nbsp;**Change in Net Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(430445) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(430445)** | **$—** | **$—** | **$—** | **$—** |

---

8. Unfunded Loan Commitments

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of March 31, 2025, the Predecessor Fund had the following unfunded loan commitment outstanding:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;Jupiter Buyer, Inc., Initial Delayed Draw Term Loan | &nbsp;&nbsp;$59069 | &nbsp;&nbsp;$58785 | &nbsp;&nbsp;$59078 | &nbsp;&nbsp;$293 |

---

102Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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9. Subsequent Event

On April 1, 2025 (the "Closing Date"), the Predecessor Fund was reorganized with the Fund (the "Reorganization"). The purpose of this transaction was to combine two funds with similar investment objectives and strategies.

This tax-free Reorganization was accomplished by exchanging the assets and liabilities of the Predecessor Fund for shares of the Fund. Shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively, in the Reorganization. The investment portfolio of the Predecessor Fund, with an aggregate value of $7,837,439,999 and an identified cost of $7,869,150,326 at April 1, 2025, was the principal asset acquired by the Fund.

The Predecessor Fund was the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25103

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### Report of Independent Registered Public Accounting Firm
**To the Board of Trustees of Victory Portfolios IV (formerly Pioneer Series Trust X) and the Shareholders of Victory Pioneer Multi-Asset Ultrashort Income Fund (formerly Pioneer Multi-Asset Ultrashort Income Fund):**

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#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Victory Pioneer Multi-Asset Ultrashort Income Fund (formerly Pioneer Multi-Asset Ultrashort Income Fund) (the "Fund") (one of the funds constituting Victory Portfolios IV) (formerly Pioneer Series Trust X), including the schedule of investments, as of March 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, and the results of its operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the years ended March 31, 2023, 2022, and 2021 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated May 25, 2023.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are

104Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 30, 2025

We have served as the auditor of one or more of the Pioneer investment companies since 2024.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25105

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### Additional Information (unaudited)
Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Fund's ordinary income distributions derived from qualified interest income was 73.83%.

106Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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### Approval of Investment Advisory Agreement
Victory Capital Management Inc. ("Victory Capital") serves as the investment adviser to Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") pursuant to an investment advisory agreement between Victory Capital and the Fund (the "Investment Advisory Agreement").

The Fund is newly-organized and was established in connection with the reorganization of Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") into the Fund (the "Reorganization"). The Predecessor Fund and the Fund entered into the Reorganization in connection with the contribution of Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, to Victory Capital Holdings, Inc. ("Victory Capital Holdings"), the parent company of Victory Capital (the "Transaction"). The Reorganization was approved by shareholders of the Predecessor Fund at a meeting held on March 27, 2025 and was consummated on April 1, 2025.

The Trustees of the Fund, including all of the Independent Trustees, met to consider the Investment Advisory Agreement at an in-person meeting held on December 16, 2024. The Independent Trustees also served on the Board of Trustees of the Predecessor Fund.

To assist the Trustees in their consideration of the Investment Advisory Agreement, Victory Capital provided extensive information to the Trustees regarding the Reorganization, the Transaction and the investment advisory services to be provided by Victory Capital under the Investment Advisory Agreement. Before and during the December 16, 2024 meeting, the Trustees sought additional information as they deemed necessary and appropriate. In connection with their consideration of the Investment Advisory Agreement, the Independent Trustees worked with their independent legal counsel to prepare requests for additional information that were submitted to Victory Capital and Amundi US. The Trustees' requests for information sought information relevant to the Trustees' consideration of the Investment Advisory Agreement and anticipated impacts of the Reorganization and the Transaction on the Fund and its shareholders. The Independent Trustees met with senior management representatives of Victory Capital and Amundi US on numerous occasions to discuss various aspects of the Reorganization and the Transaction, to review information provided to assist the Independent Trustees in their consideration of the Investment Advisory Agreement, the Reorganization and the Transaction, and to make supplemental due diligence requests for additional information from Victory Capital and Amundi US with respect to the Investment Advisory Agreement, the Reorganization and the

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Transaction. Victory Capital and Amundi US provided documents and information in response to the requests from the Independent Trustees, as well as made presentations to, and responded to questions from, the Independent Trustees.

Prior to voting on the Investment Advisory Agreement, the Independent Trustees reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with representatives of Amundi US and Victory Capital, counsel to the Fund and counsel to the Independent Trustees. The Independent Trustees also reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with their independent legal counsel in private sessions at which no representatives of Amundi US, Victory Capital or counsel to the Fund were present.

The Trustees' evaluation of the Investment Advisory Agreement reflected information provided specifically in connection with their review of the Investment Advisory Agreement, as well as, where relevant, information that was previously furnished to the Independent Trustees in connection with the renewal of the Predecessor Fund's investment advisory agreement with Amundi US (the "Predecessor Fund Investment Advisory Agreement") at an in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024 and at other meetings of the Predecessor Fund's Board of Trustees throughout the prior year.

Among other things, the Trustees considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that, in the Transaction, Amundi US would be combined into Victory Capital Holdings in exchange for shares of Victory Capital Holdings issued to Amundi Asset Management S.A.S. ("Amundi"), the parent company of Amundi US, without Amundi becoming a controlling stockholder of Victory Capital Holdings, and that Victory Capital Holdings and Amundi would establish a long-term reciprocal distribution partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) representations by Victory Capital regarding the reputation, experience, financial strength and resources of Victory Capital and its investment franchises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Victory Capital informed the Trustees that the portfolio managers of the Predecessor Fund were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a planned Victory Capital investment franchise, managing the Fund using the same investment approach under which the Predecessor Fund was managed, and the Trustees considered the historical investment performance record of the Predecessor Fund under such investment approach;

108Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's legal and operational structure, risk management, administrative, legal, compliance and cybersecurity functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Victory Capital's distribution capabilities, including its significant network of intermediary relationships, which may provide additional opportunities for the Fund to grow assets and lower fees and expenses through increased economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Victory Capital's broad distribution network and a large fund family of Victory Funds may also provide opportunities for asset growth for the Fund and economies of scale through the potential to negotiate lower fee rates from service providers and to determine based on the assets of the entire Victory Fund complex;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the fact that the contractual advisory fee rate payable by the Fund would be the same as the contractual advisory fee rate payable by the Predecessor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the fact that the Independent Trustees received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) that Victory Capital agreed with the Trustees that, for at least three years after the closing of the Reorganization, Victory Capital would waive fees and/or reimburse expenses so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year at the time of the closing of the Reorganization, and that the contractual expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) that Victory Capital had acquired and integrated several investment management companies;

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Annual \| 3/31/25109

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) that Victory Capital had agreed to conduct, and use reasonable best efforts to cause its affiliates to conduct, its business in compliance with Section 15(f) of the 1940 Act so as not to impose an "unfair burden" on the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the potential benefits to the shareholders of the Fund, including continuity of portfolio management and operating efficiencies due to the greater scale of Victory Capital that may be achieved from the Reorganization.

Certain of these considerations are discussed in more detail below.

The Trustees also requested, obtained and considered the following information in connection with their evaluation of the Reorganization, the Transaction and the Investment Advisory Agreement for the Fund: (i) memoranda provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the Investment Advisory Agreement; and (ii) the financial statements of Victory Capital, a profitability analysis provided by Victory Capital, and an analysis from Victory Capital as to possible economies of scale. The Independent Trustees further considered materials provided in connection with their review of the Predecessor Fund Investment Advisory Agreement, including information regarding the qualifications of the investment management team for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In addition, the Independent Trustees considered the information provided at and in connection with regularly scheduled meetings of the Board of Trustees of the Predecessor Fund throughout the year regarding the Predecessor Fund's performance and risk attributes, including through meetings with investment management personnel, and took into account other information related to the Predecessor Fund provided to the Independent Trustees at regularly scheduled meetings.

At the December 16, 2024 meeting, based on their evaluation of the information provided, the Trustees including the Independent Trustees voting separately, approved the Investment Advisory Agreement. In approving the Investment Advisory Agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in their determinations.

#### Nature, Extent and Quality of Services
The Trustees considered that the Fund is newly-organized and was established in connection with the Reorganization. The Trustees considered that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund. The

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Trustees also considered Victory Capital's representation that, under the Investment Advisory Agreement, the Fund would be managed using the same investment approach under which the Predecessor Fund was managed.

The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Predecessor Fund and that were expected to be provided by Victory Capital to the Fund following the consummation of the Reorganization, taking into account the investment objective and principal investment strategies of the Fund.

The Trustees considered information provided by Victory Capital regarding its business and operating structure, scale of operations, leadership and reputation. The Trustees also considered the capabilities, resources, and personnel of Victory Capital, in order to determine whether Victory Capital is capable of providing at least the same level of investment management services provided to the Predecessor Fund. The Trustees received information regarding Victory Capital's plans to integrate Amundi US investment personnel into Victory Capital as members of Pioneer Investments, a Victory Capital investment franchise. The Independent Trustees noted that they had considered the qualifications of the portfolio managers at Amundi US at meetings of the Predecessor Fund's Board of Trustees held prior to September 17, 2024.

The Trustees considered the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's compliance, risk management, cybersecurity and legal resources and personnel. The Trustees also reviewed information provided by Victory Capital related to its business, legal, and regulatory affairs, including information regarding the resources available to Victory Capital to provide the services specified under the Investment Advisory Agreement. The Trustees also considered Victory Capital's financial condition, and noted that Victory Capital was expected to be able to provide a high level of service to the Fund and continuously invest and re-invest in its investment management business.

The Trustees considered that Amundi US supervised and monitored the performance of the Predecessor Fund's service providers and provided the Predecessor Fund with personnel (including Fund officers) and other resources that were necessary for the Predecessor Fund's business management and operations, and considered the personnel and resources that Victory Capital proposed to provide with respect to such services for the Fund under the Investment Advisory Agreement. The Trustees also considered that, as administrator, Amundi US was responsible for the administration of the Predecessor Fund's business and other affairs and

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that, following the Reorganization, Victory Capital would be responsible for the administration of the Fund's business and other affairs. The Trustees considered that the fees Victory Capital would charge for administration services were higher than the fees that Amundi US received as reimbursement for services rendered, and considered Victory Capital's explanation of the reasons for the differences in administration fees charged by Victory Capital and Amundi US as well as the expense limitation arrangement proposed to be implemented for the Fund for at least three years following the completion of the Reorganization.

Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Victory Capital would provide to the Fund would be satisfactory and consistent with the terms of the Investment Advisory Agreement.

#### Performance of the Fund
The Fund is newly-organized and does not have a performance history. The Trustees considered that the Fund succeeded to the performance history of the Predecessor Fund in the Reorganization. In considering the Predecessor Fund's performance, the Independent Trustees regularly reviewed and discussed throughout the year data and information comparing the Predecessor Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Predecessor Fund's benchmark index. They also discussed the Predecessor Fund's performance with the Predecessor Fund's portfolio managers on a regular basis. The Independent Trustees' regular reviews and discussions with respect to the Predecessor Fund were factored into the Trustees' deliberations concerning the approval of the Investment Advisory Agreement.

In addition, the Trustees considered that the Predecessor Fund's portfolio managers were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a Victory Capital investment franchise. The Trustees also considered that the investment objective and principal investment strategies of the Fund are the same as those of the Predecessor Fund.

#### Advisory Fee and Expenses
The Independent Trustees considered that the contractual advisory fee rate payable by the Fund under the Investment Advisory Agreement would be the same as the contractual advisory fee rate payable by the Predecessor Fund. The Independent Trustees also considered that, for at least three years after the close of the Reorganization, Victory Capital had agreed to waive fees and/or reimburse expenses of the Fund so that its total net

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operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year, at the time of the closing of the Reorganization. The Independent Trustees also considered that they had received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024. The Trustees concluded that the proposed advisory fee payable by the Fund to Victory Capital was reasonable in relation to the nature and quality of services to be provided by Victory Capital.

#### Profitability
The Trustees considered information provided by Victory Capital regarding the estimated profitability of Victory Capital with respect to the advisory services proposed to be provided by Victory Capital to the Fund, including the methodology used by Victory Capital in allocating certain of its costs to the management of the Fund. The Trustees also considered Victory Capital's estimated profit margins in connection with the overall operation of the Fund. The Trustees considered the investments Victory Capital expected to make to support and grow the Pioneer funds brand and the costs to integrate the Amundi US/Pioneer Funds business into Victory Capital. The Trustees also considered information regarding Victory Capital's profit margins with respect to the funds it currently manages. The Trustees considered Victory Capital's representation that the fully integrated Amundi US/Pioneer Funds business, including investments to support ongoing growth, was expected to have a positive impact on Victory Capital's overall financial profitability. The Trustees considered Victory Capital's current profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Victory Capital's estimated profitability with respect to the management of the Fund was not unreasonable.

#### Economies of Scale
The Trustees considered the extent to which Victory Capital may realize economies of scale or other efficiencies in managing and supporting the Fund. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant,

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are the following: fee levels, expense subsidization, investment by Victory Capital in research and analytical capabilities and Victory Capital's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, would be appropriately shared with the Fund.

#### Other Benefits
The Trustees considered the other benefits that Victory Capital may enjoy from its relationship with the Fund. The Trustees considered the character and amount of fees to be paid by the Fund, other than under the Investment Advisory Agreement, for services to be provided by Victory Capital and its affiliates. The Trustees further considered the revenues and profitability of Victory Capital's businesses other than the Fund business. To the extent applicable, the Trustees also considered the potential benefits to the Fund and to Victory Capital and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

The Trustees noted that the completion of the Transaction would result in a long-term reciprocal distribution partnership between Amundi and Victory Capital, and that Victory Capital may benefit from Amundi's ability to market the services of Victory Capital globally, including in an increase of the overall scale of Victory Capital. The Trustees considered that the Transaction would significantly increase Victory Capital's assets under management and expand Victory Capital's investment capabilities. The Trustees considered that this increased size and diversification could facilitate Victory Capital's continued investment in its business and products, which Victory Capital would be able to leverage across a broader base of assets. The Trustees considered that Victory Capital and the Fund are expected to receive reciprocal intangible benefits from the relationship, including mutual brand recognition. The Trustees concluded that any such benefits received by Victory Capital as a result of its relationship with the Fund were reasonable.

#### Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the Investment Advisory Agreement, including the fees payable thereunder, was fair and reasonable and voted to approve the Investment Advisory Agreement.

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### How to Contact Victory Capital

#### We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

#### Call us for:

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#### Account Information, including existing accounts, new accounts, prospectuses, applications and service forms

#### 1-800-225-6292

#### Visit our web site: vcm.com
This report must be preceded or accompanied by a prospectus.

**The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://www.sec.gov.**

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[**Table of Contents**](#JOB_Amund_19ba6b12-a0aa-4907-9259-ce0d2150f537_TOC)

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Victory Capital Management, Inc.

60 State Street

Boston, MA 02109

#### vcm.com
Securities offered through Victory Capital Services, Inc.

60 State Street, Boston, MA 02109

Underwriter of Victory Funds, Member SIPC© 2025 Victory Capital Management, Inc. 25671-13-0525

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

During a special shareholders' meeting on March 27, 2025, which reconvened on April 28 and April 29, 2025, shareholders voted on and approved the following matters:

• An agreement and plan of reorganization providing for the reorganization of Pioneer Fundamental Growth Fund into Victory Pioneer Fundamental Growth Fund (91,069,507 votes for; 1,610,770 votes against; 13,768,504 votes abstain)

• An agreement and plan of reorganization providing for the reorganization of Pioneer Multi-Asset Ultrashort Income Fund into Victory Pioneer Multi-Asset Ultrashort Income Fund (288,111,906 votes for; 3,320,617 votes against; 87,500,569 votes abstain)

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

Each Board Member also serves as a Board Member of other Funds in the Pioneer Family of Funds complex. Annual retainer fees and attendance fees are allocated to each Fund based on net assets. Trustees' fees paid by the Fund are within Item 7. Statement of Operations as Trustees' fees and expenses.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESMENT ADVISORY CONTRACT. (Unaudited)

#### Approval of Investment Advisory Agreement
Victory Capital Management Inc. ("Victory Capital") serves as the investment adviser to Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") pursuant to an investment advisory agreement between Victory Capital and the Fund (the "Investment Advisory Agreement").

The Fund is newly-organized and was established in connection with the reorganization of Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") into the Fund (the "Reorganization"). The Predecessor Fund and the Fund entered into the Reorganization in connection with the contribution of Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, to Victory Capital Holdings, Inc. ("Victory Capital Holdings"), the parent company of Victory Capital (the "Transaction"). The Reorganization was approved by shareholders of the Predecessor Fund at a meeting held on March 27, 2025 and was consummated on April 1, 2025.

The Trustees of the Fund, including all of the Independent Trustees, met to consider the Investment Advisory Agreement at an in-person meeting held on December 16, 2024. The Independent Trustees also served on the Board of Trustees of the Predecessor Fund.

To assist the Trustees in their consideration of the Investment Advisory Agreement, Victory Capital provided extensive information to the Trustees regarding the Reorganization, the Transaction and the investment advisory services to be provided by Victory Capital under the Investment Advisory Agreement. Before and during the December 16, 2024 meeting, the Trustees sought additional information as they deemed necessary and appropriate. In connection with their consideration of the Investment Advisory Agreement, the Independent Trustees worked with their independent legal counsel to prepare requests for additional information that were submitted to Victory Capital and Amundi US. The Trustees' requests for information sought information relevant to the Trustees' consideration of the Investment Advisory Agreement and anticipated impacts of the Reorganization and the Transaction on the Fund and its shareholders. The Independent Trustees met with senior management representatives of Victory Capital and Amundi US on numerous occasions to discuss various aspects of the Reorganization and the Transaction, to review information provided to assist the Independent Trustees in their consideration of the Investment Advisory Agreement, the Reorganization and the Transaction, and to make supplemental due diligence requests for additional information from Victory Capital and Amundi US with respect to the Investment Advisory Agreement, the Reorganization and the Transaction. Victory Capital and Amundi US provided documents and information in response to the requests from the Independent Trustees, as well as made presentations to, and responded to questions from, the Independent Trustees.

Prior to voting on the Investment Advisory Agreement, the Independent Trustees reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with representatives of Amundi US and Victory Capital, counsel to the Fund and counsel to the Independent Trustees. The Independent Trustees also reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with their independent legal counsel in private sessions at which no representatives of Amundi US, Victory Capital or counsel to the Fund were present.

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The Trustees' evaluation of the Investment Advisory Agreement reflected information provided specifically in connection with their review of the Investment Advisory Agreement, as well as, where relevant, information that was previously furnished to the Independent Trustees in connection with the renewal of the Predecessor Fund's investment advisory agreement with Amundi US (the "Predecessor Fund Investment Advisory Agreement") at an in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024 and at other meetings of the Predecessor Fund's Board of Trustees throughout the prior year.

Among other things, the Trustees considered:

(i) that, in the Transaction, Amundi US would be combined into Victory Capital Holdings in exchange for shares of Victory Capital Holdings issued to Amundi Asset Management S.A.S. ("Amundi"), the parent company of Amundi US, without Amundi becoming a controlling stockholder of Victory Capital Holdings, and that Victory Capital Holdings and Amundi would establish a long-term reciprocal distribution partnership;

(ii) representations by Victory Capital regarding the reputation, experience, financial strength and resources of Victory Capital and its investment franchises;

(iii) that Victory Capital informed the Trustees that the portfolio managers of the Predecessor Fund were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a planned Victory Capital investment franchise, managing the Fund using the same investment approach under which the Predecessor Fund was managed, and the Trustees considered the historical investment performance record of the Predecessor Fund under such investment approach;

(iv) the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's legal and operational structure, risk management, administrative, legal, compliance and cybersecurity functions;

(v) Victory Capital's distribution capabilities, including its significant network of intermediary relationships, which may provide additional opportunities for the Fund to grow assets and lower fees and expenses through increased economies of scale;

(vi) Victory Capital's broad distribution network and a large fund family of Victory Funds may also provide opportunities for asset growth for the Fund and economies of scale through the potential to negotiate lower fee rates from service providers and to determine based on the assets of the entire Victory Fund complex;

(vii) the fact that the contractual advisory fee rate payable by the Fund would be the same as the contractual advisory fee rate payable by the Predecessor Fund;

(viii) the fact that the Independent Trustees received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024;

(ix) that Victory Capital agreed with the Trustees that, for at least three years after the closing of the Reorganization, Victory Capital would waive fees and/or reimburse expenses so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year at the time of the closing

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of the Reorganization, and that the contractual expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount;

(x) that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund;

(xi) that Victory Capital had acquired and integrated several investment management companies;

(xii) that Victory Capital had agreed to conduct, and use reasonable best efforts to cause its affiliates to conduct, its business in compliance with Section 15(f) of the 1940 Act so as not to impose an "unfair burden" on the Fund; and

(xiii) the potential benefits to the shareholders of the Fund, including continuity of portfolio management and operating efficiencies due to the greater scale of Victory Capital that may be achieved from the Reorganization.

Certain of these considerations are discussed in more detail below. The Trustees also requested, obtained and considered the following information in connection with their evaluation of the Reorganization, the Transaction and the Investment Advisory Agreement for the Fund:

(i) memoranda provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the Investment Advisory Agreement; and

(ii) the financial statements of Victory Capital, a profitability analysis provided by Victory Capital, and an analysis from Victory Capital as to possible economies of scale. The Independent Trustees further considered materials provided in connection with their review of the Predecessor Fund Investment Advisory Agreement, including information regarding the qualifications of the investment management team for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In addition, the Independent Trustees considered the information provided at and in connection with regularly scheduled meetings of the Board of Trustees of the Predecessor Fund throughout the year regarding the Predecessor Fund's performance and risk attributes, including through meetings with investment management personnel, and took into account other information related to the Predecessor Fund provided to the Independent Trustees at regularly scheduled meetings.

At the December 16, 2024 meeting, based on their evaluation of the information provided, the Trustees including the Independent Trustees voting separately, approved the Investment Advisory Agreement. In approving the Investment Advisory Agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in their determinations.

**Nature, Extent and Quality of Services**

The Trustees considered that the Fund is newly-organized and was established in connection with the Reorganization. The Trustees considered that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund. The rustees also considered Victory Capital's representation that, under the Investment Advisory Agreement, the Fund would be managed using the same investment approach under which the Predecessor Fund was managed.

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The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Predecessor Fund and that were expected to be provided by Victory Capital to the Fund following the consummation of the Reorganization, taking into account the investment objective and principal investment strategies of the Fund.

The Trustees considered information provided by Victory Capital regarding its business and operating structure, scale of operations, leadership and reputation. The Trustees also considered the capabilities, resources, and personnel of Victory Capital, in order to determine whether Victory Capital is capable of providing at least the same level of investment management services provided to the Predecessor Fund. The Trustees received information regarding Victory Capital's plans to integrate Amundi US investment personnel into Victory Capital as members of Pioneer Investments, a Victory Capital investment franchise. The Independent Trustees noted that they had considered the qualifications of the portfolio managers at Amundi US at meetings of the Predecessor Fund's Board of Trustees held prior to September 17, 2024.

The Trustees considered the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's compliance, risk management, cybersecurity and legal resources and personnel. The Trustees also reviewed information provided by Victory Capital related to its business, legal, and regulatory affairs, including information regarding the resources available to Victory Capital to provide the services specified under the Investment Advisory Agreement. The Trustees also considered Victory Capital's financial condition, and noted that Victory Capital was expected to be able to provide a high level of service to the Fund and continuously invest and re-invest in its investment management business. The Trustees considered that Amundi US supervised and monitored the performance of the Predecessor Fund's service providers and provided the Predecessor Fund with personnel (including Fund officers) and other resources that were necessary for the Predecessor Fund's business management and operations, and considered the personnel and resources that Victory Capital proposed to provide with respect to such services for the Fund under the Investment Advisory Agreement. The Trustees also considered that, as administrator, Amundi US was responsible for the administration of the Predecessor Fund's business and other affairs and hat, following the Reorganization, Victory Capital would be responsible for the administration of the Fund's business and other affairs. The Trustees considered that the fees Victory Capital would charge for administration services were higher than the fees that Amundi US received as reimbursement for services rendered, and considered Victory Capital's explanation of the reasons for the differences in administration fees perating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year, at the time of the closing of the Reorganization. The Independent Trustees also considered that they had received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024. The Trustees concluded that the proposed advisory fee payable by the Fund to Victory Capital was reasonable in relation to the nature and quality of services to be provided by Victory Capital.

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#### Profitability
The Trustees considered information provided by Victory Capital regarding the estimated profitability of Victory Capital with respect to the advisory services proposed to be provided by Victory Capital to the Fund, including the methodology used by Victory Capital in allocating certain of its costs to the management of the Fund. The Trustees also considered Victory Capital's estimated profit margins in connection with the overall operation of the Fund. The Trustees considered the investments Victory Capital expected to make to support and grow the Pioneer funds brand and the costs to integrate the Amundi US/Pioneer Funds business into Victory Capital. The Trustees also considered information regarding Victory Capital's profit margins with respect to the funds it currently manages. The Trustees considered Victory Capital's representation that the fully integrated Amundi US/Pioneer Funds business, including investments to support ongoing growth, was expected to have a positive impact on Victory Capital's overall financial profitability. The Trustees considered Victory Capital's current profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Victory Capital's estimated profitability with respect to the management of the Fund was not unreasonable.

#### Economies of Scale
The Trustees considered the extent to which Victory Capital may realize economies of scale or other efficiencies in managing and supporting the Fund. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, charged by Victory Capital and Amundi US as well as the expense limitation arrangement proposed to be implemented for the Fund for at least three years following the completion of the Reorganization. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Victory Capital would provide to the Fund would be satisfactory and consistent with the terms of the Investment Advisory Agreement.

**Performance of the Fund**

The Fund is newly-organized and does not have a performance history. The Trustees considered that the Fund succeeded to the performance history of the Predecessor Fund in the Reorganization. In considering the PredecessorFund's performance, the Independent Trustees regularly reviewed and discussed throughout the year data and information comparing the Predecessor Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Predecessor Fund's benchmark index. They also discussed the Predecessor Fund's performance with the Predecessor Fund's portfolio managers on a regular basis. The Independent Trustees' regular reviews and discussions with respect to the Predecessor Fund were factored into the Trustees' deliberations concerning the approval of the Investment Advisory Agreement.

In addition, the Trustees considered that the Predecessor Fund's portfolio managers were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a Victory Capital investment franchise. The Trustees also considered that the investment objective and principal investment strategies of the Fund are the same as those of the Predecessor Fund.

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**Advisory Fee and Expenses**

The Independent Trustees considered that the contractual advisory fee rate payable by the Fund under the Investment Advisory Agreement would be the same as the contractual advisory fee rate payable by the Predecessor Fund. The Independent Trustees also considered that, for at least three years after the close of the Reorganization, Victory Capital had agreed to waive fees and/or reimburse expenses of the Fund so that its total net re the following: fee levels, expense subsidization, investment by Victory Capital in research and analytical capabilities and Victory Capital's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, would be appropriately shared with the Fund.

**Other Benefits**

The Trustees considered the other benefits that Victory Capital may enjoy from its relationship with the Fund. The Trustees considered the character and amount of fees to be paid by the Fund, other than under the Investment Advisory Agreement, for services to be provided by Victory Capital and its affiliates. The Trustees further considered the revenues and profitability of Victory Capital's businesses other than the Fund business. To the extent applicable, the Trustees also considered the potential benefits to the Fund and to Victory Capital and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

The Trustees noted that the completion of the Transaction would result in a long-term reciprocal distribution partnership between Amundi and Victory Capital, and that Victory Capital may benefit from Amundi's ability to market the services of Victory Capital globally, including in an increase of the overall scale of Victory Capital. The Trustees considered that the Transaction would significantly increase Victory Capital's assets under management and expand Victory Capital's investment capabilities. The Trustees considered that this increased size and diversification could facilitate Victory Capital's continued investment in its business and products, which Victory Capital would be able to leverage across a broader base of assets. The Trustees considered that Victory Capital and the Fund are expected to receive reciprocal intangible benefits from the relationship, including mutual brand recognition. The Trustees concluded that any such benefits received by Victory Capital as a result of its relationship with the Fund were reasonable.

**Conclusion**

After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the Investment Advisory Agreement, including the fees payable thereunder, was fair and reasonable and voted to approve the Investment Advisory Agreement.

#### Approval of Investment Advisory Agreement with Victory Capital Management Inc.
Victory Capital Management Inc. ("Victory Capital") serves as the investment adviser to Victory Pioneer Fundamental Growth Fund (the "Fund") pursuant to an investment advisory agreement between Victory Capital and the Fund (the "Investment Advisory Agreement").

The Fund is newly-organized and was established in connection with the reorganization of Pioneer Fundamental Growth Fund (the "Predecessor Fund") into the Fund (the "Reorganization"). The Predecessor Fund and the Fund entered into the Reorganization in connection with the contribution of Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, to Victory Capital Holdings, Inc. ("Victory Capital Holdings"), the parent company of Victory Capital (the "Transaction"). The Reorganization was approved by shareholders of the Predecessor Fund at a meeting held on April 29, 2025 and was consummated on May 2, 2025.

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The Trustees of the Fund, including all of the Independent Trustees, met to consider the Investment Advisory Agreement at an in-person meeting held on December 16, 2024. The Independent Trustees also served on the Board of Trustees of the Predecessor Fund. To assist the Trustees in their consideration of the Investment Advisory Agreement, Victory Capital provided extensive information to the Trustees regarding the Reorganization, the Transaction and the investment advisory services to be provided by Victory Capital under the Investment Advisory Agreement. Before and during the December 16, 2024 meeting, the Trustees sought additional information as they deemed necessary and appropriate. In connection with their consideration of the Investment Advisory Agreement, the Independent Trustees worked with their independent legal counsel to prepare requests for additional information that were submitted to Victory Capital and Amundi US. The Trustees' requests for information sought information relevant to the Trustees' consideration of the Investment Advisory Agreement and anticipated impacts of the Reorganization and the Transaction on the Fund and its shareholders. The Independent Trustees met with senior management representatives of Victory Capital and Amundi US on numerous occasions to discuss various aspects of the Reorganization and the Transaction, to review information provided to assist the Independent Trustees in their consideration of the Investment Advisory Agreement, the Reorganization and the Transaction, and to make supplemental due diligence requests for additional information from Victory Capital and Amundi US with respect to the Investment Advisory Agreement, the Reorganization and the Transaction. Victory Capital and Amundi US provided documents and information in response to the requests from the Independent Trustees, as well as made presentations to, and responded to questions from, the Independent Trustees.

Prior to voting on the Investment Advisory Agreement, the Independent Trustees reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with representatives of Amundi US and Victory Capital, counsel to the Fund and counsel to the Independent Trustees. The Independent Trustees also reviewed the Reorganization, the Transaction and the Investment Advisory Agreement with their independent legal counsel in private sessions at which no representatives of Amundi US, Victory Capital or counsel to the Fund were present.

The Trustees' evaluation of the Investment Advisory Agreement reflected information provided specifically in connection with their review of the Investment Advisory Agreement, as well as, where relevant, information that was previously furnished to the Independent Trustees in connection with the renewal of the Predecessor Fund's investment advisory agreement with Amundi US (the "Predecessor Fund Investment Advisory Agreement") at an in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024 and at other meetings of the Predecessor Fund's Board of Trustees throughout the prior year.

Among other things, the Trustees considered:

(i) that, in the Transaction, Amundi US would be combined into Victory Capital Holdings in exchange for shares of Victory Capital Holdings issued to Amundi Asset Management S.A.S. ("Amundi"), the parent company of Amundi US, without Amundi becoming a controlling stockholder of Victory Capital Holdings, and that Victory Capital Holdings and Amundi would establish a long-term reciprocal distribution partnership;

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(ii) representations by Victory Capital regarding the reputation, experience, financial strength and resources of Victory Capital and its investment franchises;

(iii) that Victory Capital informed the Trustees that the portfolio managers of the Predecessor Fund were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a planned Victory Capital investment franchise, managing the Fund using the same investment approach under which the Predecessor Fund was managed, and the Trustees considered the historical investment performance record of the Predecessor Fund under such investment approach;

(iv) the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's legal and operational structure, risk management, administrative, legal, compliance and cybersecurity functions;

(v) Victory Capital's distribution capabilities, including its significant network of intermediary relationships, which may provide additional opportunities for the Fund to grow assets and lower fees and expenses through increased economies of scale;

(vi) Victory Capital's broad distribution network and a large fund family of Victory Funds may also provide opportunities for asset growth for the Fund and economies of scale through the potential to negotiate lower fee rates from service providers and to determine based on the assets of the entire Victory Fund complex;

(vii) the fact that the contractual advisory fee rate payable by the Fund would be the same as the contractual advisory fee rate payable by the Predecessor Fund;

(viii) the fact that the Independent Trustees received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024;

(ix) that Victory Capital agreed with the Trustees that, for at least three years after the closing of the Reorganization, Victory Capital would waive fees and/or reimburse expenses so that the Fund's total net annual operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year at the time of the closing of the Reorganization, and that the contractual expense limitation agreement permits Victory Capital to recoup advisory fees waived and expenses reimbursed for up to two years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limitation in effect at the time of: (1) the original waiver or expense reimbursement; or (2) recoupment, after giving effect to the recoupment amount;

(x) that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund;

(xi) that Victory Capital had acquired and integrated several investment management companies;

(xii) that Victory Capital had agreed to conduct, and use reasonable best efforts to cause its affiliates to conduct, its business in compliance with Section 15(f) of the 1940 Act so as not to impose an "unfair burden" on the Fund; and

(xiii) the potential benefits to the shareholders of the Fund, including continuity of portfolio management and operating efficiencies due to the greater scale of Victory Capital that may be achieved from the Reorganization.

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Certain of these considerations are discussed in more detail below. The Trustees also requested, obtained and considered the following information in connection with their evaluation of the Reorganization, the Transaction and the Investment Advisory Agreement for the Fund: (i) memoranda provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the Investment Advisory Agreement; and (ii) the financial statements of Victory Capital, a profitability analysis provided by Victory Capital, and an analysis from Victory Capital as to possible economies of scale. The Independent Trustees further considered materials provided in connection with their review of the Predecessor Fund Investment Advisory Agreement, including information regarding the qualifications of the investment management team for the Fund, as well as the level of investment by the Fund's portfolio managers in the Fund. In addition, the Independent Trustees considered the information provided at and in connection with regularly scheduled meetings of the Board of Trustees of the Predecessor Fund throughout the year regarding the Predecessor Fund's performance and risk attributes, including through meetings with investment management personnel, and took into account other information related to the Predecessor Fund provided to the Independent Trustees at regularly scheduled meetings.

At the December 16, 2024 meeting, based on their evaluation of the information provided, the Trustees including the Independent Trustees voting separately, approved the Investment Advisory Agreement. In approving the Investment Advisory Agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in their determinations.

**Nature, Extent and Quality of Services**

The Trustees considered that the Fund is newly-organized and was established in connection with the Reorganization. The Trustees considered that the investment objective, principal investment strategies and principal risks of the Fund are the same as those of the Predecessor Fund. The Trustees also considered Victory Capital's representation that, under the Investment Advisory Agreement, the Fund would be managed using the same investment approach under which the Predecessor Fund was managed.

The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Predecessor Fund and that were expected to be provided by Victory Capital to the Fund following the consummation of the Reorganization, taking into account the investment objective and principal investment strategies of the Fund.

The Trustees considered information provided by Victory Capital regarding its business and operating structure, scale of operations, leadership and reputation. The Trustees also considered the capabilities, resources, and personnel of Victory Capital, in order to determine whether Victory Capital is capable of providing at least the same level of investment management services provided to the Predecessor Fund. The Trustees received information regarding Victory Capital's plans to integrate Amundi US investment personnel into Victory Capital as members of Pioneer Investments, a Victory Capital investment franchise. The Independent Trustees noted that they had considered the qualifications of the portfolio managers at Amundi US at meetings of the Predecessor Fund's Board of Trustees held prior to September 17, 2024.

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The Trustees considered the non-investment resources, infrastructure and personnel of Victory Capital that would be involved in Victory Capital's services to the Fund, including Victory Capital's compliance, risk management, cybersecurity and legal resources and personnel. The Trustees also reviewed information provided by Victory Capital related to its business, legal, and regulatory affairs, including information regarding the resources available to Victory Capital to provide the services specified under the Investment Advisory Agreement. The Trustees also considered Victory Capital's financial condition, and noted that Victory Capital was expected to be able to provide a high level of service to the Fund and continuously invest and re-invest in its investment management business. The Trustees considered that Amundi US supervised and monitored the performance of the Predecessor Fund's service providers and provided the Predecessor Fund with personnel (including Fund officers) and other resources that were necessary for the Predecessor Fund's business anagement and operations, and considered the personnel and resources that Victory Capital proposed to provide with respect to such services for the Fund under the Investment Advisory Agreement. The Trustees also considered that, as administrator, Amundi US was responsible for the administration of the Predecessor Fund's business and other affairs and that, following the Reorganization, Victory Capital would be responsible for the administration of the Fund's business and other affairs. The Trustees considered that the fees Victory Capital would charge for administration services were higher than the fees that Amundi US received as reimbursement for services rendered, and considered Victory Capital's explanation of the reasons for the differences in administration fees charged by Victory Capital and Amundi US as well as the expense limitation arrangement proposed to be implemented for the Fund for at least three years following the completion of the Reorganization. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Victory Capital would provide to the Fund would be satisfactory and consistent with the terms of the Investment Advisory Agreement.

#### Performance of the Fund
The Fund is newly-organized and does not have a performance history. The Trustees considered that the Fund succeeded to the performance history of the Predecessor Fund in the Reorganization. In considering the Predecessor Fund's performance, the Independent Trustees regularly reviewed and discussed throughout the year data and information comparing the Predecessor Fund's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Predecessor Fund's benchmark index. They also discussed the Predecessor Fund's performance with the Predecessor Fund's portfolio managers on a regular basis. The Independent Trustees' regular reviews and discussions with respect to the Predecessor Fund were factored into the Trustees' deliberations concerning the approval of the Investment Advisory Agreement.

In addition, the Trustees considered that the Predecessor Fund's portfolio managers were expected to continue to act as portfolio managers of the Fund following the consummation of the Reorganization as members of Pioneer Investments, a Victory Capital investment franchise. The Trustees also considered that the investment objective and principal investment strategies of the Fund are the same as those of the Predecessor Fund.

#### Advisory Fee and Expenses
The Independent Trustees considered that the contractual advisory fee rate payable by the Fund under the Investment Advisory Agreement would be the same as the contractual advisory fee rate payable by the Predecessor Fund. The Independent Trustees also considered that, for at least three years after the close of the Reorganization, Victory Capital had agreed to waive fees and/or reimburse expenses of the Fund so that its total net

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operating expenses (excluding certain customary items) does not exceed the lower of (i) the total net annual operating expenses associated with investing in the Predecessor Fund after application of expense limitation arrangements in effect for the Predecessor Fund, if any, or (ii) the total net annual operating expenses of the Predecessor Fund as of the end of the Predecessor Fund's most recent fiscal year, at the time of the closing of the Reorganization. The Independent Trustees also considered that they had received full comparative fee and expense data in connection with their approval of the continuance of the Predecessor Fund Investment Advisory Agreement at the in-person meeting of the Predecessor Fund's Board of Trustees held on September 17, 2024. The Trustees concluded that the proposed advisory fee payable by the Fund to Victory Capital was reasonable in relation to the nature and quality of services to be provided by Victory Capital.

#### Profitability
The Trustees considered information provided by Victory Capital regarding the estimated profitability of Victory Capital with respect to the advisory services proposed to be provided by Victory Capital to the Fund, including the methodology used by Victory Capital in allocating certain of its costs to the management of the Fund. The Trustees also considered Victory Capital's estimated profit margins in connection with the overall operation of the Fund. The Trustees considered the investments Victory Capital expected to make to support and grow the Pioneer funds brand and the costs to integrate the Amundi US/Pioneer Funds business into Victory Capital. The Trustees also considered information regarding Victory Capital's profit margins with respect to the funds it currently manages.

The Trustees considered Victory Capital's representation that the fully integrated Amundi US/Pioneer Funds business, including investments to support ongoing growth, was expected to have a positive impact on Victory Capital's overall financial profitability. The Trustees considered Victory Capital's current profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Victory Capital's estimated profitability with respect to the management of the Fund was not unreasonable.

#### Economies of Scale
The Trustees considered the extent to which Victory Capital may realize economies of scale or other efficiencies in managing and supporting the Fund. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Victory Capital in research and analytical capabilities and Victory Capital's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, would be appropriately shared with the Fund.

#### Other Benefits
The Trustees considered the other benefits that Victory Capital may enjoy from its relationship with the Fund. The Trustees considered the character and amount of fees to be paid by the Fund, other than under the Investment Advisory Agreement, for services to be provided by Victory Capital and its affiliates. The Trustees further considered the revenues and profitability of Victory Capital's businesses other than the Fund business. To the extent applicable, the Trustees also considered the potential benefits to the Fund and to Victory Capital and its affiliates from the use of "soft" commission dollars generated by the Fund to pay for research and brokerage services.

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The Trustees noted that the completion of the Transaction would result in a long-term reciprocal distribution partnership between Amundi and Victory Capital, and that Victory Capital may benefit from Amundi's ability to market the services of Victory Capital globally, including in an increase of the overall scale of Victory Capital. The Trustees considered that the Transaction would significantly increase Victory Capital's assets under management and expand Victory Capital's investment capabilities. The Trustees considered that this increased size and diversification could facilitate Victory Capital's continued investment in its business and products, which Victory Capital would be able to leverage across a broader base of assets. The Trustees considered that Victory Capital and the Fund are expected to receive reciprocal intangible benefits from the relationship, including mutual brand recognition. The Trustees concluded that any such benefits received by Victory Capital as a result of its relationship with the Fund were reasonable.

#### Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the Investment Advisory Agreement, including the fees payable thereunder, was fair and reasonable and voted to approve the Investment Advisory Agreement.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable to open-end management investment companies.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years.

Not applicable to open-end management investment companies.

------

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable to open-end management investment companies.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:

N/A

(1) Gross income from securities lending activities;

N/A

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

N/A

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and

N/A

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).

If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.

N/A

(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.

N/A

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

N/A

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d137366dex99codeeth.htm)

[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:](d137366dex99cert.htm)

Filed herewith.

------

[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d137366dex99906cert.htm)

(3) Not applicable.

------

SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Victory Portfolios IV

By (Signature and Title)\* /s/ Thomas Dusenberry

Thomas Dusenberry, President and Principal Executive Officer

Date August 1, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\* /s/ Thomas Dusenberry

Thomas Dusenberry, President and Principal Executive Officer

Date August 1, 2025

By (Signature and Title)\* /s/ Carol D. Trevino

Carol D. Trevino, Treasurer Principal Financial Officer

Date August 1, 2025

\* Print the name and title of each signing officer under his or her signature.

------

![LOGO](g137366g0801033450671.jpg)

August 1, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Registrant** | **File No.** | **Form** | **Original<br>Filing Date** | **Amended<br>Filing Date** | **Explanation** |
| Victory Portfolios IV | 811-24019 | N-CSR | 6/9/2025 | 8/1/2025 | The Registrant has revised Form N-CSR for the period ending March 31, 2025. This update includes a change to the response for ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |

---

## Ex-99.Code

**VICTORY PORTFOLIOS IV** 

**VICTORY VARIABLE INSURANCE FUNDS II** 

**(together with their series portfolios, collectively, the "Open-End Funds")** 

**PIONEER FLOATING RATE FUND, INC.** 

**PIONEER HIGH INCOME FUND, INC.** 

**PIONEER DIVERSIFIED HIGH INCOME FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND, INC.** 

**PIONEER ILS INTERVAL FUND** 

**(COLLECTIVELY, THE "CLOSED-END FUNDS")** 

**(TOGETHER WITH THE OPEN-END FUNDS, COLLECTIVELY, THE "FUNDS")** 

**CODE OF CONDUCT** 

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER** 

**I.** **Covered Officers/Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds, and the "Covered Officers", each of whom is set forth in Exhibit A, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

**II.** **Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest
interferes with the interests of, or his or her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the
Trusts.

------

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trusts already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. The Trusts' and their investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trusts and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trusts and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act. Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Obligations of Covered Officers. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director,
governor, trustee, part-time employment) other than his or her relationship to the Trusts, the investment adviser and the administrator.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of Victory Capital Management Inc. ("VCM"). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director on the board of any public or private company; The receipt, as an officer of the Trusts,
of any gift in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The receipt of any entertainment from any company with which the Trusts have current or prospective business
dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trusts, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Responsibilities and conduct.** Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the appropriate Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Risk Oversight Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trusts or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Enforcing the Code of Conduct.** The Trusts will adhere to the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported
to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further
action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of
appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a
monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and
procedures.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of conduct adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trusts, the Trusts' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trusts, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trusts' investment adviser, administrator or sub-administrator, counsel to the Trusts or counsel to the Independent Trustees.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Adopted: December 30 , 2024

------

**Exhibit A** 

**<u>Persons Covered by this Code of Conduct</u>**

The Funds

Principal Executive Officer: Thomas Dusenberry, President

Principal Financial Officer: Carol D.Trevino, Treasurer

As of: April 1, 2025

------

**Exhibit B** 

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

---

| |
|:---|
| Signature: |
| /s/ Thomas Dusenberry |
|  Print Name: Thomas Dusenberry |
| Date: 05/05/2025 |

---

------

**Exhibit B** 

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

---

| | |
|:---|:---|
| Signature: | Signature: |
| /s/ Carol D.Trevino | /s/ Carol D.Trevino |
| Print Name: Carol D.Trevino | Print Name: Carol D.Trevino |
| Date: | 05/05/2025 |

---

------

**Exhibit C** 

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

---

| | |
|:---|:---|
| Signature: | Signature: |
| /s/ Carol D. Trevino | /s/ Carol D. Trevino |
| Print Name: Carol D. Trevino | Print Name: Carol D. Trevino |
| Date: | 05/05/2025 |

---

------

**Exhibit C** 

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

---

| | |
|:---|:---|
| Signature: | Signature: |
| /s/ Thomas Dusenberry | /s/ Thomas Dusenberry |
| Print Name: Thomas Dusenberry | Print Name: Thomas Dusenberry |
| Date: | 05/05/2025 |

---

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: August 1, 2025 |
| /s/ Thomas Dusenberry |
| Thomas Dusenberry |
| President and Principal Executive Officer |

---

------

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: August 1, 2025 |
| /s/ Carol D. Trevino |
| Carol D. Trevino<br>Treasurer Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Thomas Dusenberry, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Victory Portfolios IV fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust.

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| |
|:---|
| Date: August 1, 2025 |
| /s/ Thomas Dusenberry |
| Thomas Dusenberry |
| President and Principal Executive Officer |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.

------

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Carol D. Trevino, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Victory Portfolios IV fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust.

---

| |
|:---|
| Date: August 1, 2025 |
| /s/ Carol D. Trevino |
| Carol D. Trevino |
| Treasurer Principal Financial Officer |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.