# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-26-002410
**Filing Date:** 2026-1
**Character Count:** 172808
**Document Hash:** 8a6b6c3f39706637f2ca3f149e01d935
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002410.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002410

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 26559724

**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 Active Credit Fund (Series ID: S000089774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256552 | Class Y      | RCRYX           |
| C000256553 | Class A      | RCRAX           |
| C000256554 | Class C      | RCRCX           |

## Nport-Ex

## Victory Pioneer Active Credit Fund
Schedule of Investments \| November 30, 2025

------

### Schedule of Investments \| 11/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 98.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 1.7% of Net Assets(a)\*** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.8%** |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, California, Term Loan, 12.951% (1 Month Term SOFR + 900 bps), 6/25/31 | $390000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **390000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.5%** |  |
| 234413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., Initial Term Loan, 10.166% (1 Month Term SOFR + 625 bps), 10/8/30 | $232362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **232362** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom Services — 0.4%** |  |
| 166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC, 2025 Term Loan, 7.916% (1 Month Term SOFR + 400 bps), 10/6/32 | $165118 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecom Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **165118** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $781,581)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **787480** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 5.8% of Net<br> Assets** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2025-4, Class D, 5.25%, 9/12/31 (144A) | $100442 |
| 110,000(a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.642% (SOFR30A + 160 bps), 12/25/55 (144A) | &nbsp;&nbsp; 109977 |
| 51171 | &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; 51505 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2022-C, Class E, 9.73%, 10/17/35 (144A) | &nbsp;&nbsp; 108150 |
| 82893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B, Class B, 7.45%, 12/17/36 (144A) | &nbsp;&nbsp; 86908 |
| 207,993(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2025-HE1, Class A1, 5.422% (SOFR30A + 135 bps), 9/25/72 (144A) | &nbsp;&nbsp; 207799 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2024-P4, Class D, 5.60%, 12/10/32 | &nbsp;&nbsp; 373202 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class D, 6.01%, 12/15/31 (144A) | &nbsp;&nbsp; 103951 |
| 177,200(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE6, Class A, 5.044%, 9/25/55 (144A) | &nbsp;&nbsp; 176763 |
| 230,000(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMRE 2025 SFR1 Trust, Series 2025-SFR1, Class D, 5.35%, 12/9/42 (144A) | &nbsp;&nbsp; 226365 |

---

1Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2021-1A, Class E, 3.47%, 3/15/29 (144A) | $192540 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKTL, Series 2025-2A, Class D, 5.25%, 11/27/34 (144A) | &nbsp;&nbsp; 130049 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class A2, 5.149%, 2/27/34 (144A) | &nbsp;&nbsp; 161092 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR1, Class D, 5.959% (1 Month Term SOFR + 200 bps), 3/17/42 (144A) | &nbsp;&nbsp; 100307 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class B, 6.60%, 6/15/28 (144A) | &nbsp;&nbsp; 202096 |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class C, 7.57%, 12/15/28 (144A) | &nbsp;&nbsp; 215713 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES3, Class A2, 5.995%, 1/25/55 (144A) | &nbsp;&nbsp; 101274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $2,645,117)** | **$** **2648133** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—13.9% of Net Assets** |  |
| 129,562(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM3, Class M1, 6.882%, 7/25/69 (144A) | $131618 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2025-1, Class M1B, 6.572% (SOFR30A + 250 bps), 10/25/35 (144A) | &nbsp;&nbsp; 150505 |
| 180,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2024-NQM5, Class B2, 8.075%, 6/25/64 (144A) | &nbsp;&nbsp; 181857 |
| 140,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2024-5, Class B1, 7.297%, 8/25/69 (144A) | &nbsp;&nbsp; 141645 |
| 103,759(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1M1, 5.172% (SOFR30A + 110 bps), 1/25/45 (144A) | &nbsp;&nbsp; 103824 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1, 7.436% (SOFR30A + 336 bps), 1/25/40 (144A) | &nbsp;&nbsp; 153000 |
| 200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2B2, 11.722% (SOFR30A + 765 bps), 1/25/42 (144A) | &nbsp;&nbsp; 212057 |
| 200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R05, Class 2B2, 11.072% (SOFR30A + 700 bps), 4/25/42 (144A) | &nbsp;&nbsp; 214086 |
| 230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2B1, 10.822% (SOFR30A + 675 bps), 9/25/42 (144A) | &nbsp;&nbsp; 250347 |

---

Victory Pioneer Active Credit Fund \| 11/30/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1B2, 8.072% (SOFR30A + 400 bps), 1/25/44 (144A) | $190360 |
| 314,604(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, 5.222% (SOFR30A + 115 bps), 3/25/44 (144A) | &nbsp;&nbsp; 314637 |
| 86,983(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R06, Class 1A1, 4.972% (SOFR30A + 90 bps), 9/25/45 (144A) | &nbsp;&nbsp; 86987 |
| 94,365(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R06, Class 1M1, 5.022% (SOFR30A + 95 bps), 9/25/45 (144A) | &nbsp;&nbsp; 94253 |
| 50,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class B1, 11.822% (SOFR30A + 775 bps), 1/25/51 (144A) | &nbsp;&nbsp; 54944 |
| 225,621(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M, 4.75%, 7/25/58 (144A) | &nbsp;&nbsp; 221343 |
| 268,772(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-2, Class M, 4.75%, 8/25/58 (144A) | &nbsp;&nbsp; 261954 |
| 140,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class B2, 9.572% (SOFR30A + 550 bps), 1/25/34 (144A) | &nbsp;&nbsp; 167620 |
| 175,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA1, Class B2, 9.072% (SOFR30A + 500 bps), 8/25/33 (144A) | &nbsp;&nbsp; 203626 |
| 175,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA2, Class B2, 9.522% (SOFR30A + 545 bps), 12/25/33 (144A) | &nbsp;&nbsp; 206817 |
| 200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA2, Class M1B, 7.422% (SOFR30A + 335 bps), 6/25/43 (144A) | &nbsp;&nbsp; 206495 |
| 134,750(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA4, Class A1, 4.972% (SOFR30A + 90 bps), 10/25/45 (144A) | &nbsp;&nbsp; 134749 |
| 274,967(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA4, Class M1, 5.172% (SOFR30A + 110 bps), 10/25/45 (144A) | &nbsp;&nbsp; 274792 |
| 131,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class A1, 5.022% (SOFR30A + 95 bps), 2/25/45 (144A) | &nbsp;&nbsp; 131378 |

---

3Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 50,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class M2, 5.722% (SOFR30A + 165 bps), 2/25/45 (144A) | $50063 |
| 170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-FTR1, Class B2, 12.536% (SOFR30A + 846 bps), 1/25/48 (144A) | &nbsp;&nbsp; 201944 |
| 240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-FTR3, Class B2, 9.097% (SOFR30A + 491 bps), 9/25/47 (144A) | &nbsp;&nbsp; 261396 |
| 110,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2022-NQM5, Class B1, 6.25%, 8/25/67 (144A) | &nbsp;&nbsp; 109626 |
| 170,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A1, 7.017%, 1/25/29 (144A) | &nbsp;&nbsp; 170815 |
| 210,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A1, 6.90%, 5/25/29 (144A) | &nbsp;&nbsp; 211920 |
| 180,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFRA Trust, Series 2024-NQM3, Class B1, 7.614%, 12/25/69 (144A) | &nbsp;&nbsp; 182626 |
| 240,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class B2, 7.345%, 9/25/68 (144A) | &nbsp;&nbsp; 239865 |
| 180,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM Trust, Series 2023-AFC4, Class M1, 7.846%, 11/25/58 (144A) | &nbsp;&nbsp; 182693 |
| 120,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Trust, Series 2025-NQM1, Class B1, 7.782%, 11/25/69 (144A) | &nbsp;&nbsp; 122219 |
| 330,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2023-8, Class B1, 8.079%, 12/25/68 (144A) | &nbsp;&nbsp; 335038 |
| 160,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2024-3, Class M1, 6.887%, 4/25/69 (144A) | &nbsp;&nbsp; 162287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $6,279,298)** | **$** **6319386** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—6.6% of Net Assets** |  |
| 200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrec LLC, Series 2025-FL3, Class A, 5.273% (1 Month Term SOFR + 131 bps), 8/18/42 (144A) | $199999 |
| 71,001(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class A, 5.227% (1 Month Term SOFR + 126 bps), 10/16/36 (144A) | &nbsp;&nbsp; 71001 |
| 160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class B, 7.147% (1 Month Term SOFR + 319 bps), 1/20/41 (144A) | &nbsp;&nbsp; 159954 |
| 124,280(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class A, 5.423% (1 Month Term SOFR + 146 bps), 11/15/36 (144A) | &nbsp;&nbsp; 124280 |

---

Victory Pioneer Active Credit Fund \| 11/30/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 330,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2025-CRE10, Class A, 5.347% (1 Month Term SOFR + 139 bps), 12/17/29 (144A) | $330584 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2025-FL14, Class A, 5.242% (1 Month Term SOFR + 128 bps), 10/17/42 (144A) | &nbsp;&nbsp; 100125 |
| 110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class C, 6.442% (SOFR30A + 230 bps), 2/15/37 (144A) | &nbsp;&nbsp; 109999 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWAY Mortgage Trust, Series 2013-1515, Class B, 3.473%, 3/10/33 (144A) | &nbsp;&nbsp; 102928 |
| 390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class E, 7.349% (1 Month Term SOFR + 339 bps), 1/15/42 (144A) | &nbsp;&nbsp; 388440 |
| 170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class G, 7.216% (1 Month Term SOFR + 326 bps), 10/15/36 (144A) | &nbsp;&nbsp; 169805 |
| 120,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.344% (1 Month Term SOFR + 139 bps), 8/19/42 (144A) | &nbsp;&nbsp; 119963 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.344% (1 Month Term SOFR + 139 bps), 8/17/42 (144A) | &nbsp;&nbsp; 100014 |
| 130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE9, Class A, 5.413% (1 Month Term SOFR + 145 bps), 8/18/42 (144A) | &nbsp;&nbsp; 130041 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL6, Class B, 5.727% (1 Month Term SOFR + 176 bps), 7/16/36 (144A) | &nbsp;&nbsp; 99826 |
| 56,403(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class A, 5.153% (1 Month Term SOFR + 119 bps), 10/16/36 (144A) | &nbsp;&nbsp; 56383 |
| 101,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class AS, 5.523% (1 Month Term SOFR + 156 bps), 10/16/36 (144A) | &nbsp;&nbsp; 100858 |
| 168,386(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL15, Class A, 5.651% (1 Month Term SOFR + 169 bps), 8/18/41 (144A) | &nbsp;&nbsp; 168868 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SmartRent, Inc., Series 2022-MINI, Class E, 6.659% (1 Month Term SOFR + 270 bps), 1/15/39 (144A) | &nbsp;&nbsp; 99316 |
| 59,226(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class A, 5.613% (1 Month Term SOFR + 165 bps), 2/15/39 (144A) | &nbsp;&nbsp; 59225 |
| 109,336(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-6, Class A, 5.81%, 12/25/54 (144A) | &nbsp;&nbsp; 110153 |
| 125,065(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-1, Class A, 6.03%, 2/25/55 (144A) | &nbsp;&nbsp; 126542 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRTX Trust, Series 2025-HQ, Class B, 5.67%, 8/5/42 (144A) | &nbsp;&nbsp; 102186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $3,022,824)** | **$** **3030490** |

---

5Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 50.0% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;EUR100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechoslovak Group AS, 5.25%, 1/10/31 (144A) | $120466 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, 6.75%, 2/1/32 (144A) | &nbsp;&nbsp; 76920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **197386** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — 0.5%** |  |
| 239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.625%, 10/29/35 | $235291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agriculture** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **235291** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 1.8%** |  |
| 270,516(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRA Global Finance, 14.00% (8.00% PIK or 6.00% Cash), 10/22/29 (144A) | $265119 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 Plc, 9.625%, 2/14/30 (144A) | &nbsp;&nbsp; 198343 |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico S.A.B de CV, 8.625%, 11/15/31 (144A) | &nbsp;&nbsp; 344910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **808372** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 4.2%** |  |
| 429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | $392364 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 5.869%, 10/31/35 | &nbsp;&nbsp; 397588 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 4.20%, 10/27/28 | &nbsp;&nbsp; 100060 |
| 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.90%, 1/7/35 | &nbsp;&nbsp; 460453 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.50%, 9/18/30 (144A) | &nbsp;&nbsp; 70096 |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.30%, 1/8/30 (144A) | &nbsp;&nbsp; 299064 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.80%, 3/27/35 (144A) | &nbsp;&nbsp; 207779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | **$** **1927404** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 8.6%** |  |
| 215,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 5.786% (SOFR + 162 bps), 1/13/33 (144A) | $226788 |
| 200,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 7.45% (5 Year CMT Index + 313 bps) (144A) | &nbsp;&nbsp; 208524 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CaixaBank S.A., 5.581% (SOFR + 179 bps), 7/3/36 (144A) | &nbsp;&nbsp; 207522 |
| 202,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 6.02% (SOFR + 183 bps), 1/24/36 | &nbsp;&nbsp; 212868 |
| 105,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 6.875% (5 Year CMT Index + 289 bps) | &nbsp;&nbsp; 107471 |
| 440,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.369% (SOFR + 106 bps), 10/21/31 | &nbsp;&nbsp; 440519 |
| 285,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 6.95% (5 Year CMT Index + 264 bps) | &nbsp;&nbsp; 295781 |
| 200,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 7.00% (5 Year USD SOFR Swap Rate + 359 bps) | &nbsp;&nbsp; 206646 |

---

Victory Pioneer Active Credit Fund \| 11/30/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 205,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 4.943% (1 Year CMT Index + 97 bps), 11/4/36 | $204320 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank, Ltd., 5.642% (1 Year CMT Index + 145 bps), 8/13/36 (144A) | &nbsp;&nbsp; 204558 |
| 180,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 4.892% (SOFR + 131 bps), 10/22/36 | &nbsp;&nbsp; 180583 |
| 95,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp., 5.117% (5 Year CMT Index + 105 bps), 11/19/40 | &nbsp;&nbsp; 95510 |
| 250,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 5.439% (SOFR + 173 bps), 10/3/36 (144A) | &nbsp;&nbsp; 252607 |
| 245,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 6.228% (1 Year CMT Index + 143 bps), 1/21/36 (144A) | &nbsp;&nbsp; 268156 |
| 95,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.784% (SOFR + 122 bps), 10/23/36 | &nbsp;&nbsp; 95318 |
| 490,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 4.136% (SOFR + 91 bps), 10/23/29 | &nbsp;&nbsp; 489625 |
| 227,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 7.00% (5 Year USD SOFR Swap Rate + 330 bps) (144A) | &nbsp;&nbsp; 230299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$** **3927095** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.6%** |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 7.20%, 11/15/33 | $172318 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 8.00%, 10/1/29 (144A) | &nbsp;&nbsp; 90161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **262479** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 1.3%** |  |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 4.641%, 11/24/30 (144A) | $80414 |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 5.037%, 3/25/30 (144A) | &nbsp;&nbsp; 215171 |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 6.50%, 1/15/31 (144A) | &nbsp;&nbsp; 277202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **572787** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 3.8%** |  |
| 160,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | $165775 |
| 152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 5.15%, 1/15/30 (144A) | &nbsp;&nbsp; 154728 |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC, 6.20%, 6/18/35 (144A) | &nbsp;&nbsp; 273709 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 8.375%, 4/1/32 (144A) | &nbsp;&nbsp; 26261 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.125%, 5/15/31 (144A) | &nbsp;&nbsp; 128401 |
| 89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | &nbsp;&nbsp; 93305 |
| 158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 8.75%, 9/1/27 (144A) | &nbsp;&nbsp; 163409 |

---

7Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — (continued)** |  |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc., 6.75%, 5/1/33 (144A) | $161065 |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp; 291339 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.50%, 3/15/33 | &nbsp;&nbsp; 200968 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc., 6.75%, 2/15/34 (144A) | &nbsp;&nbsp; 56674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | **$** **1715634** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.1%** |  |
| 135,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 5.80% (5 Year CMT Index + 213 bps), 3/15/56 | $134063 |
| 55,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 6.05% (5 Year CMT Index + 194 bps), 3/15/56 | &nbsp;&nbsp; 54990 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 6.25%, 2/1/34 (144A) | &nbsp;&nbsp; 91703 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 6.50%, 2/1/36 (144A) | &nbsp;&nbsp; 93050 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 4.60%, 10/15/30 (144A) | &nbsp;&nbsp; 84819 |
| 35,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 5.625% (5 Year CMT Index + 191 bps), 5/15/56 | &nbsp;&nbsp; 35523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **494148** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.2%** |  |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex, Ltd., 5.375%, 11/13/35 | $80381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **80381** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;EUR145,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group S.p.A., 4.875%, 1/31/31 (144A) | $173116 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 7/27/30 (144A) | &nbsp;&nbsp; 197492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **370608** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 1.7%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos. Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31 (144A) | $60820 |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos. Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, 3/31/34 (144A) | &nbsp;&nbsp; 156250 |
| &nbsp;&nbsp;&nbsp;EUR105,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Global Finance BV, 4.50%, 7/15/32 (144A) | &nbsp;&nbsp; 123769 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Nutresa S.A., 9.00%, 5/12/35 (144A) | &nbsp;&nbsp; 452000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **792839** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.1%** |  |
| 65,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc., 6.45% (5 Year CMT Index + 233 bps), 6/1/56 | $65045 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **65045** |

---

Victory Pioneer Active Credit Fund \| 11/30/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.2%** |  |
| 45,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc., 4.90%, 12/15/30 | $45261 |
| 45,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc., 5.65%, 12/15/35 | &nbsp;&nbsp; 45859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **91120** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.3%** |  |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Acute Care Solutions LLC, 9.75%, 5/15/29 (144A) | $156445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **156445** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 6.0%** |  |
| 400,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE, 6.55% (5 Year CMT Index + 232 bps) (144A) | $414944 |
| 233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45%, 6/15/34 | &nbsp;&nbsp; 246898 |
| 510,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dai-ichi Life Insurance Co., Ltd., 6.20% (5 Year CMT Index + 252 bps) (144A) | &nbsp;&nbsp; 533782 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.35%, 11/15/35 | &nbsp;&nbsp; 35117 |
| 543,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co., 6.10% (5 Year CMT Index + 291 bps), 6/11/55 (144A) | &nbsp;&nbsp; 564159 |
| 228,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Life Insurance Co., 6.50% (5 Year CMT Index + 319 bps), 4/30/55 (144A) | &nbsp;&nbsp; 244816 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Global Funding, 5.00%, 8/25/32 (144A) | &nbsp;&nbsp; 105711 |
| 564,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Life Insurance Co., 5.875% (5 Year CMT Index + 265 bps), 9/10/55 (144A) | &nbsp;&nbsp; 572881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | **$** **2718308** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 1.3%** |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc./ION Platform Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $304632 |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.625%, 11/15/55 | &nbsp;&nbsp; 114709 |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 5.75%, 11/15/65 | &nbsp;&nbsp; 189194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **608535** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 0.3%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co., 5.75%, 11/15/33 (144A) | $61358 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co., 6.00%, 12/15/35 (144A) | &nbsp;&nbsp; 61120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **122478** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 0.9%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29 (144A) | $206772 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Macau, Ltd., 6.75%, 2/15/34 (144A) | &nbsp;&nbsp; 199959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **406731** |

---

9Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.3%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 11.75%, 1/31/29 (144A) | $140983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **140983** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.4%** |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 6.375%, 8/15/33 (144A) | $191727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **191727** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-National — 1.7%** |  |
| 452,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Development Bank, 5.875% (5 Year CMT Index + 165 bps) | $452000 |
| BRL3,565,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, 2/2/32 | &nbsp;&nbsp; 335307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-National** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **787307** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 6.1%** |  |
| 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aker BP ASA, 5.25%, 10/30/35 (144A) | $409793 |
| 451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp., 6.75%, 2/15/55 | &nbsp;&nbsp; 455668 |
| 180582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | &nbsp;&nbsp; 178534 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | &nbsp;&nbsp; 87045 |
| 179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | &nbsp;&nbsp; 168453 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 (144A) | &nbsp;&nbsp; 42807 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Petroleum Corp., 7.50%, 10/10/30 | &nbsp;&nbsp; 350862 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | &nbsp;&nbsp; 177000 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co., 6.375%, 6/2/55 (144A) | &nbsp;&nbsp; 245204 |
| 86250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 8.75%, 2/15/30 (144A) | &nbsp;&nbsp; 89925 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 6.80%, 3/15/38 | &nbsp;&nbsp; 98515 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 8.25%, 5/15/29 (144A) | &nbsp;&nbsp; 71205 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 8.50%, 5/15/31 (144A) | &nbsp;&nbsp; 70569 |
| 32381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | &nbsp;&nbsp; 33271 |
| 173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | &nbsp;&nbsp; 174637 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance, Ltd., 6.00%, 5/19/35 | &nbsp;&nbsp; 125957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | **$** **2779445** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaging & Containers — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;EUR130,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp., 4.25%, 7/1/32 | $154824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Packaging & Containers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **154824** |

---

Victory Pioneer Active Credit Fund \| 11/30/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.0%** |  |
| 185,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 2.8%** |  |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 4.999%, 11/17/32 (144A) | $235509 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29 (144A) | &nbsp;&nbsp; 115297 |
| 172,000(c)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | &nbsp;&nbsp; 176659 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 5.40%, 9/15/35 | &nbsp;&nbsp; 222632 |
| 55,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings, Ltd., 7.50% (5 Year CMT Index + 367 bps), 3/1/55 | &nbsp;&nbsp; 58334 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | &nbsp;&nbsp; 227015 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34 (144A) | &nbsp;&nbsp; 77573 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36 (144A) | &nbsp;&nbsp; 146740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **1259759** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Equity — 0.3%** |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance Co. LLC, 4.95%, 2/15/36 | $134540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Private Equity** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **134540** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.1%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Services, Inc., 4.90%, 1/15/33 | $35440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **35440** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 0.6%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties LP, 4.50%, 10/15/30 | $34858 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Realty LP, 5.35%, 1/15/33 | &nbsp;&nbsp; 35144 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 5.75%, 1/15/31 (144A) | &nbsp;&nbsp; 106717 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.625%, 6/15/32 (144A) | &nbsp;&nbsp; 100682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **277401** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.3%** |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 5.89%, 3/15/35 | $119967 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **119967** |

---

11Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.9%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.10%, 1/25/36 (144A) | $212457 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, 6.30%, 1/25/39 (144A) | &nbsp;&nbsp; 214754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **427211** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.4%** |  |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., 9.00%, 2/1/31 (144A) | $140258 |
| 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.95%, 9/26/55 | &nbsp;&nbsp; 47789 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **188047** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 1.3%** |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.875%, 6/30/33 (144A) | $162942 |
| 435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Play Telecomunicaciones S.A. de CV, 11.125%, 12/31/32 (144A) | &nbsp;&nbsp; 414881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **577823** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Toys/Games/Hobbies — 0.1%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc., 5.00%, 11/17/30 | $30269 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Toys/Games/Hobbies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **30269** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 0.3%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp., 6.875%, 10/15/32 (144A) | $152666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **152666** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $22,448,578)** | **$22810495** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Right/Warrant — 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.0%†** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP7,525(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Plc, 1/1/59 | $3984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3984** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Right/Warrant<br> (Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3984** |

---

Victory Pioneer Active Credit Fund \| 11/30/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 5.7% of Net<br> Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 5.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 2.3%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 9.27%, (MSMMUSTF + 550 bps), 12/19/27 (144A) | $256725 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.29%, (BRMMUSDF + 550 bps), 1/7/28 (144A) | &nbsp;&nbsp; 257500 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuchsia 2024-1 , 8.91%, (FRMMUSTI + 514 bps), 4/6/28 (144A) | &nbsp;&nbsp; 260250 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 11.046%, (3 Month U.S. Treasury Bill + 725 bps), 1/8/29 (144A) | &nbsp;&nbsp; 258775 |
|  |  | $1033250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 1.7%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridge Street Re, 7.81%, (JMMMUSTF + 400 bps), 1/7/28 (144A) | $254975 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 7.796%, (3 Month U.S. Treasury Bill + 400 bps), 7/8/30 (144A) | &nbsp;&nbsp; 259200 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.296%, (3 Month U.S. Treasury Bill + 650 bps), 7/8/30 (144A) | &nbsp;&nbsp; 261175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $775350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Northeast — 0.6%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Re, 7.54%, (BRMMUSDF + 375 bps), 7/9/29 (144A) | $257725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 0.5%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re 0.000%, (FHMMUSTF + 350 bps), 1/8/29 (144A) | $250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 0.6%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Re, 14.80%, (GSMMUSTI + 1,100 bps), 3/31/26 (144A) | $258350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | **$2574675** |

---

13Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%** |  |
| 250,000(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/25 | $— |
| 106,153(i)+ | &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;&nbsp; $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $2,508,493)** | **$** **2574675** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Government Bonds — 2.0% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dominican Republic — 0.4%** |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond, 5.875%, 10/28/35 (144A) | $189107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Dominican Republic** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **189107** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ivory Coast — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;EUR228,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government International Bond, 4.875%, 1/30/32 (144A) | $252275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ivory Coast** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **252275** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kuwait — 0.5%** |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait International Government Bond, 4.652%, 10/9/35 (144A) | $225565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Kuwait** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **225565** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mexico — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;EUR217,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond, 5.125%, 5/4/37 | $256948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **256948** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Government Bonds<br> (Cost $876,246)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **923895** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Linked Notes — 3.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Manufacturing — 0.4%** |  |
| 13,200(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (V.F. Corp.), 22.05%, 7/9/26 | $178530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Manufacturing** | &nbsp;&nbsp;&nbsp;&nbsp; **$178530** |

---

Victory Pioneer Active Credit Fund \| 11/30/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Retail — 0.2%** |  |
| 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Lululemon Athletica In), 13.63%, 4/7/26 | $100950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$100950** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.2%** |  |
| 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (USA Rare Earth, Inc.), 39.00%, 11/25/26 | $66764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$66764** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic Materials — 0.2%** |  |
| 5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (Usa Rare Earth, Inc.), 85.15%, 2/2/26 (144A) | $85680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Basic Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$85680** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.4%** |  |
| 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance BV (Biontech SE), 17.02%, 6/18/26 (144A) | $160470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; **$160470** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.4%** |  |
| 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs (CRH Plc), 10.60%, 3/18/26 | $188351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$188351** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Services — 0.3%** |  |
| 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (PayPal Holdings, Inc.), 11.86%, 3/5/26 | $149293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Credit Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$149293** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Discount Stores — 0.3%** |  |
| 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (BJ's Wholesale Club), 10.68%, 3/13/26 | $156714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Discount Stores** | &nbsp;&nbsp;&nbsp;&nbsp; **$156714** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Furnishings, Fixtures & Appliances — 0.6%** |  |
| 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of America (Whirlpool Corp.), 16.49%, 4/10/26 | $143370 |
| 1,500(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (SharkNinja, Inc.), 14.07%, 2/27/26 | &nbsp;&nbsp; 147495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Furnishings, Fixtures & Appliances** | &nbsp;&nbsp;&nbsp;&nbsp; **$290865** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.4%** |  |
| 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Range Resources Corp.), 12.54%, 10/20/26 | $186823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; **$186823** |

---

15Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental & Leasing Services — 0.4%** |  |
| 300(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (United Rentals), 15.02%, 4/16/26 | $183725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental & Leasing Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$183725** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Linked Notes<br> (Cost $1,855,875)** | &nbsp;&nbsp; **$1748165** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 9.2% of Net Assets** |  |
| 1,400,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 12/2/25 | $1399847 |
| 1,400,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 12/9/25 | &nbsp;&nbsp; 1398790 |
| 1,400,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 12/16/25 | &nbsp;&nbsp; 1397722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $4,196,377)** | &nbsp;&nbsp; **$** **4196359** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.2% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.2%** |  |
| 74,747(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 3.86% | $74747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74747 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $74,747)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **74747** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.9%<br> (Cost $44,689,136)** | **$45117809** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; $504560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$45622369** |

---

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| BRMMUSDF | &nbsp;&nbsp;BlackRock Liquidity Fund Treasury Trust Fund Portfolio Fund Yield. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| FHMMUSTF | &nbsp;&nbsp;Federated Hermes US Treasury Cash Reserves Fund Yield. |
| FRMMUSTI | &nbsp;&nbsp;Western Asset Institutional US Treasury Reserves Fund Yield. |
| GSMMUSTI | &nbsp;&nbsp;Goldman Sachs Financial Square Treasury Solutions Fund Yield. |
| JMMMUSTF | &nbsp;&nbsp;JPMorgan 100% US Treasury Securities Money Market Fund Yield. |
| MSMMUSTF | &nbsp;&nbsp;MSILF Treasury Securities Portfolio Fund Yield. |

---

Victory Pioneer Active Credit Fund \| 11/30/2516

------

(unaudited) (continued)

---

| | |
|:---|:---|
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| (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 November 30, 2025, the value of these securities amounted to $29,262,472, or 64.1% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at November 30, 2025. |
| (b) | &nbsp;&nbsp;Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
| (c) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at November 30, 2025. |
| (d) | &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 November 30, 2025. |
| (e) | &nbsp;&nbsp;Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (f) | &nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date. |
| (g) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (h) | &nbsp;&nbsp;Non-income producing security. |
| (i) | &nbsp;&nbsp;Issued as preference shares. |
| (j) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at November 30, 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 November 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Baldwin Re | 6/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;$257725 |
| &nbsp;&nbsp;Blue Ridge Re | 11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256725 |
| &nbsp;&nbsp;Bridge Street Re | 12/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254975 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257500 |
| &nbsp;&nbsp;Fuchsia 2024-1 | 12/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260250 |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258775 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259200 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261175 |
| &nbsp;&nbsp;Lightning Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258350 |

---

17Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;$4147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Viribus Re 2019 | 3/25/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2574675 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7% |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **In<br> Exchange for** | **Currency<br> Sold** | **Deliver** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> (Depreciation)** |
| KRW | 215000000 | USD | 156685 | Goldman Sachs & Co. | 12/22/25 | $(9992) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **$(9992)** |

---

#### FUTURES CONTRACTS<br> FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 29 | &nbsp;&nbsp;U.S. 2 Year Note (CBT) | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;$6059258 | &nbsp;&nbsp;$6056922 | &nbsp;&nbsp;$(2336) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;42 | &nbsp;&nbsp;U.S. 5 Year Note (CBT) | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;$(4607648) | &nbsp;&nbsp;$(4610156) | &nbsp;&nbsp;$(2508) |
| &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;U.S. 10 Year Note (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |
| &nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8913154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8947641) | &nbsp;&nbsp;&nbsp;&nbsp;(34487) |
| &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;U.S. Long Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(822063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3701) |
| &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;U.S. Ultra Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1088437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6563) |
|  |  |  | &nbsp;&nbsp;$(15647419) | &nbsp;&nbsp;$(15694985) | &nbsp;&nbsp;$(47566) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(9588161)** | &nbsp;&nbsp;**$(9638063)** | &nbsp;&nbsp;**$(49902)** |
| 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. |

---

Victory Pioneer Active Credit Fund \| 11/30/2518

------

### Schedule of Investments \| 11/30/25
(unaudited) (continued)

#### SWAP CONTRACTS

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)<sup>(1)</sup>** | **Reference<br> Obligation/Index** | **Pay/<br> Receive<sup>(2)</sup>** | **Annual<br> Fixed Rate** | **Expiration<br> Date** | **Premiums<br> (Received)** | **Unrealized<br> (Depreciation)** | **Market<br> Value** |
| 8690000 | Markit CDX North America High Yield Index Series 45 | Pay | 5.00% | 12/20/30 | $(625220) | $(106704) | $(731924) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **$(625220)** | **$(106704)** | **$(731924)** |

---

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

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

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

---

| |
|:---|
| BRL — Brazil Real |
| EUR — Euro |
| GBP — Great British Pound |
| KRW — Korean Won |
| USD — United States Dollar |

---

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$787480 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$787480 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2648133 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2648133 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6319386 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6319386 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3030490 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3030490 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| &nbsp;&nbsp;&nbsp;All Other Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;22810495 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;22810495 |
| Right/Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 |

---

19Victory Pioneer Active Credit Fund \| 11/30/25

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &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;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2574675 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2574675 |
| Foreign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923895 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923895 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1748165 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1748165 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4196359 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4196359 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;74747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74747 |
| **Total Investments in Securities** | **$74747** | &nbsp;&nbsp;**$45043062** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$45117809** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9992) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9992) |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;(49902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49902) |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106704) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106704) |
| **Total Other Financial Instruments** | **$(49902)** | &nbsp;&nbsp;&nbsp;**$(116696)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(166598)** |

---

---

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

---

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

Victory Pioneer Active Credit Fund \| 11/30/2520

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer Active Credit Fund

- **b. EDGAR series identifier (if any):** S000089774

- **c. LEI of Series:** HNEH6BRMRL0UD63MV889

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $46585828.44

**Total Liabilities:** $1081778.29

**Net Assets:** $45504050.15

**Delayed Delivery Securities:** $565280.92

**Cash Not Reported:** $547878.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -12.00000000 | **1-Year:** -161.00000000 | **5-Year:** -3604.00000000 | **10-Year:** -5498.00000000 | **30-Year:** -2415.00000000

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

- **3-Month:** -21.00000000 | **1-Year:** -208.00000000 | **5-Year:** 318.00000000 | **10-Year:** 6475.00000000 | **30-Year:** 2255.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256552 | 0.59%                | 0.15%                | 0.24%                |
| Class ID C000256553 | 0.45%                | 0.24%                | 0.22%                |
| Class ID C000256554 | 0.51%                | 0.05%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $144503.79               | $50174.50                                  |
| Month 2  | $23430.86                | $-141092.38                                |
| Month 3  | $10435.42                | $42295.19                                  |

### Schedule of Portfolio Investments

| Name                                        | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS & CO. LLC                     | USD/KRW FORWARD                                                       | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9992.30     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                        | Commercial Metals Co                                                  | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61120.39     | 0.13%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP                         | Highwoods Realty LP                                                   | CUSIP: 431282AV4<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35144.06     | 0.08%             | 2033-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-3                                     | CUSIP: 92540MAD7<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $162286.59    | 0.36%             | 2069-04-25      | Variable      | 6.89%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2024-5 Mortgage Loan Trust                                       | CUSIP: 19685AAE9<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $141645.35    | 0.31%             | 2069-08-25      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA1                               | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $203625.80    | 0.45%             | 2033-08-25      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                    | Transocean Titan Financing Ltd                                        | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     32381 | PA      | $33271.42     | 0.07%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                         | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26260.75     | 0.06%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                  | Allianz SE                                                            | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $414944.00    | 0.91%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2025-FL14 LLC                                                     | CUSIP: 072921AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100124.60    | 0.22%             | 2042-10-17      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| BONANZA RE LTD                              | Bonanza RE Ltd                                                        | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256725.00    | 0.56%             | 2027-12-19      | Floating      | 9.41%                 | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                | CUSIP: 85325C2E1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    245000 | PA      | $268155.50    | 0.59%             | 2036-01-21      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                      | Delek Logistics Partners LP / Delek Logistics Finance Corp            | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $115297.16    | 0.25%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                      | PAR PHARMACEUTICAL INC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $0.00         | 0.00%             | 2027-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| 1261229 BC LTD                              | 1261229 BC LTD                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    234412 | PA      | $232361.39    | 0.51%             | 2030-10-08      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                       | Venture Global Plaquemines LNG LLC                                    | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77572.73     | 0.17%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R09                          | CUSIP: 20753DAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $250347.27    | 0.55%             | 2042-09-25      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                          | Macquarie Bank Ltd                                                    | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $204558.40    | 0.45%             | 2036-08-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                             | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |      1700 | PA      | $156714.50    | 0.34%             | 2026-03-13      | Fixed         | 10.68%                | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                       | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    440000 | PA      | $460452.51    | 1.01%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                    | Hilcorp Energy I LP / Hilcorp Finance Co                              | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $168452.89    | 0.37%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA4                               | CUSIP: 35564UBQ9<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |    134750 | PA      | $134749.26    | 0.30%             | 2045-10-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                       | Foundry JV Holdco LLC                                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212456.77    | 0.47%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                            | Ford Motor Credit Co LLC                                              | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    429000 | PA      | $392364.28    | 0.86%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                           | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1397722.37   | 3.07%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LMRE 2025-SFR1 Trust Issuing E              | LMRE 2025 SFR1 Trust                                                  | CUSIP: 50208WAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $226364.87    | 0.50%             | 2042-12-09      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-HB2                                     | CUSIP: 034648AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $109977.49    | 0.24%             | 2055-12-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R05                          | CUSIP: 20754DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $214085.54    | 0.47%             | 2042-04-25      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFRA 2024-NQM3 Trust                                                  | CUSIP: 55287GAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $182625.61    | 0.40%             | 2069-12-25      | Variable      | 7.61%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PETROLEUM                     | International Petroleum Corp                                          | CUSIP: 000000000<br>LEI: 54930025D80LU0SMR645 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $350861.72    | 0.77%             | 2030-10-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                 | Ivory Coast Government International Bond                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    228000 | PA      | $252275.28    | 0.55%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                          | RGA Global Funding                                                    | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105711.56    | 0.23%             | 2032-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                      | Philip Morris International Inc                                       | CUSIP: 718172EA3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    239000 | PA      | $235291.18    | 0.52%             | 2035-10-29      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2023-B                                       | CUSIP: 08862GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82892 | PA      | $86907.90     | 0.19%             | 2036-12-17      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                          | Dominican Republic International Bond                                 | CUSIP: 25714PFF0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    190000 | PA      | $189107.00    | 0.42%             | 2035-10-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                           | CBRE Services Inc                                                     | CUSIP: 12505BAL4<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35440.41     | 0.08%             | 2033-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                          | Czechoslovak Group AS                                                 | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |    100000 | PA      | $120466.13    | 0.26%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                              | CUSIP: 60701B127<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |      4800 | PA      | $186823.20    | 0.41%             | 2026-10-20      | Fixed         | 12.54%                | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA                    | Meiji Yasuda Life Insurance Co                                        | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    543000 | PA      | $564159.62    | 1.24%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                         | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107471.28    | 0.24%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                           | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     51000 | PA      | $47788.84     | 0.11%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                              | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     59226 | PA      | $59225.40     | 0.13%             | 2039-02-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA4                               | CUSIP: 35564UBR7<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |    274967 | PA      | $274792.16    | 0.60%             | 2045-10-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                              | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84819.02     | 0.19%             | 2030-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AVATION PLC WTS 01JAN59                     | AVATION PLC WTS 01JAN59                                               | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               | CORP              | US        |      7525 | NC      | $3984.34      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                              | Wynn Macau Ltd                                                        | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199959.05    | 0.44%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                       | LoanCore 2025 2025-CRE8 Issuer LLC                                    | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100013.70    | 0.22%             | 2042-08-17      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR3                                     | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $261396.43    | 0.57%             | 2047-09-25      | Floating      | 9.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                          | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $190360.22    | 0.42%             | 2044-01-25      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A              | Research-Driven Pagaya Motor Asset Trust 2025-3                       | CUSIP: 76090QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $161091.98    | 0.35%             | 2034-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                                      | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |      1800 | PA      | $143370.00    | 0.32%             | 2026-04-10      | Fixed         | 16.49%                | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |     13200 | PA      | $178530.00    | 0.39%             | 2026-07-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                     | Global Aircraft Leasing Co Ltd                                        | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    158000 | PA      | $163408.97    | 0.36%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                                           | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106716.46    | 0.23%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                       | Lincoln National Corp                                                 | CUSIP: 534187BZ1<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35116.67     | 0.08%             | 2035-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 01309QAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $156249.92    | 0.34%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                    | Baxter International Inc                                              | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45261.18     | 0.10%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                              | AutoNation Inc                                                        | CUSIP: 05329WAT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $119966.56    | 0.26%             | 2035-03-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| GRUPO NUTRESA SA                            | Grupo Nutresa SA                                                      | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    400000 | PA      | $452000.00    | 0.99%             | 2035-05-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                       | Kilimanjaro II Re Ltd                                                 | CUSIP: 49407QAR9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $261175.00    | 0.57%             | 2030-07-08      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                          | Mativ Holdings Inc                                                    | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90160.74     | 0.20%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    124280 | PA      | $124280.54    | 0.27%             | 2036-11-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                | CaixaBank SA                                                          | CUSIP: 12803RAM6<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $207521.85    | 0.46%             | 2036-07-03      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                     | WINDSTREAM SERVICES LLC                                               | CUSIP: 97381JAK9<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    166000 | PA      | $165118.21    | 0.36%             | 2032-10-06      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                    | Ford Motor Credit Co LLC                                              | CUSIP: 345397H89<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397587.66    | 0.87%             | 2035-10-31      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                       | Kilimanjaro II Re Ltd                                                 | CUSIP: 49407QAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259200.00    | 0.57%             | 2030-07-08      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE6                                                  | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177200 | PA      | $176762.53    | 0.39%             | 2055-09-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                      | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     56403 | PA      | $56383.16     | 0.12%             | 2036-10-16      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60819.96     | 0.13%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                            | CSC Holdings LLC                                                      | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $140983.22    | 0.31%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re 2025-1 Ltd                                              | CUSIP: 07876NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150504.93    | 0.33%             | 2035-10-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                         | ABRA Global Finance                                                   | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |    270516 | PA      | $265118.77    | 0.58%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| AFRICAN DEVELOPMENT BANK                    | African Development Bank                                              | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | N/A       |    452000 | PA      | $452000.00    | 0.99%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                        | WEC Energy Group Inc                                                  | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35523.06     | 0.08%             | 2056-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                    | Genting New York LLC / GENNY Capital Inc                              | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $206772.02    | 0.45%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                        | COPT Defense Properties LP                                            | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34857.98     | 0.08%             | 2030-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2025-HE1                              | CUSIP: 10568VAA2<br>LEI: 254900V4GL9A5JTVB991 | Long             | ABS-O            | CORP              | US        |    207993 | PA      | $207799.21    | 0.46%             | 2072-09-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                         | Avianca Midco 2 PLC                                                   | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198343.00    | 0.44%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                          | Meta Platforms Inc                                                    | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114708.66    | 0.25%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                    | Hilcorp Energy I LP / Hilcorp Finance Co                              | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $42806.82     | 0.09%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                    | Wildfire Intermediate Holdings LLC                                    | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    173000 | PA      | $174636.93    | 0.38%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                    | Lightning Re Series 2023-1                                            | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258350.00    | 0.57%             | 2026-03-31      | Floating      | 14.81%                | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM5                             | CUSIP: 105925AF8<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $181857.15    | 0.40%             | 2064-06-25      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                               | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $167619.79    | 0.37%             | 2034-01-25      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                    | Flex Ltd                                                              | CUSIP: 33938XAG0<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     80000 | PA      | $80381.43     | 0.18%             | 2035-11-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-2         | CUSIP: 35563PKR9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    268772 | PA      | $261954.19    | 0.58%             | 2058-08-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                     | Jane Street Group / JSG Finance Inc                                   | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    154000 | PA      | $161065.37    | 0.35%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                       | CUSIP: 03881UAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    160000 | PA      | $159954.35    | 0.35%             | 2041-01-20      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| WOODSIDE FINANCE LTD                        | Woodside Finance Ltd                                                  | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    120000 | PA      | $125956.73    | 0.28%             | 2035-05-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL6 Ltd                                                      | CUSIP: 55283TAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99826.00     | 0.22%             | 2036-07-16      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                           | State Street Corp                                                     | CUSIP: 857477DE0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95318.18     | 0.21%             | 2036-10-23      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                    | Fuchsia 2024-1 - London Bridge 2 PCC Ltd                              | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260250.00    | 0.57%             | 2028-04-06      | Floating      | 8.92%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR1                                     | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $201943.97    | 0.44%             | 2048-01-25      | Floating      | 12.54%                | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                            | Societe Generale SA                                                   | CUSIP: 83368RCK6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $252607.09    | 0.56%             | 2036-10-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1         | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    225621 | PA      | $221343.26    | 0.49%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE10 Ltd                                                  | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330584.10    | 0.73%             | 2029-12-17      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                        | Grupo Aeromexico SAB de CV                                            | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    345000 | PA      | $344910.30    | 0.76%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                     | American Electric Power Co Inc                                        | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134062.79    | 0.29%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                     | CNO Financial Group Inc                                               | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    233000 | PA      | $246897.70    | 0.54%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| DARLING GLOBAL FINANCE                      | Darling Global Finance BV                                             | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |    105000 | PA      | $123769.00    | 0.27%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                       | Venture Global Plaquemines LNG LLC                                    | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146739.94    | 0.32%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                          | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    314604 | PA      | $314636.98    | 0.69%             | 2044-03-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2019, 12/31/22                   | Viribus Re 2019, 12/31/22                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    106153 | PA      | $0.00         | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                         | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    275000 | PA      | $291339.06    | 0.64%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                    | Transocean International Ltd                                          | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     70000 | PA      | $70569.03     | 0.16%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                         | ACREC 2021-FL1 Ltd                                                    | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     71000 | PA      | $71000.63     | 0.16%             | 2036-10-16      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2021-1                                | CUSIP: 74113XAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $192540.16    | 0.42%             | 2029-03-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                     | US Acute Care Solutions LLC                                           | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    154000 | PA      | $156445.21    | 0.34%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                        | Commercial Metals Co                                                  | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61357.73     | 0.13%             | 2033-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn1                                            | CUSIP: 35563FAC5<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |     50000 | PA      | $54943.89     | 0.12%             | 2051-01-25      | Floating      | 11.82%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                                      | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       500 | PA      | $100950.00    | 0.22%             | 2026-04-07      | Fixed         | 13.63%                | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        29 | NC      | $-2335.78     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                               | CUSIP: 44891AEA1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70096.31     | 0.15%             | 2030-09-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMRT                                        | SMRT 2022-MINI                                                        | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99315.62     | 0.22%             | 2039-01-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                             | Goat Holdco LLC                                                       | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76920.00     | 0.17%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                               | CUSIP: 44891ADM6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    290000 | PA      | $299064.29    | 0.66%             | 2030-01-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                     | American Electric Power Co Inc                                        | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54990.18     | 0.12%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                          | Meta Platforms Inc                                                    | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189194.17    | 0.42%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                    | Celanese US Holdings LLC                                              | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    165000 | PA      | $172318.08    | 0.38%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                           | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1399847.32   | 3.08%             | 2025-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                                 | Danaos Corp                                                           | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |    150000 | PA      | $152665.95    | 0.34%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                               | CoreWeave Inc                                                         | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    155000 | PA      | $140258.59    | 0.31%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VRTX Trust                                  | VRTX Trust 2025-HQ                                                    | CUSIP: 91835XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102185.58    | 0.22%             | 2042-08-05      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                               | CUSIP: 35564NGY3<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |    131250 | PA      | $131378.40    | 0.29%             | 2045-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                    | Transocean International Ltd                                          | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     70000 | PA      | $71205.19     | 0.16%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                        | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    215000 | PA      | $226788.09    | 0.50%             | 2033-01-13      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                | Novelis Corp                                                          | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    190000 | PA      | $191726.91    | 0.42%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                           | PRPM 2025-NQM1 Trust                                                  | CUSIP: 74391EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $122219.47    | 0.27%             | 2069-11-25      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R06                          | CUSIP: 20754YAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86983 | PA      | $86986.68     | 0.19%             | 2045-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2018, 12/31/21                   | Viribus Re 2018, 12/31/21                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $0.00         | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                                   | CUSIP: 95003X872<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |      2300 | PA      | $149293.00    | 0.33%             | 2026-03-05      | Fixed         | 11.86%                | No            |                  2 | On Loan: No      |
| BLACKSTONE REG FINANCE                      | Blackstone Reg Finance Co LLC                                         | CUSIP: 092914AC4<br>LEI: 254900S2G1V55FTA4590 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134539.66    | 0.30%             | 2036-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                          | CUSIP: 20754BAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $212056.72    | 0.47%             | 2042-01-25      | Floating      | 11.72%                | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                    | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    103025 | NS      | $103025.28    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                        | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $208524.40    | 0.46%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                         | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103759 | PA      | $103824.16    | 0.23%             | 2045-01-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                    | Transocean International Ltd                                          | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     86250 | PA      | $89924.77     | 0.20%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                 | Aker BP ASA                                                           | CUSIP: 00973RAQ6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    415000 | PA      | $409793.04    | 0.90%             | 2035-10-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R06                          | CUSIP: 20754YAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94366 | PA      | $94252.73     | 0.21%             | 2045-09-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                       | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100060.18    | 0.22%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States                   | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |      5100 | PA      | $85680.00     | 0.19%             | 2026-02-02      | Fixed         | 85.15%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R01                          | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $153000.00    | 0.34%             | 2040-01-25      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                           | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    152000 | PA      | $154728.36    | 0.34%             | 2030-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    217000 | PA      | $256947.95    | 0.56%             | 2037-05-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                       | LoanCore 2025-CRE9 Issuer LLC                                         | CUSIP: 538912AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    130000 | PA      | $130040.66    | 0.29%             | 2042-08-18      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                          | Tricon Residential 2025-SFR1 Trust                                    | CUSIP: 895974AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100306.67    | 0.22%             | 2042-03-17      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-8                                     | CUSIP: 92540DAE5<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $335037.55    | 0.74%             | 2068-12-25      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                           | Blue Ridge Re Ltd                                                     | CUSIP: 096003AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250000.00    | 0.55%             | 2029-01-08      | Floating      | 0.01%                 | Yes           |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                             | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |      4700 | PA      | $66763.50     | 0.15%             | 2026-11-25      | Fixed         | 39.23%                | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2022-C                                       | CUSIP: 08860DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $108150.18    | 0.24%             | 2035-10-17      | Fixed         | 9.73%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2025-4                   | CUSIP: 024948AG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100441.67    | 0.22%             | 2031-09-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2024-P4                                | CUSIP: 14076LAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $373201.54    | 0.82%             | 2032-12-10      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL3                                        | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $211919.78    | 0.47%             | 2029-05-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-HQA2                               | CUSIP: 35564K2G3<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $206495.06    | 0.45%             | 2043-06-25      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                           | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    440000 | PA      | $440518.62    | 0.97%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                    | Transocean International Ltd                                          | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    110000 | PA      | $98514.68     | 0.22%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                         | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     89000 | PA      | $93305.36     | 0.21%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                       | Lottomatica Group Spa                                                 | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |    145000 | PA      | $173115.50    | 0.38%             | 2031-01-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                              | CUSIP: 53944YBE2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    205000 | PA      | $204320.31    | 0.45%             | 2036-11-04      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                           | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1398789.71   | 3.07%             | 2025-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                | CUSIP: 12433JAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $388440.55    | 0.85%             | 2042-01-15      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                                   | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $215712.99    | 0.47%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2025-1                         | CUSIP: 922955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125065 | PA      | $126541.62    | 0.28%             | 2055-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                       | Nippon Life Insurance Co                                              | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    228000 | PA      | $244815.91    | 0.54%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | ULTRA U.S. TREASURY BOND                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -9 | NC      | $-6563.52     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                         | CUSIP: 58003MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    168386 | PA      | $168867.58    | 0.37%             | 2041-08-18      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| DAI-ICHI LIFE INSURANCE                     | Dai-ichi Life Insurance Co Ltd/The                                    | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    510000 | PA      | $533782.32    | 1.17%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd                                                     | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257500.00    | 0.57%             | 2028-01-07      | Floating      | 9.30%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                                   | CUSIP: 92512WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202096.18    | 0.44%             | 2028-06-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                    | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165774.95    | 0.36%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                      | CUSIP: 55284AAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    101000 | PA      | $100858.20    | 0.22%             | 2036-10-16      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| RIVER ROCK ENTERTAINMENT                    | RIVER ROCK ENTERTAINMENT AUTHORITY                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    400000 | PA      | $390000.00    | 0.86%             | 2031-06-25      | Floating      | 12.95%                | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                    | Columbia Pipelines Holding Co LLC                                     | CUSIP: 19828AAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    235000 | PA      | $235509.12    | 0.52%             | 2032-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA2                               | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $206817.49    | 0.45%             | 2033-12-25      | Floating      | 9.52%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                               | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    220000 | PA      | $222632.09    | 0.49%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -42 | NC      | $-2508.24     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                         | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    120000 | PA      | $128401.32    | 0.28%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| KUWAIT INTL BOND                            | Kuwait International Government Bond                                  | CUSIP: 501499AF4<br>LEI: 549300FSC1YD0D9XX589 | Long             | DBT              | NUSS              | KW        |    225000 | PA      | $225564.69    | 0.50%             | 2035-10-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                          | A&D Mortgage Trust 2024-NQM3                                          | CUSIP: 00039HAD9<br>LEI: 9845009E581BS7E85066 | Long             | ABS-MBS          | CORP              | US        |    129562 | PA      | $131617.63    | 0.29%             | 2069-07-25      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                   | Acrec 2025 Fl 3 LLC                                                   | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $199999.20    | 0.44%             | 2042-08-18      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                      | Resorts World Las Vegas LLC / RWLV Capital Inc                        | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $197492.50    | 0.43%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INSUR                         | Sumitomo Life Insurance Co                                            | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    564000 | PA      | $572880.74    | 1.26%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                 | PRKCM 2023-AFC4 Trust                                                 | CUSIP: 69380GAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $182693.29    | 0.40%             | 2058-11-25      | Variable      | 7.85%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                   | Ball Corp                                                             | CUSIP: 000000000<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    130000 | PA      | $154824.35    | 0.34%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                         | CUSIP: 286181AR3<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $80414.12     | 0.18%             | 2030-11-24      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                       | Foundry JV Holdco LLC                                                 | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $214754.01    | 0.47%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -2 | NC      | $-307.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2024-CES3                            | CUSIP: 92841WAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101274.33    | 0.22%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                     | Talen Energy Supply LLC                                               | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91703.16     | 0.20%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                         | Northern Trust Corp                                                   | CUSIP: 665859AZ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95510.35     | 0.21%             | 2040-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2025-FL10 Issuer LLC                                        | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    120000 | PA      | $119963.12    | 0.26%             | 2042-08-19      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2024-6                         | CUSIP: 92261BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109336 | PA      | $110152.77    | 0.24%             | 2054-12-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                    | Baxter International Inc                                              | CUSIP: 071813DE6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45858.69     | 0.10%             | 2035-12-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO                    | Goldman Sachs International                                           | CUSIP: 38149C410<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |      1700 | PA      | $188351.50    | 0.41%             | 2026-03-18      | Fixed         | 10.60%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                        | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180583.25    | 0.40%             | 2036-10-22      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                 | Truist Bank                                                           | CUSIP: 89788JAH2<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    490000 | PA      | $489624.49    | 1.08%             | 2029-10-23      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                         | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    202000 | PA      | $212867.50    | 0.47%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -7 | NC      | $-3700.62     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ascent Career Funding Trust                 | Ascent Career Funding Trust 2024-1                                    | CUSIP: 04363LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51171 | PA      | $51505.33     | 0.11%             | 2032-10-25      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                               | Herbie Re Ltd                                                         | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258775.00    | 0.57%             | 2029-01-08      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2022-NQM5                                | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $109626.39    | 0.24%             | 2067-08-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                     | Talen Energy Supply LLC                                               | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93049.68     | 0.20%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                       | Level 3 Financing Inc                                                 | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162941.92    | 0.36%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                    | Summit Midstream Holdings LLC                                         | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $227015.14    | 0.50%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                     | European Bank for Reconstruction & Development                        | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | N/A       |   3565000 | PA      | $335306.55    | 0.74%             | 2032-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-3                                               | CUSIP: 30339EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $103951.07    | 0.23%             | 2031-12-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                                      | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |      1500 | PA      | $147495.00    | 0.32%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                  | RCKTL 2025-2                                                          | CUSIP: 74939HAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $130048.52    | 0.29%             | 2034-11-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.HY.45.V1                                                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-729510.24   | -1.60%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                     | BNP Paribas Issuance BV                                               | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |      1500 | PA      | $160470.00    | 0.35%             | 2026-06-18      | Fixed         | 17.02%                | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                           | Kosmos Energy Ltd                                                     | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177000.00    | 0.39%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                        | ION Platform Finance US Inc / ION Platform Finance SARL               | CUSIP: 46206AAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $304632.04    | 0.67%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                                      | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       300 | PA      | $183724.63    | 0.40%             | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                                     | CUSIP: 404280EV7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    285000 | PA      | $295780.41    | 0.65%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                    | Hilcorp Energy I LP / Hilcorp Finance Co                              | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $87045.29     | 0.19%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                         | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    210000 | PA      | $215170.68    | 0.47%             | 2030-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BALDWIN RE LTD                              | Baldwin Re Ltd                                                        | CUSIP: 05826BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257725.00    | 0.57%             | 2029-07-09      | Floating      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                     | Borr IHC Ltd / Borr Finance LLC                                       | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    180583 | PA      | $178534.18    | 0.39%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                               | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207778.68    | 0.46%             | 2035-03-27      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -77 | NC      | $-34486.76    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                    | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    172000 | PA      | $176658.45    | 0.39%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                  | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200968.00    | 0.44%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                        | Saudi Arabian Oil Co                                                  | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    230000 | PA      | $245204.24    | 0.54%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2022-FL8 Issuer Ltd                                             | CUSIP: 055983AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    110000 | PA      | $109999.44    | 0.24%             | 2037-02-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                    | Citadel Securities Global Holdings LLC                                | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    260000 | PA      | $273708.59    | 0.60%             | 2035-06-18      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                    | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $169805.15    | 0.37%             | 2036-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                     | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC       | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $100682.11    | 0.22%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                          | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $206646.00    | 0.45%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                   | Spire Inc                                                             | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65044.87     | 0.14%             | 2056-06-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                          | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    227000 | PA      | $230299.22    | 0.51%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                        | Garda World Security Corp                                             | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $277201.80    | 0.61%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                    | South Bow Canadian Infrastructure Holdings Ltd                        | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $58333.99     | 0.13%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2023-NQM1              | CUSIP: 61775VAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $239864.50    | 0.53%             | 2068-09-25      | Variable      | 7.35%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                       | PennyMac Financial Services Inc                                       | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56673.54     | 0.12%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL1                                        | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $170815.34    | 0.38%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM                          | Total Play Telecomunicaciones SA de CV                                | CUSIP: 89157PAD0<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    435000 | PA      | $414881.25    | 0.91%             | 2032-12-31      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                        | Bridge Street Re Ltd                                                  | CUSIP: 10807LAA5<br>LEI: 2549008NKPLMU6X7ID58 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254975.00    | 0.56%             | 2028-01-07      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| MATTEL INC                                  | Mattel Inc                                                            | CUSIP: 577081BG6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30269.37     | 0.07%             | 2030-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                               | CUSIP: 35564NHA4<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $50062.50     | 0.11%             | 2045-02-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| APA CORP                                    | APA Corp                                                              | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    451000 | PA      | $455667.77    | 1.00%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                         | BWAY 2013-1515 Mortgage Trust                                         | CUSIP: 05604FAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $102928.16    | 0.23%             | 2033-03-10      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer