# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-002594
**Filing Date:** 2025-9
**Character Count:** 197750
**Document Hash:** 372372efd8aba10990b8fef191f87713
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002594.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002594

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251346114

**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 Floating Rate Fund (Series ID: S000089773)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256548 | Class Y      | FLYRX           |
| C000256549 | Class A      | FLARX           |
| C000256550 | Class C      | FLRCX           |

## Nport-Ex

## Victory Pioneer Floating Rate Fund
(successor to Pioneer Floating Rate Fund)

Schedule of Investments \| July 31, 2025

------

### Schedule of Investments \| 7/31/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 103.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 83.3% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advanced Materials — 0.9%** |  |
| 2723748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groupe Solmax, Inc., Initial Term Loan, 9.307% (Term SOFR + 475 bps), 5/29/28 | $2266954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advanced Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2266954** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.3%** |  |
| 801452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.471% (Term SOFR + 400 bps), 8/21/28 | $801352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **801352** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Services — 0.5%** |  |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc., Term B-2 Loan, 7.829% (Term SOFR + 350 bps), 6/17/32 | $480900 |
| 942767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune BidCo US, Inc., First Lien Dollar Term B Loan, 9.429% (Term SOFR + 500 bps), 4/11/29 | &nbsp;&nbsp; 907806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1388706** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |
| 455858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, Term B Loan, 7.356% (Term SOFR + 300 bps), 1/27/32 | $456875 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc., Initial Term Loan, 7.796% (Term SOFR + 350 bps), 4/1/32 | &nbsp;&nbsp; 550687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1007562** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.4%** |  |
| 1006782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines), 2025 Replacement Term Loan, 6.575% (Term SOFR + 225 bps), 4/20/28 | $1005794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1005794** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airport Development & Maintenance — 0.5%** |  |
| 1309959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Bidco LLC, First Lien Amendment No. 5 Term Loan, 6.856% (Term SOFR + 250 bps), 9/23/31 | $1315106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airport Development & Maintenance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1315106** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appliances — 0.9%** |  |
| 2228636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmosis Buyer Ltd., 2025 Refinancing Term B Loan, 7.322% (Term SOFR + 300 bps), 7/31/28 | $2229630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Appliances** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2229630** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 2.0%** |  |
| 672828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent LLC, First Lien 2024 Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 7/6/29 | $549869 |

---

1Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — (continued)** |  |
| 1214361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EP Purchaser LLC, First Lien Closing Date Term Loan, 8.057% (Term SOFR + 350 bps), 11/6/28 | $1204114 |
| 875798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Charm, Inc., First Lien Incremental Term Loan, 7.776% (Term SOFR + 350 bps), 3/2/28 | &nbsp;&nbsp; 824481 |
| 1,744,552(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loyalty Ventures, Inc., Term B Loan, 11.46% (LIBOR + 650 bps), 11/3/27 | &nbsp;&nbsp; 130841 |
| 1254594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RealPage, Inc., First Lien Initial Term Loan, 7.557% (Term SOFR + 300 bps), 4/24/28 | &nbsp;&nbsp; 1254398 |
| 1265416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc., Term B-8 Loan, 6.356% (Term SOFR + 200 bps), 5/9/31 | &nbsp;&nbsp; 1270874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5234577** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 2.4%** |  |
| 438944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient US LLC, Term B-2 Loan, 6.606% (Term SOFR + 225 bps), 1/31/31 | $441060 |
| 2814753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.57% (Term SOFR + 500 bps), 3/30/27 | &nbsp;&nbsp; 2759632 |
| 3038231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IXS Holdings, Inc., Initial Term Loan, 8.646% (Term SOFR + 425 bps), 3/5/27 | &nbsp;&nbsp; 2977467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6178159** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Repair Centers — 0.6%** |  |
| 1560679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Holdco, Inc., Initial Term Loan, 9.08% (Term SOFR + 475 bps), 2/23/29 | $1444928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Repair Centers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1444928** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto-Truck Trailers — 1.0%** |  |
| 2660625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novae LLC, Tranche B Term Loan, 9.452% (Term SOFR + 500 bps), 12/22/28 | $2487684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto-Truck Trailers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2487684** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction — 0.4%** |  |
| 1113422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 10/29/27 | $1116206 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1116206** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction Products — 1.6%** |  |
| 965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chariot Buyer LLC, First Lien Initial Term Loan, 7.706% (Term SOFR + 325 bps), 11/3/28 | $967112 |
| 1426504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche B Term Loan, 7.692% (Term SOFR + 325 bps), 4/12/28 | &nbsp;&nbsp; 1307035 |

---

Victory Pioneer Floating Rate Fund \| 7/31/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction Products — (continued)** |  |
| 741130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHS Borrower LLC, Initial Term Loan, 9.206% (Term SOFR + 475 bps), 2/16/29 | $704073 |
| 1061525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potters Industries LLC, 2025 Incremental Term Loan, 7.333% (Term SOFR + 300 bps), 12/14/27 | &nbsp;&nbsp; 1067828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4046048** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Production — 1.0%** |  |
| 250,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chariot Buyer LLC, First Lien Refinancing Term Loan, 9/8/32 | $250338 |
| 1225179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.85% (Term SOFR + 250 bps), 4/10/30 | &nbsp;&nbsp; 1233028 |
| 1012463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 6.606% (Term SOFR + 225 bps), 2/10/32 | &nbsp;&nbsp; 1013165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Production** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2496531** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 0.5%** |  |
| 651090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.82% (Term SOFR + 525 bps), 8/2/29 | $647173 |
| 759839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiate Holdco LLC, First Out Term Loan, 7.971% (Term SOFR + 350 bps), 9/25/29 | &nbsp;&nbsp; 659794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1306967** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Hotels — 0.8%** |  |
| 2176529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Casinos, Inc., Term B Facility Loan, 10.436% (Term SOFR + 600 bps), 4/2/29 | $1937111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Hotels** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1937111** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.5%** |  |
| 387100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., Incremental Term B-1 Loan, 6.606% (Term SOFR + 225 bps), 2/6/31 | $387584 |
| 89952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority First Out Exit Term Loan, 11.99% (Term SOFR + 765 bps), 10/2/28 | &nbsp;&nbsp; 90851 |
| 185113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority Second Out Term Loan, 6.99% (Term SOFR + 250 bps), 10/2/29 | &nbsp;&nbsp; 158271 |
| 750,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, First Lien Term B Loan, 7/1/32 | &nbsp;&nbsp; 751465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1388171** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 1.2%** |  |
| 1125749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.706% (Term SOFR + 425 bps), 4/2/29 | $1041318 |

---

3Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — (continued)** |  |
| 441000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2030 Tranche B Dollar Term Loan, 8.206% (Term SOFR + 375 bps), 3/14/30 | $410130 |
| 1826217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC, 2030 Dollar Term Loan, 7.606% (Term SOFR + 325 bps), 2/18/30 | &nbsp;&nbsp; 1698382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3149830** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 1.5%** |  |
| 1252290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc., Term B-7 Dollar Loan, 6.046% (Term SOFR + 175 bps), 12/20/29 | $1257083 |
| 870458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 8.221% (Term SOFR + 375 bps), 4/20/28 | &nbsp;&nbsp; 867194 |
| 240140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V., November 2024 B-1 Dollar Term Loan, 7.51% (Term SOFR + 325 bps), 4/3/28 | &nbsp;&nbsp; 240515 |
| 591041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V., November 2024 B-2 Dollar Term Loan, 7.55% (Term SOFR + 325 bps), 4/3/28 | &nbsp;&nbsp; 592519 |
| 997500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox Finance LLC, 2024 First Lien B2 Term Loan, 6.546% (Term SOFR + 225 bps), 4/4/29 | &nbsp;&nbsp; 919363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3876674** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 1.5%** |  |
| 965349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA International Holdings (Luxembourg) S.a.r.l., First Lien New Term Loan, 7.046% (Term SOFR + 275 bps), 9/7/28 | $966556 |
| 1452330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DS Parent, Inc., Term Loan B, 9.796% (Term SOFR + 550 bps), 1/31/31 | &nbsp;&nbsp; 1326461 |
| 1181383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Buyer, Inc., Initial Term Loan, 9.046% (Term SOFR + 475 bps), 11/1/31 | &nbsp;&nbsp; 1190489 |
| 498750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp., Term B-1 Loan, 6.58% (Term SOFR + 225 bps), 2/22/31 | &nbsp;&nbsp; 477968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3961474** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Data Security — 0.7%** |  |
| 1937959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precisely Software, Inc., First Lien Third Amendment Term Loan, 8.57% (Term SOFR + 400 bps), 4/24/28 | $1884665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Data Security** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1884665** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 2.0%** |  |
| 1230603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC, First Lien Term B-4 Loan, 7.296% (Term SOFR + 300 bps), 2/1/31 | $1233459 |
| 580028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc., Initial Term Loan, 6.606% (Term SOFR + 225 bps), 9/29/31 | &nbsp;&nbsp; 577399 |
| 1376597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc., Tranche B Term Loan, 7.322% (Term SOFR + 300 bps), 6/27/31 | &nbsp;&nbsp; 1383480 |

---

Victory Pioneer Floating Rate Fund \| 7/31/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — (continued)** |  |
| 742481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc., Term B Facility, 6.356% (Term SOFR + 200 bps), 1/17/31 | $744338 |
| 1225927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smartronix LLC, Term Loan, 8.796% (Term SOFR + 450 bps), 2/6/32 | &nbsp;&nbsp; 1230142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5168818** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Software — 0.3%** |  |
| 677250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 8.221% (Term SOFR + 375 bps), 10/16/28 | $643811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **643811** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Memory Devices — 0.7%** |  |
| 1774599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SanDisk Corp., Term B Loan, 7.321% (Term SOFR + 300 bps), 2/20/32 | $1772381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Memory Devices** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1772381** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consulting Services — 0.3%** |  |
| 878445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ankura Consulting Group LLC, First Lien 2024-2 Repricing Term Loan, 7.802% (Term SOFR + 350 bps), 12/29/31 | $882728 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consulting Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **882728** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Products — 0.3%** |  |
| 769574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reynolds Consumer Products LLC, New Term Loan, 6.106% (Term SOFR + 175 bps), 3/4/32 | $773903 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **773903** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers-Paper & Plastic — 0.8%** |  |
| 857017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Closing Date Term B Loan, 7.606% (Term SOFR + 325 bps), 4/1/32 | $857374 |
| 449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., First Lien 2025 Incremental Delayed Draw Term B Loan, 7.577% (3 Month Term SOFR + 325 bps), 3/29/32 | &nbsp;&nbsp;&nbsp; 449 |
| 1143450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ring Container Technologies Group LLC, 2024 Refinancing Term Loan, 7.106% (Term SOFR + 275 bps), 8/14/28 | &nbsp;&nbsp; 1146309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers-Paper & Plastic** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2004132** |

---

5Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.6%** |  |
| 575650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.356% (Term SOFR + 300 bps), 5/1/31 | $576010 |
| 915,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGH2 LLC, Term Loan B, 7/16/32 | &nbsp;&nbsp; 917287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1493297** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dialysis Centers — 1.1%** |  |
| 1290250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., Tranche B-2 Term Loan, 6.106% (Term SOFR + 175 bps), 5/9/31 | $1293677 |
| 1522333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc., Closing Date Term Loan, 9.471% (Term SOFR + 500 bps), 6/20/28 | &nbsp;&nbsp; 1481104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Dialysis Centers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2774781** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Disposable Medical Products — 0.9%** |  |
| 545205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, Third Amendment Incremental Term Loan, 6.591% (Term SOFR + 225 bps), 10/23/28 | $546142 |
| 1817052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2024 Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 5/30/31 | &nbsp;&nbsp; 1828409 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Disposable Medical Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2374551** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — 1.9%** |  |
| 1354763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIP RD Buyer Corp., First Lien Term B Loan, 7.856% (Term SOFR + 350 bps), 12/23/30 | $1360124 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulations Parent Corp. (aka Chase Corp.), Initial Term Loan, 8.328% (Term SOFR + 400 bps), 4/9/32 | &nbsp;&nbsp; 1030200 |
| 883000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc., Initial Term Loan, 8.356% (Term SOFR + 400 bps), 5/21/32 | &nbsp;&nbsp; 866444 |
| 976909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 Dollar Loan, 7.296% (Term SOFR + 300 bps), 6/20/31 | &nbsp;&nbsp; 975165 |
| 591045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 7.103% (Term SOFR + 275 bps), 8/1/30 | &nbsp;&nbsp; 591229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution & Wholesale** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4823162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Distribution — 0.2%** |  |
| 430,626(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lackawanna Energy Center LLC, Term Loan B, 7/23/32 | $432779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Distribution** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **432779** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 1.7%** |  |
| 647110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 6.356% (Term SOFR + 200 bps), 9/30/31 | $647110 |
| 2009838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.606% (Term SOFR + 525 bps), 4/3/28 | &nbsp;&nbsp; 2022578 |

---

Victory Pioneer Floating Rate Fund \| 7/31/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — (continued)** |  |
| 1237380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edgewater Generation LLC, 2025 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 8/1/30 | $1243953 |
| 551225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Projects Acquiror LLC, 2025-2 Repricing Term Loan, 6.856% (Term SOFR + 250 bps), 5/30/31 | &nbsp;&nbsp; 553809 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4467450** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Integrated — 0.3%** |  |
| 795593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Renewables LLC, Loan, 6.583% (Term SOFR + 225 bps), 12/15/27 | $797084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **797084** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Composition — 0.2%** |  |
| 651136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natel Engineering Co., Inc., Initial Term Loan, 10.686% (Term SOFR + 625 bps), 4/30/26 | $573000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Composition** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **573000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engines — 1.7%** |  |
| 1715843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline FM Holdings LLC, First Lien 2025 New Term Loan, 7.578% (Term SOFR + 350 bps), 6/23/30 | $1729517 |
| 2592033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Badger Bidco LLC, Initial Term Loan, 10.356% (Term SOFR + 600 bps), 8/30/30 | &nbsp;&nbsp; 2520752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4250269** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 1.8%** |  |
| 2018436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., Sixth Amendment Term Loan, 8.046% (Term SOFR + 375 bps), 3/21/31 | $2027739 |
| 1009925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings I LLC, Initial 2025 Dollar Term Loan, 6.856% (Term SOFR + 250 bps), 1/30/32 | &nbsp;&nbsp; 1010177 |
| 577100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a.r.l.), 2024-B Dollar Term Loan, 7.796% (Term SOFR + 350 bps), 7/18/30 | &nbsp;&nbsp; 574034 |
| 967787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 10/26/30 | &nbsp;&nbsp; 971190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4583140** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — 1.1%** |  |
| 1340988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, 2024-1 Term Loan, 6.356% (Term SOFR + 200 bps), 10/31/31 | $1346225 |

---

7Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — (continued)** |  |
| 896799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 Loan, 7.343% (Term SOFR + 300 bps), 3/18/30 | $900162 |
| 658690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC, Initial Term Loan, 7.353% (Term SOFR + 300 bps), 10/21/31 | &nbsp;&nbsp; 660749 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Investment Banker** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2907136** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Other Services — 0.5%** |  |
| 456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMC Financing LLC, Term Loan, 7.85% (Term SOFR + 350 bps), 6/18/32 | $458280 |
| 385,588(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mermaid Bidco, Inc., USD Facility B , 7/3/31 | &nbsp;&nbsp; 386552 |
| 497,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osttra Group Ltd., First Lien Term Loan, 5/20/32 | &nbsp;&nbsp; 499982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Other Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1344814** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Catering — 0.5%** |  |
| 1172527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark Intermediate HoldCo Corp., U.S. Term B-8 Loan, 6.356% (Term SOFR + 200 bps), 6/22/30 | $1175947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Catering** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1175947** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Confectionery — 0.6%** |  |
| 1584030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., First Refinancing Term Loan, 7.606% (Term SOFR + 325 bps), 2/12/31 | $1588839 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Confectionery** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1588839** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Dairy Products — 1.3%** |  |
| 3369368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chobani LLC, 2025 New Term Loan, 6.856% (Term SOFR + 250 bps), 10/25/27 | $3387900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Dairy Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3387900** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Miscellaneous/Diversified — 0.8%** |  |
| 1290250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc., Term B-5 Term Loan, 7.856% (Term SOFR + 350 bps), 10/10/29 | $1198858 |
| 775,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri International Ltd., Term Loan, 7/16/32 | &nbsp;&nbsp; 773607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Miscellaneous/Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1972465** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.5%** |  |
| 502350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 6.046% (Term SOFR + 175 bps), 11/30/30 | $500362 |
| 319,010(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment plc, Third Incremental Term B Loan, 6/4/32 | &nbsp;&nbsp; 319807 |
| 555,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, California, Term Loan, 6/17/31 | &nbsp;&nbsp; 541125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1361294** |

---

Victory Pioneer Floating Rate Fund \| 7/31/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Golf — 0.3%** |  |
| 656250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp., Initial Term Loan, 7.356% (Term SOFR + 300 bps), 3/15/30 | $649619 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Golf** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **649619** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hazardous Waste Disposal — 0.5%** |  |
| 1164398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 8.069% (Term SOFR + 375 bps), 10/17/30 | $1170220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hazardous Waste Disposal** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1170220** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 0.4%** |  |
| 987538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 2024 Incremental Term Loan, 6.856% (Term SOFR + 250 bps), 12/14/29 | $991446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **991446** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer — 0.7%** |  |
| 671081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFS Cogen Holdings I LLC, 2025 Term B Advance, 7.308% (Term SOFR + 300 bps), 10/3/31 | $674017 |
| 1174127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, Initial Term B Loan, 6.546% (Term SOFR + 225 bps), 8/18/31 | &nbsp;&nbsp; 1176512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power Producer** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1850529** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers — 0.6%** |  |
| 918341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Ltd., 2024-3 Dollar Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 2/15/31 | $920309 |
| 609212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI, Inc., 2024-C Term Loan, 6.546% (Term SOFR + 225 bps), 9/29/30 | &nbsp;&nbsp; 609321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance Brokers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1529630** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 1.2%** |  |
| 1382039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2023 May Incremental Term Loan, 8.606% (Term SOFR + 425 bps), 5/3/28 | $1319674 |
| 935387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC, First Lien 2024 December New Term Loan, 8.606% (Term SOFR + 425 bps), 12/31/31 | &nbsp;&nbsp; 836821 |
| 1013237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 7.106% (Term SOFR + 275 bps), 3/4/30 | &nbsp;&nbsp; 885316 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3041811** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Financial Services — 0.6%** |  |
| 743382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc., 2024 Dollar Term Loan, 8.046% (Term SOFR + 375 bps), 2/16/28 | $744777 |
| 664423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Trading Finance Ltd., 2024-B Dollar Term Loan, 7.796% (Term SOFR + 350 bps), 4/3/28 | &nbsp;&nbsp; 664907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1409684** |

---

9Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Security — 0.4%** |  |
| 250,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan (Add-On), 8/31/28 | $250759 |
| 635781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc.,First Lien 2024 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 8/31/28 | &nbsp;&nbsp; 637711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Security** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **888470** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory Services — 2.0%** |  |
| 1857706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 7.313% (Term SOFR + 300 bps), 11/1/30 | $1866415 |
| 586000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPI Holdco B LLC, Initial Term Loan, 6.356% (Term SOFR + 200 bps), 5/17/31 | &nbsp;&nbsp; 585878 |
| 985378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 7.356% (Term SOFR + 300 bps), 4/7/28 | &nbsp;&nbsp; 987841 |
| 308450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTCR Everest Borrower LLC, 2025 Term Commitment, 7.064% (Term SOFR + 275 bps), 9/5/31 | &nbsp;&nbsp; 309189 |
| 1535505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 9.308% (Term SOFR + 500 bps), 5/30/27 | &nbsp;&nbsp; 1489440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5238763** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lasers-System & Components — 0.4%** |  |
| 1080976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Term B-2 Loan, 6.356% (Term SOFR + 200 bps), 7/2/29 | $1085536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lasers-System & Components** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1085536** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Electrical — 0.2%** |  |
| 408138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamo Midco B.V., USD Facility B, 7.829% (Term SOFR + 350 bps), 9/30/31 | $410561 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Electrical** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **410561** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Diagnostic Imaging — 0.7%** |  |
| 1686195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Amendment No. 3 Replacement Term Loan, 9.046% (Term SOFR + 475 bps), 12/15/27 | $1693310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Diagnostic Imaging** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1693310** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 1.7%** |  |
| 1383314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc., First Lien Second Refinancing Term Loan, 8.596% (Term SOFR + 425 bps), 2/11/28 | $1384612 |
| 1939328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.856% (Term SOFR + 250 bps), 2/21/31 | &nbsp;&nbsp; 1943097 |
| 957639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 8.687% (Term SOFR + 425 bps), 10/1/28 | &nbsp;&nbsp; 949933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4277642** |

---

Victory Pioneer Floating Rate Fund \| 7/31/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Products — 0.7%** |  |
| 32360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanger, Inc., Delayed Draw Term Loan, 7.827% (1 Month Term SOFR + 350 bps), 10/23/31 | $32486 |
| 1675555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanger, Inc., Initial Term Loan, 7.856% (Term SOFR + 350 bps), 10/23/31 | &nbsp;&nbsp; 1682047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1714533** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 2.4%** |  |
| 960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., Term Loan B, 10.606% (Term SOFR + 625 bps), 10/8/30 | $942000 |
| 967687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, 8.356% (Term SOFR + 400 bps), 4/23/31 | &nbsp;&nbsp; 971618 |
| 1132357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals, Inc., Tranche B-2 Dollar Term Loan, 6.606% (Term SOFR + 225 bps), 5/5/28 | &nbsp;&nbsp; 1138177 |
| 2114718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co., 2024 Refinancing Dollar Term Loan Facility, 6.599% (Term SOFR + 225 bps), 5/19/31 | &nbsp;&nbsp; 2051276 |
| 1162912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Padagis LLC, Term B Loan, 9.29% (Term SOFR + 475 bps), 7/6/28 | &nbsp;&nbsp; 1064064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6167135** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Generic Drugs — 1.0%** |  |
| 1,311,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC, Amendment No.1 Term Loan, 8/1/32 | $1311820 |
| 1323437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC, Initial Term Loan, 9.856% (Term SOFR + 550 bps), 5/4/28 | &nbsp;&nbsp; 1349078 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Generic Drugs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2660898** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 1.5%** |  |
| 1795225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EyeCare Partners LLC, Tranche B Term Loan, 5.227% (Term SOFR + 100 bps), 11/30/28 | $1422715 |
| 1928976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight Health Holdings LLC, Term B Loan, 9.721% (Term SOFR + 525 bps), 12/23/28 | &nbsp;&nbsp; 766768 |
| 1592983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., First Lien 2024-2 Refinancing Term Loan, 7.82% (Term SOFR + 350 bps), 5/19/31 | &nbsp;&nbsp; 1587578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3777061** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Wholesale Drug Distribution — 1.6%** |  |
| 879836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVET Midco 2 LP, First Lien Initial Term Loan, 9.296% (Term SOFR + 500 bps), 10/13/29 | $805270 |
| 1964545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien Term B Loan, 8.396% (Term SOFR + 400 bps), 10/1/27 | &nbsp;&nbsp; 1937941 |
| 1275360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., Term B-1 Loan, 8.206% (Term SOFR + 375 bps), 3/29/29 | &nbsp;&nbsp; 1277486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Wholesale Drug Distribution** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4020697** |

---

11Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Processors & Fabrication — 0.5%** |  |
| 1263235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding Media, Inc. (Molycop Ltd.), First Lien 2024 Incremental Term Loan, 7.83% (Term SOFR + 350 bps), 10/12/28 | $1252182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Processors & Fabrication** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1252182** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal-Aluminum — 0.6%** |  |
| 1478241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, 7.106% (Term SOFR + 275 bps), 8/18/30 | $1482553 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal-Aluminum** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1482553** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining Services — 0.1%** |  |
| 262932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flame NewCo LLC, First Lien New Money Exit Term Loan, 12.50% (Term SOFR + 700 bps), 6/30/28 | $262603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **262603** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-line Insurance — 0.3%** |  |
| 861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC, First Lien 2025 Term B Loan, 7.606% (Term SOFR + 325 bps), 6/20/32 | $861538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-line Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **861538** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-hazardous Waste Disposal — 0.4%** |  |
| 910718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidal Waste & Recycling Holdings LLC, Initial Term Loan, 7.296% (Term SOFR + 300 bps), 10/24/31 | $917928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-hazardous Waste Disposal** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **917928** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment — 0.4%** |  |
| 1141140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Tranche B Term Loan, 8.106% (Term SOFR + 375 bps), 3/19/32 | $1142566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Automation & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1142566** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Drilling — 0.5%** |  |
| 1290250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Midstream Operating LLC, Term Loan B, 9.314% (Term SOFR + 475 bps), 6/27/29 | $1294081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Drilling** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1294081** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil Companies-Exploration & Production — 0.1%** |  |
| 289275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP, Initial Loan, 6.343% (Term SOFR + 200 bps), 2/11/30 | $290270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil Companies-Exploration & Production** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **290270** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Related Products — 0.3%** |  |
| 637,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahlstrom-Munksjo Holding 3 Oy, Term Loan B, 5/23/30 | $641778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Paper & Related Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **641778** |

---

Victory Pioneer Floating Rate Fund \| 7/31/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmacy Services — 0.2%** |  |
| 619578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc., First Lien 2021 Refinancing Term Loan, 6.606% (Term SOFR + 225 bps), 10/27/28 | $623321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmacy Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **623321** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Practice Management — 0.6%** |  |
| 1270098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc., Tranche B Term Loan, 8.057% (Term SOFR + 350 bps), 6/28/28 | $1187541 |
| 283731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc., Tranche C Term Loan, 11.307% (Term SOFR + 675 bps), 6/28/29 | &nbsp;&nbsp; 235497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Practice Management** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1423038** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Therapy & Rehabilitation Centers — 1.1%** |  |
| 1282201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Behavioral Healthcare LLC, First Lien Tranche B-1 Term Loan, 8.546% (Term SOFR + 425 bps), 11/24/28 | $969665 |
| 2382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 8.82% (Term SOFR + 425 bps), 11/20/26 | &nbsp;&nbsp; 1875825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Therapy & Rehabilitation Centers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2845490** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 2.6%** |  |
| 1902692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Delaware II LLC, 2025 Refinancing Term Loan, 7.336% (Term SOFR + 300 bps), 2/11/30 | $1908638 |
| 603180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epic Crude Services LP, 2025 Refinancing Term Loan, 6.828% (Term SOFR + 250 bps), 10/15/31 | &nbsp;&nbsp; 607201 |
| 724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M6 ETX Holdings II Midco LLC, Initial Term Loan, 7.356% (Term SOFR + 300 bps), 4/1/32 | &nbsp;&nbsp; 728865 |
| 1921358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC, 2025 Refinancing Term Loan, 6.603% (Term SOFR + 225 bps), 10/5/28 | &nbsp;&nbsp; 1927163 |
| 1574713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traverse Midstream Partners LLC, Advance, 7.308% (Term SOFR + 300 bps), 2/16/28 | &nbsp;&nbsp; 1582586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6754453** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Printing-Commercial — 0.6%** |  |
| 587585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress Plc, 2024-2 Refinancing Tranche B-1 Term Loan, 6.856% (Term SOFR + 250 bps), 5/17/28 | $586850 |
| 902726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser LLC, Initial Term Loan, 8.296% (Term SOFR + 400 bps), 11/30/30 | &nbsp;&nbsp; 907240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Printing-Commercial** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1494090** |

---

13Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Sports — 0.5%** |  |
| 815902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formula One Management Ltd., Facility B, 6.296% (Term SOFR + 200 bps), 9/30/31 | $818069 |
| 407951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formula One Management Ltd., Incremental Term Facility, 6.291% (Term SOFR + 200 bps), 9/30/31 | &nbsp;&nbsp; 409035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Sports** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1227104** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 2.4%** |  |
| 784962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-11 Term Loan, 8.706% (Term SOFR + 425 bps), 8/19/28 | $779402 |
| 610502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-12 Term Loan, 8.606% (Term SOFR + 425 bps), 9/19/30 | &nbsp;&nbsp; 601497 |
| 936948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-9 Term Loan, 7.721% (Term SOFR + 325 bps), 7/31/27 | &nbsp;&nbsp; 937924 |
| 1406916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, New B-10 Term Loan, 8.456% (Term SOFR + 400 bps), 8/19/28 | &nbsp;&nbsp; 1397947 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, Second Lien New B-4 Term Loan, 9.721% (Term SOFR + 525 bps), 1/20/29 | &nbsp;&nbsp; 707031 |
| 1660858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 6.841% (Term SOFR + 250 bps), 7/31/31 | &nbsp;&nbsp; 1665010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Property & Casualty Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6088811** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection-Safety — 0.4%** |  |
| 965280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.129% (Term SOFR + 200 bps), 10/13/30 | $966660 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Protection-Safety** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **966660** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — 1.7%** |  |
| 1633541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., 2024 Refinancing Term Loan, 7.83% (Term SOFR + 350 bps), 3/24/31 | $1634675 |
| 1451345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.706% (Term SOFR + 525 bps), 4/9/29 | &nbsp;&nbsp; 1378325 |
| 1329198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 2025 Term Loan, 7.606% (Term SOFR + 325 bps), 8/6/31 | &nbsp;&nbsp; 1333491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4346491** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing-Periodicals — 0.3%** |  |
| 846759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MJH Healthcare Holdings LLC, 2024 Refinancing Term B Loan, 7.091% (Term SOFR + 275 bps), 1/29/29 | $849581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing-Periodicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **849581** |

---

Victory Pioneer Floating Rate Fund \| 7/31/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Radio — 0.4%** |  |
| 1008656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media LLC, Initial Term Loan, 9.324% (Term SOFR + 500 bps), 2/19/30 | $912834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Radio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **912834** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 1.4%** |  |
| 1381359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulldog Purchaser, Inc., First Lien 2024 New Term Loan, 8.036% (Term SOFR + 375 bps), 6/27/31 | $1389562 |
| 1964051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 8.856% (Term SOFR + 450 bps), 2/12/29 | &nbsp;&nbsp; 1978372 |
| 323375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time, Inc., 2024 New Term Loan, 6.577% (Term SOFR + 225 bps), 11/5/31 | &nbsp;&nbsp; 324345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3692279** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS-Storage — 0.1%** |  |
| 349061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 6.356% (Term SOFR + 200 bps), 1/31/31 | $349498 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS-Storage** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **349498** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental Auto & Equipment — 0.6%** |  |
| 1635050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 3 S.a r.l. (Albion Financing LLC), 2025-A Refinancing U.S. Dollar Term Loan, 7.316% (Term SOFR + 300 bps), 5/21/31 | $1644247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental Auto & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1644247** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 3.1%** |  |
| 1239299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term B-3 Loan, 7.606% (Term SOFR + 325 bps), 1/23/32 | $1241933 |
| 1509234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harbor Freight Tools USA, Inc., Replacement Term Loan, 6.606% (Term SOFR + 225 bps), 6/11/31 | &nbsp;&nbsp; 1479049 |
| 412119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC, Initial Term Loan, 8.041% (Term SOFR + 375 bps), 12/4/31 | &nbsp;&nbsp; 397780 |
| 2079140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.807% (Term SOFR + 325 bps), 3/3/28 | &nbsp;&nbsp; 1953092 |
| 1636250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC, Initial Term Loan, 8.206% (Term SOFR + 375 bps), 2/11/28 | &nbsp;&nbsp; 1637613 |
| 1,420,477(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 8.206% (Term SOFR + 375 bps), 2/8/28 | &nbsp;&nbsp; 1331697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **8041164** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail-Catalog Shopping — 0.2%** |  |
| 968367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Solutions Holdings, Inc., First Lien Initial Term Loan, 7.908% (Term SOFR + 350 bps), 11/1/28 | $535628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail-Catalog Shopping** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **535628** |

---

15Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Security Services — 2.2%** |  |
| 2594666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial U.S. Dollar Term Loan, 8.206% (Term SOFR + 375 bps), 5/12/28 | $2603667 |
| 3098526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 7.343% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp; 3102399 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Security Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5706066** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor Equipment — 0.4%** |  |
| 909054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc., 2025-1 Dollar Term B Loan, 6.353% (Term SOFR + 200 bps), 8/17/29 | $910570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductor Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **910570** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom Services — 0.6%** |  |
| 1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC, 2024 Term Loan, 9.206% (Term SOFR + 475 bps), 10/1/31 | $1615031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecom Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1615031** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunication Equipment — 0.8%** |  |
| 2,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope LLC, Initial Term Loan, 12/17/29 | $2034376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunication Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2034376** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.3%** |  |
| 779943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-3 Refinancing Loan, 8.606% (Term SOFR + 425 bps), 3/29/32 | $785208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **785208** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Television — 0.0%†** |  |
| 9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc., Term F Loan, 9.579% (Term SOFR + 525 bps), 6/4/29 | $9220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Television** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9220** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Theaters — 0.9%** |  |
| 1069148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirque du Soleil Canada, Inc., Refinancing Term Loan, 8.046% (Term SOFR + 375 bps), 3/8/30 | $1056675 |
| 1243882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Amendment Term Loan, 8.829% (Term SOFR + 450 bps), 12/2/31 | &nbsp;&nbsp; 1241705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Theaters** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2298380** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — 1.5%** |  |
| 1629226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., Term B Loan, 7.841% (Term SOFR + 350 bps), 10/2/28 | $1638391 |

---

Victory Pioneer Floating Rate Fund \| 7/31/2516

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — (continued)** |  |
| 1592331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco, Inc., Initial Term B Loan, 6.796% (Term SOFR + 250 bps), 7/21/28 | $1596146 |
| 488174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco, Inc., Initial Term C Loan, 6.796% (Term SOFR + 250 bps), 7/21/28 | &nbsp;&nbsp; 489343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3723880** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transport-Rail — 0.4%** |  |
| 1077479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming, Inc., Initial Term Loan, 6.046% (Term SOFR + 175 bps), 4/10/31 | $1076656 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transport-Rail** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1076656** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Veterinary Diagnostics — 0.2%** |  |
| 624443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners LLC, First Lien 2025 New Term Loan, 6.819% (Term SOFR + 250 bps), 12/4/31 | $625484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Veterinary Diagnostics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **625484** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $218,944,173)** | **$213380414** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 0.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.1%** |  |
| 26,228(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LB New Holdco | $137697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Engineering** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **137697** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.0%** |  |
| 396,983(d)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians Holdings | $— |
| 17,772(d)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc. | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.0%†** |  |
| 3,810(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flame Co. | $15240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **15240** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |
| 33,954(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV | $577449 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Passenger Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **577449** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $337,239)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **730386** |

---

17Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 3.8% of Net<br> Assets** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 Funding CLO, Ltd., Series 2019-5A, Class ER, 11.078% (3 Month Term SOFR + 676 bps), 4/15/35 (144A) | $972776 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB BSL CLO 1, Ltd., Series 2020-1A, Class ER, 11.178% (3 Month Term SOFR + 686 bps), 1/15/35 (144A) | &nbsp;&nbsp; 998940 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding, Ltd., Series 2025-2A, Class D2, 7.831% (3 Month Term SOFR + 355 bps), 4/15/38 (144A) | &nbsp;&nbsp; 1001028 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding, Ltd., Series 2025-2A, Class E, 8.681% (3 Month Term SOFR + 440 bps), 4/15/38 (144A) | &nbsp;&nbsp; 982655 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Point CLO 11, Ltd., Series 2021-11A, Class ER, 10.472% (3 Month Term SOFR + 615 bps), 2/28/38 (144A) | &nbsp;&nbsp; 1011799 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 41 Senior Loan Fund, Series 2015-41A, Class DR, 7.179% (3 Month Term SOFR + 286 bps), 4/15/31 (144A) | &nbsp;&nbsp; 998538 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXX, Ltd., Series 2021-30A, Class D2R, 8.318% (3 Month Term SOFR + 400 bps), 10/25/37 (144A) | &nbsp;&nbsp; 1003911 |
| 836,832(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class D, 7.05% (SOFR30A + 270 bps), 2/25/32 (144A) | &nbsp;&nbsp; 834024 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2025-1A, Class D2, 8.044% (3 Month Term SOFR + 375 bps), 4/20/38 (144A) | &nbsp;&nbsp; 1000361 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2025-1A, Class E, 8.894% (3 Month Term SOFR + 460 bps), 4/20/38 (144A) | &nbsp;&nbsp; 987530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $9,848,687)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9791562** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—0.1% of Net Assets** |  |
| 74,237(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2020-KF74, Class C, 10.684% (SOFR30A + 636 bps), 1/25/27 (144A) | $69596 |
| 93,138(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2020-KF83, Class C, 13.434% (SOFR30A + 911 bps), 7/25/30 (144A) | &nbsp;&nbsp; 88290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $172,046)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **157886** |

---

Victory Pioneer Floating Rate Fund \| 7/31/2518

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds — 0.0%† of<br> Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.0%†** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., 2.875%, 1/15/30 (144A) | $42920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **42920** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $40,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **42920** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 6.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 0.6%** |  |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $241421 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30 (144A) | &nbsp;&nbsp; 514903 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/29 (144A) | &nbsp;&nbsp; 721888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1478212** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, 6.75%, 2/1/32 (144A) | $1008067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1008067** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.4%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/29 (144A) | $1053547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1053547** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.2%** |  |
| 500,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc., 6.645% (SOFR + 233 bps), 4/25/35 | $541111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **541111** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.6%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex US Operations, Inc., 6.25%, 3/15/32 (144A) | $991245 |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 3/15/29 (144A) | &nbsp;&nbsp; 474586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1465831** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 1.0%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc., 8.00%, 3/15/33 (144A) | $1044010 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32 (144A) | &nbsp;&nbsp; 1549492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2593502** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 0.4%** |  |
| 1,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | $1023296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1023296** |

---

19Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 0.2%** |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | $484503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **484503** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.4%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $1017398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1017398** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 0.1%** |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS International Corp., 6.25%, 4/15/29 (144A) | $247536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **247536** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.1%** |  |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp., Ltd., 8.125%, 1/15/29 (144A) | $252130 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **252130** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.3%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 3.875%, 8/15/31 (144A) | $896979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **896979** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.7%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.875%, 5/15/34 (144A) | $962891 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | &nbsp;&nbsp; 995041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1957932** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.4%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $940001 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **940001** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.3%** |  |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33 (144A) | $351438 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29 (144A) | &nbsp;&nbsp; 471964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **823402** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 0.3%** |  |
| 750000 | &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) | $760706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **760706** |

---

Victory Pioneer Floating Rate Fund \| 7/31/2520

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.4%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.50%, 3/31/29 (144A) | $1009885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1009885** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $17,352,524)** | &nbsp;&nbsp; **$** **17554038** |

---

---

| | | |
|:---|:---|:---|
| &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;GBP17,500(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Plc, 1/1/59 | $9245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9245** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Right/Warrant<br> (Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9245** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 1.2% of Net<br> Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 1.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Flood – U.S. — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 21.48%, (1 Month U.S. Treasury Bill + 1,715 bps), 3/11/26 (144A) | $259250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health – U.S. — 0.2%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIII, 6.33%, (3 Month U.S. Treasury Bill + 200 bps), 1/6/26 (144A) | $250325 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIV, 7.83%, (3 Month U.S. Treasury Bill + 350 bps), 1/5/27 (144A) | &nbsp;&nbsp; 255600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $505925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.5%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 7.88%, (3 Month U.S. Treasury Bill + 375 bps), 12/19/27 (144A) | $245450 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.11%, (3 Month U.S. Treasury Bill + 578 bps), 12/6/25 (144A) | &nbsp;&nbsp; 242850 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.16%, (3 Month U.S. Treasury Bill + 400 bps), 4/7/29 (144A) | &nbsp;&nbsp; 247225 |

---

21Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.41%, (3 Month U.S. Treasury Bill + 525 bps), 4/7/29 (144A) | $251150 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.747%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | &nbsp;&nbsp; 246050 |
|  |  | &nbsp;&nbsp;&nbsp; $1232725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.2%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.587%, (3 Month U.S. Treasury Bill + 625 bps), 6/30/28 (144A) | $260625 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 11.58%, (3 Month U.S. Treasury Bill + 725 bps), 6/30/28 (144A) | &nbsp;&nbsp; 263675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $524300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 8.58%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | $252375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.0%†** |  |
| 206,031(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 4.83%, (3 Month U.S. Treasury Bill + 50 bps), 6/6/30 (144A) | $24724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Northeast — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/27 (144A) | $263175 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp;&nbsp; **$3062474** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 400,000(d)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2018, 12/31/25 | $400 |
| 400,000(d)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 19,715(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | $962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1362** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $3,211,111)** | &nbsp;&nbsp;&nbsp; **$** **3063836** |

---

Victory Pioneer Floating Rate Fund \| 7/31/2522

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Companies — 2.8% of Net Assets** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | $4186000 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp; 3123750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies<br> (Cost $7,296,250)** | &nbsp;&nbsp;&nbsp;&nbsp; **$7309750** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 4.9% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 4.9%** |  |
| 12,508,122(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.20% | $12508122 |
|  |  | &nbsp;&nbsp; $12508122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $12,508,122)** | &nbsp;&nbsp; **$** **12508122** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 103.2%<br> (Cost $269,710,152)** | **$264548159** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (3.2)%** | &nbsp;&nbsp; $(8318704) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$256229455** |

---

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| ETF | &nbsp;&nbsp;Exchange-traded Fund |
| FREMF | &nbsp;&nbsp;Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| 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 July 31, 2025, the value of these securities amounted to $29,044,473, or 11.3% of net assets. |

---

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

(b) Security is in default.

(c) All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.

(d) Non-income producing security.

(e) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2025.

(f) Issued as preference shares.

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

23Victory Pioneer Floating Rate Fund \| 7/31/25

------

---

| | |
|:---|:---|
| \* | &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 LIBOR or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at July 31, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;3264 Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;$263175 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 4/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245450 |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259250 |
| &nbsp;&nbsp;Harambee Re 2018 | 12/19/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| &nbsp;&nbsp;Harambee Re 2019 | 12/20/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Integrity Re | 5/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24724 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260625 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263675 |
| &nbsp;&nbsp;Long Point Re IV | 5/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252375 |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242850 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247225 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251150 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246050 |
| &nbsp;&nbsp;Vitality Re XIII | 3/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250325 |
| &nbsp;&nbsp;Vitality Re XIV | 1/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255600 |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3063836 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **In<br> Exchange for** | **Currency<br> Sold** | **Deliver** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> (Depreciation)** |
| USD | 794238 | MXN | 15183481 | State Street Bank & Trust Co. | 9/25/25 | $(5654) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **$(5654)** |

---

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

GBP — Great British Pound <br> MXN — Mexican Peso <br> USD — United States Dollar

Victory Pioneer Floating Rate Fund \| 7/31/2524

------

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

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$213380414 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$213380414 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| &nbsp;&nbsp;&nbsp;All Other Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730386 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791562 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157886 |
| Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42920 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17554038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17554038 |
| Right/Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| &nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062474 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;7309750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309750 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;12508122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12508122 |
| **Total Investments in Securities** | **$19827117** | &nbsp;&nbsp;**$244719680** | &nbsp;&nbsp;**$1362** | &nbsp;&nbsp;**$264548159** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5654) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5654) |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(5654)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(5654)** |

---

\* Securities valued at $0.

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

25Victory Pioneer Floating Rate Fund \| 7/31/25

## 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 Floating Rate Fund

- **b. EDGAR series identifier (if any):** S000089773

- **c. LEI of Series:** XX4B5VGHKUF43D6FB545

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $268927069.36

**Total Liabilities:** $13176995.54

**Net Assets:** $255750073.82

**Cash Not Reported:** $1653596.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -1705.00000000 | **10-Year:** -3087.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -17.00000000 | **1-Year:** -273.00000000 | **5-Year:** -81879.00000000 | **10-Year:** -2505.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256548 | 1.58%                | 0.74%                | 0.75%                |
| Class ID C000256550 | 1.32%                | 0.65%                | 0.67%                |
| Class ID C000256549 | 1.56%                | 0.71%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-489368.28              | $2893470.82                                |
| Month 2  | $-280771.62              | $756309.50                                 |
| Month 3  | $-294151.43              | $584628.38                                 |

**Designated Index Information**

- **Index Name:** LSTA Leveraged Loan Index

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Invesco Senior Loan ETF             | Invesco Senior Loan ETF                                         | CUSIP: 46138G508<br>LEI: 549300SIHU6DQELRNG59 | Long             | EC               | RF                | US        |    200000 | NS      | $4186000.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO                 | TRAVEL + LEISURE CO                                             | CUSIP: 98309GAF3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | LON              | CORP              | US        |    987538 | PA      | $991446.17    | 0.39%             | 2029-12-14      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| TRAVERSE MIDSTREAM PARTN            | TRAVERSE MIDSTREAM PARTN                                        | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |   1574712 | PA      | $1582585.96   | 0.62%             | 2028-02-16      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC              | EquipmentShare.com Inc                                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1044010.00   | 0.41%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CMS INC                    | SEDGWICK CMS INC                                                | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |   1660858 | PA      | $1664665.07   | 0.65%             | 2031-07-31      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                 | LIGHTNING POWER LLC                                             | CUSIP: 53229LAB3<br>LEI: 254900BWCHJ03XRL8K59 | Long             | LON              | CORP              | US        |   1174128 | PA      | $1176512.15   | 0.46%             | 2031-08-18      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                    | GLOVES BUYER INC                                                | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    883000 | PA      | $866443.75    | 0.34%             | 2032-05-24      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L            | AMNEAL PHARMACEUTICALS LLC                                      | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |   1311000 | PA      | $1311819.38   | 0.51%             | 2032-07-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                       | COHERENT CORP                                                   | CUSIP: 45173JAS3<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |   1080976 | PA      | $1085536.24   | 0.42%             | 2029-07-02      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV                  | NOURYON FINANCE BV                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    240140 | PA      | $240514.97    | 0.09%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| US RADIOLOGY SPECIALISTS            | US RADIOLOGY SPECIALISTS INC                                    | CUSIP: 90372AAM0<br>LEI: 254900QCDFUYXJEFMY06 | Long             | LON              | CORP              | US        |   1686195 | PA      | $1693309.53   | 0.66%             | 2027-12-15      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP              | TMS International Corp/DE                                       | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    260000 | PA      | $247536.02    | 0.10%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOUGHTON MIFFLIN HARCOUR            | Houghton Mifflin Harcourt Co                                    | CUSIP: 44157YAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1451345 | PA      | $1378325.10   | 0.54%             | 2029-04-09      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| RED VENTURES LLC                    | RED VENTURES LLC                                                | CUSIP: 75703UAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1013237 | PA      | $885316.03    | 0.35%             | 2030-03-04      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION              | CLYDESDALE ACQUISITION HOLDINGS INC                             | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    857017 | PA      | $857374.38    | 0.34%             | 2032-03-29      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| IDERA INC                           | IDERA INC                                                       | CUSIP: 45168RAT0<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |    875798 | PA      | $824481.24    | 0.32%             | 2028-03-02      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| SOLENIS HOLDINGS LTD                | SOLENIS HOLDINGS LTD                                            | CUSIP: 68163YAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    976909 | PA      | $975164.65    | 0.38%             | 2031-06-23      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| GROUPE SOLMAX INC                   | Groupe Solmax Inc                                               | CUSIP: 000000000<br>LEI: 549300UUEKZ3HF9FNI46 | Long             | LON              | CORP              | CA        |   2723748 | PA      | $2266953.61   | 0.89%             | 2028-07-24      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC              | Cloud Software Group Inc                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009885.00   | 0.39%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO 1 Ltd                    | AB BSL CLO 1 Ltd                                                | CUSIP: 00038JAE4<br>LEI: 549300UT754V8VGM9T25 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998940.00    | 0.39%             | 2035-01-15      | Floating      | 11.18%                | No            |                  2 | On Loan: No      |
| ASURION LLC                         | ASURION LLC                                                     | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    610502 | PA      | $601496.74    | 0.24%             | 2030-09-19      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                    | CIFC Funding 2025-II Ltd                                        | CUSIP: 17182BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $982655.00    | 0.38%             | 2038-04-15      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC              | OPTION CARE HEALTH INC                                          | CUSIP: 68404YAB0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | LON              | CORP              | US        |    619578 | PA      | $623321.06    | 0.24%             | 2028-10-27      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| FLUTTER FINANCING BV                | FLUTTER FINANCING BV                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    319010 | PA      | $319807.53    | 0.13%             | 2032-06-04      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                  | Mativ Holdings Inc                                              | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |    870458 | PA      | $867194.00    | 0.34%             | 2028-04-20      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| ACURIS FINANCE US INC               | ACURIS FINANCE US INC                                           | CUSIP: 00510DAF1<br>LEI: 213800PHEXJH1L7ZN896 | Long             | LON              | CORP              | US        |    743382 | PA      | $744776.34    | 0.29%             | 2028-02-16      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| VOYAGERPARENTLLC                    | VOYAGERPARENTLLC                                                | CUSIP: 000000000<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |    750000 | PA      | $751464.75    | 0.29%             | 2032-07-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                              | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514903.50    | 0.20%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CREATIVE PLANNING INC               | CREATIVE PLANNING LLC                                           | CUSIP: 1261MAAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    586000 | PA      | $585878.11    | 0.23%             | 2031-05-19      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| HANGER INC                          | HANGER INC                                                      | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |    216196 | PA      | $217033.95    | 0.08%             | 2031-10-23      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                        | MH SUB I LLC                                                    | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    935387 | PA      | $836820.74    | 0.33%             | 2031-12-31      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                        | Voya CLO 2025-1 Ltd                                             | CUSIP: 92945JAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000361.00   | 0.39%             | 2038-04-20      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC                   | Owens & Minor Inc                                               | CUSIP: 69073LAD2<br>LEI: 549300LMT5KQQXCEZ733 | Long             | LON              | CORP              | US        |   1275360 | PA      | $1277486.16   | 0.50%             | 2029-03-29      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| SOUND INPATIENT PHYSICIA            | SOUND INPATIENT PHYSICIA                                        | CUSIP: 83607JAF8<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |    283731 | PA      | $235496.77    | 0.09%             | 2029-06-28      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| SANDERS RE II LTD                   | Sanders RE II Ltd                                               | CUSIP: 80001RAB7<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $251150.00    | 0.10%             | 2029-04-07      | Floating      | 9.40%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                 | NCL Corp Ltd                                                    | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    240000 | PA      | $252129.60    | 0.10%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD               | Kilimanjaro II Re Ltd                                           | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $263675.00    | 0.10%             | 2028-06-30      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS               | ENDO FINANCE HOLDINGS                                           | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    967688 | PA      | $971618.25    | 0.38%             | 2031-04-23      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                    | CIFC Funding 2025-II Ltd                                        | CUSIP: 17181DAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001028.00   | 0.39%             | 2038-04-15      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| HUDSON RIVER TRADING LLC            | HUDSON RIVER TRADING LLC                                        | CUSIP: 44413EAJ7<br>LEI: 549300SMOBUC8O5UOE10 | Long             | LON              | CORP              | US        |    896799 | PA      | $900162.30    | 0.35%             | 2030-03-18      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC               | GENESEE & WYOMING INC                                           | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |   1077479 | PA      | $1076655.63   | 0.42%             | 2031-04-10      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CHARIOT BUYER LLC                   | CHARIOT BUYER LLC                                               | CUSIP: 000000000<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    250000 | PA      | $250338.50    | 0.10%             | 2032-07-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN             | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1549492.50   | 0.61%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INTEGRITY RE LTD                    | Integrity Re Ltd                                                | CUSIP: 45833UAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    206031 | PA      | $24723.71     | 0.01%             | 2026-06-06      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| SOUND INPATIENT PHYSICIA            | SOUND INPATIENT PHYSICIANS INC                                  | CUSIP: 83607JAE1<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |   1270098 | PA      | $1187541.68   | 0.46%             | 2028-06-28      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LIFEPOINT HEALTH INC                                            | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |   1592983 | PA      | $1587577.57   | 0.62%             | 2031-05-19      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC              | CLOUD SOFTWARE GROUP INC                                        | CUSIP: 88632NBE9<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |   2018436 | PA      | $2027739.07   | 0.79%             | 2031-03-24      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC              | AI AQUA MERGER SUB INC                                          | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   2228636 | PA      | $2229630.09   | 0.87%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management  | Dreyfus Government Cash Management                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  11961027 | NS      | $11961027.25  | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AEA INTERNATIONAL HOLDIN            | AEA INTERNATIONAL HOLDINGS LUXEMBOURG SARL                      | CUSIP: 46033XAE1<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    965349 | PA      | $966555.69    | 0.38%             | 2028-09-07      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| EPIC CRUDE SERVICES LP              | EPIC CRUDE SERVICES LP                                          | CUSIP: 29428XAJ9<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    603180 | PA      | $607201.40    | 0.24%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS              | Methanex US Operations Inc                                      | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991244.58    | 0.39%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EFS COGEN HOLDINGS I LLC            | EFS COGEN HOLDINGS I LLC                                        | CUSIP: 26844HAJ6<br>LEI: 549300KDKPYR8NXXKI52 | Long             | LON              | CORP              | US        |    671081 | PA      | $674604.11    | 0.26%             | 2031-10-03      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| DELTA 2 LUX SARL                    | DELTA 2 LUX SARL                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    407951 | PA      | $409034.52    | 0.16%             | 2031-09-19      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| ARCHKEY HOLDINGS INC                | ARCHKEY HOLDINGS INC                                            | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |   1181383 | PA      | $1190489.24   | 0.47%             | 2031-11-03      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| TOPGOLF CALLAWAY BRANDS             | TOPGOLF CALLAWAY BRANDS CORP                                    | CUSIP: 89071LAB6<br>LEI: 5493005UB0KFRKBPCU72 | Long             | LON              | CORP              | US        |    656250 | PA      | $649619.25    | 0.25%             | 2030-03-18      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS US H         | AXALTA COATING SYSTEMS US H                                     | CUSIP: 90347BAP3<br>LEI: 549300NZ43V4QV4UGN28 | Long             | LON              | CORP              | US        |   1252289 | PA      | $1257083.14   | 0.49%             | 2029-12-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| AHLSTROM HLDG 3 OY                  | SPA HOLDINGS 3                                                  | CUSIP: 78475BAB3<br>LEI: 743700UEY0YM039XN974 | Long             | LON              | CORP              | FI        |    637000 | PA      | $641777.50    | 0.25%             | 2030-05-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC                | TOWNSQUARE MEDIA INC                                            | CUSIP: 89223EAG8<br>LEI: 549300XBA8C68H0DR538 | Long             | LON              | CORP              | US        |   1008656 | PA      | $912833.91    | 0.36%             | 2030-02-19      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc                    | PITNEY BOWE 01/31/32                                            | CUSIP: 72448FAW5<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |   1141140 | PA      | $1142566.43   | 0.45%             | 2032-03-19      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| PRIME SECURITY SERVICES BOR         | PRIME SECURITY SERVICES BOR                                     | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |    965280 | PA      | $966659.82    | 0.38%             | 2030-10-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| LACKAWANNA ENERGY CENTER            | LACKAWANNA ENERGY CENTER                                        | CUSIP: 000000000<br>LEI: 549300IW2LJBNY42EC59 | Long             | LON              | CORP              | US        |    430626 | PA      | $432779.13    | 0.17%             | 2032-07-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| IXS HOLDINGS INC                    | IXS Holdings Inc                                                | CUSIP: 45074HAB4<br>LEI: 254900I3GPHU9VH9Z454 | Long             | LON              | CORP              | US        |   3038232 | PA      | $2977466.91   | 1.16%             | 2027-03-05      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                         | Asurion LLC                                                     | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    784962 | PA      | $779402.23    | 0.30%             | 2028-08-21      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                   | OneSky Flight LLC                                               | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1053547.00   | 0.41%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc               | QUIKRETE HOLDING 01/30/32                                       | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1012462 | PA      | $1013165.15   | 0.40%             | 2032-02-10      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| SANDERS RE II LTD                   | Sanders RE II Ltd                                               | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $247225.00    | 0.10%             | 2029-04-07      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| LB NEW HOLDCO                       | LB NEW HOLDCO                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26228 | NS      | $137697.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GENESYS CLOUD SERVICES              | GENESYS CLOUD SERVICES                                          | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |   1009925 | PA      | $1010177.48   | 0.39%             | 2032-01-30      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                              | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023295.69   | 0.40%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC  | CLEAR CHANNEL OUTDOOR HO                                        | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    801452 | PA      | $801352.04    | 0.31%             | 2028-08-23      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | GARDA WORLD SECURITY                                            | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |   3106311 | PA      | $3110193.85   | 1.22%             | 2029-02-01      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO                        | ORGANON & CO                                                    | CUSIP: 68621XAG8<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |   2114718 | PA      | $2051276.21   | 0.80%             | 2031-05-19      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| SGH2 LLC                            | SGH2 LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    915000 | PA      | $917287.50    | 0.36%             | 2032-07-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE               | FORTRESS INTERMEDIATE                                           | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |   1376597 | PA      | $1383479.99   | 0.54%             | 2031-06-27      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| FLUTTER ENTERTAINMENT PL            | FLUTTER ENTERTAINMENT PLC                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    502350 | PA      | $500361.70    | 0.20%             | 2030-11-29      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| LHS BORROWER LLC                    | LHS Borrower LLC                                                | CUSIP: 50204EAB4<br>LEI: 2549000R2CJY3YBDDU14 | Long             | LON              | CORP              | US        |    741130 | PA      | $704073.20    | 0.28%             | 2029-02-20      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                        | Voya CLO 2025-1 Ltd                                             | CUSIP: 92945LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $987530.00    | 0.39%             | 2038-04-20      | Floating      | 8.89%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC               | JEFFERIES FINANCE LLC                                           | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |    658690 | PA      | $660748.41    | 0.26%             | 2031-10-21      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| HAMILTON PROJECTS ACQUIR            | HAMILTON PROJECTS ACQUIROR LLC                                  | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |    551225 | PA      | $553809.14    | 0.22%             | 2031-05-30      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                     | LUCKY BUCKS LLC                                                 | CUSIP: 54951EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    185113 | PA      | $158271.68    | 0.06%             | 2029-10-02      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| GAINWELL ACQUISITION COR            | Gainwell Acquisition Corp                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1964544 | PA      | $1937940.44   | 0.76%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| COVETRUS INC                        | Covetrus Inc                                                    | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |    879836 | PA      | $805270.12    | 0.31%             | 2029-10-15      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP               | AADVANTAGE LOYALTY IP LTD                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   1006782 | PA      | $1005793.63   | 0.39%             | 2028-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| KARMAN HOLDINGS INC                 | KARMAN HOLDINGS INC                                             | CUSIP: 48571CAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    550000 | PA      | $550687.50    | 0.22%             | 2032-04-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| WATERBRIDGE MIDSTREAM OP            | WATERBRIDGE MIDSTREAM OPERATING LLC                             | CUSIP: 94120XAF2<br>LEI: 549300DVU86VSP486341 | Long             | LON              | CORP              | US        |   1290250 | PA      | $1294080.75   | 0.51%             | 2029-06-27      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| POTTERS BORROWER LP                 | POTTERS BORROWER LP                                             | CUSIP: 73813HAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1061525 | PA      | $1067828.37   | 0.42%             | 2027-12-14      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| ADIENT US LLC                       | ADIENT US LLC                                                   | CUSIP: 00687MAH4<br>LEI: 213800SOTRCDGZUHL712 | Long             | LON              | CORP              | US        |    438944 | PA      | $441059.90    | 0.17%             | 2031-01-29      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO LLC                  | RADIATE HOLDCO LLC                                              | CUSIP: 75025KAK4<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |    759839 | PA      | $659793.49    | 0.26%             | 2029-09-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC               | DIRECTV FINANCING LLC                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    651090 | PA      | $647173.14    | 0.25%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| FLOODSMART RE LTD                   | FloodSmart Re Ltd                                               | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259250.00    | 0.10%             | 2026-03-11      | Floating      | 21.48%                | Yes           |                  2 | On Loan: No      |
| MH SUB I LLC                        | MH SUB I LLC                                                    | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1382039 | PA      | $1319674.50   | 0.52%             | 2028-05-03      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                      | PROOFPOINT INC                                                  | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    250000 | PA      | $250759.00    | 0.10%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AGGREKO HOLDINGS INC                | AGGREKO HOLDINGS INC                                            | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |   1635050 | PA      | $1644247.16   | 0.64%             | 2031-05-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| KODIAK BP LLC                       | KODIAK BP LLC                                                   | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |    412118 | PA      | $397779.97    | 0.16%             | 2031-12-04      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                          | USI INC/NY                                                      | CUSIP: 90351NAQ8<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |    609212 | PA      | $609320.93    | 0.24%             | 2030-09-27      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC               | CAESARS ENTERTAIN INC                                           | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    387100 | PA      | $387583.88    | 0.15%             | 2031-02-06      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| ANKURA CONSULTING GROUP             | ANKURA CONSULTING GROUP LLC                                     | CUSIP: 03539PAJ7<br>LEI: 549300VJ5EU1KWD54I45 | Long             | LON              | CORP              | US        |    878445 | PA      | $882727.70    | 0.35%             | 2031-12-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                          | Tronox Inc                                                      | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    610000 | PA      | $474586.05    | 0.19%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                | INEOS US FINANCE LLC                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   1826217 | PA      | $1698381.69   | 0.66%             | 2030-02-19      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| First Student Bidco Inc             | FIRST STUDENT BI 07/21/28                                       | CUSIP: 33718FAK6<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |   1592331 | PA      | $1596145.84   | 0.62%             | 2028-07-21      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| INEOS US PETROCHEM LLC              | INEOS US PETROCHEM LLC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1125750 | PA      | $1041318.29   | 0.41%             | 2029-03-29      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO             | Allied Universal Holdco LLC                                     | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   2594667 | PA      | $2603667.59   | 1.02%             | 2028-05-15      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                       | B&G FOODS INC                                                   | CUSIP: 05508TAV4<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | LON              | CORP              | US        |   1290250 | PA      | $1198857.72   | 0.47%             | 2029-10-10      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund             | Dryden 41 Senior Loan Fund                                      | CUSIP: 26244KAU0<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998538.00    | 0.39%             | 2031-04-15      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN            | CQP Holdco LP / BIP-V Chinook Holdco LLC                        | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $351438.12    | 0.14%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CENTURY CASINOS INC                 | Century Casinos Inc                                             | CUSIP: 15649EAF1<br>LEI: 549300H2L4Y24HXY7M50 | Long             | LON              | CORP              | US        |   2176529 | PA      | $1937110.67   | 0.76%             | 2029-04-02      | Floating      | 10.44%                | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                   | Magnetite Xxx Ltd                                               | CUSIP: 55953UAW4<br>LEI: 549300RI4HRUG7CFWM27 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003911.00   | 0.39%             | 2037-10-25      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU            | Venture Global Calcasieu Pass LLC                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $471964.10    | 0.18%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                      | PROOFPOINT INC                                                  | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    635781 | PA      | $637711.09    | 0.25%             | 2028-08-31      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC              | First Brands Group LLC                                          | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2814753 | PA      | $2759631.69   | 1.08%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC              | ARSENAL AIC PARENT LLC                                          | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1478241 | PA      | $1482552.92   | 0.58%             | 2030-08-19      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                       | COMMSCOPE LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2034376.00   | 0.80%             | 2029-12-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HANGER INC                          | HANGER INC                                                      | CUSIP: 41043BAH1<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |   1675555 | PA      | $1682047.39   | 0.66%             | 2031-10-23      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| CIRQUE DU SOLEIL HOLDING            | CIRQUE DU SOLEIL HOLDING                                        | CUSIP: 17276YAJ5<br>LEI: 5493008BEUGNEZWEQK62 | Long             | LON              | CORP              | US        |   1069148 | PA      | $1056674.67   | 0.41%             | 2030-03-08      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| REALPAGE INC                        | RealPage Inc                                                    | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |   1254594 | PA      | $1254398.16   | 0.49%             | 2028-04-24      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC               | SS&C TECHNOLOGIES INC                                           | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |   1294663 | PA      | $1300246.51   | 0.51%             | 2031-05-09      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                | ARAMARK SERVICES INC                                            | CUSIP: 03852JAV3<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |   1172527 | PA      | $1175947.00   | 0.46%             | 2030-06-24      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| SPDR Blackstone Senior Loan ETF     | SPDR Blackstone Senior Loan ETF                                 | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | PF                | US        |     75000 | NS      | $3123750.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CENGAGE LEARNING INC                | CENGAGE LEARNING INC                                            | CUSIP: 15131YAQ8<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |   1633541 | PA      | $1634674.93   | 0.64%             | 2031-03-24      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| GREAT OUTDOORS GROUP LLC            | GREAT OUTDOORS GROUP LLC                                        | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |   1239299 | PA      | $1241932.87   | 0.49%             | 2032-01-23      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| FITNESS & SPORTS CLUBS LLC          | FITNESS & SPORTS CLUBS LLC                                      | CUSIP: 33818XAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1964050 | PA      | $1978372.34   | 0.77%             | 2029-02-12      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                | Cornerstone Building Brands Inc                                 | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |   1426504 | PA      | $1307034.71   | 0.51%             | 2028-04-12      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                        | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484503.25    | 0.19%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMAZON HOLDCO INC                   | AMAZON HOLDCO INC                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    580028 | PA      | $577399.40    | 0.23%             | 2031-09-29      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| PROJECT ALPHA INTERMEDIA            | PROJECT ALPHA INTERMEDIATE HOLDING INC                          | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    967787 | PA      | $971189.49    | 0.38%             | 2030-10-28      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    942766 | PA      | $907805.89    | 0.35%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| VISION SOLUTIONS INC                | Vision Solutions Inc                                            | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1937959 | PA      | $1884664.89   | 0.74%             | 2028-04-24      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| RUSSELL INVESTMENTS US              | RUSSELL INVESTMENTS US INSTITUTIONAL HOLDCO INC                 | CUSIP: 78249LAE0<br>LEI: 5493008YG7V0FQCJQI74 | Long             | LON              | CORP              | US        |   1529642 | PA      | $1483752.26   | 0.58%             | 2027-05-28      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                | DOTDASH MEREDITH INC                                            | CUSIP: 25849KAH0<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |    480000 | PA      | $480900.00    | 0.19%             | 2032-06-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| DELTA 2 LUX SARL                    | DELTA 2 LUX SARL                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    815902 | PA      | $818069.04    | 0.32%             | 2031-09-19      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| ACURIS FIN US/ACURIS FIN            | Acuris Finance US Inc / Acuris Finance SARL                     | CUSIP: 00511BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017397.42   | 0.40%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EDGEWATER GENERATION LLC            | EDGEWATER GENERATION LLC                                        | CUSIP: 28031FAM2<br>LEI: 5493004PLDT1L28SWG83 | Long             | LON              | CORP              | US        |   1237380 | PA      | $1243953.18   | 0.49%             | 2030-08-01      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                  | Sanders Re III Ltd                                              | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $246050.00    | 0.10%             | 2026-04-07      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| US RENAL CARE INC                   | US RENAL CARE INC                                               | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |   1522333 | PA      | $1481103.80   | 0.58%             | 2028-06-28      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                     | AdaptHealth LLC                                                 | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940001.23    | 0.37%             | 2030-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Harambee Re 2019, 12/31/22          | Harambee Re 2019, 12/31/22                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| INEOS US PETROCHEM LLC              | INEOS US Petrochem LLC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    441000 | PA      | $410130.00    | 0.16%             | 2030-03-01      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                | Long Point Re IV Ltd                                            | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252375.00    | 0.10%             | 2026-06-01      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| Flame Co                            | Flame Co                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3810 | NS      | $15240.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LIFE TIME INC                       | LIFE TIME INC                                                   | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |    323375 | PA      | $324345.13    | 0.13%             | 2031-11-05      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| TRONOX FINANCE LLC                  | TRONOX FINANCE LLC                                              | CUSIP: 89705DAQ5<br>LEI: 549300LMZ1DX1PWSP524 | Long             | LON              | CORP              | US        |    997500 | PA      | $919362.83    | 0.36%             | 2029-04-04      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Harambee Re 2018, 12/31/21          | Harambee Re 2018, 12/31/21                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $400.00       | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| PHOENIX SERVICES INTERNA            | PHOENIX SERVICES INTERNATIONAL LLC                              | CUSIP: 33848XAB0<br>LEI: 254900MNVAHG9TQCPA24 | Long             | LON              | CORP              | US        |    262029 | PA      | $261701.75    | 0.10%             | 2028-06-30      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| AIP RD BUYER CORP                   | AIP RD BUYER CORP                                               | CUSIP: 00149HAC8<br>LEI: 5493000EBDLH9PYWBS30 | Long             | LON              | CORP              | US        |   1354762 | PA      | $1360124.65   | 0.53%             | 2030-12-23      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| APPLE BIDCO LLC                     | APPLE BIDCO LLC                                                 | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |   1309959 | PA      | $1315106.04   | 0.51%             | 2031-09-23      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | FIESTA PURCHASER INC                                            | CUSIP: 31659LAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1584030 | PA      | $1588839.12   | 0.62%             | 2031-02-12      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                        | CIMPRESS PLC                                                    | CUSIP: 000000000<br>LEI: 549300X1IFD75XISOR81 | Long             | LON              | CORP              | IE        |    587585 | PA      | $586850.33    | 0.23%             | 2028-05-17      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFTWARE HOLDINGS            | HELIOS SOFTWARE HOLDINGS                                        | CUSIP: 42328DAK4<br>LEI: 2138002XO5EAYFHPPT53 | Long             | LON              | CORP              | US        |    577100 | PA      | $574034.44    | 0.22%             | 2030-07-18      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE BUYER INC                 | CHARLOTTE BUYER INC                                             | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1383314 | PA      | $1384611.85   | 0.54%             | 2028-02-11      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| SMARTRONIX LLC                      | SMARTRONIX LLC                                                  | CUSIP: 89617EAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1225928 | PA      | $1230142.24   | 0.48%             | 2032-02-09      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| ARCHKEY HOLDINGS INC                | ARCHKEY HOLDINGS INC                                            | CUSIP: 48205CAD7<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |    136655 | PA      | $137708.34    | 0.05%             | 2031-11-03      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC               | LEVEL 3 FINANCING INC                                           | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    779943 | PA      | $785207.62    | 0.31%             | 2032-03-29      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| PHOENIX GUARANTOR INC               | PHOENIX GUARANTOR INC                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   1939328 | PA      | $1943097.74   | 0.76%             | 2031-02-21      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV                  | NOURYON FINANCE BV                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    591041 | PA      | $592518.80    | 0.23%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BONANZA RE LTD                      | Bonanza RE Ltd                                                  | CUSIP: 09785EAP6<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $245450.00    | 0.10%             | 2027-12-19      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| RIVER ROCK ENTERTAINMENT            | RIVER ROCK ENTERTAINMENT AUTHORITY                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    555000 | PA      | $541125.00    | 0.21%             | 2031-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUND INPATIENT PHYSICIANS Inc      | SOUND INPATIENT PHYSICIANS Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17772 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JFL-TIGER ACQUISITION CO            | JFL-TIGER ACQUISITION CO                                        | CUSIP: 465966AB5<br>LEI: 254900KPFL42CYD2VY03 | Long             | LON              | CORP              | US        |   1164398 | PA      | $1170219.99   | 0.46%             | 2030-10-17      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| BULLDOG PURCHASER INC               | BULLDOG PURCHASER INC                                           | CUSIP: 12021GAF1<br>LEI: 254900JB2GC3Q5OISZ63 | Long             | LON              | CORP              | US        |   1384839 | PA      | $1393061.92   | 0.54%             | 2031-06-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                     | LUCKY BUCKS LLC                                                 | CUSIP: 54951EAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     89952 | PA      | $90851.09     | 0.04%             | 2028-10-02      | Floating      | 11.99%                | No            |                  2 | On Loan: No      |
| EDELMAN FINANCIAL CENTER            | EDELMAN FINANCIAL ENGINES CENTER LLC/THE                        | CUSIP: 27943UAM8<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |    985378 | PA      | $987841.48    | 0.39%             | 2028-04-07      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Vestis Corp                         | VESTIS TL B 1L USD                                              | CUSIP: 92550HAE3<br>LEI: 254900QDW0TA2TMFAP59 | Long             | LON              | CORP              | US        |    498750 | PA      | $477968.58    | 0.19%             | 2031-02-24      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC          | AMNEAL PHARMACEUTICALS LLC                                      | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |   1323437 | PA      | $1349078.34   | 0.53%             | 2028-05-04      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| KNIGHT HEALTH HOLDINGS L            | Knight Health Holdings LLC                                      | CUSIP: 49902TAB8<br>LEI: 2549008OACTDEJGJC870 | Long             | LON              | CORP              | US        |   1928976 | PA      | $766767.94    | 0.30%             | 2028-12-26      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                 | 522 Funding CLO 2019-5 Ltd                                      | CUSIP: 33829UAA1<br>LEI: 549300HKB0UTKU91DG08 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $972776.00    | 0.38%             | 2035-04-15      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| ASURION LLC                         | Asurion LLC                                                     | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    936948 | PA      | $937923.90    | 0.37%             | 2027-07-30      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| US ANESTHESIA PARTNERS              | US Anesthesia Partners Inc                                      | CUSIP: 90350HAL3<br>LEI: 549300J001GMNRO7SQ51 | Long             | LON              | CORP              | US        |    957639 | PA      | $949932.77    | 0.37%             | 2028-10-02      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company | MXN/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5654.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                              | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    265000 | PA      | $241420.62    | 0.09%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GRINDING MEDIA INC                  | GRINDING MEDIA INC                                              | CUSIP: 39854KAC4<br>LEI: 254900IYFJ03EGFQ8C34 | Long             | LON              | CORP              | US        |   1263235 | PA      | $1252181.84   | 0.49%             | 2028-10-12      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| RING CONTAINER TECHNOLOG            | RING CONTAINER TECHNOLOG                                        | CUSIP: 76680YAH5<br>LEI: 254900MFUG4RPN6Y4A98 | Long             | LON              | CORP              | US        |   1143450 | PA      | $1146308.63   | 0.45%             | 2028-08-14      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| 3264 RE LTD                         | 3264 re Ltd                                                     | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $263175.00    | 0.10%             | 2027-07-08      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| FRONERI US INC                      | FRONERI US INC                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    775000 | PA      | $773607.33    | 0.30%             | 2032-07-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LP               | CITADEL SECURITIES LP                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   1340987 | PA      | $1346225.27   | 0.53%             | 2031-10-31      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION              | CLYDESDALE ACQUISITION HOLDINGS INC                             | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     14982 | PA      | $14988.25     | 0.01%             | 2032-04-01      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| TIDAL WASTE & RECYCLING             | TIDAL WASTE & RECYCLING HOLDINGS LLC                            | CUSIP: 000000000<br>LEI: 254900IQT82RE5KFAZ50 | Long             | LON              | CORP              | US        |    910718 | PA      | $917927.65    | 0.36%             | 2031-10-24      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| NOVAE LLC                           | Novae LLC                                                       | CUSIP: 66988QAB5<br>LEI: 549300IO3D43N4TFUV08 | Long             | LON              | CORP              | US        |   2660625 | PA      | $2487684.37   | 0.97%             | 2028-12-22      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| Eastern Power LLC                   | EASTERN POWER LLC                                               | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |   2009838 | PA      | $2022577.99   | 0.79%             | 2028-04-03      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC             | CHAMPIONS FINANCING INC                                         | CUSIP: 15870MAC0<br>LEI: 391200ZDD75EGEUJ7625 | Long             | LON              | CORP              | US        |   1560679 | PA      | $1444928.12   | 0.56%             | 2029-02-23      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Alturas Re 2022-2, 12/31/2027       | Alturas Re 2022-2, 12/31/2027                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     19715 | PA      | $962.09       | 0.00%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC             | Stagwell Global LLC                                             | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    750000 | PA      | $721888.13    | 0.28%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                | ALPHA GENERATION LLC                                            | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |    647110 | PA      | $647110.00    | 0.25%             | 2031-09-30      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| DYNAMO US BIDCO INC                 | DYNAMO US BIDCO INC                                             | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    408138 | PA      | $410561.02    | 0.16%             | 2031-09-26      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                      | 1261229 BC LTD                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    960000 | PA      | $942000.00    | 0.37%             | 2030-10-08      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| Veritiv Operating Co                | VERITIV OPERATING CO                                            | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |    902726 | PA      | $907239.76    | 0.35%             | 2030-11-29      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                | EYECARE PARTNERS LLC                                            | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |   1795225 | PA      | $1422716.17   | 0.56%             | 2028-11-30      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                        | ACRISURE LLC                                                    | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    861000 | PA      | $861538.13    | 0.34%             | 2032-06-05      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| RVR DEALERSHIP HOLDINGS             | RVR DEALERSHIP HOLDINGS                                         | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1420477 | PA      | $1331697.09   | 0.52%             | 2028-02-08      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| PETSMART INC                        | PetSmart LLC                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1636250 | PA      | $1637613.00   | 0.64%             | 2028-02-14      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| KOPPERS INC                         | KOPPERS INC                                                     | CUSIP: 50060JAH3<br>LEI: LTO4ZL5EBDR1NE6FGJ36 | Long             | LON              | CORP              | US        |   1225179 | PA      | $1233027.63   | 0.48%             | 2030-04-10      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC             | SOTERA HEALTH HOLDINGS LLC                                      | CUSIP: 83600VAG6<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |   1817052 | PA      | $1828408.70   | 0.71%             | 2031-05-30      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BRAZOS DELAWARE II LLC              | BRAZOS DELAWARE II LLC                                          | CUSIP: 10620UAL6<br>LEI: 549300V1BTYXZRGYUU04 | Long             | LON              | CORP              | US        |   1902692 | PA      | $1908638.20   | 0.75%             | 2030-02-11      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| REYNOLDS CONSUMER PRODUC            | REYNOLDS CONSUMER PRODUCTS LLC                                  | CUSIP: 76171JAE1<br>LEI: 549300DWNZYMOSR1X343 | Long             | LON              | CORP              | US        |    769574 | PA      | $773903.30    | 0.30%             | 2032-03-04      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV          | Grupo Aeromexico SAB de CV                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     33954 | NS      | $577449.28    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| LOYALTY VENTURES INC                | Loyalty Ventures Inc                                            | CUSIP: 54912FAD2<br>LEI: 549300Q3YKVWNY6JIJ44 | Long             | LON              | CORP              | US        |   1744552 | PA      | $130841.43    | 0.05%             | 2027-11-03      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| IMC GLOBAL HOLDINGS LLC             | IMC GLOBAL HOLDINGS LLC                                         | CUSIP: 000000000<br>LEI: 724500MHXKWDKAGMOW56 | Long             | LON              | CORP              | NL        |    456000 | PA      | $458280.00    | 0.18%             | 2032-06-02      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| SERVICE LOGIC ACQUISITIO            | SERVICE LOGIC ACQUISITION INC                                   | CUSIP: 81759AAH3<br>LEI: 25490008CFAWEVHSQF88 | Long             | LON              | CORP              | US        |   1113422 | PA      | $1116205.85   | 0.44%             | 2027-10-29      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                 | Crown Point CLO 11 Ltd                                          | CUSIP: 22845KAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1011799.00   | 0.40%             | 2038-02-28      | Floating      | 10.47%                | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                | FREMF 2020-KF74 Mortgage Trust                                  | CUSIP: 30313MAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     74237 | PA      | $69596.34     | 0.03%             | 2027-01-25      | Floating      | 10.68%                | No            |                  2 | On Loan: No      |
| NATEL ENGINEERING CO INC            | Natel Engineering Co Inc                                        | CUSIP: 63229BAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    651136 | PA      | $572999.60    | 0.22%             | 2026-04-30      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| LSF12 BADGER BIDCO LLC              | LSF12 BADGER BIDCO LLC                                          | CUSIP: 50221PAB8<br>LEI: 254900AQINKZO1M1LS24 | Long             | LON              | CORP              | US        |   2592033 | PA      | $2520752.03   | 0.99%             | 2030-07-10      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                 | MEDLINE BORROWER LP                                             | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    545205 | PA      | $546142.04    | 0.21%             | 2028-10-23      | Floating      | 657.68%               | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC            | WINDSOR HOLDINGS III LLC                                        | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |    591045 | PA      | $591229.21    | 0.23%             | 2030-08-01      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| ORION US FINCO                      | ORION US FINCO                                                  | CUSIP: 68631KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    497000 | PA      | $499982.00    | 0.20%             | 2032-05-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                        | Novelis Corp                                                    | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $896978.80    | 0.35%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DS PARENT INC                       | DS PARENT INC                                                   | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |   1452330 | PA      | $1326460.92   | 0.52%             | 2031-01-31      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE ONDEMAND INC            | Cornerstone OnDemand Inc                                        | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    677250 | PA      | $643810.78    | 0.25%             | 2028-10-16      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC                         | CHOBANI LLC                                                     | CUSIP: 17026YAK5<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |   3369368 | PA      | $3387899.65   | 1.32%             | 2027-10-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                         | Asurion LLC                                                     | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1406916 | PA      | $1397946.91   | 0.55%             | 2028-08-21      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD               | Residential Reinsurance 2021 Ltd                                | CUSIP: 76114NAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $242850.00    | 0.09%             | 2025-12-06      | Floating      | 10.11%                | Yes           |                  2 | On Loan: No      |
| HARBOR FREIGHT TOOLS                | HARBOR FREIGHT TOOLS USA INC                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |   1509234 | PA      | $1479049.53   | 0.58%             | 2031-06-11      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| FIRST STUDENT BIDCO INC             | FIRST STUDENT BIDCO INC                                         | CUSIP: 33718FAM2<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |    488174 | PA      | $489343.50    | 0.19%             | 2028-07-21      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| UPSTREAM NEWCO INC                  | Upstream Newco Inc                                              | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |   2382000 | PA      | $1875825.08   | 0.73%             | 2026-11-20      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| EP PURCHASER LLC                    | EP Purchaser LLC                                                | CUSIP: 26881KAC8<br>LEI: 549300GGODRVQG1GH476 | Long             | LON              | CORP              | US        |   1214361 | PA      | $1204114.31   | 0.47%             | 2028-11-06      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association      | US Bank NA                                                      | CUSIP: 90357PBG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    836832 | PA      | $834024.22    | 0.33%             | 2032-02-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC             | WINDSTREAM SERVICES LLC                                         | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |   1605000 | PA      | $1615031.25   | 0.63%             | 2031-10-06      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| SOUTHERN VETERINARY PART            | SOUTHERN VETERINARY PARTNERS LLC                                | CUSIP: 84410HAQ3<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |    624443 | PA      | $625484.26    | 0.24%             | 2031-12-04      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| AVATION PLC WTS 01JAN59             | AVATION PLC WTS 01JAN59                                         | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               | CORP              | US        |     17500 | NC      | $9244.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SANDISK CORP                        | SANDISK CORP                                                    | CUSIP: 80004YAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1774599 | PA      | $1772381.02   | 0.69%             | 2032-02-23      | Floating      | 7.32%                 | 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        |    750000 | PA      | $760706.12    | 0.30%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO            | Wildfire Intermediate Holdings LLC                              | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995040.83    | 0.39%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT BEHAVIORAL HEALTH            | SUMMIT BEHAVIORAL HEALTHCARE LLC                                | CUSIP: 86602KAF3<br>LEI: 254900QVBD0VL3INID05 | Long             | LON              | CORP              | US        |   1282201 | PA      | $969664.56    | 0.38%             | 2028-11-24      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| GTCR EVEREST BORROWER               | GTCR EVEREST BORROWER                                           | CUSIP: 36269YAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    308450 | PA      | $309028.34    | 0.12%             | 2031-09-05      | Floating      | 704.56%               | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP            | Citizens Financial Group Inc                                    | CUSIP: 174610BG9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    500000 | PA      | $541110.98    | 0.21%             | 2035-04-25      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| CENTRAL PARENT INC                  | CENTRAL PARENT INC                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    672828 | PA      | $549868.81    | 0.22%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC               | AHEAD DB HOLDINGS LLC                                           | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |   1230603 | PA      | $1233459.33   | 0.48%             | 2031-02-03      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| CROWN FINANCE US INC                | CROWN FINANCE US INC                                            | CUSIP: 22834KAV3<br>LEI: 254900ABTWPQTCKKR839 | Long             | LON              | CORP              | US        |   1243882 | PA      | $1241705.21   | 0.49%             | 2031-12-02      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| FORMULATIONS PARENT CORP            | FORMULATIONS PARENT CORP                                        | CUSIP: 000000000<br>LEI: 254900TKSKQSTLBC7A74 | Long             | LON              | CORP              | US        |   1020000 | PA      | $1030200.00   | 0.40%             | 2032-04-12      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                         | Asurion LLC                                                     | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    750000 | PA      | $707031.00    | 0.28%             | 2029-01-22      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN            | Live Nation Entertainment Inc                                   | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42920.00     | 0.02%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SOUND INPATIENT PHYSICIANS Holdings | SOUND INPATIENT PHYSICIANS Holdings                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    396983 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JAZZ FINANCING LUX SARL             | JAZZ FINANCING LUX SARL                                         | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |   1132357 | PA      | $1138176.45   | 0.45%             | 2028-05-05      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | MCGRAW-HILL EDUCATION INC                                       | CUSIP: 58063DAF0<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |   1329197 | PA      | $1333490.57   | 0.52%             | 2031-08-06      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD               | Kilimanjaro II Re Ltd                                           | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260625.00    | 0.10%             | 2028-06-30      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| PADAGIS LLC                         | Padagis LLC                                                     | CUSIP: 69526PAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1162912 | PA      | $1064064.26   | 0.42%             | 2028-07-06      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                          | DAVITA INC                                                      | CUSIP: 23918VBC7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | LON              | CORP              | US        |   1290250 | PA      | $1293676.90   | 0.51%             | 2031-05-09      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| VITALITY RE XIII LTD                | Vitality Re XIII Ltd                                            | CUSIP: 92849MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $250325.00    | 0.10%             | 2026-01-06      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| M6 ETX HOLDINGS II MIDCO            | M6 ETX HOLDINGS II MIDCO LLC                                    | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    724000 | PA      | $728864.56    | 0.28%             | 2032-04-01      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                | LC AHAB US BIDCO LLC                                            | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |    575650 | PA      | $576009.78    | 0.23%             | 2031-05-01      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                | FREMF 2020-KF83 Mortgage Trust                                  | CUSIP: 302696AA7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     93138 | PA      | $88289.37     | 0.03%             | 2030-07-25      | Floating      | 13.43%                | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC                 | GRAY TELEVISION INC                                             | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |      9200 | PA      | $9219.72      | 0.00%             | 2029-06-04      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| ALLSPRING BUYER LLC                 | ALLSPRING BUYER LLC                                             | CUSIP: 98922AAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1857706 | PA      | $1866414.83   | 0.73%             | 2030-11-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC              | CARRIAGE PURCHASER INC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1629227 | PA      | $1638390.93   | 0.64%             | 2028-09-29      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| ORYX MIDSTREAM SERVICES             | ORYX MIDSTREAM SERVICES PERMIAN BASIN LLC                       | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |   1921358 | PA      | $1927162.49   | 0.75%             | 2028-10-05      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                        | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $962891.20    | 0.38%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHARIOT BUYER LLC                   | Chariot Buyer LLC                                               | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    965000 | PA      | $967111.42    | 0.38%             | 2028-11-03      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| KBR INC                             | KBR INC                                                         | CUSIP: 48242YAW2<br>LEI: 254900OFQDXZRKRCV808 | Long             | LON              | CORP              | US        |    742481 | PA      | $744337.41    | 0.29%             | 2031-01-17      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| REVERB BUYER INC                    | Reverb Buyer Inc                                                | CUSIP: 58462QAH4<br>LEI: 549300JH2XHZ7TIKYR39 | Long             | LON              | CORP              | US        |    968367 | PA      | $535628.06    | 0.21%             | 2028-11-01      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | Goat Holdco LLC                                                 | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008066.74   | 0.39%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | GOAT HOLDCO LLC                                                 | CUSIP: 38021CAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    455858 | PA      | $456874.97    | 0.18%             | 2032-01-27      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| VITALITY RE XIV LTD                 | Vitality Re XIV Ltd                                             | CUSIP: 92851QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $255600.00    | 0.10%             | 2027-01-05      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION RENEWABLES            | CONSTELLATION RENEWABLES                                        | CUSIP: 30204KAD8<br>LEI: 5493004JBPWTPTK8LB51 | Long             | LON              | CORP              | US        |    795593 | PA      | $797084.48    | 0.31%             | 2027-12-15      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS             | Petco Health & Wellness Co Inc                                  | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |   2079140 | PA      | $1953091.86   | 0.76%             | 2028-03-06      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                   | IRON MOUNTAIN INC                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |    349061 | PA      | $349497.55    | 0.14%             | 2031-01-31      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC             | ARCLINE FM HOLDINGS LLC                                         | CUSIP: 03960DAH6<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |   1715843 | PA      | $1729516.57   | 0.68%             | 2030-06-24      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| MKS INSTRUMENTS INC                 | MKS INSTRUMENTS INC                                             | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |    909054 | PA      | $910569.82    | 0.36%             | 2029-08-17      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| MERMAID BIDCO INC                   | MERMAID BIDCO INC                                               | CUSIP: 59012CAL9<br>LEI: 254900765HT42I3EW691 | Long             | LON              | CORP              | US        |    385588 | PA      | $386551.97    | 0.15%             | 2031-07-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES            | ION TRADING TECHNOLOGIES SA                                     | CUSIP: 000000000<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | LON              | CORP              | LU        |    664423 | PA      | $664907.28    | 0.26%             | 2028-04-03      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| HYPERION REFINANCE SARL             | HYPERION REFINANCE SARL                                         | CUSIP: 000000000<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | LU        |    918342 | PA      | $920309.51    | 0.36%             | 2031-02-18      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I LP                 | HILCORP ENERGY I LP                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    289275 | PA      | $290269.53    | 0.11%             | 2030-02-11      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer