# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0000940400-26-007365
**Filing Date:** 2026-2
**Character Count:** 78953
**Document Hash:** 6bc9e07448e75556f1d0de166069be63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007365.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000940400-26-007365

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24018
- **FILM NUMBER:** 26667837

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

## Series and Classes Contracts Data

### Victory Pioneer High Yield VCT Portfolio (Series ID: S000089717)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Variable Insurance Funds II

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $28507729.46

**Total Liabilities:** $246115.25

**Net Assets:** $28261614.21

**Cash Not Reported:** $148448.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -133.00000000 | **10-Year:** -280.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -68.00000000 | **1-Year:** -244.00000000 | **5-Year:** -6201.00000000 | **10-Year:** -99.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256351 | 0.11%                | 0.70%                | 0.79%                |
| Class ID C000256352 | 0.25%                | 0.72%                | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-133955.54              | $22542.18                                  |
| Month 2  | $20106.61                | $69511.56                                  |
| Month 3  | $-33084.53               | $38597.81                                  |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Bank and Trust Company | EUR/USD FORWARD                                                          | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1631.14     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                | LC AHAB US BIDCO LLC                                                     | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |     64350 | PA      | $64571.24     | 0.23%             | 2031-05-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31645.20     | 0.11%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                    | Maxam Prill Sarl                                                         | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    205000 | PA      | $212133.39    | 0.75%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMAZON HOLDCO INC                   | AMAZON HOLDCO INC                                                        | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |     12294 | PA      | $12345.68     | 0.04%             | 2031-09-29      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN            | USA Compression Partners LP / USA Compression Finance Corp               | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211000 | PA      | $218408.49    | 0.77%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                | Grupo Aeromexico SAB de CV                                               | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    125000 | PA      | $127616.25    | 0.45%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP            | Olympus Water US Holding Corp                                            | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    295000 | PA      | $296457.76    | 1.05%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC             | Macy's Retail Holdings LLC                                               | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $146274.07    | 0.52%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE            | Prime Healthcare Services Inc                                            | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $267750.16    | 0.95%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                      | 1261229 BC Ltd                                                           | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $208003.38    | 0.74%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                 | Lightning Power LLC                                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95701.59     | 0.34%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                  | Czechoslovak Group AS                                                    | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |    200000 | PA      | $205501.93    | 0.73%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                     | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26072.55     | 0.09%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG             | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC  | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $112009.46    | 0.40%             | 2031-04-15      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC             | Light & Wonder International Inc                                         | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102706.62    | 0.36%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                | ION Platform Finance US Inc / ION Platform Finance SARL                  | CUSIP: 46206AAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $236289.70    | 0.84%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                | Alpha Generation LLC                                                     | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    277000 | PA      | $279486.63    | 0.99%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48585.21     | 0.17%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS              | Methanex US Operations Inc                                               | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $223438.53    | 0.79%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115069.12    | 0.41%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL             | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC          | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $134444.35    | 0.48%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                       | ZF North America Capital Inc                                             | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    172000 | PA      | $173850.20    | 0.62%             | 2031-03-24      | Fixed         | 7.50%                 | 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        |     67300 | NS      | $149493.27    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY INDUSTRIES INC              | Trinity Industries Inc                                                   | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    274000 | PA      | $284657.38    | 1.01%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD            | Transocean International Ltd                                             | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $49526.30     | 0.18%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN             | Borr IHC Ltd / Borr Finance LLC                                          | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    180583 | PA      | $179477.07    | 0.64%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP               | Freedom Mortgage Corp                                                    | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15056.12     | 0.05%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC              | Carriage Purchaser Inc                                                   | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $171055.62    | 0.61%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS             | US Acute Care Solutions LLC                                              | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $332446.89    | 1.18%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                     | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121038.12    | 0.43%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                | Commercial Metals Co                                                     | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102253.21    | 0.36%             | 2033-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                        | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20296.87     | 0.07%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                      | Rocket Cos Inc                                                           | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $57757.72     | 0.20%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STONEBRIAR ABF LLC                  | Stonebriar ABF Issuer LLC                                                | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $118358.00    | 0.42%             | 2030-12-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AECOM                               | AECOM                                                                    | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235717.80    | 0.83%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | Goat Holdco LLC                                                          | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266000 | PA      | $273199.29    | 0.97%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP               | Freedom Mortgage Corp                                                    | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    150000 | PA      | $166371.49    | 0.59%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS            | Wyndham Hotels & Resorts Inc                                             | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138059.71    | 0.49%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL             | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC          | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73878.08     | 0.26%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TRICIDA INC                         | TRICIDA INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CLEARWATER PAPER CORP               | Clearwater Paper Corp                                                    | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    299000 | PA      | $279565.00    | 0.99%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                       | LFS Topco LLC                                                            | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $256648.06    | 0.91%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                 | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    184000 | PA      | $194380.56    | 0.69%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                          | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    158000 | PA      | $165749.60    | 0.59%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN            | Hilton Domestic Operating Co Inc                                         | CUSIP: 432833AT8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40274.71     | 0.14%             | 2034-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64830.06     | 0.23%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC             | Macy's Retail Holdings LLC                                               | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $303637.50    | 1.07%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                       | CoreWeave Inc                                                            | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    136000 | PA      | $124646.72    | 0.44%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG             | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC  | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $111537.01    | 0.39%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                   | OneSky Flight LLC                                                        | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160520.27    | 0.57%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                         | Danaos Corp                                                              | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |    227000 | PA      | $234527.77    | 0.83%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD            | Transocean International Ltd                                             | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $50392.70     | 0.18%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD            | South Bow Canadian Infrastructure Holdings Ltd                           | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $42754.76     | 0.15%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                        | Novelis Corp                                                             | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172341.09    | 0.61%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOT/BRIGHSTAR            | Brightstar Lottery PLC/ Brightstar Global Solutions Corp                 | CUSIP: 108922AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     70000 | PA      | $69498.44     | 0.25%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     67000 | PA      | $68627.45     | 0.24%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO             | Allied Universal Holdco LLC                                              | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    263000 | PA      | $277170.11    | 0.98%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC               | PennyMac Financial Services Inc                                          | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67192.26     | 0.24%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN               | Provident Funding Associates LP / PFG Finance Corp                       | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $205671.18    | 0.73%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                          | DaVita Inc                                                               | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    263000 | PA      | $272702.85    | 0.96%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI            | PetSmart LLC / PetSmart Finance Corp                                     | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254421.10    | 0.90%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC              | Energizer Holdings Inc                                                   | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    172000 | PA      | $164983.16    | 0.58%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS            | LCM Investments Holdings II LLC                                          | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    270000 | PA      | $266007.08    | 0.94%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management  | Dreyfus Government Cash Management                                       | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1383389 | NS      | $1383389.12   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFEPOINT HEALTH INC                | LifePoint Health Inc                                                     | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    145000 | PA      | $142165.61    | 0.50%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                     | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111389.14    | 0.39%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                 | NOVA Chemicals Corp                                                      | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    153000 | PA      | $149114.66    | 0.53%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                     | AdaptHealth LLC                                                          | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286000 | PA      | $278909.75    | 0.99%             | 2030-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS               | ENDO FINANCE HOLDINGS                                                    | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29700 | PA      | $29514.38     | 0.10%             | 2031-04-23      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD            | Transocean International Ltd                                             | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     56250 | PA      | $58776.08     | 0.21%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                | OI European Group BV                                                     | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    220000 | PA      | $212875.83    | 0.75%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD            | Transocean Titan Financing Ltd                                           | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     20238 | PA      | $20668.81     | 0.07%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                        | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31572.85     | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10526.65     | 0.04%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER            | Kraken Oil & Gas Partners LLC                                            | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    163000 | PA      | $160926.69    | 0.57%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Pioneer ILS Interval Fund           | Pioneer ILS Interval Fund                                                | CUSIP: 72369L107<br>LEI: 549300LH2MO2SJZYNC86 | Long             | EC               | RF                | US        |     88418 | NS      | $854120.96    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TRICIDA INC                         | TRICIDA INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OWENS-BROCKWAY                      | Owens-Brockway Glass Container Inc                                       | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56142.74     | 0.20%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC             | Light & Wonder International Inc                                         | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26083.25     | 0.09%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC                | Cascades Inc/Cascades USA Inc                                            | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    107000 | PA      | $111146.25    | 0.39%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62401.96     | 0.22%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $137512.76    | 0.49%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                 | Travel + Leisure Co                                                      | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90629.82     | 0.32%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                      | 1261229 BC LTD                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    129675 | PA      | $126886.99    | 0.45%             | 2030-10-08      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                    | Leeward Renewable Energy Operations LLC                                  | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    179000 | PA      | $170373.51    | 0.60%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66575.60     | 0.24%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC                | Amkor Technology Inc                                                     | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25515.71     | 0.09%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $106376.14    | 0.38%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                                           | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $209263.60    | 0.74%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                                       | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52814.56     | 0.19%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC               | GFL Environmental Inc                                                    | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $194698.77    | 0.69%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                        | IAMGOLD Corp                                                             | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    152000 | PA      | $151157.13    | 0.53%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                | ALPHA GENERATION LLC                                                     | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     54312 | PA      | $54550.12     | 0.19%             | 2031-09-30      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD            | Transocean International Ltd                                             | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     35000 | PA      | $36554.04     | 0.13%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                      | NCR Voyix Corp                                                           | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139002.23    | 0.49%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                     | Sealed Air Corp                                                          | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105690.48    | 0.37%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.     | CDS CDX.NA.HY.45.V1                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-184197.46   | -0.65%            |  |  |  | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                  | Kennedy-Wilson Inc                                                       | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    192000 | PA      | $180964.05    | 0.64%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68175.12     | 0.24%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AVATION PLC WTS 01JAN59             | AVATION PLC WTS 01JAN59                                                  | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               | CORP              | US        |      6300 | NC      | $3396.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE              | Delek Logistics Partners LP / Delek Logistics Finance Corp               | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $115659.99    | 0.41%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN            | Brinker International Inc                                                | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    257000 | PA      | $272074.73    | 0.96%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                 | Sirius XM Radio LLC                                                      | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    209000 | PA      | $207162.47    | 0.73%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                        | AES Corp/The                                                             | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    212000 | PA      | $209311.63    | 0.74%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC             | Sotera Health Holdings LLC                                               | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    155000 | PA      | $162567.33    | 0.58%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H            | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    153000 | PA      | $188918.26    | 0.67%             | 2028-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD             | Global Aircraft Leasing Co Ltd                                           | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    266000 | PA      | $275855.03    | 0.98%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $86979.35     | 0.31%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST             | Starwood Property Trust Inc                                              | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75806.16     | 0.27%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY              | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC    | CUSIP: 01309QAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $115465.18    | 0.41%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                        | ADT Security Corp/The                                                    | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91115.42     | 0.32%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                           | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76637.16     | 0.27%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV             | VZ Secured Financing BV                                                  | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $180990.63    | 0.64%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR            | Organon & Co / Organon Foreign Debt Co-Issuer BV                         | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $165639.00    | 0.59%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                    | Altice France SA                                                         | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200226 | PA      | $191953.04    | 0.68%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC             | Millrose Properties Inc                                                  | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81857.92     | 0.29%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                  | Mativ Holdings Inc                                                       | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |    136000 | PA      | $137363.39    | 0.49%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    113000 | PA      | $115825.05    | 0.41%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                | Commercial Metals Co                                                     | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102515.59    | 0.36%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE             | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    254000 | PA      | $267760.20    | 0.95%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                                       | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207279.88    | 0.73%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC             | Stagwell Global LLC                                                      | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    231000 | PA      | $225259.16    | 0.80%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                  | Voyager Parent LLC                                                       | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    309000 | PA      | $327886.39    | 1.16%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                    | Taseko Mines Ltd                                                         | CUSIP: 000000000<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $106223.40    | 0.38%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE               | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81467.55     | 0.29%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RIVER ROCK ENTERTAINMENT            | RIVER ROCK ENTERTAINMENT AUTHORITY                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    235000 | PA      | $229125.00    | 0.81%             | 2031-11-24      | Floating      | 12.73%                | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD               | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     55000 | PA      | $59073.14     | 0.21%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Option Care Health Inc              | Option Care Health Inc                                                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |        40 | NS      | $1274.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS LLC                    | UWM Holdings LLC                                                         | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $138778.40    | 0.49%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE              | Delek Logistics Partners LP / Delek Logistics Finance Corp               | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $89093.95     | 0.32%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                      | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    108000 | PA      | $116136.83    | 0.41%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                 | NOVA Chemicals Corp                                                      | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $63906.54     | 0.23%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                    | GGAM Finance Ltd                                                         | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $158845.35    | 0.56%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                             | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    444000 | PA      | $388659.20    | 1.38%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY              | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC    | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45474.45     | 0.16%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                    | Taseko Mines Ltd                                                         | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    306000 | PA      | $325043.60    | 1.15%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP              | Velocity Vehicle Group LLC                                               | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    313000 | PA      | $297364.13    | 1.05%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                         | Gap Inc/The                                                              | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    132000 | PA      | $125065.13    | 0.44%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                           | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156576.35    | 0.55%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                   | Iron Mountain Inc                                                        | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    195000 | PA      | $200306.15    | 0.71%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                    | CSC Holdings LLC                                                         | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    380000 | PA      | $231800.00    | 0.82%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU            | Camelot Return Merger Sub Inc                                            | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $162728.00    | 0.58%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                                     | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102534.10    | 0.36%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC               | Qnity Electronics Inc                                                    | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46010.07     | 0.16%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI            | Standard Building Solutions Inc                                          | CUSIP: 853192AA0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95277.71     | 0.34%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC            | Prime Security Services Borrower LLC / Prime Finance Inc                 | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $6002.15      | 0.02%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L            | First Quantum Minerals Ltd                                               | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $326226.64    | 1.15%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC             | Talen Energy Supply LLC                                                  | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91792.25     | 0.32%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US            | Sealed Air Corp/Sealed Air Corp US                                       | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $67687.23     | 0.24%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HLDG                  | ALTICE FRANCE HLDG                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      1176 | NS      | $21179.69     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                 | ABRA Global Finance                                                      | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |    159407 | PA      | $159310.92    | 0.56%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                    | Ford Motor Credit Co LLC                                                 | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $274905.99    | 0.97%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC             | Efesto Bidco SpA Efesto US LLC                                           | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    200000 | PA      | $202022.00    | 0.71%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN            | CQP Holdco LP / BIP-V Chinook Holdco LLC                                 | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146000 | PA      | $144440.52    | 0.51%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                | TTM Technologies Inc                                                     | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    143000 | PA      | $139658.30    | 0.49%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP            | Genting New York LLC / GENNY Capital Inc                                 | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $205112.22    | 0.73%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR            | Windstream Services LLC / Windstream Escrow Finance Corp                 | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $269790.78    | 0.95%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | McGraw-Hill Education Inc                                                | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    177000 | PA      | $178854.96    | 0.63%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP            | Hilcorp Energy I LP / Hilcorp Finance Co                                 | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38014.88     | 0.13%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                         | Gap Inc/The                                                              | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    235000 | PA      | $217211.13    | 0.77%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE             | Avis Budget Car Rental LLC / Avis Budget Finance Inc                     | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103259.64    | 0.37%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                           | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    190000 | PA      | $192516.24    | 0.68%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC             | Millrose Properties Inc                                                  | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $139239.71    | 0.49%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST             | Starwood Property Trust Inc                                              | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50363.60     | 0.18%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                     | Sealed Air Corp                                                          | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41495.12     | 0.15%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                     | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    167000 | PA      | $175018.67    | 0.62%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO            | Wildfire Intermediate Holdings LLC                                       | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    252000 | PA      | $254374.60    | 0.90%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC               | Qnity Electronics Inc                                                    | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46644.82     | 0.17%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                        | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20266.53     | 0.07%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO            | Clear Channel Outdoor Holdings Inc                                       | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    184000 | PA      | $182703.04    | 0.65%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC             | Talen Energy Supply LLC                                                  | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93068.07     | 0.33%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN            | CQP Holdco LP / BIP-V Chinook Holdco LLC                                 | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $267867.25    | 0.95%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC               | Level 3 Financing Inc                                                    | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    163030 | PA      | $166825.01    | 0.59%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                | Neptune Bidco US Inc                                                     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125213.59    | 0.44%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC             | Champions Financing Inc                                                  | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    278000 | PA      | $273428.29    | 0.97%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING            | Summit Midstream Holdings LLC                                            | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $191835.38    | 0.68%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                        | Enerflex Inc                                                             | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66458.72     | 0.24%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC               | Long Ridge Energy LLC                                                    | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |    199000 | PA      | $211823.76    | 0.75%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                     | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62701.26     | 0.22%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                | OneMain Finance Corp                                                     | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10195.87     | 0.04%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                   | Herc Holdings Inc                                                        | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    155000 | PA      | $164359.54    | 0.58%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                 | DENTSPLY SIRONA Inc                                                      | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     84000 | PA      | $78634.95     | 0.28%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                | Garda World Security Corp                                                | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $81807.76     | 0.29%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                      | Rocket Cos Inc                                                           | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $126239.86    | 0.45%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

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

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer