# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0001752724-25-209155
**Filing Date:** 2025-8
**Character Count:** 88745
**Document Hash:** ab93c94405aebf3e8ba2e3bb60413b9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209155.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209155

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251264053

**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:** 2025-06-30

**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:** $28802490.35

**Total Liabilities:** $1203972.20

**Net Assets:** $27598518.15

**Delayed Delivery Securities:** $200000.00

**Cash Not Reported:** $141966.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -300.00000000 | **10-Year:** -122.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -28.00000000 | **1-Year:** -234.00000000 | **5-Year:** -5590.00000000 | **10-Year:** -85.00000000 | **30-Year:** -239.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256352 | -0.67%               | 1.84%                | 1.92%                |
| Class ID C000256351 | -0.59%               | 1.84%                | 1.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-51721.68               | $-283835.42                                |
| Month 2  | $-19066.52               | $459343.78                                 |
| Month 3  | $-39708.41               | $504507.69                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LIGHT & WONDER INTL INC                | Light & Wonder International Inc                                          | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100291.29    | 0.36%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                  | Clearwater Paper Corp                                                     | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    299000 | PA      | $283280.42    | 1.03%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                | Global Aircraft Leasing Co Ltd                                            | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    240000 | PA      | $246026.64    | 0.89%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                     | Mativ Holdings Inc                                                        | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     75000 | PA      | $67955.74     | 0.25%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                  | Freedom Mortgage Holdings LLC                                             | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10107.77     | 0.04%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COEUR MINING INC                       | Coeur Mining Inc                                                          | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    154000 | PA      | $150158.41    | 0.54%             | 2029-02-15      | Fixed         | 5.12%                 | 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        |     76000 | PA      | $76394.14     | 0.28%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP               | Olympus Water US Holding Corp                                             | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    285000 | PA      | $300113.55    | 1.09%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC           | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75761.10     | 0.27%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                         | Rocket Cos Inc                                                            | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51160.03     | 0.19%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC                      | Owens & Minor Inc                                                         | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    295000 | PA      | $277107.81    | 1.00%             | 2030-04-01      | Fixed         | 6.62%                 | 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        |    240000 | PA      | $245389.42    | 0.89%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                 | JB Poindexter & Co Inc                                                    | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81415.91     | 0.30%             | 2031-12-15      | Fixed         | 8.75%                 | 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      | $68411.07     | 0.25%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC               | Celanese US Holdings LLC                                                  | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101038.60    | 0.37%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                | US Acute Care Solutions LLC                                               | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    268000 | PA      | $276425.38    | 1.00%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                         | Transocean Inc                                                            | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     80000 | PA      | $56244.58     | 0.20%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                       | Leeward Renewable Energy Operations LLC                                   | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    179000 | PA      | $167134.24    | 0.61%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                  | Quikrete Holdings Inc                                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41132.80     | 0.15%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.        | CDS CDX.NA.HY.44.V1                                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-222986.83   | -0.81%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                           | Enerflex Ltd                                                              | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    108000 | PA      | $111365.28    | 0.40%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                         | Rocket Cos Inc                                                            | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50951.50     | 0.18%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                    | Lightning Power LLC                                                       | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94720.57     | 0.34%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                   | Fiesta Purchaser Inc                                                      | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26530.13     | 0.10%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                 | PAR PHARMACEUTICAL INC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC               | Prime Security Services Borrower LLC / Prime Finance Inc                  | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $69108.05     | 0.25%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD               | Transocean Titan Financing Ltd                                            | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     22619 | PA      | $22975.58     | 0.08%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                         | Transocean Inc                                                            | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $44632.41     | 0.16%             | 2031-05-15      | Fixed         | 8.50%                 | 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      | $104621.90    | 0.38%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                         | Transocean Inc                                                            | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $46227.11     | 0.17%             | 2029-05-15      | Fixed         | 8.25%                 | 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        |    169000 | PA      | $161373.33    | 0.58%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PLANET FINANCIAL GROUP                 | Planet Financial Group LLC                                                | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18017.10     | 0.07%             | 2029-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                   | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56337.41     | 0.20%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                 | Clearway Energy Operating LLC                                             | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    105000 | PA      | $96412.88     | 0.35%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                | Precision Drilling Corp                                                   | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     34000 | PA      | $33587.69     | 0.12%             | 2029-01-15      | Fixed         | 6.88%                 | 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        |      6730 | NS      | $115068.85    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                        | CVS Health Corp                                                           | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82512.82     | 0.30%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                   | Garda World Security Corp                                                 | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $82765.02     | 0.30%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS               | LCM Investments Holdings II LLC                                           | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37211.41     | 0.13%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                | Sotera Health Holdings LLC                                                | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    155000 | PA      | $161268.67    | 0.58%             | 2031-06-01      | Fixed         | 7.38%                 | 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      | $3459.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEVELAND-CLIFFS INC                   | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    113000 | PA      | $106520.73    | 0.39%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC                | Champions Financing Inc                                                   | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    208000 | PA      | $200820.88    | 0.73%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                       | Ford Motor Credit Co LLC                                                  | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $264071.48    | 0.96%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                              | Sotheby's                                                                 | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    280000 | PA      | $276776.69    | 1.00%             | 2027-10-15      | Fixed         | 7.38%                 | 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      | $119393.75    | 0.43%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                           | Seaspan Corp                                                              | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    149000 | PA      | $141642.59    | 0.51%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS               | Focus Financial Partners LLC                                              | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96972.58     | 0.35%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                        | Goat Holdco LLC                                                           | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60992.40     | 0.22%             | 2032-02-01      | Fixed         | 6.75%                 | 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        |    195000 | PA      | $204220.77    | 0.74%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING               | Summit Midstream Holdings LLC                                             | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $189261.66    | 0.69%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                | Avis Budget Car Rental LLC / Avis Budget Finance Inc                      | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $99218.00     | 0.36%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED               | AmeriTex HoldCo Intermediate LLC                                          | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133000 | PA      | $141085.37    | 0.51%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                        | AdaptHealth LLC                                                           | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286000 | PA      | $271736.21    | 0.98%             | 2030-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    305000 | PA      | $306757.11    | 1.11%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                 | Choice Hotels International Inc                                           | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30234.03     | 0.11%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                 | Nationstar Mortgage Holdings Inc                                          | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $131570.27    | 0.48%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                    | NCL Corp Ltd                                                              | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     22000 | PA      | $22027.50     | 0.08%             | 2026-03-15      | Fixed         | 5.88%                 | 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      | $39114.05     | 0.14%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                       | CSC Holdings LLC                                                          | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    380000 | PA      | $267400.27    | 0.97%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC               | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    142000 | PA      | $136582.25    | 0.49%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS                 | Methanex US Operations Inc                                                | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $216369.19    | 0.78%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                       | Taseko Mines Ltd                                                          | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    306000 | PA      | $320344.71    | 1.16%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC               | Celanese US Holdings LLC                                                  | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    140000 | PA      | $148618.40    | 0.54%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC                | Efesto Bidco S.p.A Efesto US LLC                                          | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    200000 | PA      | $202501.22    | 0.73%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                         | 1261229 BC LTD                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    130000 | PA      | $126262.50    | 0.46%             | 2030-10-08      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP                 | TMS International Corp/DE                                                 | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    102000 | PA      | $96983.37     | 0.35%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                  | Level 3 Financing Inc                                                     | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106839.92    | 0.39%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                           | AES Corp/The                                                              | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    180000 | PA      | $175591.50    | 0.64%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                   | Garda World Security Corp                                                 | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $138673.22    | 0.50%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                   | Fiesta Purchaser Inc                                                      | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $84413.44     | 0.31%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                        | Sealed Air Corp                                                           | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103856.03    | 0.38%             | 2029-04-15      | Fixed         | 5.00%                 | 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      | $144232.85    | 0.52%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                 | Nationstar Mortgage Holdings Inc                                          | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $57201.42     | 0.21%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                          | Carnival Corp                                                             | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    195000 | PA      | $197036.19    | 0.71%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                  | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     45000 | PA      | $48708.99     | 0.18%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                    | NCL Corp Ltd                                                              | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     90000 | PA      | $94876.29     | 0.34%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                  | Quikrete Holdings Inc                                                     | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30954.78     | 0.11%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                     | Ally Financial Inc                                                        | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137697.07    | 0.50%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Pioneer ILS Interval Fund              | Pioneer ILS Interval Fund                                                 | CUSIP: 72369L107<br>LEI: 549300LH2MO2SJZYNC86 | Long             | EC               | RF                | US        |     80577 | NS      | $746139.41    | 2.70%             |  |  |  | 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      |
| JANE STREET GRP/JSG FIN                | Jane Street Group / JSG Finance Inc                                       | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41128.24     | 0.15%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                  | McGraw-Hill Education Inc                                                 | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    177000 | PA      | $180221.75    | 0.65%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO               | Wildfire Intermediate Holdings LLC                                        | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    252000 | PA      | $250329.64    | 0.91%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                   | LC AHAB US BIDCO LLC                                                      | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |     64512 | PA      | $64431.86     | 0.23%             | 2031-05-01      | Floating      | 7.33%                 | 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        |    220000 | PA      | $233833.16    | 0.85%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                  | Melco Resorts Finance Ltd                                                 | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $252504.50    | 0.91%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                 | Venture Global LNG Inc                                                    | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68549.95     | 0.25%             | 2031-06-01      | Fixed         | 8.38%                 | 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    | 0.83%             | 2031-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                  | Freedom Mortgage Holdings LLC                                             | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56693.03     | 0.21%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                      | Iron Mountain Inc                                                         | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    195000 | PA      | $201864.20    | 0.73%             | 2029-02-15      | Fixed         | 7.00%                 | 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      | $193664.10    | 0.70%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Lorenz Re 2019, 6/30/22                | Lorenz Re 2019, 6/30/22                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     25723 | PA      | $185.21       | 0.00%             | 2026-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| 1261229 BC LTD                         | 1261229 BC Ltd                                                            | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $201753.99    | 0.73%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                 | First Brands Group LLC                                                    | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    155190 | PA      | $147042.59    | 0.53%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                            | KeyBank NA/Cleveland OH                                                   | CUSIP: 49327V2C7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241242.06    | 0.87%             | 2032-08-08      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC                 | Trinity Industries Inc                                                    | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    274000 | PA      | $285380.86    | 1.03%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMAZON HOLDCO INC                      | AMAZON HOLDCO INC                                                         | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |     28400 | PA      | $28391.14     | 0.10%             | 2031-09-29      | Floating      | 6.58%                 | 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      | $160135.42    | 0.58%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                   | Neptune Bidco US Inc                                                      | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121710.63    | 0.44%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                | Light & Wonder International Inc                                          | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26160.30     | 0.09%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                | Stagwell Global LLC                                                       | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    231000 | PA      | $220957.21    | 0.80%             | 2029-08-15      | Fixed         | 5.62%                 | 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      | $48607.19     | 0.18%             | 2030-04-15      | Fixed         | 6.00%                 | 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       |    185437 | PA      | $164111.65    | 0.59%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                | Light & Wonder International Inc                                          | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103025.57    | 0.37%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC                    | Star Leasing Co LLC                                                       | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54539.23     | 0.20%             | 2030-02-15      | Fixed         | 7.62%                 | 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      | $115474.41    | 0.42%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS               | LCM Investments Holdings II LLC                                           | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    270000 | PA      | $262561.69    | 0.95%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR               | Organon & Co / Organon Foreign Debt Co-Issuer BV                          | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $173571.14    | 0.63%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                         | Transocean Inc                                                            | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     60000 | PA      | $61700.64     | 0.22%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN               | Brinker International Inc                                                 | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    115000 | PA      | $122565.62    | 0.44%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC               | Cougar JV Subsidiary LLC                                                  | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $101258.32    | 0.37%             | 2032-05-15      | Fixed         | 8.00%                 | 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        |    100000 | PA      | $102493.20    | 0.37%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                         | NCR Voyix Corp                                                            | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89088.11     | 0.32%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                  | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64249.38     | 0.23%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                 | Spirit AeroSystems Inc                                                    | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68965.72     | 0.25%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                   | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $56411.21     | 0.20%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management     | Dreyfus Government Cash Management                                        | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1734861 | NS      | $1734861.31   | 6.29%             |  |  |  | No            |                  1 | 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      | $135314.05    | 0.49%             | 2029-02-15      | Fixed         | 6.50%                 | 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      | $88219.97     | 0.32%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company    | USD/EUR FORWARD                                                           | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6356.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                 | MIWD Holdco II LLC / MIWD Finance Corp                                    | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     61000 | PA      | $57987.56     | 0.21%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN               | Live Nation Entertainment Inc                                             | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5437.50      | 0.02%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                            | Gap Inc/The                                                               | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    132000 | PA      | $122596.93    | 0.44%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                  | NESCO Holdings II Inc                                                     | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    169000 | PA      | $164654.96    | 0.60%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP                 | Velocity Vehicle Group LLC                                                | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    207000 | PA      | $206832.81    | 0.75%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                      | OneSky Flight LLC                                                         | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156186.15    | 0.57%             | 2029-12-15      | Fixed         | 8.88%                 | 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        |    132000 | PA      | $136251.46    | 0.49%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                       | Altice France SA                                                          | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    260000 | PA      | $214896.50    | 0.78%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                    | Travel + Leisure Co                                                       | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90989.19     | 0.33%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                       | GGAM Finance Ltd                                                          | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $158657.85    | 0.57%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                           | IAMGOLD Corp                                                              | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    152000 | PA      | $150738.04    | 0.55%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC                  | Long Ridge Energy LLC                                                     | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145425.47    | 0.53%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L               | First Quantum Minerals Ltd                                                | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $321624.07    | 1.17%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL               | Phoenix Aviation Capital Ltd                                              | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    170000 | PA      | $176075.37    | 0.64%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                  | Freedom Mortgage Corp                                                     | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15025.11     | 0.05%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                   | ALPHA GENERATION LLC                                                      | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     54725 | PA      | $54793.41     | 0.20%             | 2031-09-30      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                  | Freedom Mortgage Holdings LLC                                             | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67514.20     | 0.24%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                             | DaVita Inc                                                                | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144563.59    | 0.52%             | 2033-07-15      | 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      | $205045.82    | 0.74%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                   | Alpha Generation LLC                                                      | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30925.35     | 0.11%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                         | Owens-Brockway Glass Container Inc                                        | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56364.66     | 0.20%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD               | South Bow Canadian Infrastructure Holdings Ltd                            | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $41269.88     | 0.15%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                     | Kennedy-Wilson Inc                                                        | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    192000 | PA      | $175837.44    | 0.64%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                   | OneMain Finance Corp                                                      | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94379.22     | 0.34%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                       | Maxam Prill Sarl                                                          | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    205000 | PA      | $205363.46    | 0.74%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                   | LifePoint Health Inc                                                      | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    315000 | PA      | $293595.75    | 1.06%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN               | American Airlines Inc/AAdvantage Loyalty IP Ltd                           | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     55000 | PA      | $54951.75     | 0.20%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                       | GGAM Finance Ltd                                                          | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $25256.18     | 0.09%             | 2026-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                    | NOVA Chemicals Corp                                                       | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $62862.16     | 0.23%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                    | DENTSPLY SIRONA Inc                                                       | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90496.54     | 0.33%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                         | NCR Voyix Corp                                                            | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16743.94     | 0.06%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                      | Herc Holdings Inc                                                         | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31330.72     | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN               | American Airlines Inc/AAdvantage Loyalty IP Ltd                           | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     23333 | PA      | $23279.79     | 0.08%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                        | Sealed Air Corp                                                           | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41450.52     | 0.15%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                | VZ Secured Financing BV                                                   | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $177921.68    | 0.64%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /               | Albion Financing 1 SARL / Aggreko Holdings Inc                            | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204105.45    | 0.74%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 21-1B PTT                 | American Airlines 2021-1 Class B Pass Through Trust                       | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27125 | PA      | $25569.84     | 0.09%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                     | Czechoslovak Group AS                                                     | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |    200000 | PA      | $201668.35    | 0.73%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                   | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28933.65     | 0.10%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                          | LFS Topco LLC                                                             | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $250843.17    | 0.91%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                      | Herc Holdings Inc                                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41912.05     | 0.15%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                             | Tronox Inc                                                                | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    302000 | PA      | $260598.52    | 0.94%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                    | NOVA Chemicals Corp                                                       | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    153000 | PA      | $147141.25    | 0.53%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                 | Carriage Purchaser Inc                                                    | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $203477.35    | 0.74%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC               | Vistra Operations Co LLC                                                  | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    122000 | PA      | $118902.21    | 0.43%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                  | Freedom Mortgage Corp                                                     | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    150000 | PA      | $166330.33    | 0.60%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                   | OI European Group BV                                                      | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    220000 | PA      | $211627.70    | 0.77%             | 2030-02-15      | Fixed         | 4.75%                 | 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      | $405829.45    | 1.47%             | 2033-06-01      | Fixed         | 4.50%                 | 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      | $286012.24    | 1.04%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING               | JH North America Holdings Inc                                             | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15249.06     | 0.06%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                   | OneMain Finance Corp                                                      | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    152000 | PA      | $148809.31    | 0.54%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                 | Clearway Energy Operating LLC                                             | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     65000 | PA      | $58331.08     | 0.21%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO               | Clear Channel Outdoor Holdings Inc                                        | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184000 | PA      | $170181.16    | 0.62%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                    | ABRA Global Finance                                                       | CUSIP: 000852AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    153112 | PA      | $116211.95    | 0.42%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| Option Healthcare Inc Class A Warrants | Option Healthcare Inc Class A Warrants                                    | CUSIP: 000000000<br>LEI: 549300DI3Q5ACSYJRI17 | N/A              | DE               | CORP              | US        |        80 | NC      | $943.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                | Allied Universal Holdco LLC                                               | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36564.22     | 0.13%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING               | JH North America Holdings Inc                                             | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15130.98     | 0.05%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                  | Civitas Resources Inc                                                     | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45685.71     | 0.17%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL               | United Wholesale Mortgage LLC                                             | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    108000 | PA      | $104830.75    | 0.38%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                     | Voyager Parent LLC                                                        | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    235000 | PA      | $244500.27    | 0.89%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                           | Barclays PLC                                                              | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200858.60    | 0.73%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                 | EquipmentShare.com Inc                                                    | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58447.94     | 0.21%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Option Care Health Warrants Class B    | Option Care Health Warrants Class B                                       | CUSIP: 000000000<br>LEI: 549300DI3Q5ACSYJRI17 | N/A              | DE               | CORP              | US        |        80 | NC      | $534.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                         | Gray Media Inc                                                            | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    120000 | PA      | $128913.00    | 0.47%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                 | Acrisure LLC / Acrisure Finance Inc                                       | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $86204.71     | 0.31%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                       | MGM Resorts International                                                 | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121957.77    | 0.44%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                  | GFL Environmental Inc                                                     | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $192265.44    | 0.70%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN               | CQP Holdco LP / BIP-V Chinook Holdco LLC                                  | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $271272.00    | 0.98%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE               | Connect Finco SARL / Connect US Finco LLC                                 | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    200000 | PA      | $201025.60    | 0.73%             | 2029-09-15      | Fixed         | 9.00%                 | 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      | $207502.22    | 0.75%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC               | Vistra Operations Co LLC                                                  | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    145000 | PA      | $154112.31    | 0.56%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                  | ENDO FINANCE HOLDINGS                                                     | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29775 | PA      | $29788.96     | 0.11%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                    | NCL Corp Ltd                                                              | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    135000 | PA      | $143543.21    | 0.52%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC           | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $80563.23     | 0.29%             | 2028-02-15      | Fixed         | 10.50%                | 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      |
| VENTURE GLOBAL LNG INC                 | Venture Global LNG Inc                                                    | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     40000 | PA      | $43575.12     | 0.16%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                  | Civitas Resources Inc                                                     | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102391.10    | 0.37%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE               | Prime Healthcare Services Inc                                             | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $253087.50    | 0.92%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                            | Gap Inc/The                                                               | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    235000 | PA      | $210049.71    | 0.76%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H               | SCIL IV LLC / SCIL USA Holdings LLC                                       | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198703.20    | 0.72%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL               | United Wholesale Mortgage LLC                                             | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169592.19    | 0.61%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                 | Spirit AeroSystems Inc                                                    | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     70000 | PA      | $77199.57     | 0.28%             | 2030-11-15      | Fixed         | 9.75%                 | 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      | $189451.67    | 0.69%             | 2028-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                      | Kosmos Energy Ltd                                                         | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177750.00    | 0.64%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTOMOTIVE LLC               | Ken Garff Automotive LLC                                                  | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177000 | PA      | $174750.01    | 0.63%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                       | Taseko Mines Ltd                                                          | CUSIP: 000000000<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104687.81    | 0.38%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

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

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer