# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-26-012930
**Filing Date:** 2026-4
**Character Count:** 148887
**Document Hash:** 223dd9e27b9954acac10865890e3dae8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012930.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0000940400-26-012930

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 26827361

**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 Fund (Series ID: S000089771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256542 | Class Y      | TYHYX           |
| C000256543 | Class A      | TAHYX           |
| C000256544 | Class C      | PYICX           |

## Nport-Ex

## Victory Pioneer High Yield Fund
Schedule of Investments \| January 31, 2026

------

### Schedule of Investments \| 1/31/26
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 99.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate<br> Loan Interests — 2.0% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.3%** |  |
| 1407187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 6.672% (Term SOFR + 300 bps), 5/1/31 | $1412464 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1412464** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.2%** |  |
| 1115875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 5.422% (Term SOFR + 175 bps), 9/30/31 | $1116087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1116087** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.9%** |  |
| 4435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Rock Entertainment Authority, California, Term Loan, 12.672% (Term SOFR + 900 bps), 6/25/31 | $4324125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4324125** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.6%** |  |
| 2572075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., Initial Term Loan, 9.922% (Term SOFR + 625 bps), 10/8/30 | $2513131 |
| 646813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, 7.422% (Term SOFR + 375 bps), 4/23/31 | &nbsp;&nbsp; 647968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3161099** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $9,980,441)** | &nbsp;&nbsp; **$** **10013775** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 0.7% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.0%†** |  |
| 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | $7252 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7252** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.0%†** |  |
| 190,086,798(b)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento Luxco 1 S.A. | $19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **19** |

---

1Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.0%†** |  |
| 138,656(b)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unifin Financiera S.A.B de CV | $9521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9521** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.0%†** |  |
| 1,068(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. | $36312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **36312** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.0%†** |  |
| 1,443,476(b)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desarrolladora Homex S.A.B de CV | $83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **83** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.0%†** |  |
| 48(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Energy Corp. | $241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **241** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products — 0.0%** |  |
| 459,481(b)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald Plantation Holdings, Ltd. | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Paper & Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.5%** |  |
| 1,266,410(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico S.A.B de CV | $2536298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Passenger Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2536298** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.2%** |  |
| 45018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France | $860464 |
| 2845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Luxembourg S.A. | &nbsp;&nbsp; 47212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **907676** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $2,118,306)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3497402** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—0.0%† of Net Assets** |  |
| 140,673(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSLA Mortgage Loan Trust, Series 2005-AR6, Class 2A1C, 4.63% (1 Month Term SOFR + 95 bps), 10/19/45 | $153362 |
| 132668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A) | &nbsp;&nbsp; 51857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $131,324)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **205219** |

---

Victory Pioneer High Yield Fund \| 1/31/262

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds —<br> 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.0%†** |  |
| &nbsp;&nbsp;IDR11,178,198,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Bakrie & Brothers Tbk, 6/30/26 | $135857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **135857** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $813,256)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **135857** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 92.5% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 3.0%** |  |
| 3994000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $3952145 |
| 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 3/15/33 (144A) | &nbsp;&nbsp; 727838 |
| 2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | &nbsp;&nbsp; 2941799 |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.50%, 2/15/33 (144A) | &nbsp;&nbsp; 1145549 |
| 3485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 10.375%, 5/15/31 (144A) | &nbsp;&nbsp; 3684668 |
| 2691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/29 (144A) | &nbsp;&nbsp; 2609365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp; **$** **15061364** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.2%** |  |
| 2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechoslovak Group AS, 6.50%, 1/10/31 (144A) | $2144804 |
| 4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efesto Bidco S.p.A Efesto US LLC, 7.50%, 2/15/32 (144A) | &nbsp;&nbsp; 4108263 |
| 4916000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco LLC, 6.75%, 2/1/32 (144A) | &nbsp;&nbsp; 5048845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp; **$** **11301912** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 2.0%** |  |
| 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 Plc, 9.625%, 2/14/30 (144A) | $3688200 |
| 2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico S.A.B de CV, 8.625%, 11/15/31 (144A) | &nbsp;&nbsp; 2607063 |
| 2885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSky Flight LLC, 8.875%, 12/15/29 (144A) | &nbsp;&nbsp; 3084740 |
| 680,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc., 5.375%, 3/1/31 | &nbsp;&nbsp; 686753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp; **$** **10066756** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 0.5%** |  |
| 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 6.10%, 8/19/32 | $2346966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2346966** |

---

3Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.6%** |  |
| 3154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital, Inc., 7.50%, 3/24/31 (144A) | $3232815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3232815** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 2.1%** |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS, 6.80%, 2/6/26 (144A) | $120035 |
| 500,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 6.875% (5 Year CMT Index + 285 bps) (144A) | &nbsp;&nbsp; 504526 |
| 3,533,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 7.45% (5 Year CMT Index + 313 bps) (144A) | &nbsp;&nbsp; 3726382 |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credito Real S.A.B de CV Escrow, 8.00%, 1/21/28 | &nbsp;&nbsp;&nbsp; 70 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | &nbsp;&nbsp; 249764 |
| 3363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 12.25%, 10/1/30 (144A) | &nbsp;&nbsp; 3707301 |
| 2,601,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp, 6.75% (5 Year CMT Index + 272 bps) (144A) | &nbsp;&nbsp; 2672327 |
| 1,025,000(d)(e)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovcombank Via SovCom Capital DAC, 7.60% (5 Year CMT Index + 636 bps) (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 750,000(d)(e)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovcombank Via SovCom Capital DAC, 7.75% (5 Year CMT Index + 638 bps) (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; **$** **10980405** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.1%** |  |
| 695,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc., 5.50%, 2/15/34 | $696925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **696925** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.5%** |  |
| 3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 8/1/28 (144A) | $2444777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2444777** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 4.2%** |  |
| 3392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 7.20%, 11/15/33 | $3588420 |
| 2558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 8.00%, 10/1/29 (144A) | &nbsp;&nbsp; 2576313 |
| 4308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex US Operations, Inc., 6.25%, 3/15/32 (144A) | &nbsp;&nbsp; 4442478 |
| 3244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 4.25%, 5/15/29 (144A) | &nbsp;&nbsp; 3163240 |

---

Victory Pioneer High Yield Fund \| 1/31/264

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — (continued)** |  |
| 5465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., 7.25%, 2/15/33 (144A) | $5443733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR1,855,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A) | &nbsp;&nbsp; 2306551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp; **$** **21520735** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coal — 1.0%** |  |
| 4699000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 8.625%, 6/15/29 (144A) | $4947944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Coal** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **4947944** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 4.6%** |  |
| 3003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT Security Corp., 5.875%, 10/15/33 (144A) | $3044290 |
| 3406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, 7.875%, 2/15/31 (144A) | &nbsp;&nbsp; 3584553 |
| 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29 (144A) | &nbsp;&nbsp; 584988 |
| 643,252(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento Luxco 1 S.A., 20.00% (10.00% PIK or 10.00% Cash), 11/30/29 (144A) | &nbsp;&nbsp; 160813 |
| 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, 6/15/32 (144A) | &nbsp;&nbsp; 2006022 |
| 5289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champions Financing, Inc., 8.75%, 2/15/29 (144A) | &nbsp;&nbsp; 5130674 |
| 1232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 6.00%, 6/1/29 (144A) | &nbsp;&nbsp; 1212276 |
| 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 6.50%, 1/15/31 (144A) | &nbsp;&nbsp; 420276 |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 7.75%, 2/15/28 (144A) | &nbsp;&nbsp; 1919974 |
| 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 8.375%, 11/15/32 (144A) | &nbsp;&nbsp; 2238132 |
| 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 5.75%, 3/15/31 (144A) | &nbsp;&nbsp; 387733 |
| 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 6.00%, 3/15/34 (144A) | &nbsp;&nbsp; 391977 |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.00%, 6/15/30 (144A) | &nbsp;&nbsp; 556268 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.25%, 6/15/33 (144A) | &nbsp;&nbsp; 846649 |
| 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc., 7.875%, 9/30/32 (144A) | &nbsp;&nbsp; 745462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp; **$** **23230087** |

---

5Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers — 1.1%** |  |
| 3085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc., 4.75%, 9/30/28 (144A) | $3045514 |
| 2587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Voyix Corp., 5.00%, 10/1/28 (144A) | &nbsp;&nbsp; 2553565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5599079** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution/Wholesale — 1.1%** |  |
| 5741000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC, 8.00%, 6/1/29 (144A) | $5619075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution/Wholesale** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **5619075** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 6.6%** |  |
| 6,033,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | $6221633 |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 8.375%, 4/1/32 (144A) | &nbsp;&nbsp; 224907 |
| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.125%, 5/15/31 (144A) | &nbsp;&nbsp; 1099559 |
| 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | &nbsp;&nbsp; 1455156 |
| 6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 8.75%, 9/1/27 (144A) | &nbsp;&nbsp; 7142404 |
| 4830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS Topco LLC, 8.75%, 7/15/30 (144A) | &nbsp;&nbsp; 4853652 |
| 695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.125%, 5/15/30 | &nbsp;&nbsp; 708480 |
| 3015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.50%, 3/15/33 | &nbsp;&nbsp; 3030449 |
| 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 6.75%, 9/15/33 | &nbsp;&nbsp; 1233522 |
| 4315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp., 9.75%, 9/15/29 (144A) | &nbsp;&nbsp; 4526003 |
| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebriar ABF Issuer LLC, 8.125%, 12/15/30 (144A) | &nbsp;&nbsp; 2129622 |
| 1,066,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unifin Financiera SAB de CV, 0.000%, 1/27/28 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings LLC, 6.25%, 3/15/31 (144A) | &nbsp;&nbsp; 894314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp; **$** **33519701** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 4.8%** |  |
| 3,876,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp., 6.95% (5 Year CMT Index + 289 bps), 7/15/55 | $3789107 |
| 4005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, 6.25%, 1/15/34 (144A) | &nbsp;&nbsp; 4030988 |
| 3207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (144A) | &nbsp;&nbsp; 3097641 |
| 3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, 8.75%, 2/15/32 (144A) | &nbsp;&nbsp; 3856284 |
| 2920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 5.75%, 1/15/34 (144A) | &nbsp;&nbsp; 2939365 |
| 3505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 6.00%, 1/15/36 (144A) | &nbsp;&nbsp; 3541582 |

---

Victory Pioneer High Yield Fund \| 1/31/266

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — (continued)** |  |
| 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 6.25%, 2/1/34 (144A) | $1692478 |
| 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 6.50%, 2/1/36 (144A) | &nbsp;&nbsp; 1712157 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp; **$** **24659602** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipments — 0.6%** |  |
| 3155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.00%, 9/15/33 (144A) | $3032235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipments** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3032235** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.5%** |  |
| 2647000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc., 4.00%, 3/1/29 (144A) | $2571236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2571236** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.5%** |  |
| 2577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightstar Lottery Plc/ Brightstar Global Solutions Corp., 5.75%, 1/15/33 (144A) | $2561848 |
| 2573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30 (144A) | &nbsp;&nbsp; 2682739 |
| 1427000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 11.875%, 4/15/31 (144A) | &nbsp;&nbsp; 1498860 |
| 5795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.25%, 7/1/32 (144A) | &nbsp;&nbsp; 6156144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp; **$** **12899591** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Control — 0.8%** |  |
| 4056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | $3972959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Control** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3972959** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 1.8%** |  |
| 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos. Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, 3/31/31 (144A) | $781380 |
| 4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos. Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, 3/31/34 (144A) | &nbsp;&nbsp; 4819021 |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., 7.875%, 3/1/31 (144A) | &nbsp;&nbsp; 545097 |
| 3010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc., 9.625%, 9/15/32 (144A) | &nbsp;&nbsp; 3044895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **9190393** |

---

7Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 1.4%** |  |
| 3,816,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc., 8.375% (5 Year CMT Index + 438 bps), 9/12/55 | $3766792 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 7.375%, 6/1/31 (144A) | &nbsp;&nbsp; 3472309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **7239101** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 3.8%** |  |
| 4805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., 6.75%, 7/15/33 (144A) | $4931794 |
| 2704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | &nbsp;&nbsp; 2625589 |
| 5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 9.375%, 9/1/29 (144A) | &nbsp;&nbsp; 5570687 |
| 6272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Acute Care Solutions LLC, 9.75%, 5/15/29 (144A) | &nbsp;&nbsp; 6299465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp; **$** **19427535** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Home Builders — 0.1%** |  |
| 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc., 5.625%, 2/1/34 (144A) | $427443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Home Builders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **427443** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products/Wares — 0.8%** |  |
| 4767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands, Inc., 3.875%, 3/15/31 (144A) | $3846969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Products/Wares** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3846969** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.3%** |  |
| 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC and Asurion Co.-Issuer, Inc., 8.375%, 2/1/34 (144A) | $1637755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1637755** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.7%** |  |
| 2992000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc./ION Platform Finance S.a.r.l., 9.00%, 8/1/29 (144A) | $2872589 |
| 855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc./ION Platform Finance S.a.r.l., 9.50%, 5/30/29 (144A) | &nbsp;&nbsp; 824512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3697101** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 2.0%** |  |
| 2347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.00%, 3/15/32 (144A) | $2408576 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.375%, 5/1/33 (144A) | &nbsp;&nbsp; 1304426 |
| 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.50%, 9/15/31 (144A) | &nbsp;&nbsp; 453768 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.625%, 1/15/34 (144A) | &nbsp;&nbsp; 1047327 |

---

Victory Pioneer High Yield Fund \| 1/31/268

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — (continued)** |  |
| 1795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co., 5.75%, 11/15/33 (144A) | $1824971 |
| 3031000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co., 6.00%, 12/15/35 (144A) | &nbsp;&nbsp; 3096801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp; **$** **10135869** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.4%** |  |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cruise Yacht Upper HoldCo, Ltd., 11.875%, 7/5/28 | $1966791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1966791** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 2.2%** |  |
| 3515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/1/29 (144A) | $3632729 |
| 435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd., 6.50%, 9/24/33 (144A) | &nbsp;&nbsp; 433971 |
| 4380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd., 7.625%, 4/17/32 (144A) | &nbsp;&nbsp; 4592780 |
| 2556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 6.625%, 7/31/26 (144A) | &nbsp;&nbsp; 2565741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp; **$** **11225221** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 5.6%** |  |
| 8849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $7742591 |
| 4416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 4.50%, 11/15/31 (144A) | &nbsp;&nbsp; 2678826 |
| 895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 5.375%, 2/1/28 (144A) | &nbsp;&nbsp; 667981 |
| 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 11.75%, 1/31/29 (144A) | &nbsp;&nbsp; 280729 |
| 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 7.25%, 8/15/33 (144A) | &nbsp;&nbsp; 1254122 |
| 2343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media, Inc., 10.50%, 7/15/29 (144A) | &nbsp;&nbsp; 2516652 |
| 4506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | &nbsp;&nbsp; 4547000 |
| 3972000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125%, 9/1/26 (144A) | &nbsp;&nbsp; 3948108 |
| 2995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing BV, 5.00%, 1/15/32 (144A) | &nbsp;&nbsp; 2704359 |
| 2320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing BV, 7.50%, 1/15/33 (144A) | &nbsp;&nbsp; 2327106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; **$** **28667474** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 4.1%** |  |
| 565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 7.25%, 2/15/34 (144A) | $593588 |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 8.00%, 3/1/33 (144A) | &nbsp;&nbsp; 257535 |

---

9Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — (continued)** |  |
| 5151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A) | $5410873 |
| 5082000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp., 5.75%, 10/15/28 (144A) | &nbsp;&nbsp; 5102531 |
| 3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 6.375%, 8/15/33 (144A) | &nbsp;&nbsp; 3203607 |
| 5966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taseko Mines, Ltd., 8.25%, 5/1/30 (144A) | &nbsp;&nbsp; 6332563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp; **$** **20900697** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing — 2.2%** |  |
| 5151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxam Prill S.a.r.l., 7.75%, 7/15/30 (144A) | $5366621 |
| 5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Industries, Inc., 7.75%, 7/15/28 (144A) | &nbsp;&nbsp; 5826831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Miscellaneous Manufacturing** | &nbsp;&nbsp; **$** **11193452** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 4.5%** |  |
| 2381707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC, Ltd./Borr Finance LLC, 10.00%, 11/15/28 (144A) | $2444041 |
| 1503350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A) | &nbsp;&nbsp; 1532354 |
| 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | &nbsp;&nbsp; 1136425 |
| 2156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | &nbsp;&nbsp; 2067805 |
| 2614000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 (144A) | &nbsp;&nbsp; 2529395 |
| 3108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29 (144A) | &nbsp;&nbsp; 3105978 |
| 1282500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 8.75%, 2/15/30 (144A) | &nbsp;&nbsp; 1336922 |
| 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International Ltd., 7.875%, 10/15/32 (144A) | &nbsp;&nbsp; 522144 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 8.25%, 5/15/29 (144A) | &nbsp;&nbsp; 1130946 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International, Ltd., 8.50%, 5/15/31 (144A) | &nbsp;&nbsp; 1129861 |
| 453333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A) | &nbsp;&nbsp; 462449 |
| 5709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (144A) | &nbsp;&nbsp; 5787704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp; **$** **23186024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — 2.1%** |  |
| 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Services LP/Archrock Partners Finance Corp., 6.00%, 2/1/34 (144A) | $519608 |
| 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerflex, Inc., 6.875%, 1/15/31 (144A) | &nbsp;&nbsp; 1219514 |

---

Victory Pioneer High Yield Fund \| 1/31/2610

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — (continued)** |  |
| 3690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC, 6.50%, 10/1/33 (144A) | $3779604 |
| 1254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp., 6.25%, 10/1/33 (144A) | &nbsp;&nbsp; 1270298 |
| 3953000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29 (144A) | &nbsp;&nbsp; 4093011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Services** | &nbsp;&nbsp; **$** **10882035** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaging & Containers — 3.2%** |  |
| 1955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascades Inc/Cascades USA, Inc., 6.75%, 7/15/30 (144A) | $2023953 |
| 5009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | &nbsp;&nbsp; 4735806 |
| 3835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV, 4.75%, 2/15/30 (144A) | &nbsp;&nbsp; 3711109 |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) | &nbsp;&nbsp; 1485905 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 5.00%, 4/15/29 (144A) | &nbsp;&nbsp; 1821912 |
| 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 6.50%, 7/15/32 (144A) | &nbsp;&nbsp; 981047 |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. US, 7.25%, 2/15/31 (144A) | &nbsp;&nbsp; 1489027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Packaging & Containers** | &nbsp;&nbsp; **$** **16248759** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 3.8%** |  |
| 6839000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 B.C. Ltd., 10.00%, 4/15/32 (144A) | $7018572 |
| 6456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth LLC, 5.125%, 3/1/30 (144A) | &nbsp;&nbsp; 6269447 |
| 1,650,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00% (5 Year CMT Index + 289 bps), 3/10/55 | &nbsp;&nbsp; 1726966 |
| 5015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.125%, 4/30/31 (144A) | &nbsp;&nbsp; 4554387 |
| 2,645,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricida, Inc., 0.000%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp; **$** **19569372** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 5.0%** |  |
| 4315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP/BIP-V Chinook Holdco LLC, 7.50%, 12/15/33 (144A) | $4638573 |
| 1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | &nbsp;&nbsp; 1223026 |
| 3599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29 (144A) | &nbsp;&nbsp; 3763924 |
| 2,927,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | &nbsp;&nbsp; 3023249 |

---

11Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — (continued)** |  |
| 905,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings, Ltd., 7.50% (5 Year CMT Index + 367 bps), 3/1/55 | $956673 |
| 4771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | &nbsp;&nbsp; 4984555 |
| 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.125%, 12/15/30 (144A) | &nbsp;&nbsp; 1559392 |
| 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34 (144A) | &nbsp;&nbsp; 1328382 |
| 2501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36 (144A) | &nbsp;&nbsp; 2621698 |
| 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 7.50%, 5/1/33 (144A) | &nbsp;&nbsp; 1249859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp; **$** **25349331** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.7%** |  |
| 3643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc., 4.75%, 2/1/30 | $3501287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3501287** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 1.3%** |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc., 6.75%, 12/1/33 | $124592 |
| 2545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc., 6.25%, 9/15/32 (144A) | &nbsp;&nbsp; 2573705 |
| 965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc., 5.25%, 10/15/28 (144A) | &nbsp;&nbsp; 970063 |
| 3061000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | &nbsp;&nbsp; 2915373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **6583733** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 2.8%** |  |
| 2645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc., 8.25%, 7/15/30 (144A) | $2792369 |
| 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.875%, 10/1/31 (144A) | &nbsp;&nbsp; 1274710 |
| 3126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 6.125%, 3/15/32 (144A) | &nbsp;&nbsp; 3159597 |
| 2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC, 7.375%, 8/1/33 (144A) | &nbsp;&nbsp; 2766647 |
| 390,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., 8.25%, 2/1/31 (144A) | &nbsp;&nbsp; 391021 |
| 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32 (144A) | &nbsp;&nbsp; 3691659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp; **$** **14076003** |

---

Victory Pioneer High Yield Fund \| 1/31/2612

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.5%** |  |
| 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., 9.00%, 2/1/31 (144A) | $2391755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2391755** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 2.7%** |  |
| 680400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France Lux 3/Altice Holdings 1, 10.00%, 1/15/33 (144A) | $657494 |
| 2549546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A., 6.50%, 4/15/32 (144A) | &nbsp;&nbsp; 2490167 |
| 3098782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.875%, 6/30/33 (144A) | &nbsp;&nbsp; 3193267 |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.625%, 6/15/32 (144A) | &nbsp;&nbsp; 1443827 |
| 855,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.625%, 6/15/32 (144A) | &nbsp;&nbsp; 861413 |
| 4880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31 (144A) | &nbsp;&nbsp; 5111922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp; **$** **13758090** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 1.7%** |  |
| 2780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $2751954 |
| 3899000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp., 6.875%, 10/15/32 (144A) | &nbsp;&nbsp; 4027051 |
| 2009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp., 8.50%, 3/1/28 (144A) | &nbsp;&nbsp; 2011648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **8790653** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $467,724,017)** | **$471597007** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock — 0.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |
| 1,617,862(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento Luxco 1 S.A. | $1213396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1213396** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (Cost $1,617,862)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1213396** |

---

13Victory Pioneer High Yield Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities—0.0% of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%** |  |
| 550,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/26 | $— |
| 233,537(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/26 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $9,123)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 4.2% of<br> Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 4.2%** |  |
| 21,079,129(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 3.58% | $21079129 |
|  |  | &nbsp;&nbsp; $21079129 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $21,079,129)** | &nbsp;&nbsp; **$** **21079129** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.6%<br> (Cost $503,473,458)** | **$507741785** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; $2280152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$510021937** |

---

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| (144A) | &nbsp;&nbsp;The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At January 31, 2026, the value of these securities amounted to $434,280,189, or 85.1% of net assets. |

---

(a) Floating rate note. Coupon rate, reference index and spread shown at January 31, 2026.

(b) Non-income producing security.

(c) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.

(d) Security is perpetual in nature and has no stated maturity date.

Victory Pioneer High Yield Fund \| 1/31/2614

------

(unaudited) (continued)

---

| | |
|:---|:---|
| (e) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at January 31, 2026. |
| (f) | &nbsp;&nbsp;Security is in default. |
| (g) | &nbsp;&nbsp;Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (h) | &nbsp;&nbsp;Issued as preference shares. |
| (i) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2026. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at January 31, 2026. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;$9123 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Viribus Re 2019 | 3/25/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0%† |

---

† Amount rounds to less than 0.1%.

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **In<br> Exchange for** | **Currency<br> Sold** | **Deliver** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | &nbsp;&nbsp;&nbsp;285000 | USD | &nbsp;&nbsp;&nbsp;335689 | Goldman Sachs & Co. | 3/27/26 | &nbsp;&nbsp;$3083 |
| EUR | 3725000 | USD | 4475962 | Morgan Stanley & Co., LLC | 4/29/26 | &nbsp;&nbsp;&nbsp;(42043) |
| USD | 8024921 | EUR | 6795000 | Morgan Stanley & Co., LLC | 3/27/26 | &nbsp;&nbsp;&nbsp;(52122) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **$(91082)** |

---

15Victory Pioneer High Yield Fund \| 1/31/26

------

#### SWAP CONTRACTS

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)<sup>(1)</sup>** | **Reference<br> Obligation/Index** | **Pay/<br> Receive<sup>(2)</sup>** | **Annual<br> Fixed Rate** | **Expiration<br> Date** | **Premiums<br> (Received)** | **Unrealized<br> (Depreciation)** | **Market<br> Value** |
| 64231200 | Markit CDX North America High Yield Index Series 45 | Pay | 5.00% | 12/20/30 | $(4558880) | $(1191228) | $(5750108) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **$(4558880)** | **$(1191228)** | **$(5750108)** |
| **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** |  | **$(4558880)** | **$(1191228)** | **$(5750108)** |

---

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

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

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

EUR — Euro <br> IDR — Indonesian Rupiah <br> USD — United States Dollar

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

---

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

---

The following is a summary of the inputs used as of January 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$10013775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$10013775 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 |
| &nbsp;&nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907676 |

---

Victory Pioneer High Yield Fund \| 1/31/2616

------

### Schedule of Investments \| 1/31/26
(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;All Other Common Stocks | &nbsp;&nbsp;$2580103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2580103 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205219 |
| Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135857 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23069274 | &nbsp;&nbsp;&nbsp;160813 | &nbsp;&nbsp;&nbsp;&nbsp;23230087 |
| &nbsp;&nbsp;&nbsp;All Other Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;448366920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;448366920 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213396 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| Open-End Fund | &nbsp;&nbsp;&nbsp;21079129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21079129 |
| **Total Investments in Securities** | **$23659232** | &nbsp;&nbsp;**$483912117** | &nbsp;&nbsp;**$170436** | &nbsp;&nbsp;**$507741785** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91082) |
| &nbsp;&nbsp;&nbsp;Centrally cleared swap contracts^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1191228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1191228) |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1282310)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1282310)** |

---

---

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

---

During the period ended January 31, 2026, there were no transfers in or out of Level 3.

17Victory Pioneer High Yield Fund \| 1/31/26

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

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

- **b. EDGAR series identifier (if any):** S000089771

- **c. LEI of Series:** 549300KIPK21IOE42X58

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**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:** $521894835.15

**Total Liabilities:** $12565361.26

**Net Assets:** $509329473.89

**Delayed Delivery Securities:** $1562174.84

**Cash Not Reported:** $3046786.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -7099.00000000 | **10-Year:** -2519.00000000 | **30-Year:** -340.00000000

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

- **3-Month:** -1914.00000000 | **1-Year:** -3143.00000000 | **5-Year:** -107644.00000000 | **10-Year:** -3946.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256542 | 0.59%                | 0.67%                | 0.70%                |
| Class ID C000256543 | 0.57%                | 0.54%                | 0.68%                |
| Class ID C000256544 | 0.50%                | 0.58%                | 0.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $377045.68               | $611237.82                                 |
| Month 2  | $-1091474.82             | $2051374.62                                |
| Month 3  | $350706.22               | $806339.77                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS & CO. LLC                  | USD/EUR FORWARD                                                          | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |           1 | NC      | $3083.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KBR INC                                  | KBR Inc                                                                  | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     3085000 | PA      | $3045513.85   | 0.60%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                           | 1261229 BC LTD                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     2572075 | PA      | $2513130.76   | 0.49%             | 2030-10-08      | Floating      | 9.92%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1280000 | PA      | $1328381.85   | 0.26%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                         | Leeward Renewable Energy Operations LLC                                  | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |     3207000 | PA      | $3097640.75   | 0.61%             | 2029-07-01      | Fixed         | 4.25%                 | 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        |     2156000 | PA      | $2067805.15   | 0.41%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                 | Clear Channel Outdoor Holdings Inc                                       | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      685000 | PA      | $727837.85    | 0.14%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                 | First Quantum Minerals Ltd                                               | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      565000 | PA      | $593587.87    | 0.12%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                  | VZ Secured Financing BV                                                  | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     2320000 | PA      | $2327105.60   | 0.46%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STONEBRIAR ABF LLC                       | Stonebriar ABF Issuer LLC                                                | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2050000 | PA      | $2129622.00   | 0.42%             | 2030-12-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                          | Nordea Bank Abp                                                          | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |     2601000 | PA      | $2672327.22   | 0.52%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                           | Owens-Brockway Glass Container Inc                                       | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     1460000 | PA      | $1485904.78   | 0.29%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                  | Millrose Properties Inc                                                  | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2545000 | PA      | $2573705.06   | 0.51%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)                 | Sovcombank Via SovCom Capital DAC                                        | CUSIP: 84605LAB2<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |      750000 | PA      | $0.00         | 0.00%             | N/A             | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL                  | BioMarin Pharmaceutical Inc                                              | CUSIP: 09061GAL5<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |      695000 | PA      | $696925.15    | 0.14%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                          | Sealed Air Corp                                                          | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     1810000 | PA      | $1821911.61   | 0.36%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                    | Melco Resorts Finance Ltd                                                | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      435000 | PA      | $433971.76    | 0.09%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Desarrolladora Homex SAB de CV           | Desarrolladora Homex SAB de CV                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     1443476 | NS      | $82.60        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                  | Sotera Health Holdings LLC                                               | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     3300000 | PA      | $3472309.50   | 0.68%             | 2031-06-01      | Fixed         | 7.38%                 | 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        |     6900000 | PA      | $7142403.90   | 1.40%             | 2027-09-01      | Fixed         | 8.75%                 | 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        |     4900000 | PA      | $4819020.98   | 0.95%             | 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        |     3003000 | PA      | $3044290.17   | 0.60%             | 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        |     1225000 | PA      | $1254121.93   | 0.25%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                     | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     2865000 | PA      | $2941799.19   | 0.58%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                  | VZ Secured Financing BV                                                  | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     2995000 | PA      | $2704358.91   | 0.53%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA                                                         | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     2549546 | PA      | $2490166.59   | 0.49%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                       | Mativ Holdings Inc                                                       | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     2558000 | PA      | $2576312.72   | 0.51%             | 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        |     2347000 | PA      | $2408575.89   | 0.47%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Emerald Plantation Holdings Lt           | Emerald Plantation Holdings Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      459481 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PETCO HEALTH & WELLNESS                  | Petco Health & Wellness Co Inc                                           | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |      390000 | PA      | $391021.37    | 0.08%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                  | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC          | CUSIP: 91327CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      855000 | PA      | $861412.50    | 0.17%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Option Care Health Inc                   | Option Care Health Inc                                                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |        1068 | NS      | $36312.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS LLC                         | UWM Holdings LLC                                                         | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      900000 | PA      | $894314.19    | 0.18%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                           | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     2343000 | PA      | $2516651.45   | 0.49%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                     | LC AHAB US BIDCO LLC                                                     | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |     1407187 | PA      | $1412464.45   | 0.28%             | 2031-05-01      | Floating      | 6.67%                 | 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        |      780000 | PA      | $781379.84    | 0.15%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amplify Energy Corp                      | Amplify Energy Corp                                                      | CUSIP: 03212B103<br>LEI: J0TW5YQRAZXYN7VEU787 | Long             | EC               | CORP              | US        |          48 | NS      | $240.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TASEKO MINES LTD                         | Taseko Mines Ltd                                                         | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     5966000 | PA      | $6332562.97   | 1.24%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                 | Camelot Return Merger Sub Inc                                            | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3145000 | PA      | $2444777.07   | 0.48%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                         | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      385000 | PA      | $280728.95    | 0.06%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                 | First Quantum Minerals Ltd                                               | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     5151000 | PA      | $5410873.10   | 1.06%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SOVCOMBANK (SOVCOM CAPT)                 | Sovcombank Via SovCom Capital DAC                                        | CUSIP: 84605LAD8<br>LEI: 635400EQFFCXMNLYU680 | Long             | DBT              | CORP              | IE        |     1025000 | PA      | $0.00         | 0.00%             | N/A             | Fixed         | 7.60%                 | No            |                  3 | 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        |     1430000 | PA      | $1489027.54   | 0.29%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                      | ABRA Global Finance                                                      | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |     3265092 | PA      | $3399777.05   | 0.67%             | 2029-10-22      | Fixed         | 14.00%                | 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        |     3515000 | PA      | $3632728.81   | 0.71%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                       | Czechoslovak Group AS                                                    | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |     2055000 | PA      | $2144804.40   | 0.42%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                    | Melco Resorts Finance Ltd                                                | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     4380000 | PA      | $4592779.83   | 0.90%             | 2032-04-17      | Fixed         | 7.62%                 | 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        |     4880000 | PA      | $5111922.00   | 1.00%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRAN LUX 3/HOLD 1                 | Altice France Lux 3 / Altice Holdings 1                                  | CUSIP: 020956AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      680400 | PA      | $657494.41    | 0.13%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                 | First Quantum Minerals Ltd                                               | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      240000 | PA      | $257534.60    | 0.05%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                     | Garda World Security Corp                                                | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1232000 | PA      | $1212276.30   | 0.24%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                    | McGraw-Hill Education Inc                                                | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     4506000 | PA      | $4547000.09   | 0.89%             | 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        |     2614000 | PA      | $2529395.28   | 0.50%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                  | Kodiak Gas Services LLC                                                  | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     3690000 | PA      | $3779604.27   | 0.74%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                  | Starwood Property Trust Inc                                              | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |      965000 | PA      | $970063.36    | 0.19%             | 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        |      945000 | PA      | $981047.03    | 0.19%             | 2032-07-15      | Fixed         | 6.50%                 | 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        |     1266410 | NS      | $2536298.35   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                 | Wildfire Intermediate Holdings LLC                                       | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     5709000 | PA      | $5787704.27   | 1.14%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                      | Spectrum Brands Inc                                                      | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |     4767000 | PA      | $3846969.00   | 0.76%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                     | Fiesta Purchaser Inc                                                     | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3010000 | PA      | $3044894.93   | 0.60%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                 | Clear Channel Outdoor Holdings Inc                                       | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     3994000 | PA      | $3952144.48   | 0.78%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization           | Global Mortgage Securitization Ltd                                       | CUSIP: 378961AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |      132668 | PA      | $51857.39     | 0.01%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV             | LyondellBasell Industries NV                                             | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |         148 | NS      | $7252.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifin Financiera SAB de CV              | Unifin Financiera SAB de CV                                              | CUSIP: 000000000<br>LEI: 5493007GRMPGDJG93Z17 | Long             | EC               | CORP              | MX        |      138656 | NS      | $9520.90      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CHAMPIONS FINANCING INC                  | Champions Financing Inc                                                  | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |     5289000 | PA      | $5130673.79   | 1.01%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                     | Cleveland-Cliffs Inc                                                     | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1047327.00   | 0.21%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings Inc                                                        | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      800000 | PA      | $846648.80    | 0.17%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     2501000 | PA      | $2621698.03   | 0.51%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                   | Asurion LLC and Asurion Co-Issuer Inc                                    | CUSIP: 045941AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1620000 | PA      | $1637755.31   | 0.32%             | 2034-02-01      | Fixed         | 8.38%                 | 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        |     3953000 | PA      | $4093011.31   | 0.80%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A' | ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |        2845 | NS      | $47212.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                     | Grupo Aeromexico SAB de CV                                               | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2525000 | PA      | $2607062.50   | 0.51%             | 2031-11-15      | Fixed         | 8.62%                 | 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        |     2620000 | PA      | $2766646.64   | 0.54%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                           | 1261229 BC Ltd                                                           | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     6839000 | PA      | $7018571.55   | 1.38%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                 | Prime Healthcare Services Inc                                            | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5350000 | PA      | $5570687.50   | 1.09%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                         | Allied Universal Holdco LLC / Allied Universal Finance Corp              | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      590000 | PA      | $584987.83    | 0.11%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                     | Fiesta Purchaser Inc                                                     | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      530000 | PA      | $545097.05    | 0.11%             | 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        |     1427000 | PA      | $1498859.44   | 0.29%             | 2031-04-15      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                     | ION Platform Finance US Inc / ION Platform Finance SARL                  | CUSIP: 46206AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      855000 | PA      | $824511.90    | 0.16%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                         | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      895000 | PA      | $667981.37    | 0.13%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                     | Alpha Generation LLC                                                     | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     4005000 | PA      | $4030988.45   | 0.79%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2019, 12/31/22                | Viribus Re 2019, 12/31/22                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      233537 | PA      | $0.00         | 0.00%             | 2026-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| METHANEX US OPERATIONS                   | Methanex US Operations Inc                                               | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4308000 | PA      | $4442478.53   | 0.87%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                 | Transocean International Ltd                                             | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     1110000 | PA      | $1129861.23   | 0.22%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                  | US Acute Care Solutions LLC                                              | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6272000 | PA      | $6299465.09   | 1.24%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings Inc                                                        | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      385000 | PA      | $387733.50    | 0.08%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                     | Commercial Metals Co                                                     | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     1795000 | PA      | $1824971.12   | 0.36%             | 2033-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                          | Goat Holdco LLC                                                          | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4916000 | PA      | $5048845.07   | 0.99%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU                 | Installed Building Products Inc                                          | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |      425000 | PA      | $427442.96    | 0.08%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                      | NOVA Chemicals Corp                                                      | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     3244000 | PA      | $3163239.78   | 0.62%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust                 | DSLA Mortgage Loan Trust 2005-AR6                                        | CUSIP: 23332UFX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      140673 | PA      | $153361.57    | 0.03%             | 2045-10-19      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                 | USA Compression Partners LP / USA Compression Finance Corp               | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1254000 | PA      | $1270298.24   | 0.25%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                     | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     1125000 | PA      | $1145549.41   | 0.22%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                    | Clearwater Paper Corp                                                    | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |     5009000 | PA      | $4735805.63   | 0.93%             | 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        |     4830000 | PA      | $4853652.51   | 0.95%             | 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        |     3392000 | PA      | $3588420.54   | 0.70%             | 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        |     1650000 | PA      | $1726965.90   | 0.34%             | 2055-03-10      | Fixed         | 7.00%                 | 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        |     3126000 | PA      | $3159597.09   | 0.62%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                       | Ford Motor Co                                                            | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     2255000 | PA      | $2346965.64   | 0.46%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ARCHROCK SERVICES/PARTNE                 | Archrock Services LP / Archrock Partners Finance Corp                    | CUSIP: 03958CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      520000 | PA      | $519607.66    | 0.10%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                              | BNP Paribas SA                                                           | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     3533000 | PA      | $3726382.29   | 0.73%             | N/A             | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                     | ALPHA GENERATION LLC                                                     | CUSIP: 000000000<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     1115875 | PA      | $1116087.02   | 0.22%             | 2031-09-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                              | Danaos Corp                                                              | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     3899000 | PA      | $4027050.96   | 0.79%             | 2032-10-15      | Fixed         | 6.88%                 | 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        |     2573000 | PA      | $2682738.45   | 0.53%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                            | CoreWeave Inc                                                            | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     2460000 | PA      | $2391755.17   | 0.47%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                 | Transocean International Ltd                                             | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     1110000 | PA      | $1130945.70   | 0.22%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                             | Novelis Corp                                                             | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     3145000 | PA      | $3203607.08   | 0.63%             | 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        |     2577000 | PA      | $2561848.27   | 0.50%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                  | Allied Universal Holdco LLC                                              | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |     3406000 | PA      | $3584552.74   | 0.70%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2018, 12/31/21                | Viribus Re 2018, 12/31/21                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      550000 | PA      | $0.00         | 0.00%             | 2026-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                    | Provident Funding Associates LP / PFG Finance Corp                       | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4315000 | PA      | $4526003.50   | 0.89%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | EUR/USD FORWARD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-42043.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                       | Kennedy-Wilson Inc                                                       | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |     3643000 | PA      | $3501287.30   | 0.69%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management       | Dreyfus Government Cash Management                                       | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    22577008 | NS      | $22577007.76  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                 | Transocean International Ltd                                             | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     1282500 | PA      | $1336921.61   | 0.26%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings Inc                                                        | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      530000 | PA      | $556268.39    | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRICIDA INC                              | TRICIDA INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2645000 | PA      | $0.03         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CASCADES INC/USA INC                     | Cascades Inc/Cascades USA Inc                                            | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1955000 | PA      | $2023952.85   | 0.40%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                      | Travel + Leisure Co                                                      | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     2556000 | PA      | $2565740.92   | 0.50%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CRUISE YACHT UPPER HOLDC                 | Cruise Yacht Upper HoldCo Ltd                                            | CUSIP: 000000000<br>LEI: 984500DE088QEE80G074 | Long             | DBT              | CORP              | MT        |     2200000 | PA      | $1966791.51   | 0.39%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                    | GFL Environmental Inc                                                    | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     4056000 | PA      | $3972959.32   | 0.78%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                             | IAMGOLD Corp                                                             | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |     5082000 | PA      | $5102531.28   | 1.00%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                 | Transocean International Ltd                                             | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |      495000 | PA      | $522143.82    | 0.10%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                    | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1455156.25   | 0.29%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                           | NCR Voyix Corp                                                           | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     2587000 | PA      | $2553564.84   | 0.50%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PT Bakrie & Brothers TBK                 | PT Bakrie & Brothers TBK                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        | 11178198000 | PA      | $135856.56    | 0.03%             | 2026-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                 | Brinker International Inc                                                | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |     2645000 | PA      | $2792368.82   | 0.55%             | 2030-07-15      | Fixed         | 8.25%                 | 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        |     1215000 | PA      | $1223026.29   | 0.24%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                      | Sirius XM Radio LLC                                                      | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     3972000 | PA      | $3948108.02   | 0.78%             | 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        |     3876000 | PA      | $3789107.44   | 0.74%             | 2055-07-15      | Fixed         | 6.95%                 | 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        |     1855000 | PA      | $2306551.07   | 0.45%             | 2028-07-15      | Fixed         | 9.50%                 | 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        |     5015000 | PA      | $4554387.30   | 0.89%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA                        | ATENTO LUXCO 1 SA                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | LU        |     1617862 | NS      | $1213396.50   | 0.24%             |  |  |  | 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      | $-5741187.34  | -1.13%            |  |  |  | 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        |     4699000 | PA      | $4947943.62   | 0.97%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                               | Akbank TAS                                                               | CUSIP: 00971YAG5<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |      120000 | PA      | $120035.51    | 0.02%             | 2026-02-06      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                       | Ally Financial Inc                                                       | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     6033000 | PA      | $6221633.03   | 1.22%             | 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        |     2691000 | PA      | $2609364.48   | 0.51%             | 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        |     5795000 | PA      | $6156144.40   | 1.21%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1515000 | PA      | $1559392.53   | 0.31%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RIVER ROCK ENTERTAINMENT                 | RIVER ROCK ENTERTAINMENT AUTHORITY                                       | CUSIP: 76837PAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4435000 | PA      | $4324125.00   | 0.85%             | 2031-11-24      | Floating      | 12.67%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS                              | BNP Paribas SA                                                           | CUSIP: 05602XQR2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      500000 | PA      | $504525.87    | 0.10%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                    | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1040000 | PA      | $1099558.72   | 0.22%             | 2031-05-15      | Fixed         | 9.12%                 | 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        |     8849000 | PA      | $7742591.39   | 1.52%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | USD/EUR FORWARD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-52121.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP                   | Velocity Vehicle Group LLC                                               | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5741000 | PA      | $5619075.51   | 1.10%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                           | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     2920000 | PA      | $2939365.44   | 0.58%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                     | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     3485000 | PA      | $3684668.16   | 0.72%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                  | Talen Energy Supply LLC                                                  | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     1670000 | PA      | $1692478.20   | 0.33%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HLDG                       | ALTICE FRANCE HLDG                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       45018 | NS      | $860463.64    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI GRP/UNITI HLD/CSL                  | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC              | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3061000 | PA      | $2915372.62   | 0.57%             | 2030-01-15      | Fixed         | 6.00%                 | 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        |     4030000 | PA      | $4108262.60   | 0.81%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                     | TTM Technologies Inc                                                     | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |     2647000 | PA      | $2571235.71   | 0.50%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CREDITO REAL SAB DE CV SOFOM ER          | CREDITO REAL SAB DE CV SOFOM ER                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      700000 | PA      | $70.00        | 0.00%             | 2028-01-21      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                              | Danaos Corp                                                              | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     2009000 | PA      | $2011647.86   | 0.39%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                     | Garda World Security Corp                                                | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |      410000 | PA      | $420275.76    | 0.08%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                              | Gap Inc/The                                                              | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1274709.70   | 0.25%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                           | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     3505000 | PA      | $3541581.69   | 0.70%             | 2036-01-15      | Fixed         | 6.00%                 | 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        |     1950000 | PA      | $2006021.80   | 0.39%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings Inc                                                        | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      390000 | PA      | $391976.52    | 0.08%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                  | Talen Energy Supply LLC                                                  | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     1670000 | PA      | $1712156.65   | 0.34%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                                    | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     3098782 | PA      | $3193266.96   | 0.63%             | 2033-06-30      | Fixed         | 6.88%                 | 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        |     4315000 | PA      | $4638573.22   | 0.91%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                 | Summit Midstream Holdings LLC                                            | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4771000 | PA      | $4984554.73   | 0.98%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                             | Enerflex Inc                                                             | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |     1180000 | PA      | $1219513.48   | 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        |     3630000 | PA      | $3856283.78   | 0.76%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                     | Commercial Metals Co                                                     | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     3031000 | PA      | $3096800.71   | 0.61%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                     | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      695000 | PA      | $708479.53    | 0.14%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                     | Garda World Security Corp                                                | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1880000 | PA      | $1919974.44   | 0.38%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                      | DENTSPLY SIRONA Inc                                                      | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     3816000 | PA      | $3766791.76   | 0.74%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                     | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      430000 | PA      | $453767.82    | 0.09%             | 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        |     5151000 | PA      | $5366620.86   | 1.05%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS                 | United Airlines Holdings Inc                                             | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |      680000 | PA      | $686753.10    | 0.13%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                 | Olympus Water US Holding Corp                                            | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     5465000 | PA      | $5443732.62   | 1.07%             | 2033-02-15      | 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        |     2992000 | PA      | $2872588.83   | 0.56%             | 2029-08-01      | Fixed         | 9.00%                 | 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        |     1155000 | PA      | $1136424.71   | 0.22%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIFIN FINANCIERA SA DE                  | UNIFIN FINANCIERA SAB DE CV                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1066000 | PA      | $0.01         | 0.00%             | 2028-01-27      | Fixed         | 0.00%                 | No            |                  3 | 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        |     3599000 | PA      | $3763923.60   | 0.74%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                            | ZF North America Capital Inc                                             | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     3154000 | PA      | $3232815.31   | 0.63%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC                   | Trinity Industries Inc                                                   | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     5645000 | PA      | $5826831.10   | 1.14%             | 2028-07-15      | Fixed         | 7.75%                 | 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       |     1503350 | PA      | $1532353.63   | 0.30%             | 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        |      250000 | PA      | $249763.73    | 0.05%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                       | Energy Transfer LP                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     2927000 | PA      | $3023248.54   | 0.59%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                   | Carriage Purchaser Inc                                                   | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2780000 | PA      | $2751954.25   | 0.54%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                  | Borr IHC Ltd / Borr Finance LLC                                          | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2381707 | PA      | $2444041.02   | 0.48%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                     | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     3015000 | PA      | $3030448.86   | 0.59%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                    | Freedom Mortgage Corp                                                    | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     3363000 | PA      | $3707300.58   | 0.73%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                  | GLP Capital LP / GLP Financing II Inc                                    | CUSIP: 361841AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      115000 | PA      | $124591.58    | 0.02%             | 2033-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA                        | Atento Luxco 1 SA                                                        | CUSIP: 000000000<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |      643252 | PA      | $160812.98    | 0.03%             | 2029-11-30      | Fixed         | 20.00%                | No            |                  3 | 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        |     1430000 | PA      | $1443827.26   | 0.28%             | 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        |     2645000 | PA      | $0.03         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1140000 | PA      | $1249859.52   | 0.25%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                        | OneSky Flight LLC                                                        | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |     2885000 | PA      | $3084740.09   | 0.61%             | 2029-12-15      | Fixed         | 8.88%                 | 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        |      905000 | PA      | $956672.79    | 0.19%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                               | DaVita Inc                                                               | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     4805000 | PA      | $4931794.34   | 0.97%             | 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        |     3600000 | PA      | $3691659.60   | 0.72%             | 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        |     3155000 | PA      | $3032234.85   | 0.60%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                     | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     1220000 | PA      | $1233521.67   | 0.24%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Atento Luxco 1 SA                        | Atento Luxco 1 SA                                                        | CUSIP: 000000000<br>LEI: 549300MLFF3HYCZQTC48 | Long             | EC               | CORP              | LU        |   190086798 | NS      | $19.01        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                         | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     4416000 | PA      | $2678825.97   | 0.53%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                     | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     2704000 | PA      | $2625588.60   | 0.52%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                          | AdaptHealth LLC                                                          | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6456000 | PA      | $6269447.29   | 1.23%             | 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        |      646812 | PA      | $647967.71    | 0.13%             | 2031-04-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                     | OI European Group BV                                                     | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     3835000 | PA      | $3711109.17   | 0.73%             | 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        |      453333 | PA      | $462448.96    | 0.09%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                    | Freedom Mortgage Holdings LLC                                            | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      215000 | PA      | $224907.20    | 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        |     3108000 | PA      | $3105978.25   | 0.61%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US                  | ION Platform Finance US Inc                                              | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |      850000 | PA      | $745461.99    | 0.15%             | 2032-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                     | Garda World Security Corp                                                | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     2180000 | PA      | $2238131.88   | 0.44%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                     | Cleveland-Cliffs Inc                                                     | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1304426.25   | 0.26%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-01

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer