# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0001193125-25-309492
**Filing Date:** 2025-12
**Character Count:** 598102
**Document Hash:** 6eae2127ae711c91a35797f4e6226c28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-309492.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-309492

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251552602

**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 Fundamental Growth Fund (Series ID: S000089760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256495 | Class R      | PFGRX           |
| C000256496 | Class R6     | PFGKX           |
| C000256497 | Class A      | PIGFX           |
| C000256498 | Class Y      | FUNYX           |
| C000256499 | Class C      | FUNCX           |

### Victory Pioneer Multi-Asset Ultrashort Income Fund (Series ID: S000089770)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256538 | Class Y      | MYFRX           |
| C000256539 | Class A      | MAFRX           |
| C000256540 | Class C      | MAUCX           |
| C000256541 | Class R6     | MAUKX           |

?xml version='1.0' encoding='ASCII'? Victory Portfolios IV

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-24019

#### Victory Portfolios IV
(Exact name of registrant as specified in charter)

------

15935 La Cantera Parkway, San Antonio, Texas 78256

(Address of principal executive offices) (ZIP code)

Christopher J. Kelley, Victory Capital Management Inc.

60 State Street, Boston, MA 02109

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 742-7825

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### September 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class A / PIGFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class A | $540.99%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,404,797,628% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.* 

**SECTOR DISTRIBUTION**

**(as of September 30, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 43.8% |
| Consumer Discretionary | 18.3% |
| Industrials | 11.1% |
| Health Care | 8.9% |
| Financials | 8.8% |
| Communication Services | 8.7% |
| Basic Materials | 0.4% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class A shares of the Predecessor Fund received Class A shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

PIGFX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class C / FUNCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class C | $941.72%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,404,797,628% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.* 

**SECTOR DISTRIBUTION**

**(as of September 30, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 43.8% |
| Consumer Discretionary | 18.3% |
| Industrials | 11.1% |
| Health Care | 8.9% |
| Financials | 8.8% |
| Communication Services | 8.7% |
| Basic Materials | 0.4% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class C shares of the Predecessor Fund received Class C shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

FUNCX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class R / PFGRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class R | $731.34%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,404,797,628% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.* 

**SECTOR DISTRIBUTION**

**(as of September 30, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 43.8% |
| Consumer Discretionary | 18.3% |
| Industrials | 11.1% |
| Health Care | 8.9% |
| Financials | 8.8% |
| Communication Services | 8.7% |
| Basic Materials | 0.4% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class R shares of the Predecessor Fund received Class R shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

PFGRX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class R6 / PFGKX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class R6 | $360.65%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,404,797,628% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.* 

**SECTOR DISTRIBUTION**

**(as of September 30, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 43.8% |
| Consumer Discretionary | 18.3% |
| Industrials | 11.1% |
| Health Care | 8.9% |
| Financials | 8.8% |
| Communication Services | 8.7% |
| Basic Materials | 0.4% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

PFGKX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Fundamental Growth Fund

#### Class Y / FUNYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class Y | $410.75%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,404,797,628% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

 *<sup>^^</sup>* *Excluding short-term investments and all derivative contracts except for options purchased.* 

**SECTOR DISTRIBUTION**

**(as of September 30, 2025)<sup>\*</sup>**

---

| | |
|:---|:---|
| Information Technology | 43.8% |
| Consumer Discretionary | 18.3% |
| Industrials | 11.1% |
| Health Care | 8.9% |
| Financials | 8.8% |
| Communication Services | 8.7% |
| Basic Materials | 0.4% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective May 2, 2025, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on April 29, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class Y shares of the Predecessor Fund received Class Y shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

FUNYX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class A / MAFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class A | $290.58%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,086,847,556% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1178<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.* 

**PORTFOLIO DIVERSIFICATION**

**(as of September 30, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 41.2% |
| Asset Backed Securities | 27.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Government and Agency Obligations | 4.7% |
| Senior Secured Floating Rate Loan Interests | 2.3% |
| Foreign Government Bond | 0.4% |
| Insurance-Linked Securities | 0.2% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class A shares of the Predecessor Fund received Class A shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

MAFRX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class C / MAUCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class C | $450.88%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,086,847,556% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1178<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.* 

**PORTFOLIO DIVERSIFICATION**

**(as of September 30, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 41.2% |
| Asset Backed Securities | 27.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Government and Agency Obligations | 4.7% |
| Senior Secured Floating Rate Loan Interests | 2.3% |
| Foreign Government Bond | 0.4% |
| Insurance-Linked Securities | 0.2% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class C and Class C2 shares of the Predecessor Fund received Class C shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

MAUCX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class R6 / MAUKX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class R6 | $180.35%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,086,847,556% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1178<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.* 

**PORTFOLIO DIVERSIFICATION**

**(as of September 30, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 41.2% |
| Asset Backed Securities | 27.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Government and Agency Obligations | 4.7% |
| Senior Secured Floating Rate Loan Interests | 2.3% |
| Foreign Government Bond | 0.4% |
| Insurance-Linked Securities | 0.2% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class K shares of the Predecessor Fund received Class R6 shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

MAUKX-SAR-1125

Victory Capital Management

![Victory Funds Black](g72913images_29613.jpg)

### Victory Pioneer Multi-Asset Ultrashort Income Fund

#### Class Y / MYFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-225-6292. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** |
| Class Y | $220.44%<sup>^</sup> |

---

 *<sup>^</sup>* *Annualized* 

KEY FUND STATISTICS

(as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,086,847,556% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1178<sup>^^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

 *<sup>^^</sup>* *Excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.* 

**PORTFOLIO DIVERSIFICATION**

**(as of September 30, 2025) <sup>\*</sup>** 

---

| | |
|:---|:---|
| Corporate Bonds | 41.2% |
| Asset Backed Securities | 27.5% |
| Commercial Mortgage-Backed Securities | 13.6% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Government and Agency Obligations | 4.7% |
| Senior Secured Floating Rate Loan Interests | 2.3% |
| Foreign Government Bond | 0.4% |
| Insurance-Linked Securities | 0.2% |

---

<sup>\*</sup> *As a percentage of total investments excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased.*

Material Fund Changes

Effective April 1, 2025, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization") pursuant to an agreement and plan of reorganization approved by the shareholders of the Predecessor Fund on March 27, 2025. The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

In the Reorganization, shareholders holding Class Y shares of the Predecessor Fund received Class Y shares of the Fund.

Victory Capital Management Inc. (the "Adviser") is the Fund's investment adviser. Effective April 1, 2025, Amundi Asset Management US, Inc. ("Amundi US"), the Predecessor Fund's investment adviser, was combined with Victory Capital Holdings, Inc., the parent company of the Adviser. The portfolio managers of Amundi US became employees of the Adviser.

#### Availability of Additional Information
Additional information about the Fund is available on vcm.com:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-225-6292.

MYFRX-SAR-1125

Victory Capital Management

------

ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 19(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period covered by this report.

(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention.

------

Not applicable.

(f) The registrant must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 19(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's Board of Trustees has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

N/A

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

N/A

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

N/A

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

N/A

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

PIONEER FUNDS

APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES

PROVIDED BY THE INDEPENDENT AUDITOR

SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.

------

Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.

------

---

| | | |
|:---|:---|:---|
| SECTION II - POLICY | SECTION II - POLICY | SECTION II - POLICY |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| I. AUDIT SERVICES | Services that are directly related to performing the independent audit of the Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Accounting research assistance<br>• SEC consultation, registration statements, and reporting<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; • Tax accrual related matters<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; • Implementation of new accounting standards<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; • Compliance letters (e.g. rating agency letters)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; • Regulatory reviews and assistance regarding financial matters<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; • Semi-annual reviews (if requested)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; • Comfort letters for closed end offerings<br>|
| II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule<br>210.2-01(C)(4) (the "Rule") and are related extensions of the audit services support the audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • AICPA attest and agreed-upon procedures<br>• Technology control assessments<br>• Financial reporting control assessments<br>• Enterprise security architecture assessment<br>|

---

---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "One-time" pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services.<br>| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "One-time" pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories<br>| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly.<br>|

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved"<br>|

---

------

SECTION III - POLICY DETAIL, CONTINUED

---

| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| III. TAX SERVICES | Services which are not prohibited by the Rule,<br>if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Tax planning and support<br>• Tax controversy assistance<br>• Tax compliance, tax returns, excise tax returns and support<br>• Tax opinions<br>|

---

---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp; • "One-time" pre-approval for the fund fiscal year within a specified dollar limit<br>| &nbsp;&nbsp;&nbsp;&nbsp; • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals)<br>• Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved"<br>|  |

---

------

SECTION III - POLICY DETAIL, CONTINUED

---

| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| IV. OTHER SERVICES<br>A. SYNERGISTIC, UNIQUE QUALIFICATIONS | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Business Risk Management support<br>• Other control and regulatory compliance projects<br>|

---

---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp; • "One-time" pre-approval for the fund fiscal year within a specified dollar limit<br>| &nbsp;&nbsp;&nbsp;&nbsp; • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; • Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved"<br>|  |

---

------

SECTION III - POLICY DETAIL, CONTINUED

---

| | | |
|:---|:---|:---|
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED<br> SERVICE SUBCATEGORIES |
| PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client\* |
|  |  | 2. Financial information systems design and implementation\* |
|  |  | 3. Appraisal or valuation services, fairness\* opinions, or contribution-in-kind reports |
|  |  | 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)\* |
|  |  | 5. Internal audit outsourcing services\* |
|  |  | 6. Management functions or human resources |
|  |  | 7. Broker or dealer, investment advisor, or investment banking services |
|  |  | 8. Legal services and expert services unrelated to the audit |
|  |  | 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |

---

---

| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| &nbsp;&nbsp;&nbsp;&nbsp; • These services are not to be performed with the exception of the(\*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service.<br>| &nbsp;&nbsp;&nbsp;&nbsp; • A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services.<br>|

---

------

GENERAL AUDIT COMMITTEE APPROVAL POLICY:

• For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence.

• Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.

• At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

N/A

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

N/A

(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

N/A

------

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

N/A

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

N/A

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

N/A

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; N/A

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant;

N/A

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

N/A

------

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 7 of this Form.

Included in Item 7

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

## Victory Pioneer Fundamental Growth Fund \*
(successor to Pioneer Fundamental Growth Fund)\*

Semi-Annual: Full Financials

September 30, 2025

\* Effective May 2, 2025, during the semi-annual reporting period covered by this report, Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with Victory Pioneer Fundamental Growth Fund (the "Reorganization"). The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Fundamental Growth Fund.

![](g72913img92f624fb1.gif)

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visit us: vcm.com

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### **Table of Contents**

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---

| | |
|:---|:---|
| [Schedule of Investments](#xx_6cccb1b1-40f4-4b38-a2b6-6428567c46fc_1) | 2 |
| [Financial Statements](#xx_4e1f4b01-e76a-491d-a298-19d16305ebf5_1) | 6 |
| [Notes to Financial Statements](#xx_ebf43d3b-0f02-4bef-ad67-9942ca88087c_1) | 16 |
| [Additional Information](#xx_edef8296-e679-42d7-a71c-92efcce9e13e_1) | 29 |

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Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/251

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

### Schedule of Investments \| 9/30/25
(unaudited)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 99.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 2.1%** |  |
| 391,288(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | $153244032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | **$** **153244032** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 7.0%** |  |
| 2,353,985(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | $516864486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Broadline Retail** | **$** **516864486** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.7%** |  |
| 1178890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | $198619387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | **$** **198619387** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.4%** |  |
| 57980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde Plc | $27540500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | **$** **27540500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 2.7%** |  |
| 2,686,327(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. | $120804125 |
| 713247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp; 76039263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services & Supplies** | **$** **196843388** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.6%** |  |
| 263567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | $120526553 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | **$** **120526553** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 3.1%** |  |
| 402276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. Plc | $150551793 |
| 236684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 82728159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | **$** **233279952** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components<br> — 4.7%** |  |
| 2814164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | $348252795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | **$** **348252795** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.5%** |  |
| 1644255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | $188267198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | **$** **188267198** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 6.2%** |  |
| 551346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | $313611118 |
| 418279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp; 142792085 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | **$** **456403203** |

---

The accompanying notes are an integral part of these financial statements.

2Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 4.3%** |  |
| 3,278,506(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | $321195233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ground Transportation** | **$** **321195233** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.1%** |  |
| 346,174(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | $154819398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | **$** **154819398** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.5%** |  |
| 33844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | $182732894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | **$** **182732894** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 6.2%** |  |
| 860581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | $209594503 |
| 7,695,580(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A | &nbsp;&nbsp; 247566809 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Interactive Media & Services** | **$** **457161312** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.4%** |  |
| 208,626(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | $101187783 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences Tools & Services** | **$** **101187783** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 0.9%** |  |
| 262349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | $68410125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | **$** **68410125** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 3.3%** |  |
| 323119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | $246539797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | **$** **246539797** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment —<br> 11.1%** |  |
| 1,538,067(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | $248843860 |
| 215585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 208705683 |
| 2544810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 163427698 |
| 1084733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 202389483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | **$** **823366724** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 21.2%** |  |
| 287583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | $196393306 |
| 1082065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 560455567 |
| 1231951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 346473899 |
| 420012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 99542844 |
| 173,924(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp; 160058779 |
| 423,222(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | &nbsp;&nbsp; 208813503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | **$1571737898** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 8.8%** |  |
| 321547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | $130287629 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/253

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — (continued)** |  |
| 1,886,496(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. | $203383134 |
| 861017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp; 131210380 |
| 1311518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp; 189566812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | **$** **654447955** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals —<br> 5.0%** |  |
| 1460464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | $371877948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | **$** **371877948** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $3,348,027,614)** | **$7393318561** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.3% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.3%** |  |
| 19,429,100(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.04% | $19429100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$19429100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $19,429,100)** | **$** **19429100** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.1%<br> (Cost $3,367,456,714)** | **$7412747661** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;$(7950033) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$7404797628** |

---

(a) Non-income producing security.

(b) Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2025.

Purchases and sales of securities (excluding short-term investments and all derivative contracts except for options purchased) for the six months ended September 30, 2025, aggregated $644,533,394 and $1,186,561,067, respectively.

At September 30, 2025, the net unrealized appreciation on investments based on cost for federal tax purposes of $3,379,898,214 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4078849102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45999655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4032849447 |

---

The accompanying notes are an integral part of these financial statements.

4Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

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.). See Notes to Financial Statements — Note 1A. |
| &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). See Notes to Financial Statements — Note 1A. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | $7393318561 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7393318561 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429100 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429100 |
| **Total Investments in Securities** | **$7412747661** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$7412747661** |

---

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

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/255

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

### Statement of Assets and Liabilities \| 9/30/25
(unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $3,367,456,714) | $7412747661 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638575 |
| &nbsp;&nbsp;&nbsp;Due from the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630678 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$7416926891** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased | $6032387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032566 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319292 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311936 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250246 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$12129263** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $2323007959 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;5081789669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | **$7404797628** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> (based on $1,506,119,935/38,881,479 shares) | $38.74 |
| &nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> (based on $162,942,249/5,240,974 shares) | $31.09 |
| &nbsp;&nbsp;&nbsp;Class R6<sup>\*</sup> (based on $1,134,494,998/28,798,798 shares) | $39.39 |
| &nbsp;&nbsp;&nbsp;Class R<sup>\*</sup> (based on $132,691,711/3,626,564 shares) | $36.59 |
| &nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> (based on $4,468,548,735/112,290,974 shares) | $39.79 |
| **MAXIMUM OFFERING PRICE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;Class A (based on $38.74 net asset value per share/100%-5.75% maximum sales charge) | $41.10 |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

6Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

### Statement of Operations (unaudited)

#### FOR THE SIX MONTHS ENDED 9/30/25

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers (net of foreign taxes withheld $132,386) | $22200738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$22200738** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $21711717 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;1578783 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2158431 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1800830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317622 |  |
| &nbsp;&nbsp;&nbsp;Shareholder communications expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110213 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828 |  |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128770 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126327 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16241 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163160 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$29870594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived and expenses reimbursed by the Adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$29239916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(7039178)** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;$369656040 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;$846935726 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1216591766** |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1209552588** |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/257

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $(7039178) | &nbsp;&nbsp;&nbsp;&nbsp;$(4463060) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369656040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151410997 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846935726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1094044866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | **$1209552588** | &nbsp;&nbsp;&nbsp;&nbsp;**$52903071** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* ($— and $1.99 per share, respectively) | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(80332710) |
| &nbsp;&nbsp;&nbsp;Class C\* ($— and $1.99 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12812407) |
| &nbsp;&nbsp;&nbsp;Class R6\* ($— and $1.99 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60033076) |
| &nbsp;&nbsp;&nbsp;Class R\* ($— and $1.99 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7598743) |
| &nbsp;&nbsp;&nbsp;Class Y\* ($— and $1.99 per share, respectively) | &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;(248028591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(408805527) |
| **FROM FUND SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | $401475979 | &nbsp;&nbsp;&nbsp;&nbsp;$1461656539 |
| Reinvestment of distributions | &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;367817818 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(935141259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2022097057) |
| In-kind redemptions | &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;(206808725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from Fund share transactions | $(533665280) | &nbsp;&nbsp;&nbsp;&nbsp;$(399431425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$675887308** | &nbsp;&nbsp;&nbsp;&nbsp;**$(755333881)** |
| **NET ASSETS:** |  |  |
| Beginning of period | $6728910320 | &nbsp;&nbsp;&nbsp;&nbsp;$7484244201 |
| End of period | **$7404797628** | &nbsp;&nbsp;&nbsp;&nbsp;**$6728910320** |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

8Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> Shares<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months<br> Ended<br> 9/30/25<br> Amount<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25<br> Shares** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25<br> Amount** |
| **Class A\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1587847 | &nbsp;&nbsp;&nbsp;&nbsp;$56148500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795332 | &nbsp;&nbsp;&nbsp;&nbsp;$168484828 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71348756 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;(3644111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130946593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7456650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262777243) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(2056264) | &nbsp;&nbsp;&nbsp;&nbsp;$(74798093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669449) | &nbsp;&nbsp;&nbsp;&nbsp;$(22943659) |
| **Class C\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149981 | &nbsp;&nbsp;&nbsp;&nbsp;$4243580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849861 | &nbsp;&nbsp;&nbsp;&nbsp;$24343267 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12203415 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;(1097068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31369246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3079432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88174326) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947087) | &nbsp;&nbsp;&nbsp;&nbsp;$(27125666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1807600) | &nbsp;&nbsp;&nbsp;&nbsp;$(51627644) |
| **Class R6\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1328085 | &nbsp;&nbsp;&nbsp;&nbsp;$47570160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218582 | &nbsp;&nbsp;&nbsp;&nbsp;$186254844 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56740718 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;(3502090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126319964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6746919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240899176) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;(2174005) | &nbsp;&nbsp;&nbsp;&nbsp;$(78749804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33907 | &nbsp;&nbsp;&nbsp;&nbsp;$2096386 |
| **Class R\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161116 | &nbsp;&nbsp;&nbsp;&nbsp;$5516415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535443 | &nbsp;&nbsp;&nbsp;&nbsp;$17843894 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532765 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14255618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(793610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26486395) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264759) | &nbsp;&nbsp;&nbsp;&nbsp;$(8739203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36158) | &nbsp;&nbsp;&nbsp;&nbsp;$(1109736) |
| **Class Y\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;8057398 | &nbsp;&nbsp;&nbsp;&nbsp;$287997324 | &nbsp;&nbsp;&nbsp;&nbsp;29518600 | &nbsp;&nbsp;&nbsp;&nbsp;$1064729706 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219992164 |
| Less shares repurchased | (17317684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632249838) | &nbsp;&nbsp;&nbsp;&nbsp;(38851806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403759917) |
| In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5678919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206808725) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(9260286) | &nbsp;&nbsp;&nbsp;&nbsp;$(344252514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9021053) | &nbsp;&nbsp;&nbsp;&nbsp;$(325846772) |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/259

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $32.70 | &nbsp;&nbsp;&nbsp;&nbsp;$34.54 | &nbsp;&nbsp;&nbsp;&nbsp;$26.24 | &nbsp;&nbsp;&nbsp;&nbsp;$29.25 | &nbsp;&nbsp;&nbsp;&nbsp;$31.88 | &nbsp;&nbsp;&nbsp;&nbsp;$22.43 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05)(b) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.03)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$6.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.95)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.78** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.28** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.83)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$6.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.84)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.30** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.63)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.45** |
| &nbsp;&nbsp;Net asset value, end of period | $38.74 | &nbsp;&nbsp;&nbsp;&nbsp;$32.70 | &nbsp;&nbsp;&nbsp;&nbsp;$34.54 | &nbsp;&nbsp;&nbsp;&nbsp;$26.24 | &nbsp;&nbsp;&nbsp;&nbsp;$29.25 | &nbsp;&nbsp;&nbsp;&nbsp;$31.88 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.47%(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.55%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $1506120 | &nbsp;&nbsp;&nbsp;&nbsp;$1338690 | &nbsp;&nbsp;&nbsp;&nbsp;$1437055 | &nbsp;&nbsp;&nbsp;&nbsp;$1006630 | &nbsp;&nbsp;&nbsp;&nbsp;$1159356 | &nbsp;&nbsp;&nbsp;&nbsp;$1143970 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

10Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class C<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $26.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.38 | &nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;$24.76 | &nbsp;&nbsp;&nbsp;&nbsp;$28.01 | &nbsp;&nbsp;&nbsp;&nbsp;$20.07 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.22)(b) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.98 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$4.75** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.56** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.82)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.16** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.77** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.83)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$4.75** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.04)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.50** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.88)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.25)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.94** |
| &nbsp;&nbsp;Net asset value, end of period | $31.09 | &nbsp;&nbsp;&nbsp;&nbsp;$26.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.38 | &nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;$24.76 | &nbsp;&nbsp;&nbsp;&nbsp;$28.01 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.03%(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.28%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.53%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $162942 | &nbsp;&nbsp;&nbsp;&nbsp;$163008 | &nbsp;&nbsp;&nbsp;&nbsp;$226890 | &nbsp;&nbsp;&nbsp;&nbsp;$224126 | &nbsp;&nbsp;&nbsp;&nbsp;$356963 | &nbsp;&nbsp;&nbsp;&nbsp;$432822 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79)% |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/2511

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class R6<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $33.20 | &nbsp;&nbsp;&nbsp;&nbsp;$34.92 | &nbsp;&nbsp;&nbsp;&nbsp;$26.46 | &nbsp;&nbsp;&nbsp;&nbsp;$29.39 | &nbsp;&nbsp;&nbsp;&nbsp;$31.94 | &nbsp;&nbsp;&nbsp;&nbsp;$22.43 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03(b) | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$6.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.56** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.87)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.42** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &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;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.45)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.91)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$6.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.72)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.46** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.93)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.55)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.51** |
| &nbsp;&nbsp;Net asset value, end of period | $39.39 | &nbsp;&nbsp;&nbsp;&nbsp;$33.20 | &nbsp;&nbsp;&nbsp;&nbsp;$34.92 | &nbsp;&nbsp;&nbsp;&nbsp;$26.46 | &nbsp;&nbsp;&nbsp;&nbsp;$29.39 | &nbsp;&nbsp;&nbsp;&nbsp;$31.94 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.64%(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56.21%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $1134495 | &nbsp;&nbsp;&nbsp;&nbsp;$1028274 | &nbsp;&nbsp;&nbsp;&nbsp;$1080400 | &nbsp;&nbsp;&nbsp;&nbsp;$731131 | &nbsp;&nbsp;&nbsp;&nbsp;$844949 | &nbsp;&nbsp;&nbsp;&nbsp;$846019 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

12Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class R<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $30.93 | &nbsp;&nbsp;&nbsp;&nbsp;$32.90 | &nbsp;&nbsp;&nbsp;&nbsp;$25.13 | &nbsp;&nbsp;&nbsp;&nbsp;$28.17 | &nbsp;&nbsp;&nbsp;&nbsp;$31.03 | &nbsp;&nbsp;&nbsp;&nbsp;$21.95 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.15)(b) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$5.66** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.83** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.98)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.91** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;$(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;$(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.83)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$5.66** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.97)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7.77** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.04)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.86)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.08** |
| &nbsp;&nbsp;Net asset value, end of period | $36.59 | &nbsp;&nbsp;&nbsp;&nbsp;$30.93 | &nbsp;&nbsp;&nbsp;&nbsp;$32.90 | &nbsp;&nbsp;&nbsp;&nbsp;$25.13 | &nbsp;&nbsp;&nbsp;&nbsp;$28.17 | &nbsp;&nbsp;&nbsp;&nbsp;$31.03 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.30%(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.07%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $132692 | &nbsp;&nbsp;&nbsp;&nbsp;$120377 | &nbsp;&nbsp;&nbsp;&nbsp;$129216 | &nbsp;&nbsp;&nbsp;&nbsp;$96175 | &nbsp;&nbsp;&nbsp;&nbsp;$111781 | &nbsp;&nbsp;&nbsp;&nbsp;$108568 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(d) Not annualized.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/2513

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

Financial Highlights (continued)

(e) Annualized.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

14Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_061a50b1-b94e-41a4-85f0-4985b8c8d14d_TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class Y<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $33.55 | &nbsp;&nbsp;&nbsp;&nbsp;$35.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.76 | &nbsp;&nbsp;&nbsp;&nbsp;$29.73 | &nbsp;&nbsp;&nbsp;&nbsp;$32.25 | &nbsp;&nbsp;&nbsp;&nbsp;$22.63 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$0.00(b) | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.45 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$6.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.63** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.91)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.90** | &nbsp;&nbsp;&nbsp;&nbsp;**$12.50** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &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;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) |
| &nbsp;&nbsp;**Total distributions** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6.42)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.88)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$6.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.76)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.97)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.52)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.62** |
| &nbsp;&nbsp;Net asset value, end of period | $39.79 | &nbsp;&nbsp;&nbsp;&nbsp;$33.55 | &nbsp;&nbsp;&nbsp;&nbsp;$35.31 | &nbsp;&nbsp;&nbsp;&nbsp;$26.76 | &nbsp;&nbsp;&nbsp;&nbsp;$29.73 | &nbsp;&nbsp;&nbsp;&nbsp;$32.25 |
| &nbsp;&nbsp;**Total return (c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.60%(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56.06%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $4468549 | &nbsp;&nbsp;&nbsp;&nbsp;$4078562 | &nbsp;&nbsp;&nbsp;&nbsp;$4610683 | &nbsp;&nbsp;&nbsp;&nbsp;$3410508 | &nbsp;&nbsp;&nbsp;&nbsp;$3798296 | &nbsp;&nbsp;&nbsp;&nbsp;$4268553 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15)%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |

---

\* Pioneer Fundamental Growth Fund (the "Predecessor Fund") reorganized with the Fund effective May 2, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Amount rounds to less than $0.01 per share.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

The accompanying notes are an integral part of these financial statements.

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### Notes to Financial Statements \| 9/30/25
(unaudited)

1. Organization and Signiﬁcant Accounting Policies

Victory Pioneer Fundamental Growth Fund (the "Fund") is one of 26 portfolios comprising Victory Portfolios IV (the "Trust"), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Fund is a diversified, open-end management investment company. The Fund, which commenced operations on May 2, 2025, is the successor to Pioneer Fundamental Growth Fund (the "Predecessor Fund") and, accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund. The Predecessor Fund transferred all of the net assets of Class A, Class C, Class K, Class R and Class Y shares in exchange for the Fund's Class A, Class C, Class R6, Class R and Class Y shares, respectively, on May 2, 2025, pursuant to an agreement and plan of reorganization (the "Reorganization") which was approved by the shareholders of the Predecessor Fund on April 29, 2025. Accordingly, the Reorganization, which did not result in any federal income tax to the Predecessor Fund or its shareholders, had no effect on the Fund's operations. The Fund's investment objective is to seek long-term capital growth.

The Fund offers five classes of shares designated as Class A, Class C, Class R6, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Second Amended and Restated Trust Instrument of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class R6 or Class Y shares.

Prior to May 2, 2025, Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., served as the Fund's investment adviser

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("Amundi US"). Effective May 2, 2025, Victory Capital Management Inc. ("Victory Capital" or the "Adviser") serves as the Fund's investment adviser. Prior to May 2, 2025, Amundi Distributor US, Inc., an affiliate of Amundi US, served as the Fund's distributor. Effective May 2, 2025, Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

The Fund complies with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivative risk management program, appoint a derivative risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the Fund uses derivatives in only a limited manner (a "limited derivatives user"). The Fund is currently a limited derivatives user for purposes of Rule 18f-4.

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07) during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The management committee of the Adviser acts as the Fund's Chief Operations Decision Maker (CODM) which assesses performance and allocates resources with respect to the Fund. The Fund's operations constitute a single operating segment and therefore, a single reportable segment, because the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM manages the business activities using information of the Fund as a whole, and assesses performance of the Fund. The financial information provided to and reviewed by the CODM is the same as that presented within the Fund's financial statements.

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The ASU is effective for annual periods beginning after December 15, 2024. Management is

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currently evaluating the impact of ASU 2023-09 and does not believe it will have a material impact on the Fund's financial statements.

The Fund is a series portfolio of a registered investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Fund in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is converted into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities subject to oversight by the Board of Trustees. |
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such fund's net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are |

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| | |
|:---|:---|
|  | not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. The Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity, tariffs, or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. |
|  | Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend date in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Federal Income Taxes** |
|  | It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if |

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| |
|:---|
| any, to its shareholders. Therefore, no provision for federal income taxes is required. As of September 30, 2025, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
| The amount and character of income and capital gain distributions to shareholders are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
| The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended March 31, 2025 was as follows: |

---

---

| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;**Distributions paid from:** |  |
| &nbsp;&nbsp;Ordinary income | $8174863 |
| &nbsp;&nbsp;Long-term capital gains | &nbsp;&nbsp;400630664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$408805527** |

---

The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2025:

---

| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;**Distributable earnings/(losses):** |  |
| &nbsp;&nbsp;Undistributed ordinary income | $10618883 |
| &nbsp;&nbsp;Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;675704477 |
| &nbsp;&nbsp;Net unrealized appreciation | &nbsp;&nbsp;3185913721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$3872237081** |

---

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.

---

| | |
|:---|:---|
| **D.** | **Fund Shares** |
|  | The Fund records sales and repurchases of its shares as of trade date. Amundi Distributors US, Inc., the Predecessor Fund's distributor, and the Distributor earned $21,666 in underwriting commissions on the sale of Class A shares during the six months ended September 30, 2025. |

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20Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/25

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| | |
|:---|:---|
| **E.** | **Class Allocations** |
|  | Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. |
|  | Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class R6 and Class Y shares did not pay distribution fees. All expenses and fees paid to the Fund's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | Distributions to shareholders are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class R6, Class R and Class Y shares can reflect different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
|  | Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following the commencement of the conflict in Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or |

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| |
|:---|
| markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
| Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
| At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| Normally, the Fund invests at least 80% of its net assets in equity securities of large companies. Large companies may fall out of favor with investors and underperform the overall equity market. |
| In response to the military conflict in Ukraine commencing in 2022, the United States and other countries issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity |

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| |
|:---|
| of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these intermediaries may in turn rely on their service providers, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser, service providers or intermediaries may cause disruptions and impact business operations. This may cause financial losses; interference with the Fund's ability to calculate its net asset value; impediments to trading; the inability of Fund shareholders to effect share purchases; redemptions or exchanges or receive distributions; loss of or unauthorized access to private shareholder information; and violations of applicable privacy; and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| As of the date of this report, a significant portion of the Fund's net asset value is attributable to net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses and any available capital loss carryforwards in any fiscal year, it generally will be required to distribute that excess to shareholders, which will result in taxable income to you. You may receive distributions that are attributable to appreciation that was present in the Fund's portfolio securities at the time you made your investment but had not been realized at that time, or that are attributable to capital gains or other income that, although realized by the Fund, had not yet been |

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Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/2523

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| |
|:---|
| distributed at the time you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you. You should consult your tax adviser about the tax consequences of your investment in the Fund. |
| The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. |

---

2. Investment Advisory Agreement

The Adviser manages the Fund's portfolio. Management fees payable under the Fund's Investment Advisory Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Fund's average daily net assets up to $1 billion, 0.60% of the next $6.5 billion of the Fund's average daily net assets and 0.55% of the Fund's average daily net assets over $7.5 billion. Prior to the Reorganization, Amundi Asset Management US, Inc. ("Amundi US") served as the investment adviser of the Predecessor Fund. Under an investment management agreement with Amundi US, the Predecessor Fund paid management fees at the annual rate of 0.65% of the Predecessor Fund's average daily net assets up to $1 billion; 0.60% of the next $6.5 billion of the Predecessor Fund's average daily net assets and 0.55% of the Predecessor Fund's average daily net assets over $7.5 billion. For the six months ended September 30, 2025, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.61% (annualized) of the Fund's average daily net assets.

Effective April 1, 2025, the Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.99%, 1.72%, 0.65%, 1.39%, and 0.76% of the Fund's Class A, Class C, Class R6, Class R, and Class Y shares, respectively. These expense limitations are in effect through April 1, 2028. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

Prior to the Reorganization, Amundi US contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions and acquired fund fees and expenses, and extraordinary expenses, such as litigation) of the Predecessor Fund to the extent required to reduce Predecessor Fund

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expenses to 1.40% of the average daily net assets attributable to Class R shares of the Predecessor Fund.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Reflected on the Statement of Assets and Liabilities is $4,319,292 in management fees payable to the Adviser at September 30, 2025.

Effective April 1, 2025, Victory Capital also serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, Victory Capital is paid an administration and servicing fee based on a percentage of the average daily net assets of the Fund. The tiered rates at which Victory Capital is paid by the Fund are shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** |
| &nbsp;&nbsp;**Up to $15<br> billion** | **$15 billion to $30<br> billion** | **$30 billion to $85<br> billion** | **In excess of $85<br> billion** |
| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |

---

Amounts incurred for the six months ended September 30, 2025, are reflected on the Statement of Operations in Administration expenses.

Bank of New York Mellon ("BNY") acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between Victory Capital and BNY. Victory Capital pays BNY a fee for providing these services.

The Fund reimburses Victory Capital and BNY for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended September 30, 2025, are reflected on the Statement of Operations as Administration expenses.

3. Compensation of Officers and Trustees

The Fund pays an annual fee to its Trustees. Except for the chief compliance officer, the Fund does not pay any salary or other compensation to its officers. The Fund pays a portion of the chief compliance officer's compensation for his services as the Fund's chief compliance officer. The Adviser pays the remaining portion of the chief compliance officer's compensation. For the six months ended September 30, 2025, the Fund paid $163,160 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At September 30, 2025, on its Statement of Assets and Liabilities, the Fund had a payable for

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Trustees' fees of $3,368 and a payable for administrative expenses of $311,936, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts.

In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended September 30, 2025, such out-of-pocket expenses by class of shares were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Communications:** |  |
| &nbsp;&nbsp;Class A | $32036 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;4260 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;2803 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1214 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;69900 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$110213** |

---

5. Distribution and Service Plans

The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Reflected on the Statement of Assets and Liabilities is $250,246 in distribution fees payable to the Distributor at September 30, 2025.

The Fund also has adopted a separate service plan for Class R shares ("Service Plan"). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding

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shares of the Fund a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class R shares held by such plans.

In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge ("CDSC"). A CDSC of 0.75% may be imposed on redemptions of certain net asset value purchases of Class A shares within 18 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class R6, Class R or Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended September 30, 2025, CDSCs in the amount of $11,285 were paid to Amundi Distributor US, Inc, the Predecessor Fund's distributor, or the Distributor.

6. Line of Credit Facility

During the periods covered by these financial statements, the Fund participated in a committed, unsecured revolving line of credit ("credit facility"). Borrowings were used solely for temporary or emergency purposes. Under the credit facility, the Fund was permitted to borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The Fund participated in a credit facility in the amount of $250 million. The commitment fee with respect to the credit facility was 0.20% of the daily unused portion of each lender's commitment. For the six months ended September 30, 2025, the Fund had no borrowings under the credit facility.

7. In-Kind Redemption

In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted the Board, a Fund may distribute portfolio securities rather than cash as a payment for a redemption of Fund shares ("in-kind redemption"). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/loss to paid-in capital.

8. Reorganization

On May 2, 2025 (the "Closing Date"), the Predecessor Fund was reorganized with the Fund (the "Reorganization"). Under the terms of an Agreement and Plan of Reorganization, the Predecessor Fund transferred all of its assets and liabilities (other than certain securities that were subject to

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restriction on transfer) in exchange for shares of the Fund equal in value to those assets and liabilities. The Reorganization was structured so that the transfer of assets and liabilities did not result in federal tax liability to the Predecessor Fund or its shareholders. Shareholders holding Class A, Class C, Class K, Class R and Class Y shares of the Predecessor Fund received Class A, Class C, Class R6, Class R and Class Y shares of the Fund, respectively, in the Reorganization. The investment portfolio of the Predecessor Fund, with an aggregate value of $6,852,511,425 and an identified cost of $3,497,932,031 at May 2, 2025, was the principal asset acquired by the Fund. The Predecessor Fund was the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

9. Subsequent Event

On September 30, 2025, the Board upon the recommendation of the Adviser, approved a change in the Fund's custodian, sub-administrator, sub-fund accountant, and transfer agent to be effective at the close of business on or about December 5, 2025 (the "Effective Date"). After the Effective Date, Citibank, N.A. will serve as the custodian of the Fund, Citi Fund Services Ohio, Inc. will serve as sub-administrator and sub-fund accountant of the Fund and FIS Investor Services LLC will serve as transfer agent of the Fund.

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### Additional Information

#### Results of Special Shareholder Meeting
A Special Shareholder Meeting of Pioneer Fundamental Growth Fund was held on March 27, 2025, which reconvened on April 28 and April 29, 2025 to approve an Agreement and Plan of Reorganization pursuant to which Pioneer Fundamental Growth Fund reorganized into Victory Pioneer Fundamental Growth Fund.

The voting results were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Total Voted** | **Votes For** | **Votes<br> Against** | **Votes<br> Abstained** |
| &nbsp;&nbsp;Pioneer Fundamental Growth Fund | 106448781 | 91069507 | 1610770 | 13768504 |

---

Victory Pioneer Fundamental Growth Fund \| Semi-Annual \| 9/30/2529

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### How to Contact Victory Capital

#### We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

#### Call us for:

------

#### Account Information, including existing accounts, new accounts, prospectuses, applications and service forms

#### 1-800-225-6292

#### Visit our web site: vcm.com
This report must be preceded or accompanied by a prospectus.

**The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://sec.gov.**

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![](g72913img92f624fb1.gif)

Victory Capital Management, Inc.

60 State Street

Boston, MA 02109

#### vcm.com
Securities offered through Victory Capital Services, Inc.

60 State Street, Boston, MA 02109

Underwriter of Victory Funds, Member SIPC© 2025 Victory Capital Management, Inc. 19434-SFR-1125

------

## Victory Pioneer Multi-Asset Ultrashort Income Fund \*
(successor to Pioneer Multi-Asset Ultrashort Income Fund)\*

Semi-Annual: Full Financials

September 30, 2025

\* Effective April 1, 2025, during the semi-annual reporting period covered by this report, Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Reorganization"). The Predecessor Fund is the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of Victory Pioneer Multi-Asset Ultrashort Income Fund.

![](g72913img035dc55b1.gif)

------

visit us: vcm.com

------

### **Table of Contents**

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_baf1a297-5dc6-4855-901e-b8b2ae2d56c3_1) | 2 |
| [Financial Statements](#xx_d1306ef7-28c1-4a14-b4c4-74d8eeaf2764_1) | 79 |
| [Notes to Financial Statements](#xx_e3c42d0a-ee21-4afb-b3c8-50037d7728d2_1) | 89 |
| [Additional Information](#xx_a3354f30-75a4-4f5b-9110-fae524328cee_1) | 109 |

---

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### Schedule of Investments \| 9/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 102.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 1.9% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.0%†** |  |
| 245481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.278% (Term SOFR + 400 bps), 8/21/28 | $246248 |
| 1,160,588(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC (Outfront Media Capital Corp.), Term Loan, 9/24/32 | &nbsp;&nbsp; 1164215 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | **$** **1410463** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Services — 0.0%†** |  |
| 544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc., Term B-2 Loan, 7.78% (Term SOFR + 350 bps), 6/17/32 | $544000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Services** | **$** **544000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 1026594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines), 2025 Replacement Term Loan, 6.575% (Term SOFR + 225 bps), 4/20/28 | $1026319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | **$** **1026319** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Manufacturers — 0.0%†** |  |
| 1956080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc., Initial Tranche B Term Loan, 6.913% (Term SOFR + 275 bps), 3/7/32 | $1968306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Manufacturers** | **$** **1968306** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 0.0%†** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, Initial Term Loan, 6.46% (Term SOFR + 225 bps), 4/21/32 | $1002500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | **$** **1002500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.1%** |  |
| 1,750,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., Tranche C Term Loan, 2/24/32 | $1743437 |
| 1989610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.57% (Term SOFR + 500 bps), 3/30/27 | &nbsp;&nbsp; 729524 |
| 240,397(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Xcessories & Services LLC, Term Loan B, 9/5/29 | &nbsp;&nbsp; 240698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | **$** **2713659** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Repair Centers — 0.0%†** |  |
| 1,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc., Term Loan B, 3/19/32 | $1004125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Repair Centers** | **$** **1004125** |

---

The accompanying notes are an integral part of these financial statements.

2Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto-Truck Trailers — 0.0%†** |  |
| 1447500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novae LLC, Tranche B Term Loan, 9.152% (Term SOFR + 500 bps), 12/22/28 | $1367887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto-Truck Trailers** | **$** **1367887** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Batteries/Battery Systems — 0.0%†** |  |
| 1966322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., Initial Term Loan, 6.135% (Term SOFR + 200 bps), 3/19/32 | $1971238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Batteries/Battery Systems** | **$** **1971238** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%†** |  |
| 1364580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., Term Loan, 7.291% (Term SOFR + 300 bps), 4/1/32 | $1369697 |
| 982575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp., First Lien 2025 Refinancing Term Loan, 6.252% (Term SOFR + 225 bps), 3/31/28 | &nbsp;&nbsp; 983540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | **$** **2353237** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction — 0.1%** |  |
| 3591128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan, 7.308% (Term SOFR + 300 bps), 10/29/27 | $3600106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction** | **$** **3600106** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction Products — 0.0%†** |  |
| 477500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche B Term Loan, 7.50% (Term SOFR + 325 bps), 4/12/28 | $452829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction Products** | **$** **452829** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Production — 0.1%** |  |
| 1488520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp., Initial Tranche B Term Loan, 6.123% (Term SOFR + 200 bps), 3/8/32 | $1494102 |
| 488837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.66% (Term SOFR + 250 bps), 4/10/30 | &nbsp;&nbsp; 491740 |
| 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 6.413% (Term SOFR + 225 bps), 2/10/32 | &nbsp;&nbsp; 1991492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Production** | **$** **3977334** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building-Heavy Construction — 0.0%†** |  |
| 1494987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc., 2025 Refinancing Term Loan, 6.163% (Term SOFR + 200 bps), 10/1/31 | $1506200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building-Heavy Construction** | **$** **1506200** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 0.1%** |  |
| 2871700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, Term B-5 Loan, 6.541% (Term SOFR + 225 bps), 12/15/31 | $2873943 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/253

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(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — (continued)** |  |
| 669788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.82% (Term SOFR + 525 bps), 8/2/29 | $671649 |
| 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q, 7.515% (Term SOFR + 325 bps), 1/31/29 | &nbsp;&nbsp; 1025757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | **$** **4571349** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.0%†** |  |
| 1006670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., Incremental Term B-1 Loan, 6.413% (Term SOFR + 225 bps), 2/6/31 | $1005789 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | **$** **1005789** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 0.0%†** |  |
| 812625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.513% (Term SOFR + 425 bps), 4/2/29 | $739489 |
| 351845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2031 Tranche B Dollar Term Loan, 8.413% (Term SOFR + 425 bps), 10/7/31 | &nbsp;&nbsp; 307865 |
| 1728169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC, 2031 Dollar Term Loan, 7.163% (Term SOFR + 300 bps), 2/7/31 | &nbsp;&nbsp; 1562553 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | **$** **2609907** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 0.1%** |  |
| 1793131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 8.028% (Term SOFR + 375 bps), 4/20/28 | $1776321 |
| 1082818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., Term B Loan, 6.163% (Term SOFR + 200 bps), 11/26/31 | &nbsp;&nbsp; 1084848 |
| 1259640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 Dollar Loan, 7.002% (Term SOFR + 300 bps), 6/20/31 | &nbsp;&nbsp; 1248749 |
| 1,896,300(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc., Term Loan B, 8/12/32 | &nbsp;&nbsp; 1898670 |
| 1,100,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc., Term Loan B, 9/17/32 | &nbsp;&nbsp; 1104125 |
| 1706485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox Finance LLC, 2024-B Term Loan, 6.663% (Term SOFR + 250 bps), 9/30/31 | &nbsp;&nbsp; 1477531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | **$** **8590244** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.1%** |  |
| 1,940,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc., Term Loan B, 9/30/32 | $1920600 |
| 509375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Buyer, Inc., Initial Term Loan, 8.558% (Term SOFR + 425 bps), 11/1/31 | &nbsp;&nbsp; 514023 |
| 2708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans Union LLC, 2024 Refinancing Term B-8 Loan, 5.913% (Term SOFR + 175 bps), 6/24/31 | &nbsp;&nbsp; 2707999 |

---

The accompanying notes are an integral part of these financial statements.

4Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — (continued)** |  |
| 623437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp., Term B-1 Loan, 6.448% (Term SOFR + 225 bps), 2/22/31 | $590188 |
| 2685505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc., Term B-3 Loan, 5.913% (Term SOFR + 175 bps), 3/5/32 | &nbsp;&nbsp; 2675770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | **$** **8408580** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 0.1%** |  |
| 1728191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC, First Lien Term B-5 Loan, 6.752% (Term SOFR + 275 bps), 2/1/31 | $1732241 |
| 1985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Tranche B Term Loan, 5.913% (Term SOFR + 175 bps), 10/30/31 | &nbsp;&nbsp; 1990790 |
| 1364145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smartronix LLC, Term Loan, 8.663% (Term SOFR + 450 bps), 2/6/32 | &nbsp;&nbsp; 1373524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | **$** **5096555** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Software — 0.0%†** |  |
| 241250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 8.028% (Term SOFR + 375 bps), 10/16/28 | $232731 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Software** | **$** **232731** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Memory Devices — 0.1%** |  |
| 2692500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SanDisk Corp., Term B Loan, 7.135% (Term SOFR + 300 bps), 2/20/32 | $2695865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Memory Devices** | **$** **2695865** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consulting Services — 0.0%†** |  |
| 1744923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Advantage Holdings LLC, First Lien Term B-3 Loan, 6.913% (Term SOFR + 275 bps), 10/31/31 | $1707843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consulting Services** | **$** **1707843** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers-Metal & Glass — 0.0%†** |  |
| 1,690,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. (Owens- Illinois Group, Inc), Tranche B-1 Term Loan B Facility, 9/30/32 | $1688944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers-Metal & Glass** | **$** **1688944** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.0%†** |  |
| 1736842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.163% (Term SOFR + 300 bps), 5/1/31 | $1738471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | **$** **1738471** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/255

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Disposable Medical Products — 0.0%†** |  |
| 879335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, 2030 Refinancing Term Loan, 6.163% (Term SOFR + 200 bps), 10/23/30 | $879747 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Disposable Medical Products** | **$** **879747** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — 0.1%** |  |
| 2136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc., Initial Term Loan, 8.163% (Term SOFR + 400 bps), 5/21/32 | $2079930 |
| 1803224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 6.916% (Term SOFR + 275 bps), 8/1/30 | &nbsp;&nbsp; 1803224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution & Wholesale** | **$** **3883154** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.1%** |  |
| 1370160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 6.163% (Term SOFR + 200 bps), 9/30/31 | $1370374 |
| 842524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.413% (Term SOFR + 525 bps), 4/3/28 | &nbsp;&nbsp; 848963 |
| 1125345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, Term B Advance, 8.502% (Term SOFR + 450 bps), 2/19/32 | &nbsp;&nbsp; 1100025 |
| 537436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Company LLC, 2018 Incremental Term Loan, 5.913% (Term SOFR + 175 bps), 12/20/30 | &nbsp;&nbsp; 538686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | **$** **3858048** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy-Alternate Sources — 0.0%†** |  |
| 2,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayonne Energy Center LLC, Term Loan B, 9/22/32 | $2000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy-Alternate Sources** | **$** **2000000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 0.0%†** |  |
| 2073829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc., First Amendment Refinancing Term Loan, 6.308% (Term SOFR + 200 bps), 3/1/31 | $2081606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | **$** **2081606** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment Software — 0.0%†** |  |
| 1306568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp., Term B-1 Loan, 7.028% (Term SOFR + 275 bps), 3/13/28 | $1288399 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment Software** | **$** **1288399** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — 0.1%** |  |
| 1425078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, 2024-1 Term Loan, 6.163% (Term SOFR + 200 bps), 10/31/31 | $1429150 |
| 1897583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 Loan, 7.15% (Term SOFR + 300 bps), 3/18/30 | &nbsp;&nbsp; 1902721 |

---

The accompanying notes are an integral part of these financial statements.

6Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — (continued)** |  |
| 3377938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group LLC, Seventh Amendment Extended Term Loan, 6.199% (Term SOFR + 200 bps), 12/15/31 | $3357089 |
| 1715040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC, Initial Term Loan, 6.924% (Term SOFR + 275 bps), 10/21/31 | &nbsp;&nbsp; 1715040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Investment Banker** | **$** **8404000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Leasing Company — 0.0%†** |  |
| 1201069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US) LLC, Term B-6 Loan, 5.885% (Term SOFR + 175 bps), 6/22/30 | $1203019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Leasing Company** | **$** **1203019** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.0%†** |  |
| 1350938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 5.752% (Term SOFR + 175 bps), 11/30/30 | $1348827 |
| 572455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, Third Incremental Term B Loan, 6.002% (Term SOFR + 200 bps), 6/4/32 | &nbsp;&nbsp; 572277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | **$** **1921104** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 0.0%†** |  |
| 987537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loan, 6.163% (Term SOFR + 200 bps), 1/17/31 | $987435 |
| 987500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, 6.413% (Term SOFR + 225 bps), 4/1/31 | &nbsp;&nbsp; 989351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | **$** **1976786** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer — 0.1%** |  |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFS Cogen Holdings I LLC, 2025 Term B Advance, 7.002% (Term SOFR + 300 bps), 10/3/31 | $— |
| 2977443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, Initial Term B Loan, 6.252% (Term SOFR + 225 bps), 8/18/31 | &nbsp;&nbsp; 2978771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power Producer** | **$** **2978771** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers — 0.0%†** |  |
| 2388791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Ltd., 2025-2 Dollar Refinancing Term Loan, 6.913% (Term SOFR + 275 bps), 2/15/31 | $2390937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance Brokers** | **$** **2390937** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 0.0%†** |  |
| 1214669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2023 May Incremental Term Loan, 8.252% (Term SOFR + 425 bps), 5/3/28 | $1171777 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/257

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — (continued)** |  |
| 822140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2024 December New Term Loan, 8.413% (Term SOFR + 425 bps), 12/31/31 | $758424 |
| 552663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 6.913% (Term SOFR + 275 bps), 3/4/30 | &nbsp;&nbsp; 519201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | **$** **2449402** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Gambling — 0.0%†** |  |
| 2594960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc., Term Loan B, 6.005% (Term SOFR + 175 bps), 3/4/32 | $2592933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Gambling** | **$** **2592933** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Security — 0.0%†** |  |
| 1492260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Second Amendment Incremental Term B Loan, 5.913% (Term SOFR + 175 bps), 4/16/32 | $1487596 |
| 639167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Tranche B-1 Term Loan, 5.913% (Term SOFR + 175 bps), 9/12/29 | &nbsp;&nbsp; 638368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Security** | **$** **2125964** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory Services —<br> 0.0%†** |  |
| 748120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 6.813% (Term SOFR + 275 bps), 11/1/30 | $750303 |
| 962793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 7.163% (Term SOFR + 300 bps), 4/7/28 | &nbsp;&nbsp; 964373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | **$** **1714676** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lasers-System & Components — 0.0%†** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Term B-3 Loan, 5.908% (Term SOFR + 175 bps), 7/2/29 | $1000625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lasers-System & Components** | **$** **1000625** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Diagnostic Imaging — 0.0%†** |  |
| 1231186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Amendment No. 3 Replacement Term Loan, 8.752% (Term SOFR + 475 bps), 12/15/27 | $1236727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Diagnostic Imaging** | **$** **1236727** |

---

The accompanying notes are an integral part of these financial statements.

8Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Information Systems — 0.0%†** |  |
| 648640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., Initial Term Loan, 6.913% (Term SOFR + 275 bps), 2/15/29 | $647829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Information Systems** | **$** **647829** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 0.1%** |  |
| 2938153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.663% (Term SOFR + 250 bps), 2/21/31 | $2943295 |
| 848529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2025 Refinancing Term Loan, 6.808% (Term SOFR + 250 bps), 5/30/31 | &nbsp;&nbsp; 851711 |
| 1296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 8.645% (Term SOFR + 425 bps), 10/1/28 | &nbsp;&nbsp; 1295305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | **$** **5090311** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.1%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co., 2024 Refinancing Dollar Term Loan Facility, 6.408% (Term SOFR + 225 bps), 5/19/31 | $1954376 |
| 790780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Padagis LLC, Term B Loan, 9.29% (Term SOFR + 475 bps), 7/6/28 | &nbsp;&nbsp; 719610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | **$** **2673986** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Generic Drugs — 0.0%†** |  |
| 1230680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Company Plc, 2024 Refinancing Term B Loan, 6.163% (Term SOFR + 200 bps), 4/20/29 | $1229911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Generic Drugs** | **$** **1229911** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 0.0%†** |  |
| 933517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EyeCare Partners LLC, Tranche B Term Loan, 5.227% (Term SOFR + 100 bps), 11/30/28 | $597451 |
| 961821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight Health Holdings LLC, Term B Loan, 9.528% (Term SOFR + 525 bps), 12/23/28 | &nbsp;&nbsp; 319805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | **$** **917256** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal-Aluminum — 0.1%** |  |
| 2924305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Holdings, Inc., Initial Term Loan, 5.752% (Term SOFR + 175 bps), 3/11/32 | $2931616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal-Aluminum** | **$** **2931616** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment — 0.0%†** |  |
| 2340240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Tranche B Term Loan, 7.913% (Term SOFR + 375 bps), 3/19/32 | $2343165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Automation & Equipment** | **$** **2343165** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/259

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil Companies-Exploration & Production — 0.0%†** |  |
| 2016865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP, Initial Loan, 6.15% (Term SOFR + 200 bps), 2/11/30 | $2024009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil Companies-Exploration & Production** | **$** **2024009** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.1%** |  |
| 2067234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP, 2025 Tranche B-6 Term Loan, 5.913% (Term SOFR + 175 bps), 11/22/30 | $2071433 |
| 1223678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater DBR Holdco LLC, Term B-1 Loan, 6.313% (Term SOFR + 225 bps), 3/3/31 | &nbsp;&nbsp; 1226125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **3297558** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Printing-Commercial — 0.0%†** |  |
| 2313317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser LLC, Initial Term Loan, 8.002% (Term SOFR + 400 bps), 11/30/30 | $2298137 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Printing-Commercial** | **$** **2298137** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 0.1%** |  |
| 2582174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-11 Term Loan, 8.513% (Term SOFR + 425 bps), 8/19/28 | $2592503 |
| 1143882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-12 Term Loan, 8.413% (Term SOFR + 425 bps), 9/19/30 | &nbsp;&nbsp; 1141022 |
| 2231607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-9 Term Loan, 7.528% (Term SOFR + 325 bps), 7/31/27 | &nbsp;&nbsp; 2232071 |
| 994994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 6.663% (Term SOFR + 250 bps), 7/31/31 | &nbsp;&nbsp; 994745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Property & Casualty Insurance** | **$** **6960341** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection-Safety — 0.0%†** |  |
| 1738077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.129% (Term SOFR + 200 bps), 10/13/30 | $1736525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Protection-Safety** | **$** **1736525** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — 0.0%†** |  |
| 970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.513% (Term SOFR + 525 bps), 4/9/29 | $871888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing** | **$** **871888** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Racetracks — 0.0%†** |  |
| 477500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc., 2021 Incremental Term B Loan, 5.913% (Term SOFR + 175 bps), 3/17/28 | $477500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Racetracks** | **$** **477500** |

---

The accompanying notes are an integral part of these financial statements.

10Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 0.0%†** |  |
| 2186984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 8.663% (Term SOFR + 450 bps), 2/12/29 | $2204298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | **$** **2204298** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS-Storage — 0.0%†** |  |
| 1015905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 6.163% (Term SOFR + 200 bps), 1/31/31 | $1017651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS-Storage** | **$** **1017651** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.1%** |  |
| 2073332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term B-3 Loan, 7.413% (Term SOFR + 325 bps), 1/23/32 | $2078839 |
| 1114683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition LLC, First Lien 2025-1 Term Loan, 7.699% (Term SOFR + 350 bps), 2/19/30 | &nbsp;&nbsp; 1117469 |
| 523403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC, Initial Term Loan, 7.752% (Term SOFR + 375 bps), 12/4/31 | &nbsp;&nbsp; 521767 |
| 938382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.513% (Term SOFR + 325 bps), 3/3/28 | &nbsp;&nbsp; 915761 |
| 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC, Initial Term Loan, 8.136% (Term SOFR + 400 bps), 8/18/32 | &nbsp;&nbsp; 713250 |
| 718658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 8.013% (Term SOFR + 375 bps), 2/8/28 | &nbsp;&nbsp; 680030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | **$** **6027116** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Security Services — 0.1%** |  |
| 1152481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (USAGM Holdco LLC), Amendment No. 7 Replacement U.S. Dollar Term Loan, 7.513% (Term SOFR + 325 bps), 8/20/32 | $1157785 |
| 1477499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 7.174% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp; 1480269 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Security Services** | **$** **2638054** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom Services — 0.0%†** |  |
| 950,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC, Term Loan B, 9/25/32 | $938125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecom Services** | **$** **938125** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.0%†** |  |
| 1139156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-4 Refinancing Loans, 7.416% (Term SOFR + 325 bps), 3/29/32 | $1141298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | **$** **1141298** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2511

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — 0.0%†** |  |
| 1440477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., Term B Loan, 7.663% (Term SOFR + 350 bps), 10/2/28 | $1445699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Services** | **$** **1445699** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $158,541,247)** | **$** **156142652** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 23.4% of Net<br> Assets** |  |
| 99,183(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 4.465% (1 Month Term SOFR + 31 bps), 6/15/41 (144A) | $97780 |
| 264,993(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 4.465% (1 Month Term SOFR + 31 bps), 9/15/41 (144A) | &nbsp;&nbsp; 260622 |
| 389,934(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables LLC, Series 2005-1A, Class A1, 4.495% (1 Month Term SOFR + 34 bps), 11/15/40 (144A) | &nbsp;&nbsp; 381587 |
| 1,583,336(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 Funding CLO, Ltd., Series 2020-6A, Class XR, 5.269% (3 Month Term SOFR + 95 bps), 10/23/34 (144A) | &nbsp;&nbsp; 1583282 |
| 4,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO 21 LLC, Series 2025-21A, Class A1, 5.64% (3 Month Term SOFR + 153 bps), 7/20/37 (144A) | &nbsp;&nbsp; 4849976 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO V Ltd., Series 2019-5A, Class CRR, 10.075% (3 Month Term SOFR + 575 bps), 1/20/36 (144A) | &nbsp;&nbsp; 4032888 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI Ltd., Series 2019-6A, Class A2RR, 5.914% (3 Month Term SOFR + 160 bps), 1/27/37 (144A) | &nbsp;&nbsp; 4202056 |
| 1962562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACC Auto Trust, Series 2022-A, Class D, 10.07%, 3/15/29 (144A) | &nbsp;&nbsp; 1958101 |
| 5568248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Mortgage Trust, Series 2024-HE1, Class A, 6.55%, 5/25/39 (144A) | &nbsp;&nbsp; 5710484 |
| 4230458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2024-HE2, Class A, 5.35%, 10/25/39 (144A) | &nbsp;&nbsp; 4239746 |
| 3506517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS TRUST, Series 2024-2PL, Class A, 5.07%, 10/27/31 (144A) | &nbsp;&nbsp; 3527451 |
| 2951470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | &nbsp;&nbsp; 2979735 |
| 2943885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29 (144A) | &nbsp;&nbsp; 2942066 |
| 6583918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 6/20/29 (144A) | &nbsp;&nbsp; 6563021 |

---

The accompanying notes are an integral part of these financial statements.

12Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 21319047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-2A, Class A, 5.55%, 6/20/28 (144A) | $21244014 |
| 10580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.61%, 2/15/29 (144A) | &nbsp;&nbsp; 10628266 |
| 1821657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X2, Class A, 5.22%, 12/17/29 (144A) | &nbsp;&nbsp; 1823293 |
| 6008196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X1, Class A, 5.08%, 4/15/30 (144A) | &nbsp;&nbsp; 6020743 |
| 6,820,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 14, Ltd., Series 2021-14A, Class AR, 5.455% (3 Month Term SOFR + 113 bps), 12/2/34 (144A) | &nbsp;&nbsp; 6823662 |
| 3,440,625(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3 LTD, Series 2020-3A, Class XR, 5.268% (3 Month Term SOFR + 95 bps), 4/15/38 (144A) | &nbsp;&nbsp; 3440983 |
| 5320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alloya Auto Receivables Trust, Series 2025-1A, Class A2, 4.78%, 10/25/27 (144A) | &nbsp;&nbsp; 5328083 |
| 13281923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterna Funding III LLC, Series 2024-1A, Class A, 6.26%, 5/16/39 (144A) | &nbsp;&nbsp; 13309483 |
| 843857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2022-2, Class D, 4.85%, 6/13/28 (144A) | &nbsp;&nbsp; 844176 |
| 13080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-3, Class D, 6.82%, 10/12/29 (144A) | &nbsp;&nbsp; 13380053 |
| 4877250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-4, Class C, 6.99%, 9/12/30 (144A) | &nbsp;&nbsp; 4925524 |
| 1375539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 3/15/28 (144A) | &nbsp;&nbsp; 1378641 |
| 1044000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust, Series 2015-SFR2, Class E, 6.07%, 10/17/52 (144A) | &nbsp;&nbsp; 1041339 |
| 5,650,915(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2B, 4.986% (SOFR30A + 60 bps), 2/18/28 | &nbsp;&nbsp; 5652736 |
| 6010707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2, 5.19%, 7/21/31 (144A) | &nbsp;&nbsp; 6088021 |
| 7,775,924(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB1, Class A1, 6.156% (SOFR30A + 180 bps), 2/25/55 (144A) | &nbsp;&nbsp; 7827542 |
| 1127319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A, Class A, 3.14%, 7/16/40 (144A) | &nbsp;&nbsp; 1099682 |
| 1236110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA, Class A, 1.90%, 7/17/46 (144A) | &nbsp;&nbsp; 1169344 |
| 2029865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 7/17/46 (144A) | &nbsp;&nbsp; 1881467 |
| 1,666,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LVII CLO, Ltd., Series 2020-57A, Class XR, 5.58% (3 Month Term SOFR + 126 bps), 1/25/35 (144A) | &nbsp;&nbsp; 1666583 |
| 83735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class A, 3.93%, 5/15/28 (144A) | &nbsp;&nbsp; 83725 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2513

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3268342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A, 6.46%, 4/17/28 (144A) | $3293428 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class A2, 4.92%, 5/15/29 (144A) | &nbsp;&nbsp; 6005644 |
| 6092162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Career Funding Trust, Series 2024-1A, Class A, 6.77%, 10/25/32 (144A) | &nbsp;&nbsp; 6133818 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant CLO Ltd., Series 2018-2A, Class D, 7.437% (3 Month Term SOFR + 311 bps), 4/20/31 (144A) | &nbsp;&nbsp; 250192 |
| 1017444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.18%, 12/15/28 (144A) | &nbsp;&nbsp; 1024867 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2021-1, Class F, 5.16%, 10/16/28 (144A) | &nbsp;&nbsp; 1596108 |
| 3285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class D, 4.08%, 2/20/28 (144A) | &nbsp;&nbsp; 3214091 |
| 5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class D, 7.26%, 10/20/27 (144A) | &nbsp;&nbsp; 5814629 |
| 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-3A, Class D, 7.32%, 2/20/28 (144A) | &nbsp;&nbsp; 2762297 |
| 6240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, 6/20/29 (144A) | &nbsp;&nbsp; 6389157 |
| 506,845(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2R Mortgage Trust, Series 2015-2, Class E, 5.808%, 11/15/48 (144A) | &nbsp;&nbsp; 505688 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2021-7A, Class A2R, 5.582% (3 Month Term SOFR + 125 bps), 1/22/35 (144A) | &nbsp;&nbsp; 6466980 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-4A, Class XR, 5.418% (3 Month Term SOFR + 110 bps), 10/16/37 (144A) | &nbsp;&nbsp; 4259775 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-6A, Class XR, 5.482% (3 Month Term SOFR + 115 bps), 1/22/38 (144A) | &nbsp;&nbsp; 4499622 |
| 6,469,216(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardot CLO, Ltd., Series 2019-2A, Class ARR, 5.312% (3 Month Term SOFR + 98 bps), 10/22/32 (144A) | &nbsp;&nbsp; 6465567 |
| 3,625,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battery Park CLO, Ltd., Series 2019-1A, Class XR, 5.268% (3 Month Term SOFR + 95 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3625493 |
| 3,939,511(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, 5.456% (SOFR30A + 110 bps), 12/26/31 (144A) | &nbsp;&nbsp; 3950141 |
| 926,944(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class C, 5.856% (SOFR30A + 150 bps), 12/26/31 (144A) | &nbsp;&nbsp; 929855 |

---

The accompanying notes are an integral part of these financial statements.

14Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,209,629(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class A, 5.806% (SOFR30A + 145 bps), 6/25/47 (144A) | $4223698 |
| 2276339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII Trust, Series 2024-CAR1F, Class A, 6.971%, 7/29/32 (144A) | &nbsp;&nbsp; 2283475 |
| 6,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCRED BSL Static CLO, Ltd., Series 2025-1A, Class AR, 5.541% (3 Month Term SOFR + 125 bps), 7/24/35 (144A) | &nbsp;&nbsp; 6628455 |
| 21,647(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Series 2001-3, Class A1, 5.172% (1 Month Term SOFR + 101 bps), 10/27/32 | &nbsp;&nbsp; 21620 |
| 8,333,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class XR2, 5.468% (3 Month Term SOFR + 115 bps), 10/15/37 (144A) | &nbsp;&nbsp; 8333125 |
| 1797741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B, Class A, 6.92%, 12/17/36 (144A) | &nbsp;&nbsp; 1882519 |
| 3026499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2024-1CON, Class A, 5.81%, 4/17/35 (144A) | &nbsp;&nbsp; 3106817 |
| 2589576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital II Aircraft Lease, Ltd., Series 2021-1A, Class A, 2.443%, 7/15/46 (144A) | &nbsp;&nbsp; 2446298 |
| 16,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock Rainier CLO VI, Ltd., Series 2021-6A, Class XR, 5.575% (3 Month Term SOFR + 125 bps), 4/20/37 (144A) | &nbsp;&nbsp; 16191995 |
| 3803056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bridge Funding LLC, Series 2023-1A, Class A, 7.37%, 11/15/30 (144A) | &nbsp;&nbsp; 3838679 |
| 3,110,029(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 5.659% (3 Month Term SOFR + 134 bps), 7/15/31 (144A) | &nbsp;&nbsp; 3112489 |
| 2,200,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXIII, Ltd., Series 2021-33A, Class X, 5.349% (3 Month Term SOFR + 100 bps), 10/20/38 (144A) | &nbsp;&nbsp; 2200000 |
| 283041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 284685 |
| 613687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 617279 |
| 4084550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.291%, 7/26/32 (144A) | &nbsp;&nbsp; 4156456 |
| 6134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05%, 7/15/27 (144A) | &nbsp;&nbsp; 6172133 |
| 16572025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class A2, 4.84%, 1/18/28 | &nbsp;&nbsp; 16583520 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2515

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 18,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2019-1A, Class A1R, 5.998% (3 Month Term SOFR + 168 bps), 10/15/34 (144A) | $18497410 |
| 927,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2023-1A, Class X, 6.568% (3 Month Term SOFR + 225 bps), 10/15/35 (144A) | &nbsp;&nbsp; 927235 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2025-1A, Class D, 9.22% (3 Month Term SOFR + 491 bps), 4/15/36 (144A) | &nbsp;&nbsp; 3046281 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXDL Static CLO LLC, Series 2025-1A, Class A1, 5.618% (3 Month Term SOFR + 130 bps), 7/20/35 (144A) | &nbsp;&nbsp; 6974597 |
| 156369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXG Receivables Note Trust, Series 2020-A, Class B, 2.49%, 2/28/36 (144A) | &nbsp;&nbsp; 152235 |
| 2,557,263(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.722% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 2555974 |
| 1,051,427(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO II, Ltd., Series 2022-1A, Class X, 5.625% (3 Month Term SOFR + 130 bps), 1/20/37 (144A) | &nbsp;&nbsp; 1051429 |
| 1644204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarNow Auto Receivables Trust, Series 2023-2A, Class B, 8.53%, 1/15/27 (144A) | &nbsp;&nbsp; 1647601 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2021-P2, Class D, 2.02%, 5/10/28 | &nbsp;&nbsp; 969524 |
| 1153581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/28 (144A) | &nbsp;&nbsp; 1144145 |
| 1,214,286(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO, Ltd., Series 2021-14A, Class X, 5.368% (3 Month Term SOFR + 105 bps), 10/15/37 (144A) | &nbsp;&nbsp; 1213604 |
| 4,098,014(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerstone SBA Trust, Series 2023-1, Class A, 8.10% (PRIME + 85 bps), 12/27/50 (144A) | &nbsp;&nbsp; 4093531 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class A, 5.668% (3 Month Term SOFR + 135 bps), 1/15/34 (144A) | &nbsp;&nbsp; 4751776 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class B, 6.068% (3 Month Term SOFR + 175 bps), 1/15/34 (144A) | &nbsp;&nbsp; 5995992 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class C, 6.418% (3 Month Term SOFR + 210 bps), 1/15/34 (144A) | &nbsp;&nbsp; 2996793 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XXXVII LP, Series 2022-1A, Class A2, 4.02%, 4/15/34 (144A) | &nbsp;&nbsp; 3943228 |
| 142,602(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class A, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 142498 |

---

The accompanying notes are an integral part of these financial statements.

16Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,981,993(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB13, Class A, 3.00%, 5/25/34 (144A) | $3923263 |
| 1,390,664(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A, Class A2, 5.622% (SOFR30A + 125 bps), 5/15/35 (144A) | &nbsp;&nbsp; 1396247 |
| 1852655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A1, 6.16%, 10/15/35 (144A) | &nbsp;&nbsp; 1878981 |
| 2,799,222(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A2, 5.472% (SOFR30A + 110 bps), 10/15/35 (144A) | &nbsp;&nbsp; 2811482 |
| 1,613,817(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2024-1A, Class A2, 5.142% (SOFR30A + 77 bps), 5/15/36 (144A) | &nbsp;&nbsp; 1612266 |
| 3,132,569(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A, Class A1, 5.672% (1 Month Term SOFR + 151 bps), 12/28/48 (144A) | &nbsp;&nbsp; 3142141 |
| 1953753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 7/16/29 (144A) | &nbsp;&nbsp; 1975444 |
| 101060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A1, 2.73%, 10/25/40 (144A) | &nbsp;&nbsp; 99075 |
| 26,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A2, 5.722% (1 Month Term SOFR + 156 bps), 10/25/40 (144A) | &nbsp;&nbsp; 26368 |
| 391,806(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-AGS, Class A2, 5.122% (1 Month Term SOFR + 96 bps), 5/25/41 (144A) | &nbsp;&nbsp; 387922 |
| 390,820(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class A2, 4.922% (1 Month Term SOFR + 76 bps), 9/25/42 (144A) | &nbsp;&nbsp; 385189 |
| 70511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class C, 4.44%, 9/25/42 (144A) | &nbsp;&nbsp; 60165 |
| 368,550(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-AGS, Class A2, 4.772% (1 Month Term SOFR + 61 bps), 2/25/44 (144A) | &nbsp;&nbsp; 364203 |
| 641,305(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-BGS, Class A2, 4.842% (1 Month Term SOFR + 68 bps), 9/25/45 (144A) | &nbsp;&nbsp; 632431 |
| 264,547(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-CGS, Class A2, 5.072% (1 Month Term SOFR + 91 bps), 2/25/46 (144A) | &nbsp;&nbsp; 261990 |
| 581,030(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A2, 5.172% (1 Month Term SOFR + 101 bps), 1/25/47 (144A) | &nbsp;&nbsp; 572819 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2517

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class A, 6.19%, 10/15/30 (144A) | $3009577 |
| 3543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A, 5.78%, 12/15/32 (144A) | &nbsp;&nbsp; 3597841 |
| 3070840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP EF Asset Securitization II LLC, Series 2023-1A, Class A, 7.48%, 3/15/32 (144A) | &nbsp;&nbsp; 3098673 |
| 13327006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2024-A, Class A2, 5.90%, 8/20/30 (144A) | &nbsp;&nbsp; 13504328 |
| 1,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Point CLO IV, Ltd., Series 2018-4A, Class C, 6.487% (3 Month Term SOFR + 216 bps), 4/20/31 (144A) | &nbsp;&nbsp; 1441500 |
| 4740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A, Class A, 5.63%, 6/26/28 (144A) | &nbsp;&nbsp; 4770655 |
| 10,675,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerpath Capital CLO, Ltd., Series 2021-1A, Class A1R, 6.118% (3 Month Term SOFR + 180 bps), 7/15/36 (144A) | &nbsp;&nbsp; 10688942 |
| 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Funding Home Equity Loan Trust, Series 1997-2, Class A6, 7.04%, 6/25/27 | &nbsp;&nbsp;&nbsp; 31 |
| 514637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-1, Class A2, 5.99%, 3/15/32 (144A) | &nbsp;&nbsp; 517063 |
| 2920414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2, Class A2, 6.56%, 5/15/34 (144A) | &nbsp;&nbsp; 2942589 |
| 9607038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 8/15/28 | &nbsp;&nbsp; 9628644 |
| 1294139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2022-2A, Class D, 5.46%, 3/15/28 (144A) | &nbsp;&nbsp; 1298021 |
| 3572477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1A, Class C, 5.55%, 10/16/28 (144A) | &nbsp;&nbsp; 3582448 |
| 3,315,789(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO, Ltd., Series 2021-12A, Class XR, 5.425% (3 Month Term SOFR + 110 bps), 4/20/37 (144A) | &nbsp;&nbsp; 3315113 |
| 2,063,588(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class B, 6.587% (3 Month Term SOFR + 226 bps), 7/20/30 (144A) | &nbsp;&nbsp; 2061718 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class C, 6.837% (3 Month Term SOFR + 251 bps), 7/20/30 (144A) | &nbsp;&nbsp; 6498687 |
| 4374784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equify ABS LLC, Series 2024-1A, Class A, 5.43%, 4/18/33 (144A) | &nbsp;&nbsp; 4378569 |
| 6830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.02%, 10/15/29 (144A) | &nbsp;&nbsp; 6696558 |
| 1382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-6A, Class D, 8.03%, 4/6/29 | &nbsp;&nbsp; 1424333 |

---

The accompanying notes are an integral part of these financial statements.

18Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 10955544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2025-3A, Class A2, 4.83%, 1/18/28 | $10969602 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCCU Auto Receivables Trust, Series 2025-1A, Class A3, 4.85%, 6/17/30 (144A) | &nbsp;&nbsp; 10101449 |
| 2114594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2023-2A, Class A2, 6.79%, 10/15/29 (144A) | &nbsp;&nbsp; 2140788 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class B, 5.04%, 2/17/31 (144A) | &nbsp;&nbsp; 2233742 |
| 1404481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A, Class A2, 6.57%, 6/15/28 (144A) | &nbsp;&nbsp; 1414967 |
| 6,685,770(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE2, Class A, 6.38%, 5/25/54 (144A) | &nbsp;&nbsp; 6857069 |
| 4,012,606(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE3, Class A, 5.937%, 7/25/54 (144A) | &nbsp;&nbsp; 4091285 |
| 6,400,663(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class A, 5.56%, 5/25/55 (144A) | &nbsp;&nbsp; 6479498 |
| 3,572,984(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class A, 5.408%, 7/25/55 (144A) | &nbsp;&nbsp; 3599718 |
| 11130056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/28 (144A) | &nbsp;&nbsp; 11129059 |
| 82212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 7/15/27 (144A) | &nbsp;&nbsp; 82267 |
| 1897012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2024-1, Class A2, 5.64%, 3/15/28 (144A) | &nbsp;&nbsp; 1903513 |
| 3,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flatiron CLO 21, Ltd., Series 2021-1A, Class XR, 5.425% (3 Month Term SOFR + 110 bps), 10/19/37 (144A) | &nbsp;&nbsp; 3292417 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class B, 5.31%, 5/15/28 (144A) | &nbsp;&nbsp; 1004772 |
| 12,891,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities IX CLO, Ltd., Series 2017-9A, Class A1TR, 6.129% (3 Month Term SOFR + 181 bps), 10/15/33 (144A) | &nbsp;&nbsp; 12893836 |
| 8,706,949(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class A1, 5.575% (3 Month Term SOFR + 125 bps), 4/20/33 (144A) | &nbsp;&nbsp; 8707359 |
| 8,180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class B, 5.975% (3 Month Term SOFR + 165 bps), 4/20/33 (144A) | &nbsp;&nbsp; 8183297 |
| 11,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXI CLO, Ltd., Series 2025-31A, Class A1, 5.817% (3 Month Term SOFR + 150 bps), 7/20/33 (144A) | &nbsp;&nbsp; 11792734 |
| 13,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class A1, 5.727% (3 Month Term SOFR + 140 bps), 7/20/33 (144A) | &nbsp;&nbsp; 13341401 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2519

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class B1, 6.177% (3 Month Term SOFR + 185 bps), 7/20/33 (144A) | $3974754 |
| 3,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class C1, 6.927% (3 Month Term SOFR + 250 bps), 7/20/33 (144A) | &nbsp;&nbsp; 3962685 |
| 2363985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A, Class A, 1.27%, 5/15/41 (144A) | &nbsp;&nbsp; 2245091 |
| 1295838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 1/15/42 (144A) | &nbsp;&nbsp; 1236042 |
| 57735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freed ABS Trust, Series 2021-3FP, Class D, 2.37%, 11/20/28 (144A) | &nbsp;&nbsp; 57664 |
| 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2022-3A, Class D, 6.42%, 6/15/28 (144A) | &nbsp;&nbsp; 4359518 |
| 2695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class D, 7.01%, 1/16/29 (144A) | &nbsp;&nbsp; 2754261 |
| 5540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class E, 11.42%, 3/15/30 (144A) | &nbsp;&nbsp; 6087434 |
| 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-4A, Class C, 6.65%, 8/15/29 (144A) | &nbsp;&nbsp; 3252092 |
| 107667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-1A, Class A3, 5.40%, 9/15/27 (144A) | &nbsp;&nbsp; 107707 |
| 5082372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-4A, Class A2, 4.76%, 10/15/27 (144A) | &nbsp;&nbsp; 5086119 |
| 7272640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.68%, 12/15/27 (144A) | &nbsp;&nbsp; 7282335 |
| 1561333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A, Class A2, 6.37%, 6/15/28 (144A) | &nbsp;&nbsp; 1571601 |
| 2520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class C, 5.69%, 3/15/30 (144A) | &nbsp;&nbsp; 2576381 |
| 1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class D, 6.43%, 1/15/31 (144A) | &nbsp;&nbsp; 2013710 |
| 7587025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71%, 4/15/30 (144A) | &nbsp;&nbsp; 7631345 |
| 2,362,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 10, Ltd., Series 2021-10A, Class XR, 5.375% (3 Month Term SOFR + 105 bps), 10/20/37 (144A) | &nbsp;&nbsp; 2362311 |
| 20,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 61M, Series 2022-61A, Class A1AR, 5.544% (3 Month Term SOFR + 123 bps), 7/25/35 (144A) | &nbsp;&nbsp; 20445985 |
| 5,280,520(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class A1R, 5.768% (3 Month Term SOFR + 145 bps), 7/25/33 (144A) | &nbsp;&nbsp; 5289128 |

---

The accompanying notes are an integral part of these financial statements.

20Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 9,377,470(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class BR, 6.318% (3 Month Term SOFR + 200 bps), 7/25/33 (144A) | $9358715 |
| 11,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class CR, 7.068% (3 Month Term SOFR + 275 bps), 7/25/33 (144A) | &nbsp;&nbsp; 12011210 |
| 1,293,202(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-2A, Class A, 6.606% (SOFR90A + 225 bps), 3/1/27 (144A) | &nbsp;&nbsp; 1296370 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2024-1A, Class A, 6.055% (SOFR90A + 170 bps), 3/1/28 (144A) | &nbsp;&nbsp; 5009719 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2025-1A, Class A, 5.854% (SOFR30A + 150 bps), 8/15/28 (144A) | &nbsp;&nbsp; 12523316 |
| 5,534,118(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO VI LLC, Series 2021-6A, Class XR, 5.418% (3 Month Term SOFR + 110 bps), 7/15/37 (144A) | &nbsp;&nbsp; 5545064 |
| 3,928,125(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO, Ltd., Series 2019-1A, Class X, 5.368% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 3927351 |
| 2494390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A2, 4.93%, 6/25/60 (144A) | &nbsp;&nbsp; 2503845 |
| 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class D, 5.56%, 6/25/60 (144A) | &nbsp;&nbsp; 1464706 |
| 7,548,315(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Backed Securities Trust, Series 2025-CES1, Class A1A, 5.568%, 5/25/55 (144A) | &nbsp;&nbsp; 7612695 |
| 17,367,090(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, 5.956% (SOFR30A + 160 bps), 8/25/54 (144A) | &nbsp;&nbsp; 17417984 |
| 12,321,402(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE2, Class A1, 5.856% (SOFR30A + 150 bps), 1/25/55 (144A) | &nbsp;&nbsp; 12355569 |
| 3,365,227(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1, 5.906% (SOFR30A + 155 bps), 10/25/55 (144A) | &nbsp;&nbsp; 3374704 |
| 9,606,048(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847%, 11/25/67 (144A) | &nbsp;&nbsp; 9689216 |
| 4,632,880(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2023-1, Class A, 7.687% (SOFR30A + 325 bps), 10/25/50 (144A) | &nbsp;&nbsp; 4782761 |
| 6,917,493(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1, Class A, 6.687% (SOFR30A + 225 bps), 12/25/51 (144A) | &nbsp;&nbsp; 6954359 |
| 5,137,705(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class A2, 4.723%, 8/20/51 (144A) | &nbsp;&nbsp; 1053230 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2521

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,050,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class B, 7.432%, 8/20/51 (144A) | $51250 |
| 857,143(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 10-2016, Ltd., Series 10A-16, Class XR3, 5.275% (3 Month Term SOFR + 95 bps), 4/20/34 (144A) | &nbsp;&nbsp; 857197 |
| 4,091,715(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class C, 6.989% (SOFR30A + 260 bps), 10/20/32 (144A) | &nbsp;&nbsp; 4105403 |
| 8891854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.957%, 3/21/33 (144A) | &nbsp;&nbsp; 8945672 |
| 18,208,206(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2025-HE2, Class A1, 5.632% (SOFR30A + 125 bps), 11/20/55 (144A) | &nbsp;&nbsp; 18222614 |
| 4,135,579(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 6.139% (SOFR30A + 175 bps), 11/25/53 (144A) | &nbsp;&nbsp; 4156076 |
| 8,358,808(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 6.089% (SOFR30A + 170 bps), 3/20/54 (144A) | &nbsp;&nbsp; 8403149 |
| 5,380,356(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE3, Class A1, 5.989% (SOFR30A + 160 bps), 5/20/54 (144A) | &nbsp;&nbsp; 5404000 |
| 6,763,460(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, 5.589% (SOFR30A + 120 bps), 10/20/54 (144A) | &nbsp;&nbsp; 6763427 |
| 11,616,173(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.589% (SOFR30A + 120 bps), 2/25/55 (144A) | &nbsp;&nbsp; 11616117 |
| 18,017,951(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-HE1, Class A1, 5.539% (SOFR30A + 115 bps), 7/20/55 (144A) | &nbsp;&nbsp; 18004661 |
| 20,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A, 7.022% (SOFR30A + 265 bps), 11/15/27 (144A) | &nbsp;&nbsp; 20310313 |
| 94170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2023-4A, Class A3, 6.10%, 12/15/27 (144A) | &nbsp;&nbsp; 94464 |
| 5682378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2025-1A, Class A2, 4.60%, 12/15/27 (144A) | &nbsp;&nbsp; 5690492 |
| 1,266,563(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Shore MM CLO IV, Ltd., Series 2021-1A, Class XR, 5.618% (3 Month Term SOFR + 130 bps), 1/15/37 (144A) | &nbsp;&nbsp; 1266212 |
| 3,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 35, Ltd., Series 35A, Class BR, 5.968% (3 Month Term SOFR + 165 bps), 10/15/34 (144A) | &nbsp;&nbsp; 3448171 |

---

The accompanying notes are an integral part of these financial statements.

22Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 170,397(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVIII LP, Series 18A, Class A1R, 5.607% (3 Month Term SOFR + 128 bps), 4/20/31 (144A) | $170358 |
| 260982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.22%, 5/17/27 (144A) | &nbsp;&nbsp; 260621 |
| 4939023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2023-3A, Class A2, 7.50%, 12/15/28 (144A) | &nbsp;&nbsp; 5028992 |
| 5349144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-1A, Class A2, 6.19%, 8/15/29 (144A) | &nbsp;&nbsp; 5383923 |
| 5582354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-2A, Class A2, 5.99%, 5/15/29 (144A) | &nbsp;&nbsp; 5618003 |
| 9337785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, 10/15/30 (144A) | &nbsp;&nbsp; 9348519 |
| 29136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST1, Class A, 2.50%, 3/15/28 (144A) | &nbsp;&nbsp; 28997 |
| 2459836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS LLC, Series 2023-A, Class A, 7.173%, 7/15/35 (144A) | &nbsp;&nbsp; 2470851 |
| 3770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2025-1A, Class A, 6.355%, 8/15/39 (144A) | &nbsp;&nbsp; 3791012 |
| 6731244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/27 (144A) | &nbsp;&nbsp; 6742084 |
| 1141362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46 (144A) | &nbsp;&nbsp; 1078267 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXII, Ltd., Series 2019-22A, Class X, 5.318% (3 Month Term SOFR + 100 bps), 7/15/36 (144A) | &nbsp;&nbsp; 4499667 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXXV, Ltd., Series 2022-35A, Class XR, 5.518% (3 Month Term SOFR + 120 bps), 10/25/36 (144A) | &nbsp;&nbsp; 2001424 |
| 300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marble Point Clo XXV, Ltd., Series 2022-2A, Class X, 5.875% (3 Month Term SOFR + 155 bps), 10/20/36 (144A) | &nbsp;&nbsp; 299989 |
| 8025846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2025-1A, Class A, 4.75%, 7/16/35 (144A) | &nbsp;&nbsp; 8038074 |
| 4,571,875(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO 10, Ltd., Series 2023-1A, Class XR, 5.318% (3 Month Term SOFR + 100 bps), 4/15/37 (144A) | &nbsp;&nbsp; 4578879 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Series 2017-3A, Class ER2, 11.28% (3 Month Term SOFR + 700 bps), 7/20/37 (144A) | &nbsp;&nbsp; 4500486 |
| 3,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Series 2017-3A, Class XR2, 5.48% (3 Month Term SOFR + 120 bps), 7/20/37 (144A) | &nbsp;&nbsp; 3800023 |
| 4864436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2023-1A, Class A, 7.21%, 5/20/36 (144A) | &nbsp;&nbsp; 4893834 |
| 10660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29 (144A) | &nbsp;&nbsp; 10743508 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2523

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 9680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class C, 10.42%, 7/20/29 (144A) | $9821408 |
| 8,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class A1R2, 5.539% (3 Month Term SOFR + 121 bps), 1/18/36 (144A) | &nbsp;&nbsp; 8284844 |
| 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-B, Class A, 5.88%, 1/15/30 (144A) | &nbsp;&nbsp; 5351949 |
| 8580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2025-A, Class A, 5.80%, 5/15/30 (144A) | &nbsp;&nbsp; 8680128 |
| 5196541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31 (144A) | &nbsp;&nbsp; 5235854 |
| 10,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XII, Ltd., Series 2021-2A, Class A1, 5.799% (3 Month Term SOFR + 176 bps), 9/14/33 (144A) | &nbsp;&nbsp; 10998809 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class A1N, 5.876% (3 Month Term SOFR + 168 bps), 2/24/34 (144A) | &nbsp;&nbsp; 5001550 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class B, 6.246% (3 Month Term SOFR + 205 bps), 2/24/34 (144A) | &nbsp;&nbsp; 2992470 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO, Ltd., Series 2021-1A, Class X, 4.944% (3 Month Term SOFR + 100 bps), 10/23/37 (144A) | &nbsp;&nbsp; 3999880 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain View CLO XVII, Ltd., Series 2023-1A, Class X, 6.018% (3 Month Term SOFR + 170 bps), 9/14/36 (144A) | &nbsp;&nbsp; 249988 |
| 1,500,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain View CLO XVII, Ltd., Series 2023-1A, Class XR, 4.967% (3 Month Term SOFR + 100 bps), 10/15/38 (144A) | &nbsp;&nbsp; 1500000 |
| 762891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41 (144A) | &nbsp;&nbsp; 735197 |
| 667,994(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Trust, Series 2007-A, Class A, 4.89% (1 Month USD LIBOR + 30 bps), 5/25/31 (144A) | &nbsp;&nbsp; 653685 |
| 496859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69 (144A) | &nbsp;&nbsp; 453017 |
| 2,327,541(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2021-1A, Class A1B, 5.071% (SOFR30A + 71 bps), 12/26/69 (144A) | &nbsp;&nbsp; 2311755 |
| 1,840,290(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2005-2, Class A5, 4.739% (SOFR90A + 36 bps), 3/23/37 | &nbsp;&nbsp; 1826938 |
| 503223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.36%, 4/20/62 (144A) | &nbsp;&nbsp; 475013 |

---

The accompanying notes are an integral part of these financial statements.

24Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,574,260(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-DA, Class AFL, 4.94% (1 Month Term SOFR + 80 bps), 4/20/62 (144A) | $2566288 |
| 1,666,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain CLO 1, Ltd., Series CLO-1A, Class X, 5.268% (3 Month Term SOFR + 95 bps), 1/15/38 (144A) | &nbsp;&nbsp; 1663792 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newday Funding Master Issuer Plc, Series 2023-1A, Class A2, 5.988% (SOFR + 175 bps), 11/15/31 (144A) | &nbsp;&nbsp; 5763623 |
| 1,252,986(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2021-1, Class A, 7.00% (PRIME - 25 bps), 12/25/48 (144A) | &nbsp;&nbsp; 1250140 |
| 2,688,371(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2023-1, Class A, 6.75% (PRIME - 50 bps), 7/25/50 (144A) | &nbsp;&nbsp; 2705922 |
| 9,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2024-2A, Class A1, 5.252% (SOFR30A + 88 bps), 9/15/29 (144A) | &nbsp;&nbsp; 9328784 |
| 1840145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A, Class A2, 6.57%, 6/17/30 (144A) | &nbsp;&nbsp; 1852475 |
| 2,526,315(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwoods Capital XI-B, Ltd., Series 2018-11BA, Class XR, 5.525% (3 Month Term SOFR + 120 bps), 7/19/37 (144A) | &nbsp;&nbsp; 2526108 |
| 30,561(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaStar Mortgage Funding Trust, Series 2003-1, Class A2, 5.052% (1 Month Term SOFR + 89 bps), 5/25/33 | &nbsp;&nbsp; 30147 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYCTL Trust, Series 2025-A, Class A, 4.84%, 11/10/38 (144A) | &nbsp;&nbsp; 9994521 |
| 11,091,653(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2025-HE1, Class A1, 5.956% (SOFR30A + 160 bps), 2/25/55 (144A) | &nbsp;&nbsp; 11142884 |
| 11,392,446(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2025-HE2, Class A1, 5.806% (SOFR30A + 145 bps), 8/25/55 (144A) | &nbsp;&nbsp; 11435908 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO, Ltd., Series 2017-14A, Class XR, 5.425% (3 Month Term SOFR + 110 bps), 7/20/37 (144A) | &nbsp;&nbsp; 2249818 |
| 3,710,526(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 49, Ltd., Series 2020-5A, Class X, 5.368% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 3715072 |
| 2813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-1A, Class D, 5.54%, 2/20/29 (144A) | &nbsp;&nbsp; 2830565 |
| 287181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (144A) | &nbsp;&nbsp; 287641 |
| 545094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-2A, Class A2, 5.88%, 6/20/31 (144A) | &nbsp;&nbsp; 545619 |
| 1963270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/29 (144A) | &nbsp;&nbsp; 1975979 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2525

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2070764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class A, 5.26%, 8/15/29 (144A) | $2072486 |
| 3632011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2025-1, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 3636604 |
| 4473193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C, Class A, 2.18%, 10/8/31 (144A) | &nbsp;&nbsp; 4388817 |
| 496896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-1A, Class B, 6.546%, 4/8/31 (144A) | &nbsp;&nbsp; 497062 |
| 569426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class A, 5.86%, 2/9/32 (144A) | &nbsp;&nbsp; 570014 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class B, 5.83%, 2/9/32 (144A) | &nbsp;&nbsp; 3252296 |
| 19670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-A, Class A, 5.01%, 2/8/33 (144A) | &nbsp;&nbsp; 19698333 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class A, 4.88%, 5/9/33 (144A) | &nbsp;&nbsp; 8052594 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class B, 5.28%, 5/9/33 (144A) | &nbsp;&nbsp; 8062327 |
| 452808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/27 (144A) | &nbsp;&nbsp; 452839 |
| 2,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO IV, Ltd., Series 2020-4A, Class A1R, 6.065% (3 Month Term SOFR + 186 bps), 8/20/33 (144A) | &nbsp;&nbsp; 2603635 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO IV, Ltd., Series 2020-4A, Class A2R, 6.365% (3 Month Term SOFR + 216 bps), 8/20/33 (144A) | &nbsp;&nbsp; 250230 |
| 5,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock CLO XXI LLC, Series 2025-21A, Class A, 5.716% (3 Month Term SOFR + 140 bps), 7/24/34 (144A) | &nbsp;&nbsp; 5578605 |
| 3,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock CLO XXI LLC, Series 2025-21A, Class B, 6.216% (3 Month Term SOFR + 190 bps), 7/24/34 (144A) | &nbsp;&nbsp; 3288579 |
| 8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/32 (144A) | &nbsp;&nbsp; 8359783 |
| 3963856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, Series 2022-1A, Class B, 4.096%, 2/15/30 (144A) | &nbsp;&nbsp; 3847403 |
| 650683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Grantor Trust, Series 2024-9, Class A, 5.065%, 3/15/32 (144A) | &nbsp;&nbsp; 652517 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A2, 4.497%, 4/15/33 (144A) | &nbsp;&nbsp; 8002115 |
| 2753843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class A, 5.183%, 6/15/32 (144A) | &nbsp;&nbsp; 2768918 |
| 4955339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class B, 5.75%, 6/15/32 (144A) | &nbsp;&nbsp; 4990740 |

---

The accompanying notes are an integral part of these financial statements.

26Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4345645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class A, 5.092%, 7/15/32 (144A) | $4367217 |
| 4,156,161(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class AB, 5.393%, 7/15/32 (144A) | &nbsp;&nbsp; 4179406 |
| 1518631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-5, Class A, 6.278%, 10/15/31 (144A) | &nbsp;&nbsp; 1531894 |
| 1,733,426(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A, 5.156%, 7/15/32 (144A) | &nbsp;&nbsp; 1749031 |
| 1030933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2, 5.156%, 7/15/32 (144A) | &nbsp;&nbsp; 1040214 |
| 121680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2022-5, Class A, 8.096%, 6/17/30 (144A) | &nbsp;&nbsp; 121803 |
| 3482323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class A, 6.66%, 7/15/31 (144A) | &nbsp;&nbsp; 3505163 |
| 6196778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B, 7.109%, 7/15/31 (144A) | &nbsp;&nbsp; 6247616 |
| 3227362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class A, 6.319%, 8/15/31 (144A) | &nbsp;&nbsp; 3248464 |
| 1,003,812(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class AB, 6.451%, 8/15/31 (144A) | &nbsp;&nbsp; 1009096 |
| 6034301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class B, 6.611%, 8/15/31 (144A) | &nbsp;&nbsp; 6079914 |
| 4650725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class A, 6.258%, 10/15/31 (144A) | &nbsp;&nbsp; 4678303 |
| 9031025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class B, 6.571%, 10/15/31 (144A) | &nbsp;&nbsp; 9093367 |
| 5480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-R1, Class B, 5.705%, 6/15/32 (144A) | &nbsp;&nbsp; 5522705 |
| 1,368,421(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd., Series 2020-3A, Class X, 5.411% (3 Month Term SOFR + 120 bps), 11/15/36 (144A) | &nbsp;&nbsp; 1369658 |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2021-1, Class D, 2.75%, 7/15/27 (144A) | &nbsp;&nbsp; 3232322 |
| 272757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2022-1, Class A3, 5.17%, 2/15/28 (144A) | &nbsp;&nbsp; 272796 |
| 1008845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class A, 2.60%, 1/15/34 (144A) | &nbsp;&nbsp; 1003868 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class B, 0.000%, 1/15/34 (144A) | &nbsp;&nbsp; 2726160 |
| 2615655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2022-1, Class A2, 7.25%, 10/15/34 (144A) | &nbsp;&nbsp; 2650592 |
| 9690532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class A, 7.42%, 7/15/35 (144A) | &nbsp;&nbsp; 9911086 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2527

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5169932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2024-1, Class A, 6.95%, 2/15/36 (144A) | $5221730 |
| 4,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A1RN, 5.675% (3 Month Term SOFR + 135 bps), 4/20/34 (144A) | &nbsp;&nbsp; 4877198 |
| 4,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A2R, 5.775% (3 Month Term SOFR + 145 bps), 4/20/34 (144A) | &nbsp;&nbsp; 4398482 |
| 15,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2025-A, Class A, 5.022% (SOFR30A + 65 bps), 1/15/29 (144A) | &nbsp;&nbsp; 15263759 |
| 14,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pikes Peak CLO 6, Series 2020-6A, Class ARR, 5.125% (3 Month Term SOFR + 94 bps), 5/18/34 (144A) | &nbsp;&nbsp; 14286844 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post CLO, Ltd., Series 2021-1A, Class AR, 5.398% (3 Month Term SOFR + 108 bps), 10/15/34 (144A) | &nbsp;&nbsp; 13008840 |
| 2369793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2024-1A, Class A2, 5.59%, 11/15/29 (144A) | &nbsp;&nbsp; 2381980 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2025-1A, Class A2, 4.90%, 5/15/31 (144A) | &nbsp;&nbsp; 3527404 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2021-1A, Class E, 3.47%, 3/15/29 (144A) | &nbsp;&nbsp; 3189721 |
| 1,543,519(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance CMDAC, Series 2021-1A, Class A, 5.522% (1 Month Term SOFR + 136 bps), 7/25/51 (144A) | &nbsp;&nbsp; 1542091 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class A, 5.89%, 8/15/28 (144A) | &nbsp;&nbsp; 7785877 |
| 3,022,222(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 3, Ltd., Series 2019-3A, Class XR2, 5.368% (3 Month Term SOFR + 105 bps), 7/15/37 (144A) | &nbsp;&nbsp; 3027868 |
| 383,819(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2024-CES7, Class A1A, 5.158%, 10/25/44 (144A) | &nbsp;&nbsp; 384734 |
| 5620215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A, Class A, 4.90%, 7/25/34 (144A) | &nbsp;&nbsp; 5633005 |
| 901474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach Abs Trust, Series 2024-1A, Class A, 6.30%, 2/18/31 (144A) | &nbsp;&nbsp; 902770 |
| 12300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-1A, Class B, 6.29%, 2/18/31 (144A) | &nbsp;&nbsp; 12418006 |
| 2166493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-2A, Class A, 5.88%, 7/15/31 (144A) | &nbsp;&nbsp; 2177646 |
| 10677114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-1A, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 10706817 |
| 5822493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-2A, Class A, 4.93%, 8/18/32 (144A) | &nbsp;&nbsp; 5845597 |
| 1,096,432(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A, 6.75% (PRIME - 50 bps), 12/27/44 (144A) | &nbsp;&nbsp; 1095691 |

---

The accompanying notes are an integral part of these financial statements.

28Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 6,984,079(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2023-3, Class A, 7.32% (PRIME + 7 bps), 4/25/48 (144A) | $7099427 |
| 1,671,429(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta IX Funding, Ltd., Series 2017-1A, Class XR, 5.372% (3 Month Term SOFR + 105 bps), 4/17/37 (144A) | &nbsp;&nbsp; 1670481 |
| 794,118(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta VII Funding, Ltd., Series 2016-1A, Class X, 5.115% (3 Month Term SOFR + 111 bps), 6/20/34 (144A) | &nbsp;&nbsp; 793125 |
| 3,975,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta X Funding, Ltd., Series 2017-3A, Class X, 5.322% (3 Month Term SOFR + 100 bps), 7/17/37 (144A) | &nbsp;&nbsp; 3967571 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XXIII Funding, Ltd., Series 2021-4A, Class X, 5.537% (3 Month Term SOFR + 121 bps), 1/20/35 (144A) | &nbsp;&nbsp; 1499925 |
| 6240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2024-2, Class A, 5.11%, 12/15/33 (144A) | &nbsp;&nbsp; 6293738 |
| 4983362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2023-4A, Class A, 7.54%, 3/25/32 (144A) | &nbsp;&nbsp; 5004668 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosy Blue Carat SCS, Series 2018-1, Class A2R, 8.257% (1 Month Term SOFR + 411 bps), 3/15/30 (144A) | &nbsp;&nbsp; 7554750 |
| 901612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class A, 6.51%, 3/20/28 (144A) | &nbsp;&nbsp; 902567 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/28 (144A) | &nbsp;&nbsp; 1505654 |
| 6148027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A, Class A, 5.46%, 9/10/29 (144A) | &nbsp;&nbsp; 6132567 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A, Class B, 5.63%, 10/10/30 (144A) | &nbsp;&nbsp; 1981193 |
| 5,010,148(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306%, 3/25/54 (144A) | &nbsp;&nbsp; 5063161 |
| 5320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class E, 6.799%, 1/18/33 (144A) | &nbsp;&nbsp; 5333862 |
| 136300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Series 2021-CA, Class C, 2.97%, 6/15/28 (144A) | &nbsp;&nbsp; 135710 |
| 1160537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-2, Class B, 5.24%, 5/15/28 | &nbsp;&nbsp; 1163244 |
| 1036480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, 9/15/27 | &nbsp;&nbsp; 1036911 |
| 11250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2025-1A, Class A2, 4.67%, 11/15/28 (144A) | &nbsp;&nbsp; 11288296 |
| 3257739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Trust LLC, Series 2025-1A, Class A2, 4.82%, 7/22/30 (144A) | &nbsp;&nbsp; 3268173 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2529

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,333,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVII, Ltd., Series 27A, Class XR, 5.175% (3 Month Term SOFR + 85 bps), 7/20/34 (144A) | $1333441 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXX, Ltd., Series 30A, Class XR, 5.317% (3 Month Term SOFR + 105 bps), 7/20/38 (144A) | &nbsp;&nbsp; 3002979 |
| 2126290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038%, 7/25/31 (144A) | &nbsp;&nbsp; 2146172 |
| 150186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class A, 0.99%, 11/20/37 (144A) | &nbsp;&nbsp; 148928 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 4, Ltd., Series 2017-4A, Class AR2, 5.278% (3 Month Term SOFR + 112 bps), 10/26/34 (144A) | &nbsp;&nbsp; 8000000 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 4, Ltd., Series 2017-4A, Class XR2, 5.008% (3 Month Term SOFR + 85 bps), 10/26/34 (144A) | &nbsp;&nbsp; 2000000 |
| 666,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO II, Ltd., Series 2021-2A, Class X, 5.637% (3 Month Term SOFR + 131 bps), 1/20/35 (144A) | &nbsp;&nbsp; 666617 |
| 3,777,778(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO IV, Ltd., Series 2024-4A, Class X, 5.525% (3 Month Term SOFR + 120 bps), 10/20/37 (144A) | &nbsp;&nbsp; 3777468 |
| 2,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO IX, Ltd., Series 2017-9A, Class X, 5.275% (3 Month Term SOFR + 95 bps), 7/21/37 (144A) | &nbsp;&nbsp; 2799994 |
| 2,089,593(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Private Credit Student Loan Trust, Series 2007-A, Class A4A, 4.539% (3 Month Term SOFR + 50 bps), 12/16/41 | &nbsp;&nbsp; 2048116 |
| 932,452(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2018-B, Class A2B, 4.985% (1 Month Term SOFR + 83 bps), 1/15/37 (144A) | &nbsp;&nbsp; 931101 |
| 3,688,127(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-B, Class A1B, 6.172% (SOFR30A + 180 bps), 10/16/56 (144A) | &nbsp;&nbsp; 3761428 |
| 4,878,889(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-C, Class A1B, 5.924% (SOFR30A + 155 bps), 11/15/52 (144A) | &nbsp;&nbsp; 4927319 |
| 8540889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 6/25/34 (144A) | &nbsp;&nbsp; 8585483 |
| 5,480,048(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO V-R LTD, Series 2014-1RA, Class A, 5.741% (3 Month Term SOFR + 141 bps), 7/18/31 (144A) | &nbsp;&nbsp; 5483473 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XVI, Ltd., Series 2017-2A, Class D, 8.18% (3 Month Term SOFR + 386 bps), 7/25/30 (144A) | &nbsp;&nbsp; 3010464 |

---

The accompanying notes are an integral part of these financial statements.

30Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,107,733(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XX, Ltd., Series 2018-2A, Class A, 5.675% (3 Month Term SOFR + 136 bps), 7/26/31 (144A) | $2109380 |
| 995553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37 (144A) | &nbsp;&nbsp; 942696 |
| 1,908,128(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2021-SFR2, Class E, 6.265% (1 Month Term SOFR + 211 bps), 1/17/39 (144A) | &nbsp;&nbsp; 1901235 |
| 993,765(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2022-SFR3, Class A, 5.80% (1 Month Term SOFR + 165 bps), 5/17/39 (144A) | &nbsp;&nbsp; 997285 |
| 23,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2025-SFR6, Class A, 5.551% (1 Month Term SOFR + 140 bps), 8/17/42 (144A) | &nbsp;&nbsp; 23448794 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class A, 6.022% (3 Month Term SOFR + 170 bps), 10/17/36 (144A) | &nbsp;&nbsp; 14024416 |
| 2,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class C, 6.822% (3 Month Term SOFR + 250 bps), 10/17/36 (144A) | &nbsp;&nbsp; 2398006 |
| 10,110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class A, 5.799% (3 Month Term SOFR + 155 bps), 4/15/37 (144A) | &nbsp;&nbsp; 10143585 |
| 2,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class D, 7.849% (3 Month Term SOFR + 360 bps), 4/15/37 (144A) | &nbsp;&nbsp; 2142618 |
| 1046705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak ABS, Series 2021-1A, Class AA, 2.301%, 2/28/33 (144A) | &nbsp;&nbsp; 1011307 |
| 2004105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A, Class A, 6.27%, 7/15/44 (144A) | &nbsp;&nbsp; 2085578 |
| 1,053,905(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XIX, Ltd., Series 2018-19A, Class A, 5.539% (3 Month Term SOFR + 122 bps), 4/16/31 (144A) | &nbsp;&nbsp; 1054114 |
| 1813802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.13%, 9/21/26 (144A) | &nbsp;&nbsp; 1816946 |
| 2,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiaa CLO III, Ltd., Series 2017-2A, Class B, 6.079% (3 Month Term SOFR + 176 bps), 1/16/31 (144A) | &nbsp;&nbsp; 2930117 |
| 1658452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidewater Auto Receivables Trust, Series 2020-AA, Class E, 3.35%, 7/17/28 (144A) | &nbsp;&nbsp; 1646902 |
| 3,353,648(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2018-SL1, Class B, 5.322% (1 Month Term SOFR + 116 bps), 1/25/46 (144A) | &nbsp;&nbsp; 3350261 |
| 14,153,080(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.848%, 1/25/64 (144A) | &nbsp;&nbsp; 14252593 |
| 6,634,174(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES2, Class A1A, 6.125%, 2/25/64 (144A) | &nbsp;&nbsp; 6702841 |
| 9,950,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Plc, Series 2024-1A, Class A1, 5.641% (SOFR + 140 bps), 11/15/27 (144A) | &nbsp;&nbsp; 9973522 |
| 986,725(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2022-1A, Class E, 7.79%, 8/16/27 (144A) | &nbsp;&nbsp; 939793 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2531

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,551,654(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2023-1A, Class D, 8.56%, 7/15/27 (144A) | $1439723 |
| 1,449,414(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class A, 6.61%, 10/15/27 (144A) | &nbsp;&nbsp; 1392012 |
| 3,750,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class B, 6.53%, 12/15/27 (144A) | &nbsp;&nbsp; 2972428 |
| 2,218,963(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27 (144A) | &nbsp;&nbsp; 2131670 |
| 4,744,552(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-3A, Class A, 5.22%, 6/15/28 (144A) | &nbsp;&nbsp; 4324799 |
| 21,576,818(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class A, 4.94%, 2/15/29 (144A) | &nbsp;&nbsp; 15871327 |
| 5,320,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class C, 5.72%, 10/15/29 (144A) | &nbsp;&nbsp; 1377369 |
| 18,218,270(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-2A, Class A, 5.12%, 1/16/29 (144A) | &nbsp;&nbsp; 13128515 |
| 11369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020-SFR1, Class F, 4.882%, 7/17/38 (144A) | &nbsp;&nbsp; 11302420 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran CAVU, Ltd., Series 2022-2A, Class XR, 5.275% (3 Month Term SOFR + 95 bps), 3/27/38 (144A) | &nbsp;&nbsp; 750000 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO VII, Ltd., Series 2017-7A, Class A1R2, 5.378% (3 Month Term SOFR + 106 bps), 1/25/35 (144A) | &nbsp;&nbsp; 11988096 |
| 1,380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XI, Ltd., Series 2019-11A, Class X, 5.509% (3 Month Term SOFR + 119 bps), 7/15/34 (144A) | &nbsp;&nbsp; 1379905 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSTAT, Ltd., Series 2022-1A, Class A2RR, 5.725% (3 Month Term SOFR + 140 bps), 7/20/37 (144A) | &nbsp;&nbsp; 5995470 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class C, 6.925% (3 Month Term SOFR + 260 bps), 10/20/35 (144A) | &nbsp;&nbsp; 7972064 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class D, 8.575% (3 Month Term SOFR + 425 bps), 10/20/35 (144A) | &nbsp;&nbsp; 4961655 |
| 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2024-1, Class D, 8.30%, 11/12/29 (144A) | &nbsp;&nbsp; 3226689 |
| 4385779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class A, 6.11%, 6/15/32 (144A) | &nbsp;&nbsp; 4437053 |
| 2868512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A, Class A, 5.37%, 2/18/31 (144A) | &nbsp;&nbsp; 2870569 |
| 15321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4, Class A, 2.00%, 7/20/27 (144A) | &nbsp;&nbsp; 15295 |
| 75321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST5, Class A, 2.00%, 7/20/27 (144A) | &nbsp;&nbsp; 75190 |

---

The accompanying notes are an integral part of these financial statements.

32Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 115201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2022-ST2, Class A, 3.80%, 4/20/30 (144A) | $115066 |
| 3236549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34 (144A) | &nbsp;&nbsp; 3249433 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-2, Class A2, 5.22%, 6/20/35 (144A) | &nbsp;&nbsp; 5028264 |
| 5206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-3, Class A2, 4.60%, 9/20/35 (144A) | &nbsp;&nbsp; 5209694 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank C&I Credit-Linked Notes Series, Series 2025-SUP2, Class B2, 5.736% (SOFR30A + 135 bps), 9/25/32 (144A) | &nbsp;&nbsp; 7005323 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank C&I Credit-Linked Notes Series, Series 2025-SUP2, Class D, 6.586% (SOFR30A + 220 bps), 9/25/32 (144A) | &nbsp;&nbsp; 2502523 |
| 490719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2023-1, Class B, 6.789%, 8/25/32 (144A) | &nbsp;&nbsp; 496429 |
| 3946223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class B, 5.582%, 2/25/32 (144A) | &nbsp;&nbsp; 3948573 |
| 564371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAA Auto Owner Trust, Series 2023-A, Class A3, 5.58%, 5/15/28 (144A) | &nbsp;&nbsp; 568069 |
| 10,680,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture 41 CLO, Ltd., Series 2021-41A, Class A1RR, 5.546% (3 Month Term SOFR + 113 bps), 1/20/34 (144A) | &nbsp;&nbsp; 10686002 |
| 2549515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A, Class A2, 6.24%, 1/13/31 (144A) | &nbsp;&nbsp; 2596622 |
| 2472734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veridian Auto Receivables Trust, Series 2023-1A, Class A3, 5.56%, 3/15/28 (144A) | &nbsp;&nbsp; 2481474 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1, Class C, 8.32%, 11/15/28 (144A) | &nbsp;&nbsp; 3078692 |
| 1235640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class A, 6.28%, 11/15/27 (144A) | &nbsp;&nbsp; 1240558 |
| 7592207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1, Class A, 5.31%, 9/15/28 (144A) | &nbsp;&nbsp; 7619769 |
| 1658066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2023-1A, Class A, 7.27%, 3/26/29 (144A) | &nbsp;&nbsp; 1666445 |
| 2,858,382(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.676%, 5/25/54 (144A) | &nbsp;&nbsp; 2893230 |
| 829,196(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2018-1A, Class A1, 5.537% (3 Month Term SOFR + 121 bps), 4/19/31 (144A) | &nbsp;&nbsp; 829179 |
| 3,777,778(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2019-1A, Class X, 5.518% (3 Month Term SOFR + 120 bps), 10/15/37 (144A) | &nbsp;&nbsp; 3778469 |
| 3,714,286(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2024-6A, Class X, 5.425% (3 Month Term SOFR + 110 bps), 1/20/38 (144A) | &nbsp;&nbsp; 3713985 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2533

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,210,526(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO, Ltd., Series 2022-1A, Class XR, 5.518% (3 Month Term SOFR + 120 bps), 7/15/37 (144A) | $4213347 |
| 542994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class A, 1.788%, 8/20/36 (144A) | &nbsp;&nbsp; 537670 |
| 920555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class C, 2.488%, 8/20/36 (144A) | &nbsp;&nbsp; 909252 |
| 2642238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/37 (144A) | &nbsp;&nbsp; 2700665 |
| 5804612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2024-1A, Class C, 7.06%, 1/20/38 (144A) | &nbsp;&nbsp; 5899087 |
| 1514903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2023-1A, Class B, 5.41%, 1/18/28 (144A) | &nbsp;&nbsp; 1515615 |
| 4769708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2024-3A, Class A2A, 4.82%, 9/15/27 (144A) | &nbsp;&nbsp; 4775265 |
| 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65%, 2/15/28 (144A) | &nbsp;&nbsp; 6272321 |
| 3,195,253(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2024-1A, Class A2, 4.966% (1 Month Term SOFR + 83 bps), 2/18/39 (144A) | &nbsp;&nbsp; 3203892 |
| 5964648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VI, Series 2021-A, Class B, 5.438%, 5/15/46 (144A) | &nbsp;&nbsp; 5731242 |
| 4,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Mortgage Loan Trust, Series 1997-2, Class A6, 4.552% (1 Month Term SOFR + 39 bps), 5/25/28 | &nbsp;&nbsp; 4141 |
| 14,312,472(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodmont Trust, Series 2023-12A, Class A1R, 5.718% (3 Month Term SOFR + 140 bps), 10/25/32 (144A) | &nbsp;&nbsp; 14328602 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class BR, 6.579% (3 Month Term SOFR + 226 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6507442 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class DR, 9.579% (3 Month Term SOFR + 526 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6001116 |
| 12,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class A2AR, 6.118% (3 Month Term SOFR + 180 bps), 7/15/33 (144A) | &nbsp;&nbsp; 12020208 |

---

The accompanying notes are an integral part of these financial statements.

34Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 911,980(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 13, Ltd., Series 2019-13A, Class A1AR, 5.618% (3 Month Term SOFR + 130 bps), 7/15/32 (144A) | $912374 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16, Ltd., Series 2020-16A, Class A1R2, 5.455% (3 Month Term SOFR + 113 bps), 10/20/34 (144A) | &nbsp;&nbsp; 8000784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $1,908,429,380)** | **$1891081827** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—8.6% of Net Assets** |  |
| 8,446(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 3B1, 5.107%, 6/25/30 | $8450 |
| 2,479,313(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2024-1, Class M1A, 6.506% (SOFR30A + 215 bps), 8/25/34 (144A) | &nbsp;&nbsp; 2483260 |
| 7,571,242(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class A, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 7410252 |
| 2,900,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class M3, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 2727778 |
| 10,879,299(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB14, Class A, 3.00%, 6/25/34 (144A) | &nbsp;&nbsp; 10733799 |
| 4,090,662(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB15, Class A, 4.00%, 8/25/34 (144A) | &nbsp;&nbsp; 4073141 |
| 6,308,484(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, 5.556% (SOFR30A + 120 bps), 2/25/50 (144A) | &nbsp;&nbsp; 6227125 |
| 1,632,784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.706% (SOFR30A + 135 bps), 2/25/50 (144A) | &nbsp;&nbsp; 1594620 |
| 940,088(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M3, 5.906% (SOFR30A + 155 bps), 2/25/50 (144A) | &nbsp;&nbsp;&nbsp; 919691 |
| 12,644,488(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1A1, 5.306% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 12652440 |
| 13,145,208(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1M1, 5.456% (SOFR30A + 110 bps), 1/25/45 (144A) | &nbsp;&nbsp; 13149336 |
| 1,138,012(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1, 5.206% (SOFR30A + 85 bps), 12/25/41 (144A) | &nbsp;&nbsp; 1137353 |
| 2,841,652(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1, 5.356% (SOFR30A + 100 bps), 12/25/41 (144A) | &nbsp;&nbsp; 2838981 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2535

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, 6.256% (SOFR30A + 190 bps), 12/25/41 (144A) | $7097370 |
| 794,805(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M1, 5.556% (SOFR30A + 120 bps), 1/25/42 (144A) | &nbsp;&nbsp; 794559 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, 7.356% (SOFR30A + 300 bps), 1/25/42 (144A) | &nbsp;&nbsp; 14284340 |
| 1,409,898(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M1, 6.856% (SOFR30A + 250 bps), 9/25/42 (144A) | &nbsp;&nbsp; 1429722 |
| 5,992,547(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, 6.756% (SOFR30A + 240 bps), 12/25/42 (144A) | &nbsp;&nbsp; 6131671 |
| 2,927,290(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, 6.656% (SOFR30A + 230 bps), 1/25/43 (144A) | &nbsp;&nbsp; 2980362 |
| 1,624,521(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M1, 6.856% (SOFR30A + 250 bps), 4/25/43 (144A) | &nbsp;&nbsp; 1647166 |
| 2,519,155(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, 6.056% (SOFR30A + 170 bps), 7/25/43 (144A) | &nbsp;&nbsp; 2527007 |
| 758,007(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M1, 6.306% (SOFR30A + 195 bps), 9/25/43 (144A) | &nbsp;&nbsp; 761534 |
| 2,657,278(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 5.406% (SOFR30A + 105 bps), 1/25/44 (144A) | &nbsp;&nbsp; 2657282 |
| 2,450,241(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, 5.456% (SOFR30A + 110 bps), 2/25/44 (144A) | &nbsp;&nbsp; 2448722 |
| 7,496,677(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, 5.506% (SOFR30A + 115 bps), 3/25/44 (144A) | &nbsp;&nbsp; 7498930 |
| 10,370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2, 6.306% (SOFR30A + 195 bps), 3/25/44 (144A) | &nbsp;&nbsp; 10448190 |
| 23,261,851(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1A1, 5.356% (SOFR30A + 100 bps), 5/25/44 (144A) | &nbsp;&nbsp; 23290928 |

---

The accompanying notes are an integral part of these financial statements.

36Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 2,493,952(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, 5.456% (SOFR30A + 110 bps), 5/25/44 (144A) | $2495488 |
| 16,905,154(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2A1, 5.356% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 16926285 |
| 11,420,528(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1, 5.356% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 11418704 |
| 9,254,299(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1, 5.506% (SOFR30A + 115 bps), 9/25/44 (144A) | &nbsp;&nbsp; 9284444 |
| 1,569,305(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, 5.406% (SOFR30A + 105 bps), 9/25/44 (144A) | &nbsp;&nbsp; 1568332 |
| 5,858,222(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, 5.506% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 5858204 |
| 5,213,501(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.806% (SOFR30A + 145 bps), 3/25/45 (144A) | &nbsp;&nbsp; 5246136 |
| 5,020,722(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, 5.556% (SOFR30A + 120 bps), 5/25/45 (144A) | &nbsp;&nbsp; 5032346 |
| 6,621,707(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R05, Class 2A1, 5.356% (SOFR30A + 100 bps), 7/25/45 (144A) | &nbsp;&nbsp; 6633020 |
| 15,624,765(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R05, Class 2M1, 5.556% (SOFR30A + 120 bps), 7/25/45 (144A) | &nbsp;&nbsp; 15672194 |
| 1,503,155(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2021-2, Class M1C, 7.806% (SOFR30A + 345 bps), 4/25/34 (144A) | &nbsp;&nbsp; 1511178 |
| 2,481,181(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1A, 6.356% (SOFR30A + 200 bps), 9/26/33 (144A) | &nbsp;&nbsp; 2485706 |
| 6,770,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1B, 8.306% (SOFR30A + 395 bps), 9/26/33 (144A) | &nbsp;&nbsp; 6946186 |
| 30,362(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2106, Class F, 4.937% (SOFR30A + 56 bps), 12/15/28 | &nbsp;&nbsp; 30288 |
| 18,035(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2122, Class FD, 4.837% (SOFR30A + 46 bps), 2/15/29 | &nbsp;&nbsp; 18005 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2537

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 12,593(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2186, Class FY, 5.087% (SOFR30A + 71 bps), 4/15/28 | $12598 |
| 13,009(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2368, Class AF, 5.437% (SOFR30A + 106 bps), 10/15/31 | &nbsp;&nbsp; 12601 |
| 12,798(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2377, Class FE, 5.087% (SOFR30A + 71 bps), 11/15/31 | &nbsp;&nbsp; 12785 |
| 29,069(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2411, Class FR, 5.087% (SOFR30A + 71 bps), 6/15/31 | &nbsp;&nbsp; 29042 |
| 34,310(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2432, Class FH, 5.187% (SOFR30A + 81 bps), 3/15/32 | &nbsp;&nbsp; 34413 |
| 68,933(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2439, Class F, 5.487% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 69594 |
| 87,967(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2470, Class AF, 5.487% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 88792 |
| 58,240(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2471, Class FD, 5.487% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 58799 |
| 22,136(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2498, Class FQ, 5.087% (SOFR30A + 71 bps), 9/15/32 | &nbsp;&nbsp; 22098 |
| 19,213(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2543, Class EF, 4.837% (SOFR30A + 46 bps), 12/15/32 | &nbsp;&nbsp; 19126 |
| 112,582(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2551, Class FD, 4.887% (SOFR30A + 51 bps), 1/15/33 | &nbsp;&nbsp; 112325 |
| 74,594(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2567, Class FJ, 4.887% (SOFR30A + 51 bps), 2/15/33 | &nbsp;&nbsp; 74317 |
| 31,733(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2577, Class FA, 5.037% (SOFR30A + 66 bps), 2/15/33 | &nbsp;&nbsp; 31643 |
| 2,665(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2585, Class FD, 4.987% (SOFR30A + 61 bps), 12/15/32 | &nbsp;&nbsp; 2653 |

---

The accompanying notes are an integral part of these financial statements.

38Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 41,465(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2614, Class FV, 5.97% (SOFR30A + 161 bps), 5/15/33 | $42321 |
| 53,023(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2631, Class FC, 4.887% (SOFR30A + 51 bps), 6/15/33 | &nbsp;&nbsp; 52857 |
| 27,229(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2711, Class FA, 5.487% (SOFR30A + 111 bps), 11/15/33 | &nbsp;&nbsp; 27588 |
| 21,851(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2916, Class NF, 4.737% (SOFR30A + 36 bps), 1/15/35 | &nbsp;&nbsp; 21754 |
| 130,585(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2976, Class LF, 4.827% (SOFR30A + 45 bps), 5/15/35 | &nbsp;&nbsp; 129463 |
| 8,117(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3012, Class FE, 4.737% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 8106 |
| 22,192(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3042, Class PF, 4.737% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 22083 |
| 25,116(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3067, Class FA, 4.837% (SOFR30A + 46 bps), 11/15/35 | &nbsp;&nbsp; 24893 |
| 11,937(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3102, Class FG, 4.787% (SOFR30A + 41 bps), 1/15/36 | &nbsp;&nbsp; 11851 |
| 51,703(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class EF, 4.837% (SOFR30A + 46 bps), 2/15/36 | &nbsp;&nbsp; 51266 |
| 104,205(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class FE, 4.787% (SOFR30A + 41 bps), 2/15/36 | &nbsp;&nbsp; 103312 |
| 38,293(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3122, Class FP, 4.787% (SOFR30A + 41 bps), 3/15/36 | &nbsp;&nbsp; 38015 |
| 23,379(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3147, Class PF, 4.787% (SOFR30A + 41 bps), 4/15/36 | &nbsp;&nbsp; 23209 |
| 77,271(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3173, Class FC, 4.907% (SOFR30A + 53 bps), 6/15/36 | &nbsp;&nbsp; 76496 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2539

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 210,804(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3175, Class FE, 4.797% (SOFR30A + 42 bps), 6/15/36 | $208417 |
| 125,510(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3181, Class HF, 4.987% (SOFR30A + 61 bps), 7/15/36 | &nbsp;&nbsp; 124945 |
| 10,267(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3191, Class FE, 4.887% (SOFR30A + 51 bps), 7/15/36 | &nbsp;&nbsp; 10197 |
| 94,801(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3221, Class FW, 4.907% (SOFR30A + 53 bps), 9/15/36 | &nbsp;&nbsp; 94134 |
| 29,209(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3222, Class FN, 4.887% (SOFR30A + 51 bps), 9/15/36 | &nbsp;&nbsp; 28989 |
| 102,195(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class EF, 4.837% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 101217 |
| 49,296(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class FB, 4.837% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 48844 |
| 85,431(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3247, Class FA, 4.737% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 84072 |
| 152,939(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3266, Class F, 4.787% (SOFR30A + 41 bps), 1/15/37 | &nbsp;&nbsp; 150606 |
| 66,405(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3307, Class FT, 4.727% (SOFR30A + 35 bps), 7/15/34 | &nbsp;&nbsp; 65567 |
| 4,159(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3315, Class F, 4.827% (SOFR30A + 45 bps), 5/15/37 | &nbsp;&nbsp; 4115 |
| 207,057(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3373, Class FB, 5.067% (SOFR30A + 69 bps), 10/15/37 | &nbsp;&nbsp; 206551 |
| 20,549(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3376, Class FM, 5.107% (SOFR30A + 73 bps), 10/15/37 | &nbsp;&nbsp; 20529 |
| 81,936(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3560, Class FA, 5.737% (SOFR30A + 136 bps), 5/15/37 | &nbsp;&nbsp; 83508 |

---

The accompanying notes are an integral part of these financial statements.

40Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 124,485(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3610, Class FA, 5.187% (SOFR30A + 81 bps), 12/15/39 | $124741 |
| 24,227(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3708, Class PF, 4.837% (SOFR30A + 46 bps), 7/15/40 | &nbsp;&nbsp; 24164 |
| 9,944(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3867, Class FD, 4.837% (SOFR30A + 46 bps), 5/15/41 | &nbsp;&nbsp; 9880 |
| 183(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3914, Class LF, 4.687% (SOFR30A + 31 bps), 8/15/26 | &nbsp;&nbsp;&nbsp; 182 |
| 15,748(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4056, Class QF, 4.837% (SOFR30A + 46 bps), 12/15/41 | &nbsp;&nbsp; 15656 |
| 24,530,459(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5592, Class PF, 5.256% (SOFR30A + 90 bps), 5/25/55 | &nbsp;&nbsp; 24581421 |
| 2,530,680(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M, 4.75%, 5/25/57 | &nbsp;&nbsp; 2485990 |
| 2,182,300(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.75%, 10/25/58 | &nbsp;&nbsp; 2144512 |
| 2,326,164(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M2, 6.006% (SOFR30A + 165 bps), 1/25/34 (144A) | &nbsp;&nbsp; 2333397 |
| 2,781,923(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA6, Class M2, 5.856% (SOFR30A + 150 bps), 10/25/41 (144A) | &nbsp;&nbsp; 2789323 |
| 2,488,213(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M1, 5.206% (SOFR30A + 85 bps), 11/25/41 (144A) | &nbsp;&nbsp; 2486687 |
| 28,234,487(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA4, Class M1, 5.306% (SOFR30A + 95 bps), 12/25/41 (144A) | &nbsp;&nbsp; 28243240 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class M2, 6.856% (SOFR30A + 250 bps), 1/25/42 (144A) | &nbsp;&nbsp; 13212684 |
| 740,570(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA6, Class M1A, 6.506% (SOFR30A + 215 bps), 9/25/42 (144A) | &nbsp;&nbsp; 744739 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2541

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,243,587(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA1, Class M1A, 6.456% (SOFR30A + 210 bps), 3/25/42 (144A) | $1249419 |
| 1,803,592(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA3, Class M1A, 6.656% (SOFR30A + 230 bps), 8/25/42 (144A) | &nbsp;&nbsp; 1830388 |
| 5,693,624(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-DNA1, Class M1A, 6.448% (SOFR30A + 210 bps), 3/25/43 (144A) | &nbsp;&nbsp; 5774226 |
| 1,359,535(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA1, Class M1A, 6.356% (SOFR30A + 200 bps), 5/25/43 (144A) | &nbsp;&nbsp; 1370588 |
| 2,146,760(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA2, Class M1A, 6.356% (SOFR30A + 200 bps), 6/25/43 (144A) | &nbsp;&nbsp; 2156293 |
| 709,199(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA3, Class A1, 6.206% (SOFR30A + 185 bps), 11/25/43 (144A) | &nbsp;&nbsp; 717243 |
| 1,441,285(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class A1, 5.706% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 1448491 |
| 2,229,562(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class M1, 5.706% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 2232981 |
| 11,236,875(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class A1, 5.606% (SOFR30A + 125 bps), 5/25/44 (144A) | &nbsp;&nbsp; 11292958 |
| 11,156,124(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class M1, 5.556% (SOFR30A + 120 bps), 5/25/44 (144A) | &nbsp;&nbsp; 11156124 |
| 14,582,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class A1, 5.406% (SOFR30A + 105 bps), 10/25/44 (144A) | &nbsp;&nbsp; 14611017 |
| 1,681,770(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class M1, 5.356% (SOFR30A + 100 bps), 10/25/44 (144A) | &nbsp;&nbsp; 1681285 |
| 28,056,344(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA1, Class A1, 5.606% (SOFR30A + 125 bps), 3/25/44 (144A) | &nbsp;&nbsp; 28174741 |
| 22,604,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class A1, 5.606% (SOFR30A + 125 bps), 8/25/44 (144A) | &nbsp;&nbsp; 22717522 |

---

The accompanying notes are an integral part of these financial statements.

42Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 9,485,802(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class M1, 5.556% (SOFR30A + 120 bps), 8/25/44 (144A) | $9491685 |
| 19,567,410(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class A1, 5.306% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 19579604 |
| 12,662,037(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class M1, 5.406% (SOFR30A + 105 bps), 1/25/45 (144A) | &nbsp;&nbsp; 12654191 |
| 11,081,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class A1, 5.306% (SOFR30A + 95 bps), 2/25/45 (144A) | &nbsp;&nbsp; 11084435 |
| 23,041,635(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class M1, 5.506% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 23041564 |
| 49,981(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 237, Class F14, 4.887% (SOFR30A + 51 bps), 5/15/36 | &nbsp;&nbsp; 49592 |
| 47,252(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F29, 4.737% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 46797 |
| 204,272(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F30, 4.787% (SOFR30A + 41 bps), 8/15/36 | &nbsp;&nbsp; 202634 |
| 56,364(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 244, Class F22, 4.837% (SOFR30A + 46 bps), 12/15/36 | &nbsp;&nbsp; 55857 |
| 4,387,131(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HQA2, Class M2B, 7.121% (SOFR30A + 276 bps), 12/25/29 | &nbsp;&nbsp; 4488077 |
| 1,274,405(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HRP1, Class M2, 6.921% (SOFR30A + 256 bps), 12/25/42 | &nbsp;&nbsp; 1286031 |
| 7,265,334(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C04, Class 2M2C, 7.321% (SOFR30A + 296 bps), 11/25/29 | &nbsp;&nbsp; 7471353 |
| 2,069,429(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C06, Class 2M2C, 7.271% (SOFR30A + 291 bps), 2/25/30 | &nbsp;&nbsp; 2103497 |
| 3,430,825(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2018-C04, Class 2M2, 7.021% (SOFR30A + 266 bps), 12/25/30 | &nbsp;&nbsp; 3528452 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2543

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 8,004,200(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, 5.256% (SOFR30A + 90 bps), 9/25/55 | $8005087 |
| 896(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 1997-46, Class FA, 5.001% (SOFR30A + 61 bps), 7/18/27 | &nbsp;&nbsp;&nbsp; 892 |
| 10,752(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2000-47, Class FD, 5.021% (SOFR30A + 66 bps), 12/25/30 | &nbsp;&nbsp; 10735 |
| 47,224(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-35, Class F, 5.071% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 47176 |
| 11,134(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-37, Class F, 4.971% (SOFR30A + 61 bps), 8/25/31 | &nbsp;&nbsp; 11111 |
| 97,588(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-50, Class FQ, 5.071% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 97490 |
| 42,939(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-65, Class F, 5.071% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 42980 |
| 28,770(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-69, Class FA, 5.071% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 28740 |
| 46,374(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-72, Class FB, 5.371% (SOFR30A + 101 bps), 12/25/31 | &nbsp;&nbsp; 46626 |
| 14,450(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-81, Class FL, 5.151% (SOFR30A + 76 bps), 1/18/32 | &nbsp;&nbsp; 14451 |
| 35,219(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-1, Class FC, 5.171% (SOFR30A + 81 bps), 1/25/32 | &nbsp;&nbsp; 35325 |
| 67,157(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-13, Class FD, 5.371% (SOFR30A + 101 bps), 3/25/32 | &nbsp;&nbsp; 67400 |
| 33,597(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-34, Class FA, 5.001% (SOFR30A + 61 bps), 5/18/32 | &nbsp;&nbsp; 33586 |
| 52,595(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-56, Class FN, 5.471% (SOFR30A + 111 bps), 7/25/32 | &nbsp;&nbsp; 53106 |

---

The accompanying notes are an integral part of these financial statements.

44Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 20,657(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-58, Class FD, 5.071% (SOFR30A + 71 bps), 8/25/32 | $20672 |
| 38,314(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-77, Class F, 5.071% (SOFR30A + 71 bps), 12/25/32 | &nbsp;&nbsp; 38392 |
| 26,851(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-82, Class FB, 4.971% (SOFR30A + 61 bps), 12/25/32 | &nbsp;&nbsp; 26806 |
| 36,573(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-90, Class FH, 4.971% (SOFR30A + 61 bps), 9/25/32 | &nbsp;&nbsp; 36437 |
| 18,737(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-92, Class FB, 5.121% (SOFR30A + 76 bps), 4/25/30 | &nbsp;&nbsp; 18771 |
| 38,325(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-93, Class FH, 4.971% (SOFR30A + 61 bps), 1/25/33 | &nbsp;&nbsp; 38309 |
| 67,329(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-107, Class FD, 4.971% (SOFR30A + 61 bps), 11/25/33 | &nbsp;&nbsp; 67267 |
| 103,736(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-31, Class FM, 4.971% (SOFR30A + 61 bps), 4/25/33 | &nbsp;&nbsp; 103691 |
| 38,234(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-42, Class JF, 4.971% (SOFR30A + 61 bps), 5/25/33 | &nbsp;&nbsp; 38089 |
| 31,283(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-7, Class FA, 5.221% (SOFR30A + 86 bps), 2/25/33 | &nbsp;&nbsp; 31415 |
| 19,040(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-8, Class FJ, 4.821% (SOFR30A + 46 bps), 2/25/33 | &nbsp;&nbsp; 19012 |
| 72,258(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-52, Class FW, 4.871% (SOFR30A + 51 bps), 7/25/34 | &nbsp;&nbsp; 71989 |
| 17,552(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-54, Class FN, 4.921% (SOFR30A + 56 bps), 7/25/34 | &nbsp;&nbsp; 17511 |
| 66,625(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class KT, 4.771% (SOFR30A + 41 bps), 10/25/35 | &nbsp;&nbsp; 66107 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2545

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 56,594(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class LF, 4.781% (SOFR30A + 42 bps), 2/25/35 | $56445 |
| 44,002(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-104, Class GF, 4.791% (SOFR30A + 43 bps), 11/25/36 | &nbsp;&nbsp; 43638 |
| 10,965(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-11, Class FB, 4.771% (SOFR30A + 41 bps), 3/25/36 | &nbsp;&nbsp; 10893 |
| 20,868(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-115, Class BF, 4.711% (SOFR30A + 35 bps), 12/25/36 | &nbsp;&nbsp; 20607 |
| 54,273(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-34, Class FA, 4.781% (SOFR30A + 42 bps), 5/25/36 | &nbsp;&nbsp; 53720 |
| 81,782(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-42, Class CF, 4.921% (SOFR30A + 56 bps), 6/25/36 | &nbsp;&nbsp; 81382 |
| 29,433(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-56, Class FC, 4.761% (SOFR30A + 40 bps), 7/25/36 | &nbsp;&nbsp; 29249 |
| 6,100(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-70, Class BF, 5.021% (SOFR30A + 66 bps), 8/25/36 | &nbsp;&nbsp; 6061 |
| 18,825(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-82, Class F, 5.041% (SOFR30A + 68 bps), 9/25/36 | &nbsp;&nbsp; 18783 |
| 16,995(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-100, Class YF, 5.021% (SOFR30A + 66 bps), 10/25/37 | &nbsp;&nbsp; 16933 |
| 25,432(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-103, Class AF, 5.471% (SOFR30A + 111 bps), 3/25/37 | &nbsp;&nbsp; 25759 |
| 24,980(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-110, Class FA, 5.091% (SOFR30A + 73 bps), 12/25/37 | &nbsp;&nbsp; 24894 |
| 36,454(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-13, Class FA, 4.721% (SOFR30A + 36 bps), 3/25/37 | &nbsp;&nbsp; 35805 |
| 176,203(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-2, Class FT, 4.721% (SOFR30A + 36 bps), 2/25/37 | &nbsp;&nbsp; 173374 |

---

The accompanying notes are an integral part of these financial statements.

46Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 24,212(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-41, Class FA, 4.871% (SOFR30A + 51 bps), 5/25/37 | $24077 |
| 101,029(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-50, Class FN, 4.711% (SOFR30A + 35 bps), 6/25/37 | &nbsp;&nbsp; 99857 |
| 8,305(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-57, Class FA, 4.701% (SOFR30A + 34 bps), 6/25/37 | &nbsp;&nbsp; 8231 |
| 30,804(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-58, Class FA, 4.721% (SOFR30A + 36 bps), 6/25/37 | &nbsp;&nbsp; 30381 |
| 12,061(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-66, Class FB, 4.871% (SOFR30A + 51 bps), 7/25/37 | &nbsp;&nbsp; 12032 |
| 60,419(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-7, Class FJ, 4.671% (SOFR30A + 31 bps), 2/25/37 | &nbsp;&nbsp; 59585 |
| 100,802(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-85, Class FG, 4.971% (SOFR30A + 61 bps), 9/25/37 | &nbsp;&nbsp; 99572 |
| 125,025(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-91, Class FB, 5.071% (SOFR30A + 71 bps), 10/25/37 | &nbsp;&nbsp; 124987 |
| 39,291(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-92, Class OF, 5.041% (SOFR30A + 68 bps), 9/25/37 | &nbsp;&nbsp; 39047 |
| 23,646(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-93, Class FD, 5.021% (SOFR30A + 66 bps), 9/25/37 | &nbsp;&nbsp; 23495 |
| 11,446(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-98, Class FD, 4.921% (SOFR30A + 56 bps), 6/25/37 | &nbsp;&nbsp; 11368 |
| 14,612(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-6, Class FA, 5.171% (SOFR30A + 81 bps), 2/25/38 | &nbsp;&nbsp; 14635 |
| 66,383(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-88, Class FA, 5.691% (SOFR30A + 133 bps), 10/25/38 | &nbsp;&nbsp; 67623 |
| 42,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2009-113, Class FB, 5.021% (SOFR30A + 66 bps), 1/25/40 | &nbsp;&nbsp; 42393 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2547

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 18,325(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class FD, 5.071% (SOFR30A + 71 bps), 5/25/40 | $18280 |
| 73,894(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class IF, 4.971% (SOFR30A + 61 bps), 5/25/40 | &nbsp;&nbsp; 73713 |
| 66,848(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2012-40, Class PF, 4.971% (SOFR30A + 61 bps), 4/25/42 | &nbsp;&nbsp; 66239 |
| 16,298,328(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-77, Class FC, 5.206% (SOFR30A + 85 bps), 5/25/55 | &nbsp;&nbsp; 16344118 |
| 32,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-85, Class FH, 5.263% (SOFR30A + 90 bps), 10/25/55 | &nbsp;&nbsp; 32062989 |
| 692,700(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2003-W6, Class F, 4.821% (SOFR30A + 46 bps), 9/25/42 | &nbsp;&nbsp; 690130 |
| 208,539(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 2AF, 4.691% (SOFR30A + 33 bps), 3/25/45 | &nbsp;&nbsp; 206737 |
| 20,622(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 3A, 4.947%, 4/25/45 | &nbsp;&nbsp; 20946 |
| 21,190(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W4, Class 3A, 5.35%, 6/25/45 | &nbsp;&nbsp; 21635 |
| 185,966(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, 4.731% (SOFR30A + 37 bps), 11/25/46 | &nbsp;&nbsp; 184482 |
| 1,896(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2003-7, Class FB, 4.461% (1 Month Term SOFR + 31 bps), 1/16/33 | &nbsp;&nbsp; 1891 |
| 144,536(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-16, Class FA, 4.50% (1 Month Term SOFR + 36 bps), 2/20/35 | &nbsp;&nbsp; 143011 |
| 146,474(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-3, Class FC, 4.511% (1 Month Term SOFR + 36 bps), 1/16/35 | &nbsp;&nbsp; 145351 |
| 55,756(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2008-69, Class FA, 4.75% (1 Month Term SOFR + 61 bps), 8/20/38 | &nbsp;&nbsp; 55770 |
| 55,441(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-66, Class UF, 5.261% (1 Month Term SOFR + 111 bps), 8/16/39 | &nbsp;&nbsp; 55793 |

---

The accompanying notes are an integral part of these financial statements.

48Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 38,742(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-92, Class FJ, 4.941% (1 Month Term SOFR + 79 bps), 10/16/39 | $38795 |
| 1,957,068(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2021-1, Class M2, 7.321% (SOFR30A + 296 bps), 7/25/33 (144A) | &nbsp;&nbsp; 1962878 |
| 2736705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 8/18/43 (144A) | &nbsp;&nbsp; 2644341 |
| 1,612,950(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2014-IVR3, Class B4, 6.375%, 9/25/44 (144A) | &nbsp;&nbsp; 1605803 |
| 4,855,682(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 5.022% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 4771566 |
| 795,769(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A3, 5.022% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 769600 |
| 5,789,551(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B1, 5.763%, 4/25/46 (144A) | &nbsp;&nbsp; 5672300 |
| 5,475,895(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B2, 5.763%, 4/25/46 (144A) | &nbsp;&nbsp; 5344904 |
| 488,223(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class AM, 4.772% (1 Month Term SOFR + 61 bps), 5/25/33 (144A) | &nbsp;&nbsp; 480674 |
| 912,106(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B1, 5.063%, 5/25/33 (144A) | &nbsp;&nbsp; 904862 |
| 850,227(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B2, 5.063%, 5/25/33 (144A) | &nbsp;&nbsp; 843588 |
| 655,450(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B3, 5.063%, 5/25/33 (144A) | &nbsp;&nbsp; 649135 |
| 71,566(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Trust, Series 2015-1, Class 1A14, 5.757%, 12/25/44 (144A) | &nbsp;&nbsp; 70698 |
| 2,626,701(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - CHASE, Series 2019-CL1, Class M1, 5.622% (1 Month Term SOFR + 146 bps), 4/25/47 (144A) | &nbsp;&nbsp; 2624714 |
| 4,715,674(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, Class M1, 5.656% (SOFR30A + 130 bps), 3/25/51 (144A) | &nbsp;&nbsp; 4706507 |
| 4,490,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1, 7.128%, 3/25/29 (144A) | &nbsp;&nbsp; 4529729 |
| 2,348(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-G, Class A3, 6.375%, 1/25/29 | &nbsp;&nbsp; 2325 |
| 236,080(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-H, Class A1, 4.912% (1 Month Term SOFR + 75 bps), 1/25/29 | &nbsp;&nbsp; 206123 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2549

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 71,424(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-B, Class A2, 5.241% (6 Month Term SOFR + 97 bps), 5/25/29 | $70276 |
| 4,635(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-C, Class A2B, 5.655% (6 Month Term SOFR + 143 bps), 7/25/29 | &nbsp;&nbsp; 4614 |
| 13,516(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-D, Class A3, 6.236%, 9/25/29 | &nbsp;&nbsp; 13200 |
| 1,390,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2024-RTL1, Class A1, 7.093%, 2/25/29 (144A) | &nbsp;&nbsp; 1399158 |
| 2,564,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2014-1A, Class B4, 5.884%, 6/25/44 (144A) | &nbsp;&nbsp; 2514948 |
| 4,660,807(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 5.772% (1 Month Term SOFR + 161 bps), 6/25/57 (144A) | &nbsp;&nbsp; 4718311 |
| 2,112,222(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktown Re VII, Ltd., Series 2021-2, Class M1B, 7.256% (SOFR30A + 290 bps), 4/25/34 (144A) | &nbsp;&nbsp; 2130627 |
| 1499112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class A, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 1477991 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M1, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 2230929 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M2, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 984745 |
| 3,902,419(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onity Loan Investment Trust, Series 2024-HB2, Class A, 5.00%, 8/25/37 (144A) | &nbsp;&nbsp; 3901329 |
| 1,464,320(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M2, 7.506% (SOFR30A + 315 bps), 12/27/33 (144A) | &nbsp;&nbsp; 1475291 |
| 4,865,472(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-2, Class M1B, 8.056% (SOFR30A + 370 bps), 11/25/31 (144A) | &nbsp;&nbsp; 4929335 |
| 4,129,729(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2023-1, Class M1A, 7.056% (SOFR30A + 270 bps), 7/25/33 (144A) | &nbsp;&nbsp; 4145239 |
| 2,120,003(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1A, 6.356% (SOFR30A + 200 bps), 9/25/34 (144A) | &nbsp;&nbsp; 2121577 |
| 712,064(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESI Finance LP, Series 2003-CB1, Class B3, 5.757% (1 Month Term SOFR + 156 bps), 6/10/35 (144A) | &nbsp;&nbsp; 595773 |
| 22,122,679(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC4, Class A1A, 6.106% (SOFR30A + 175 bps), 6/25/55 (144A) | &nbsp;&nbsp; 22159776 |
| 4,417,581(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP1, Class B1, 8.221% (SOFR30A + 386 bps), 4/25/43 (144A) | &nbsp;&nbsp; 4544960 |
| 703,485(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, 5.272% (1 Month Term SOFR + 111 bps), 10/25/48 (144A) | &nbsp;&nbsp; 704226 |

---

The accompanying notes are an integral part of these financial statements.

50Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 954986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2020-4, Class XA, 3.25%, 10/25/60 (144A) | $941236 |
| 2,837,920(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-3, Class M1B, 7.256% (SOFR30A + 290 bps), 2/25/34 (144A) | &nbsp;&nbsp; 2845663 |
| 7,801,830(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.756% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 7874422 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $692,427,890)** | **$** **694267129** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—11.5% of Net Assets** |  |
| 12,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrec LLC, Series 2025-FL3, Class A, 5.446% (1 Month Term SOFR + 131 bps), 8/18/42 (144A) | $12459938 |
| 3,344,765(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class A, 5.40% (1 Month Term SOFR + 126 bps), 10/16/36 (144A) | &nbsp;&nbsp; 3344795 |
| 13,325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class AS, 5.75% (1 Month Term SOFR + 161 bps), 10/16/36 (144A) | &nbsp;&nbsp; 13324559 |
| 11,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACRES LLC, Series 2025-FL3, Class A, 5.755% (1 Month Term SOFR + 162 bps), 8/18/40 (144A) | &nbsp;&nbsp; 11782301 |
| 8,070,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class A, 6.06% (1 Month Term SOFR + 193 bps), 1/20/41 (144A) | &nbsp;&nbsp; 8080354 |
| 15,475,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class AS, 6.772% (1 Month Term SOFR + 264 bps), 1/20/41 (144A) | &nbsp;&nbsp; 15436317 |
| 8,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, 5.489% (1 Month Term SOFR + 135 bps), 1/20/43 (144A) | &nbsp;&nbsp; 8985901 |
| 6,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class B, 6.427% (1 Month Term SOFR + 229 bps), 1/20/43 (144A) | &nbsp;&nbsp; 6975784 |
| 4,706,198(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class A, 5.335% (1 Month Term SOFR + 118 bps), 8/15/34 (144A) | &nbsp;&nbsp; 4706363 |
| 7,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class D, 6.465% (1 Month Term SOFR + 231 bps), 8/15/34 (144A) | &nbsp;&nbsp; 7328234 |
| 31,510,246(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class A, 5.615% (1 Month Term SOFR + 146 bps), 11/15/36 (144A) | &nbsp;&nbsp; 31510592 |
| 9,588,099(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL1, Class A, 5.822% (SOFR30A + 145 bps), 1/15/37 (144A) | &nbsp;&nbsp; 9588415 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2551

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 9,062,622(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2024-CRE9, Class A, 5.837% (1 Month Term SOFR + 169 bps), 5/17/41 (144A) | $9064144 |
| 35,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2025-CRE10, Class A, 5.531% (1 Month Term SOFR + 139 bps), 12/17/29 (144A) | &nbsp;&nbsp; 35413807 |
| 1,169,093(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2022-FL11, Class ATS, 5.934% (1 Month Term SOFR + 180 bps), 3/19/39 (144A) | &nbsp;&nbsp; 1169100 |
| 4,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2024-FL13, Class A, 5.71% (1 Month Term SOFR + 158 bps), 9/19/39 (144A) | &nbsp;&nbsp; 4540315 |
| 10,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2025-FL14, Class A, 5.415% (1 Month Term SOFR + 128 bps), 10/21/42 (144A) | &nbsp;&nbsp; 10924554 |
| 5,185,055(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRSP, Ltd., Series 2021-FL1, Class A, 5.398% (1 Month Term SOFR + 126 bps), 8/19/38 (144A) | &nbsp;&nbsp; 5171916 |
| 9,920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2024-FL11, Class A, 5.788% (1 Month Term SOFR + 164 bps), 7/15/39 (144A) | &nbsp;&nbsp; 9972649 |
| 9,660,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2025-FL12, Class A, 5.486% (1 Month Term SOFR + 139 bps), 1/17/43 (144A) | &nbsp;&nbsp; 9640786 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2021-FL7, Class D, 7.015% (1 Month Term SOFR + 286 bps), 12/15/38 (144A) | &nbsp;&nbsp; 1965009 |
| 900,759(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class A, 5.872% (SOFR30A + 150 bps), 2/15/37 (144A) | &nbsp;&nbsp; 901373 |
| 10,555,741(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.535% (1 Month Term SOFR + 139 bps), 12/15/38 (144A) | &nbsp;&nbsp; 10549144 |
| 6,781,797(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 5.365% (1 Month Term SOFR + 121 bps), 9/15/36 (144A) | &nbsp;&nbsp; 6756365 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-XL2, Class D, 5.661% (1 Month Term SOFR + 151 bps), 10/15/38 (144A) | &nbsp;&nbsp; 3495625 |
| 12,732,255(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 5.841% (1 Month Term SOFR + 169 bps), 8/15/39 (144A) | &nbsp;&nbsp; 12756128 |
| 12,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, 5.474% (1 Month Term SOFR + 132 bps), 1/15/42 (144A) | &nbsp;&nbsp; 12951901 |
| 5,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class E, 7.541% (1 Month Term SOFR + 339 bps), 1/15/42 (144A) | &nbsp;&nbsp; 5059054 |
| 8,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class B, 5.561% (1 Month Term SOFR + 141 bps), 10/15/36 (144A) | &nbsp;&nbsp; 8184881 |
| 12,983,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class F, 6.858% (1 Month Term SOFR + 271 bps), 10/15/36 (144A) | &nbsp;&nbsp; 12983000 |

---

The accompanying notes are an integral part of these financial statements.

52Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 1,948,750(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-SDMF, Class B, 5.002% (1 Month Term SOFR + 85 bps), 9/15/34 (144A) | $1942790 |
| 9,905,351(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXMT, Ltd., Series 2020-FL2, Class A, 5.407% (1 Month Term SOFR + 126 bps), 2/15/38 (144A) | &nbsp;&nbsp; 9880508 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, Series 2017-CQHP, Class B, 5.298% (1 Month Term SOFR + 115 bps), 11/15/34 (144A) | &nbsp;&nbsp; 7419120 |
| 2,171,167(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class B, 5.415% (1 Month Term SOFR + 126 bps), 6/15/31 (144A) | &nbsp;&nbsp; 2076896 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNY Trust, Series 2019-IKPR, Class B, 6.066% (1 Month Term SOFR + 184 bps), 11/15/38 (144A) | &nbsp;&nbsp; 7312500 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2024-WCL1, Class A, 5.991% (1 Month Term SOFR + 184 bps), 6/15/41 (144A) | &nbsp;&nbsp; 13960625 |
| 11,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class A, 5.798% (1 Month Term SOFR + 166 bps), 6/18/42 (144A) | &nbsp;&nbsp; 11840520 |
| 15,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class B, 6.925% (1 Month Term SOFR + 279 bps), 6/18/42 (144A) | &nbsp;&nbsp; 15663787 |
| 9,140,619(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUS Mortgage Trust, Series 2021-EQAZ, Class A, 5.17% (1 Month Term SOFR + 102 bps), 10/15/38 (144A) | &nbsp;&nbsp; 9129194 |
| 6,746,208(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2021-ESH, Class E, 7.114% (1 Month Term SOFR + 296 bps), 7/15/38 (144A) | &nbsp;&nbsp; 6746208 |
| 343,183(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class M1, 6.356% (SOFR30A + 200 bps), 1/25/51 (144A) | &nbsp;&nbsp; 342243 |
| 12,181,995(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto, Series 2021-FL3, Class A, 5.511% (1 Month Term SOFR + 136 bps), 11/16/36 (144A) | &nbsp;&nbsp; 12181155 |
| 4,213,612(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2022-FL4, Class A, 6.287% (SOFR30A + 190 bps), 1/19/39 (144A) | &nbsp;&nbsp; 4213628 |
| 23,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2024-FL9, Class A, 5.764% (1 Month Term SOFR + 163 bps), 10/19/39 (144A) | &nbsp;&nbsp; 23178520 |
| 13,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.519% (1 Month Term SOFR + 139 bps), 8/19/42 (144A) | &nbsp;&nbsp; 13265884 |
| 17,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.631% (1 Month Term SOFR + 148 bps), 1/15/43 (144A) | &nbsp;&nbsp; 17745208 |
| 4,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class AS, 6.289% (1 Month Term SOFR + 214 bps), 1/15/43 (144A) | &nbsp;&nbsp; 4036456 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2553

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 414,592(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes, Ltd., Series 2021-FL3, Class A, 5.285% (1 Month Term SOFR + 113 bps), 7/15/39 (144A) | $414396 |
| 7,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes, Ltd., Series 2021-FL3, Class D, 6.465% (1 Month Term SOFR + 231 bps), 7/15/39 (144A) | &nbsp;&nbsp; 7544558 |
| 8,720,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2018-TWR, Class A, 5.348% (1 Month Term SOFR + 120 bps), 7/15/31 (144A) | &nbsp;&nbsp; 6670800 |
| 10,281,427(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 5.52% (1 Month Term SOFR + 136 bps), 12/15/36 (144A) | &nbsp;&nbsp; 10271563 |
| 4,610,711(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class E, 6.92% (1 Month Term SOFR + 276 bps), 12/15/36 (144A) | &nbsp;&nbsp; 4459071 |
| 1,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E, 7.815% (1 Month Term SOFR + 366 bps), 10/15/36 (144A) | &nbsp;&nbsp; 1085092 |
| 4,317,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, 5.22% (1 Month Term SOFR + 106 bps), 12/15/36 (144A) | &nbsp;&nbsp; 4295415 |
| 78,917(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGI CRE CLO, Ltd., Series 2021-FL2, Class A, 5.261% (1 Month Term SOFR + 111 bps), 9/17/36 (144A) | &nbsp;&nbsp; 78842 |
| 10,039,736(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIH Trust, Series 2024-61P, Class A, 5.992% (1 Month Term SOFR + 184 bps), 10/15/41 (144A) | &nbsp;&nbsp; 10074248 |
| 3,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 5.691% (1 Month Term SOFR + 154 bps), 5/15/37 (144A) | &nbsp;&nbsp; 3986219 |
| 5,470,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 6.091% (1 Month Term SOFR + 194 bps), 5/15/37 (144A) | &nbsp;&nbsp; 5478547 |
| 1,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class C, 7.324%, 5/10/39 (144A) | &nbsp;&nbsp; 1019330 |
| 4,515,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.471%, 5/10/39 (144A) | &nbsp;&nbsp; 4634276 |
| 7,255,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A, 5.992% (1 Month Term SOFR + 184 bps), 9/15/41 (144A) | &nbsp;&nbsp; 7264069 |
| 2,578,435(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class D, 5.858% (1 Month Term SOFR + 171 bps), 7/15/36 (144A) | &nbsp;&nbsp; 2511555 |

---

The accompanying notes are an integral part of these financial statements.

54Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class E, 6.358% (1 Month Term SOFR + 221 bps), 7/15/36 (144A) | $4374533 |
| 14,033,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class A, 5.53% (1 Month Term SOFR + 138 bps), 11/15/38 (144A) | &nbsp;&nbsp; 14019844 |
| 5,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class B, 5.93% (1 Month Term SOFR + 178 bps), 11/15/38 (144A) | &nbsp;&nbsp; 5756400 |
| 2,200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class B, 5.99%, 10/5/39 (144A) | &nbsp;&nbsp; 2223032 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class CFL, 6.139% (1 Month Term SOFR + 189 bps), 7/5/33 (144A) | &nbsp;&nbsp; 2920000 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C, 6.365% (1 Month Term SOFR + 221 bps), 9/15/29 (144A) | &nbsp;&nbsp; 3396960 |
| 9,917,199(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KIND Trust, Series 2021-KIND, Class A, 5.22% (1 Month Term SOFR + 106 bps), 8/15/38 (144A) | &nbsp;&nbsp; 9880683 |
| 16,580,437(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF, Ltd., Series 2022-FL3, Class A, 5.584% (1 Month Term SOFR + 145 bps), 2/17/39 (144A) | &nbsp;&nbsp; 16581498 |
| 6,740,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.528% (1 Month Term SOFR + 139 bps), 8/17/42 (144A) | &nbsp;&nbsp; 6740944 |
| 424,420(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE5, Class A, 5.565% (1 Month Term SOFR + 141 bps), 7/15/36 (144A) | &nbsp;&nbsp; 424420 |
| 2,171,815(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class A, 5.565% (1 Month Term SOFR + 141 bps), 11/15/38 (144A) | &nbsp;&nbsp; 2171733 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class AS, 5.915% (1 Month Term SOFR + 176 bps), 11/15/38 (144A) | &nbsp;&nbsp; 4999628 |
| 10,856,715(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2022-CRE7, Class A, 5.931% (SOFR30A + 155 bps), 1/17/37 (144A) | &nbsp;&nbsp; 10871847 |
| 4,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HF1, Class A, 5.943% (1 Month Term SOFR + 179 bps), 12/15/41 (144A) | &nbsp;&nbsp; 4096575 |
| 5,581,835(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HTL, Class B, 6.559% (1 Month Term SOFR + 241 bps), 2/15/37 (144A) | &nbsp;&nbsp; 5581835 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2555

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class A, 5.924%, 6/12/39 (144A) | $4391768 |
| 13,801,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2024-FL14, Class A, 5.871% (1 Month Term SOFR + 174 bps), 3/19/39 (144A) | &nbsp;&nbsp; 13848779 |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2025-FL19, Class A, 5.624% (1 Month Term SOFR + 149 bps), 5/18/42 (144A) | &nbsp;&nbsp; 19366336 |
| 6,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2025-FL20, Class A, 5.586% (1 Month Term SOFR + 145 bps), 2/18/43 (144A) | &nbsp;&nbsp; 6927676 |
| 1,311,036(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2020-FL4, Class A, 5.957% (1 Month Term SOFR + 181 bps), 12/15/35 (144A) | &nbsp;&nbsp; 1311893 |
| 1,200,112(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL6, Class A, 5.35% (1 Month Term SOFR + 121 bps), 7/16/36 (144A) | &nbsp;&nbsp; 1199889 |
| 17,828,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL6, Class AS, 5.70% (1 Month Term SOFR + 156 bps), 7/16/36 (144A) | &nbsp;&nbsp; 17826768 |
| 6,975,871(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class A, 5.33% (1 Month Term SOFR + 119 bps), 10/16/36 (144A) | &nbsp;&nbsp; 6972725 |
| 6,378,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class AS, 5.70% (1 Month Term SOFR + 156 bps), 10/16/36 (144A) | &nbsp;&nbsp; 6369264 |
| 20,995,954(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2022-FL8, Class A, 5.484% (1 Month Term SOFR + 135 bps), 2/19/37 (144A) | &nbsp;&nbsp; 20995828 |
| 13,870,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL15, Class A, 5.824% (1 Month Term SOFR + 169 bps), 8/18/41 (144A) | &nbsp;&nbsp; 13911457 |
| 18,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL16, Class A, 5.677% (1 Month Term SOFR + 154 bps), 11/18/39 (144A) | &nbsp;&nbsp; 18907813 |
| 11,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHP Commercial Mortgage Trust, Series 2025-MHIL2, Class A, 5.65% (1 Month Term SOFR + 150 bps), 9/15/40 (144A) | &nbsp;&nbsp; 11477378 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2017-ASHF, Class B, 5.698% (1 Month Term SOFR + 155 bps), 11/15/34 (144A) | &nbsp;&nbsp; 8331202 |
| 7,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-BOP, Class B, 5.448% (1 Month Term SOFR + 130 bps), 8/15/33 (144A) | &nbsp;&nbsp; 5301034 |
| 3,490,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class B, 6.03% (1 Month Term SOFR + 188 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3233622 |
| 1,918,548(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFP, Ltd., Series 2024-11, Class A, 6.05% (1 Month Term SOFR + 183 bps), 9/17/39 (144A) | &nbsp;&nbsp; 1921249 |
| 4,350,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Trust, Series 2025-PRM6, Class E, 6.803%, 7/5/33 (144A) | &nbsp;&nbsp; 4346959 |
| 2,425,813(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 5.472% (1 Month Term SOFR + 131 bps), 11/25/36 (144A) | &nbsp;&nbsp; 2425645 |

---

The accompanying notes are an integral part of these financial statements.

56Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 4,825,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 7.222% (1 Month Term SOFR + 306 bps), 11/25/36 (144A) | $4822558 |
| 33,824(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, 6.532% (1 Month Term SOFR + 237 bps), 10/25/39 (144A) | &nbsp;&nbsp; 33927 |
| 18,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHR Trust, Series 2024-LXRY, Class A, 6.10% (1 Month Term SOFR + 195 bps), 10/15/41 (144A) | &nbsp;&nbsp; 18863550 |
| 19,576,754(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, Series 2025-LINE, Class A, 6.739% (1 Month Term SOFR + 259 bps), 4/15/42 (144A) | &nbsp;&nbsp; 19527879 |
| 15,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SREIT Trust, Series 2021-MFP2, Class A, 5.086% (1 Month Term SOFR + 94 bps), 11/15/36 (144A) | &nbsp;&nbsp; 15890063 |
| 4,030,410(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2021-FL2, Class A, 5.45% (1 Month Term SOFR + 131 bps), 4/18/38 (144A) | &nbsp;&nbsp; 4030113 |
| 2,689,890(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2022-FL3, Class A, 5.722% (SOFR30A + 135 bps), 11/15/38 (144A) | &nbsp;&nbsp; 2689874 |
| 5,757,060(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 7.227%, 12/10/34 (144A) | &nbsp;&nbsp; 5845332 |
| 4,150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class B, 7.924%, 12/10/34 (144A) | &nbsp;&nbsp; 4198663 |
| 20,725,424(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class A, 5.793% (1 Month Term SOFR + 165 bps), 2/15/39 (144A) | &nbsp;&nbsp; 20725279 |
| 13,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class AS, 6.293% (1 Month Term SOFR + 215 bps), 2/15/39 (144A) | &nbsp;&nbsp; 13499596 |
| 18,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2025-FL6, Class A, 5.673% (1 Month Term SOFR + 154 bps), 9/18/42 (144A) | &nbsp;&nbsp; 18713981 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TX Trust, Series 2024-HOU, Class A, 5.742% (1 Month Term SOFR + 159 bps), 6/15/39 (144A) | &nbsp;&nbsp; 5989807 |
| 1,603,557(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2023-1, Class A, 6.47%, 1/25/53 (144A) | &nbsp;&nbsp; 1601443 |
| 3,280,228(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-1, Class A, 6.55%, 1/25/54 (144A) | &nbsp;&nbsp; 3320365 |
| 3,030,204(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-2, Class A, 6.58%, 4/25/54 (144A) | &nbsp;&nbsp; 3090749 |
| 8,715,248(a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2019-1, Class A, 8.145% (1 Month Term SOFR + 386 bps), 11/6/23 (144A) | &nbsp;&nbsp; 610067 |
| 825,633(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2020-5, Class A, 7.65% (1 Month Term SOFR + 337 bps), 10/15/23 (144A) | &nbsp;&nbsp; 823245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $947,193,252)** | **$** **933130235** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2557

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 35.0% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |
| 8,431,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co., 4.963% (3 Month Term SOFR + 64 bps), 5/5/26 | $8449646 |
| 18126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.40%, 1/15/27 | &nbsp;&nbsp; 18423366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | **$** **26873012** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — 0.2%** |  |
| 1436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40%, 2/14/26 | $1434873 |
| 3092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., 3.215%, 9/6/26 | &nbsp;&nbsp; 3068178 |
| 15,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc., 4.875% (SOFR + 61 bps), 2/11/28 (144A) | &nbsp;&nbsp; 15114044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agriculture** | **$** **19617095** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.2%** |  |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., 7.375%, 1/15/26 | $17081452 |
| 2246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.875%, 1/15/26 | &nbsp;&nbsp; 2246075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | **$** **19327527** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 2.7%** |  |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.815% (SOFR + 55 bps), 5/11/26 | $16020305 |
| 15,670,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.949% (SOFR + 77 bps), 3/12/27 | &nbsp;&nbsp; 15693202 |
| 12,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 5.105% (SOFR + 90 bps), 9/1/28 | &nbsp;&nbsp; 12472995 |
| 7,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 4.936% (SOFR + 78 bps), 3/19/27 (144A) | &nbsp;&nbsp; 7935323 |
| 11,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 5.176% (SOFR + 92 bps), 8/13/27 (144A) | &nbsp;&nbsp; 11953021 |
| 6,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.113% (SOFR + 96 bps), 9/25/27 (144A) | &nbsp;&nbsp; 6420992 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.168% (SOFR + 84 bps), 1/13/28 (144A) | &nbsp;&nbsp; 10006408 |
| 14,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.376% (SOFR + 105 bps), 7/15/27 | &nbsp;&nbsp; 14061919 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.515% (SOFR + 117 bps), 4/4/28 | &nbsp;&nbsp; 15421797 |
| 10,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.617% (SOFR + 135 bps), 5/8/27 | &nbsp;&nbsp; 10253459 |
| 12,570,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.183% (SOFR + 103 bps), 9/24/27 (144A) | &nbsp;&nbsp; 12637585 |
| 5,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.193% (SOFR + 104 bps), 6/24/27 (144A) | &nbsp;&nbsp; 5678625 |

---

The accompanying notes are an integral part of these financial statements.

58Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 21,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.273% (SOFR + 112 bps), 6/23/27 (144A) | $22106396 |
| 8,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.836% (SOFR + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp; 8171304 |
| 10,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.701% (SOFR + 45 bps), 5/15/26 | &nbsp;&nbsp; 10862287 |
| 13,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.781% (SOFR + 45 bps), 4/10/26 | &nbsp;&nbsp; 13724319 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.806% (SOFR + 65 bps), 3/19/27 | &nbsp;&nbsp; 10535523 |
| 11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.625%, 11/13/25 (144A) | &nbsp;&nbsp; 11496209 |
| 4,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.313% (SOFR + 106 bps), 8/14/26 (144A) | &nbsp;&nbsp; 4567969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | **$** **220019638** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 17.2%** |  |
| 23,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 5.939% (SOFR + 178 bps), 9/18/27 (144A) | $23553131 |
| 8,607,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group, Ltd., 4.779% (SOFR + 62 bps), 6/18/28 (144A) | &nbsp;&nbsp; 8640653 |
| 6,765,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group, Ltd., 4.989% (SOFR + 64 bps), 10/3/25 (144A) | &nbsp;&nbsp; 6765232 |
| 16,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.452% (SOFR + 112 bps), 7/15/28 | &nbsp;&nbsp; 16503270 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.565% (SOFR + 138 bps), 3/14/28 | &nbsp;&nbsp; 12089701 |
| 10417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.45%, 3/3/26 | &nbsp;&nbsp; 10423907 |
| 14,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.128% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 14090813 |
| 8,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.332% (SOFR + 105 bps), 2/4/28 | &nbsp;&nbsp; 8352812 |
| 14,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.513% (SOFR + 135 bps), 9/15/27 | &nbsp;&nbsp; 15109785 |
| 15,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA, 5.268% (SOFR + 102 bps), 8/18/26 | &nbsp;&nbsp; 15537815 |
| 8,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.796% (SOFR + 62 bps), 9/15/26 | &nbsp;&nbsp; 8116319 |
| 14,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.903% (SOFR + 75 bps), 9/22/28 | &nbsp;&nbsp; 14801226 |
| 16,723,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.158% (SOFR + 86 bps), 1/27/29 | &nbsp;&nbsp; 16764555 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.53% (SOFR + 133 bps), 6/5/26 | &nbsp;&nbsp; 7554216 |
| 7,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 4.874% (SOFR + 68 bps), 6/9/28 | &nbsp;&nbsp; 7097226 |
| 17,665,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 5.141% (SOFR + 83 bps), 7/21/28 | &nbsp;&nbsp; 17746323 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2559

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 28,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.936% (SOFR + 76 bps), 9/15/28 | $28531807 |
| 11,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.983% (SOFR + 78 bps), 6/4/27 | &nbsp;&nbsp; 11181402 |
| 14,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 5.143% (SOFR + 89 bps), 2/14/29 | &nbsp;&nbsp; 14486319 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.319% (SOFR + 107 bps), 2/16/28 (144A) | &nbsp;&nbsp; 5746512 |
| 3,220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.433% (SOFR + 113 bps), 1/23/27 (144A) | &nbsp;&nbsp; 3238557 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.728% (SOFR + 140 bps), 7/13/26 (144A) | &nbsp;&nbsp; 7057233 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 4.375%, 1/12/26 | &nbsp;&nbsp; 16999998 |
| 7,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.345% (SOFR + 108 bps), 11/11/29 | &nbsp;&nbsp; 7054815 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.669% (SOFR + 149 bps), 3/12/28 | &nbsp;&nbsp; 12630583 |
| 12,316,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 6.056% (SOFR + 188 bps), 9/13/27 | &nbsp;&nbsp; 12446001 |
| 16,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE S.A., 6.293% (SOFR + 198 bps), 10/19/27 (144A) | &nbsp;&nbsp; 16265889 |
| 17,830,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.048% (SOFR + 72 bps), 1/13/28 | &nbsp;&nbsp; 17841320 |
| 17,160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.092% (SOFR + 94 bps), 6/28/27 | &nbsp;&nbsp; 17308712 |
| 6,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.112% (SOFR + 93 bps), 9/11/27 | &nbsp;&nbsp; 6923733 |
| 9,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 4.879% (SOFR + 59 bps), 4/30/26 | &nbsp;&nbsp; 9101272 |
| 12,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 5.263% (SOFR + 106 bps), 12/4/26 | &nbsp;&nbsp; 12546524 |
| 3,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.964% (SOFR + 77 bps), 6/9/27 | &nbsp;&nbsp; 3764576 |
| 21,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.067% (SOFR + 87 bps), 3/4/29 | &nbsp;&nbsp; 21303246 |
| 15,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.408% (SOFR + 114 bps), 5/7/28 | &nbsp;&nbsp; 15374189 |
| 4,005,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.513% (SOFR + 128 bps), 2/24/28 | &nbsp;&nbsp; 4047180 |
| 22,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 4.816% (SOFR + 64 bps), 3/14/28 (144A) | &nbsp;&nbsp; 22109010 |
| 17,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.911% (SOFR + 60 bps), 1/21/28 | &nbsp;&nbsp; 17649566 |
| 15,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 5.245% (SOFR + 90 bps), 10/5/26 | &nbsp;&nbsp; 15881518 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole S.A., 5.392% (SOFR + 121 bps), 9/11/28 (144A) | &nbsp;&nbsp; 12083241 |
| 12036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27 (144A) | &nbsp;&nbsp; 12157146 |
| 23,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.93% (SOFR + 63 bps), 1/27/27 (144A) | &nbsp;&nbsp; 23288158 |

---

The accompanying notes are an integral part of these financial statements.

60Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 9,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA, 4.929% (SOFR + 77 bps), 3/18/27 | $9039754 |
| 7,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA/New York NY, 4.986% (SOFR + 75 bps), 5/21/27 | &nbsp;&nbsp; 7505499 |
| 1,576,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.984% (SOFR + 79 bps), 12/9/26 | &nbsp;&nbsp; 1577242 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.004% (SOFR + 81 bps), 3/9/27 | &nbsp;&nbsp; 18019232 |
| 4,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.005% (SOFR + 82 bps), 9/10/27 | &nbsp;&nbsp; 4110783 |
| 3,174,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.231% (SOFR + 92 bps), 10/21/27 | &nbsp;&nbsp; 3183916 |
| 3,369,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.353% (SOFR + 112 bps), 2/24/28 | &nbsp;&nbsp; 3392040 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 6.325% (3 Month Term SOFR + 201 bps), 10/28/27 | &nbsp;&nbsp; 10659184 |
| 8,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.836% (SOFR + 157 bps), 8/14/27 | &nbsp;&nbsp; 8774859 |
| 8,309,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.163% (SOFR + 101 bps), 4/1/27 | &nbsp;&nbsp; 8327682 |
| 20,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.742% (SOFR + 156 bps), 9/11/27 | &nbsp;&nbsp; 20286307 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 7.00%, 11/21/25 (144A) | &nbsp;&nbsp; 18065482 |
| 14,055,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.918% (SOFR + 77 bps), 9/22/27 | &nbsp;&nbsp; 14108364 |
| 7,015,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.979% (SOFR + 93 bps), 7/22/28 | &nbsp;&nbsp; 7121869 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.102% (SOFR + 80 bps), 1/24/29 | &nbsp;&nbsp; 17599516 |
| 7,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.226% (SOFR + 92 bps), 4/22/28 | &nbsp;&nbsp; 7822862 |
| 4,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.503% (SOFR + 120 bps), 1/23/28 | &nbsp;&nbsp; 5019040 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A., 5.197% (SOFR + 100 bps), 12/8/26 | &nbsp;&nbsp; 10076000 |
| 9338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp, 4.15%, 10/29/25 | &nbsp;&nbsp; 9334820 |
| 10,245,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.298% (SOFR + 106 bps), 11/26/28 | &nbsp;&nbsp; 10300224 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.842% (SOFR + 156 bps), 8/7/27 | &nbsp;&nbsp; 10083300 |
| 13,841,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.937% (SOFR + 158 bps), 1/5/28 | &nbsp;&nbsp; 13989705 |
| 11,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank, Ltd., 4.919% (SOFR + 74 bps), 6/12/28 (144A) | &nbsp;&nbsp; 11507475 |
| 13,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.338% (SOFR + 102 bps), 4/13/28 | &nbsp;&nbsp; 13547743 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2561

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 6,320,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.968% (SOFR + 93 bps), 7/14/28 | $6413431 |
| 19,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.085% (SOFR + 87 bps), 5/26/28 | &nbsp;&nbsp; 19068089 |
| 6,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.228% (SOFR + 90 bps), 1/12/29 | &nbsp;&nbsp; 6334436 |
| 10,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.398% (SOFR + 108 bps), 1/14/28 | &nbsp;&nbsp; 10291507 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.455% (SOFR + 117 bps), 10/30/26 | &nbsp;&nbsp; 12620375 |
| 19,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA, 5.099% (SOFR + 77 bps), 7/6/28 | &nbsp;&nbsp; 19292247 |
| 17,061,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank, Ltd., 4.826% (SOFR + 65 bps), 6/13/28 (144A) | &nbsp;&nbsp; 17159613 |
| 7,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank, Ltd., 4.90% (SOFR + 60 bps), 10/26/27 (144A) | &nbsp;&nbsp; 7456824 |
| 8,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada, 5.382% (SOFR + 103 bps), 7/2/27 | &nbsp;&nbsp; 8216835 |
| 15,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Securities Clearing Corp., 4.808% (SOFR + 57 bps), 5/20/27 (144A) | &nbsp;&nbsp; 15358503 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 5.475% (SOFR + 125 bps), 3/1/28 | &nbsp;&nbsp; 6040235 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.103% (SOFR + 95 bps), 3/21/28 (144A) | &nbsp;&nbsp; 15463741 |
| 13,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.149% (SOFR + 90 bps), 5/17/27 (144A) | &nbsp;&nbsp; 13654829 |
| 16,360,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.543% (SOFR + 63 bps), 5/13/27 | &nbsp;&nbsp; 16385395 |
| 16,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.826% (SOFR + 50 bps), 1/15/27 | &nbsp;&nbsp; 16523271 |
| 6,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 5.036% (SOFR + 73 bps), 7/21/28 | &nbsp;&nbsp; 6560283 |
| 14,600,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 5.102% (SOFR + 80 bps), 7/23/27 | &nbsp;&nbsp; 14698283 |
| 4,620,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.87% (SOFR + 57 bps), 4/27/26 | &nbsp;&nbsp; 4629245 |
| 4,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.873% (SOFR + 59 bps), 11/2/26 | &nbsp;&nbsp; 4813956 |
| 20,320,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.972% (SOFR + 82 bps), 3/27/28 | &nbsp;&nbsp; 20391454 |
| 6,956,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.033% (SOFR + 72 bps), 10/18/27 | &nbsp;&nbsp; 6972876 |
| 4,621,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.132% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 4627074 |
| 15,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.263% (SOFR + 95 bps), 1/19/27 | &nbsp;&nbsp; 15379473 |

---

The accompanying notes are an integral part of these financial statements.

62Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 4,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 123 bps), 5/31/27 | $4041916 |
| 7,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander UK Group Holdings Plc, 5.223% (SOFR + 107 bps), 9/22/29 | &nbsp;&nbsp; 7108534 |
| 17,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 5.738% (SOFR + 141 bps), 4/13/29 (144A) | &nbsp;&nbsp; 17547367 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.551% (SOFR + 124 bps), 1/21/29 (144A) | &nbsp;&nbsp; 17705379 |
| 8,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 6.275% (SOFR + 193 bps), 7/6/27 (144A) | &nbsp;&nbsp; 8686258 |
| 5,380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.946% (SOFR + 64 bps), 10/22/27 | &nbsp;&nbsp; 5395577 |
| 10,995,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 5.252% (SOFR + 95 bps), 4/24/28 | &nbsp;&nbsp; 11050017 |
| 8,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.635% (SOFR + 130 bps), 7/13/26 | &nbsp;&nbsp; 8974350 |
| 14,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 4.947% (SOFR + 75 bps), 9/11/28 (144A) | &nbsp;&nbsp; 14448240 |
| 9,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.323% (SOFR + 112 bps), 3/9/26 (144A) | &nbsp;&nbsp; 9738994 |
| 3,835,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.332% (SOFR + 115 bps), 9/14/26 (144A) | &nbsp;&nbsp; 3864641 |
| 8,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, 5.556% (SOFR + 138 bps), 6/15/26 (144A) | &nbsp;&nbsp; 8905668 |
| 11,667,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.775% (SOFR + 59 bps), 9/10/26 | &nbsp;&nbsp; 11694527 |
| 13,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.074% (SOFR + 73 bps), 4/5/27 | &nbsp;&nbsp; 13280049 |
| 5,985,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.106% (SOFR + 82 bps), 1/31/28 | &nbsp;&nbsp; 6014267 |
| 11,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.124% (SOFR + 91 bps), 6/2/28 | &nbsp;&nbsp; 11913246 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.396% (SOFR + 108 bps), 7/17/26 | &nbsp;&nbsp; 4025664 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 3.30%, 5/15/26 | &nbsp;&nbsp; 9940967 |
| 19,350,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 4.671% (SOFR + 59 bps), 5/20/27 | &nbsp;&nbsp; 19391552 |
| 5,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 5.072% (SOFR + 77 bps), 7/24/28 | &nbsp;&nbsp; 5632128 |
| 11,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.90% (SOFR + 163 bps), 10/28/26 | &nbsp;&nbsp; 11009106 |
| 12,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 6.047% (SOFR + 205 bps), 6/8/27 | &nbsp;&nbsp; 12139259 |
| 12,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 5.727% (SOFR + 143 bps), 10/21/26 | &nbsp;&nbsp; 12008063 |
| 20,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 4.996% (SOFR + 69 bps), 10/22/27 | &nbsp;&nbsp; 20977877 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 5.161% (SOFR + 91 bps), 5/15/28 | &nbsp;&nbsp; 12046660 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2563

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 13,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.056% (SOFR + 88 bps), 9/15/29 | $13715618 |
| 8,575,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.082% (SOFR + 78 bps), 1/24/28 | &nbsp;&nbsp; 8591504 |
| 23,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.376% (SOFR + 107 bps), 4/22/28 | &nbsp;&nbsp; 23154043 |
| 12,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.33% (SOFR + 106 bps), 8/7/26 | &nbsp;&nbsp; 12831805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$1387803640** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.2%** |  |
| 19600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amrize Finance US LLC, 3.50%, 9/22/26 (144A) | $19450320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | **$** **19450320** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.3%** |  |
| 25088000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271%, 6/26/26 (144A) | $25412626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | **$** **25412626** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 2.6%** |  |
| 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | $11235757 |
| 6320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 5.30%, 6/25/26 | &nbsp;&nbsp; 6361841 |
| 13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 7.10%, 11/15/27 | &nbsp;&nbsp; 14418290 |
| 10,100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.043% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 10272332 |
| 24,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.12% (SOFR + 81 bps), 7/20/29 | &nbsp;&nbsp; 24132590 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.23% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 8546682 |
| 11,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.639% (SOFR + 135 bps), 10/30/26 | &nbsp;&nbsp; 11809865 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 4.375%, 5/1/26 (144A) | &nbsp;&nbsp; 16988568 |
| 6072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 3.75%, 7/28/26 | &nbsp;&nbsp; 6047684 |
| 11,700,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.927% (SOFR + 206 bps), 5/10/28 | &nbsp;&nbsp; 11820499 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., 5.261% (SOFR + 105 bps), 3/3/27 | &nbsp;&nbsp; 18162000 |
| 19740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.75%, 8/11/26 | &nbsp;&nbsp; 19782503 |
| 8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp; 8871129 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.814% (SOFR + 60 bps), 11/28/25 | &nbsp;&nbsp; 11004486 |

---

The accompanying notes are an integral part of these financial statements.

64Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — (continued)** |  |
| 9,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.945% (SOFR + 60 bps), 10/6/25 (144A) | $9130397 |
| 20,260,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 5.402% (SOFR + 125 bps), 7/2/27 | &nbsp;&nbsp; 20424937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | **$** **209009560** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.4%** |  |
| 5167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas, Inc., 3.85%, 10/1/25 (144A) | $5167000 |
| 17,018,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | &nbsp;&nbsp; 17140395 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.00%, 12/8/25 | &nbsp;&nbsp; 19018089 |
| 8982000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France S.A., 3.625%, 10/13/25 (144A) | &nbsp;&nbsp; 8978367 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp., 3.40%, 4/15/26 | &nbsp;&nbsp; 19924333 |
| 6,645,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.082% (SOFR + 80 bps), 2/4/28 | &nbsp;&nbsp; 6701607 |
| 1778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 3.10%, 5/15/26 | &nbsp;&nbsp; 1765449 |
| 16400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 3.70%, 1/30/27 (144A) | &nbsp;&nbsp; 16247179 |
| 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26 (144A) | &nbsp;&nbsp; 8548849 |
| 12950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.75%, 1/9/26 | &nbsp;&nbsp; 12964193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | **$** **116455461** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.1%** |  |
| 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 4.25%, 5/15/27 | $6600538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | **$** **6600538** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.2%** |  |
| 15408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 2.742%, 8/15/26 (144A) | $15207942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | **$** **15207942** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.2%** |  |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | $17007599 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | **$** **17007599** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.4%** |  |
| 12335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.50%, 10/30/26 | $12385644 |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.085% (SOFR + 87 bps), 3/1/28 | &nbsp;&nbsp; 16109653 |
| 5408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.25%, 6/15/26 | &nbsp;&nbsp; 5418714 |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.70%, 5/15/27 | &nbsp;&nbsp; 1195372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | **$** **35109383** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 3.1%** |  |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.117% (SOFR + 85 bps), 5/8/26 (144A) | $6016781 |
| 18,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.174% (SOFR + 83 bps), 1/7/27 (144A) | &nbsp;&nbsp; 18310773 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2565

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — (continued)** |  |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.363% (SOFR + 121 bps), 3/25/27 (144A) | $4032214 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.684%, 2/23/26 (144A) | &nbsp;&nbsp; 7785105 |
| 10450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.60%, 12/23/26 | &nbsp;&nbsp; 10504701 |
| 9026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corp., 4.50%, 3/1/26 | &nbsp;&nbsp; 9025004 |
| 11455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 5.875%, 6/4/27 (144A) | &nbsp;&nbsp; 11751980 |
| 14,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.886% (SOFR + 71 bps), 9/15/27 (144A) | &nbsp;&nbsp; 14485158 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 5.064% (SOFR + 77 bps), 1/29/27 (144A) | &nbsp;&nbsp; 3013523 |
| 21,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 5.073% (SOFR + 74 bps), 4/9/27 (144A) | &nbsp;&nbsp; 21304622 |
| 10102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 3.45%, 12/18/26 (144A) | &nbsp;&nbsp; 10036819 |
| 9,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.882% (SOFR + 70 bps), 6/11/27 (144A) | &nbsp;&nbsp; 9954024 |
| 8,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.932% (SOFR + 70 bps), 8/25/28 (144A) | &nbsp;&nbsp; 8921885 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.898% (SOFR + 58 bps), 1/16/26 (144A) | &nbsp;&nbsp; 11011817 |
| 28,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.96% (SOFR + 66 bps), 7/25/28 (144A) | &nbsp;&nbsp; 28335264 |
| 13,420,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding, 4.892% (SOFR + 66 bps), 8/25/28 (144A) | &nbsp;&nbsp; 13456986 |
| 13,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.733% (SOFR + 58 bps), 12/20/27 (144A) | &nbsp;&nbsp; 13623712 |
| 16,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 5.127% (SOFR + 85 bps), 2/5/27 (144A) | &nbsp;&nbsp; 16289664 |
| 10,590,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.058% (SOFR + 81 bps), 8/18/28 (144A) | &nbsp;&nbsp; 10613268 |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.031% (SOFR + 70 bps), 4/10/26 (144A) | &nbsp;&nbsp; 19340143 |
| 5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.209%, 4/14/26 (144A) | &nbsp;&nbsp; 5077253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | **$** **252890696** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.1%** |  |
| 8439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc., 5.00%, 2/15/26 | $8439307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | **$** **8439307** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.2%** |  |
| 19200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 4.25%, 7/1/26 (144A) | $19185039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | **$** **19185039** |

---

The accompanying notes are an integral part of these financial statements.

66Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Construction & Mining — 0.4%** |  |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., 4.731% (SOFR + 52 bps), 3/3/28 | $13025057 |
| 15,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., 4.891% (SOFR + 64 bps), 8/15/28 | &nbsp;&nbsp; 15926328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Construction & Mining** | **$** **28951385** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 0.2%** |  |
| 14,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corp., 5.012% (SOFR + 68 bps), 7/15/27 | $14496998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Diversified** | **$** **14496998** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.2%** |  |
| 12,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Plc, 5.016% (SOFR + 84 bps), 3/14/28 | $12451485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | **$** **12451485** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.4%** |  |
| 12,512,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., 4.699% (SOFR + 47 bps), 2/26/28 | $12526751 |
| 16,740,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., 4.826% (SOFR + 57 bps), 8/13/28 | &nbsp;&nbsp; 16794590 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | **$** **29321341** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.5%** |  |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 5.00%, 2/20/26 | $4531471 |
| 20,140,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co., 4.749% (SOFR + 53 bps), 10/15/28 | &nbsp;&nbsp; 20170512 |
| 14,115,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc., 4.653% (SOFR + 46 bps), 9/15/27 | &nbsp;&nbsp; 14158262 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | **$** **38860245** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 2.2%** |  |
| 8435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 5.25%, 4/5/27 | $8562563 |
| 10339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.90%, 7/15/26 | &nbsp;&nbsp; 10317296 |
| 20020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.75%, 1/15/26 | &nbsp;&nbsp; 20025769 |
| 14006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.05%, 12/1/26 | &nbsp;&nbsp; 14267029 |
| 4719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.125%, 3/1/27 | &nbsp;&nbsp; 4712354 |
| 5476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.00%, 3/1/26 | &nbsp;&nbsp; 5479015 |
| 4210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.55%, 11/1/26 | &nbsp;&nbsp; 4263328 |
| 15976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.85%, 1/15/26 | &nbsp;&nbsp; 16018904 |
| 9288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | &nbsp;&nbsp; 9344163 |
| 7517000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | &nbsp;&nbsp; 7541712 |
| 16804000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd., 4.875%, 1/15/26 | &nbsp;&nbsp; 16806607 |
| 15600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26 | &nbsp;&nbsp; 15632225 |
| 16080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP, 4.65%, 7/1/26 | &nbsp;&nbsp; 16094113 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2567

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — (continued)** |  |
| 8200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 3.75%, 6/15/27 | $8144322 |
| 19844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.40%, 3/2/26 | &nbsp;&nbsp; 19933357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | **$** **177142757** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.5%** |  |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95%, 2/10/26 (144A) | $17772510 |
| 8033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 4.50%, 10/1/25 | &nbsp;&nbsp; 8033000 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 3.55%, 3/15/26 | &nbsp;&nbsp; 4985816 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp., 4.75%, 2/15/26 | &nbsp;&nbsp; 6013385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | **$** **36804711** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.4%** |  |
| 3931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 1.50%, 1/19/26 (144A) | $3896954 |
| 24862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 6.25%, 1/17/26 (144A) | &nbsp;&nbsp; 24960876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | **$** **28857830** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.4%** |  |
| 1528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.20%, 7/1/26 | $1518277 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.043% (SOFR + 76 bps), 8/3/28 | &nbsp;&nbsp; 12064364 |
| 16145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc., 5.00%, 3/28/26 | &nbsp;&nbsp; 16201441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | **$** **29784082** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.3%** |  |
| 12180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTT Finance Corp., 4.567%, 7/16/27 (144A) | $12267833 |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint LLC, 7.625%, 3/1/26 | &nbsp;&nbsp; 13029049 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | **$** **25296882** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.1%** |  |
| 4460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (144A) | $4413593 |
| 5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75%, 5/24/26 (144A) | &nbsp;&nbsp; 5689740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | **$** **10103333** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $2,819,766,398)** | **$2830480432** |

---

The accompanying notes are an integral part of these financial statements.

68Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.2%# of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 0.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 9.943%, (1 Month U.S. Treasury Bill + 604 bps), 6/7/27 (144A) | $520600 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 11.01%, (1 Month U.S. Treasury Bill + 711 bps), 6/7/27 (144A) | &nbsp;&nbsp; 259950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$780550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.1%** |  |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.684%, (3 Month U.S. Treasury Bill + 578 bps), 12/8/25 (144A) | $4998000 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.244%, (3 Month U.S. Treasury Bill + 334 bps), 4/7/26 (144A) | &nbsp;&nbsp; 3027000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8025000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.0%†** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 9.938%, (SOFR + 575 bps), 12/8/25 (144A) | $250975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.1%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 8.157%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | $3552500 |
| 234,546(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 1.50%, (3 Month U.S. Treasury Bill + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp; 208910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3761410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.0%†** |  |
| 1,237,756(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 4.404%, (3 Month U.S. Treasury Bill + 50 bps), 6/6/30 (144A) | $556991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | **$13374926** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 0.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%** |  |
| 2,088,182(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballybunion Re 2022, 12/31/27 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | **$** **—** |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2569

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 2,000,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2018, 12/31/25 | $6800 |
| 4,000,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 4,000,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2021-3, 7/31/26 | $112000 |
| 421,041(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | &nbsp;&nbsp; 29220 |
| 3,000,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gleneagles Re 2022, 12/31/27 | &nbsp;&nbsp; 354000 |
| 4,000,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2022-2, 12/31/27 | &nbsp;&nbsp; 3028000 |
| 3,500,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2022, 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 750,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,500,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3523220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | **$** **3530020** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $18,748,249)** | **$** **16904946** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Government Bond — 0.3% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Korea — 0.3%** |  |
| 25,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea National Oil Corp., 4.823%, 9/29/28 (144A) | $25302596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South Korea** | **$** **25302596** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Government Bond<br> (Cost $25,280,000)** | **$** **25302596** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 4.0% of Net Assets** |  |
| 7305604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/53 | $7533251 |
| 3275665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 3364813 |
| 4037786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 4147052 |
| 202325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 207529 |
| 10692677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/54 | &nbsp;&nbsp; 11130375 |
| 14903728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 15527319 |
| 12788876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 13323470 |
| 693212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 719816 |
| 1552057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1612408 |
| 1795631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1859306 |

---

The accompanying notes are an integral part of these financial statements.

70Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 2139063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | $2218849 |
| 554792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 574001 |
| 1113830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/54 | &nbsp;&nbsp; 1169716 |
| 1715874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/47 | &nbsp;&nbsp; 1563835 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 10/1/55 (TBA) | &nbsp;&nbsp; 15807621 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 10/1/55 (TBA) | &nbsp;&nbsp; 17356903 |
| 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 10/1/55 (TBA) | &nbsp;&nbsp; 25783086 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/15/40 (TBA) | &nbsp;&nbsp; 16351241 |
| 5909607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 6031277 |
| 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/55 (TBA) | &nbsp;&nbsp; 27222425 |
| 5548291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 5/1/53 | &nbsp;&nbsp; 5718590 |
| 5027295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 5163344 |
| 4593290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 4718297 |
| 3019433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 3127997 |
| 910(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.230%, (1 Year CMT Index + 211 bps), 10/1/32 | &nbsp;&nbsp;&nbsp; 913 |
| 4,258(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.420%, (1 Year CMT Index + 217 bps), 2/1/34 | &nbsp;&nbsp; 4360 |
| 1,869(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.446%, (1 Year CMT Index + 211 bps), 9/1/32 | &nbsp;&nbsp; 1910 |
| 13544860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 12/1/53 | &nbsp;&nbsp; 14089481 |
| 9363959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 3/1/54 | &nbsp;&nbsp; 9687069 |
| 6614793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/54 | &nbsp;&nbsp; 6858957 |
| 13663920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 6/1/54 | &nbsp;&nbsp; 14146276 |
| 2,941(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.635%, (1 year FTSE USD IBOR Consumer Cash Fallbacks + 167 bps), 1/1/48 | &nbsp;&nbsp; 3017 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2571

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.000%, 10/15/55 (TBA) | $16272217 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.500%, 10/15/55 (TBA) | &nbsp;&nbsp; 16432340 |
| 50,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 10/14/25 | &nbsp;&nbsp; 49927065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $317,433,875)** | **$** **319656126** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 17.4% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — 6.3%** |  |
| 160710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 4.21%, dated 9/30/25,<br> to be purchased on 10/1/25 for $160,728,794, collateralized by the following:<br> $7,579,400, Federal National Mortgage Association, 4.73%, 6/1/32,<br> $156,344,800, Government National Mortgage Association, 2.50%-7.00%, 5/15/28-9/20/55 | $160710000 |
| 160710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.21%, dated 9/30/25,<br> to be purchased on 10/1/25 for $160,728,794, collateralized by $163,924,201 , Government National Mortgage Association, 4.71%-7.00%, 11/15/50-1/15/67 | &nbsp;&nbsp; 160710000 |
| 59710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital Inc., 4.21%, dated 9/30/25,<br> to be purchased on 10/1/25 for $59,716,983, collateralized by the following:<br> $14,472,206, Federal Home Loan Mortgage Corporation, 4.50%-6.50%, 7/1/48-4/1/55,<br> $34,747,437, Federal National Mortgage Association, 3.50%-6.50%, 11/1/40-7/1/54,<br> $11,691,710, U.S. Treasury Bond, 1.88%, 2/15/41 | &nbsp;&nbsp; 59710000 |
| 49710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc., 4.21%, dated 9/30/25,<br> to be purchased on 10/1/25 for $49,715,813, collateralized by the following:<br> $14,660,784, U.S. Treasury Bond, 4.50%-4.75%, 8/15/39-11/15/53,<br> $36,049,354, U.S. Treasury Note, 1.25%-4.38%, 12/31/26-8/15/27 | &nbsp;&nbsp; 49710000 |

---

The accompanying notes are an integral part of these financial statements.

72Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — (continued)** |  |
| 39850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.2%, dated 9/30/25,<br> to be purchased on 10/1/25 for $39,854,649, collateralized by $40,647,089, U.S. Treasury Note, 2.63%-4.88%, 4/30/26-7/31/29 | $39850000 |
| 39850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.21%, dated 9/30/25,<br> to be purchased on 10/1/25 for $39,854,660, collateralized by the following:<br> $19,713,475, Federal Home Loan Mortgage Corporation, 6.50%, 6/1/55,<br> $20,933,526, Federal National Mortgage Association, 3.00%, 11/1/46 | &nbsp;&nbsp; 39850000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$510540000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — 8.3%** |  |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc., 4.286%, 10/3/25 | $37986362 |
| 38,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc., 0.000%, 10/8/25 (144A) | &nbsp;&nbsp; 37969484 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc., 4.234%, 10/2/25 | &nbsp;&nbsp; 37991066 |
| 20,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT International Finance PLC, 4.274%, 10/3/25 | &nbsp;&nbsp; 19992938 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 4.140%, 10/1/25 | &nbsp;&nbsp; 37995581 |
| 15,100,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 4.152%, 10/3/25 | &nbsp;&nbsp; 15094718 |
| 8,700,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc., 4.216%, 10/8/25 | &nbsp;&nbsp; 8691759 |
| 29,300,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc., 4.226%, 10/8/25 | &nbsp;&nbsp; 29272247 |
| 8,200,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.190%, 10/1/25 | &nbsp;&nbsp; 8199058 |
| 16,500,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.281%, 10/1/25 | &nbsp;&nbsp; 16498050 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products, 4.213%, 10/1/25 | &nbsp;&nbsp; 37995539 |
| 10,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP Operating LP, 4.243%, 10/6/25 | &nbsp;&nbsp; 9992910 |
| 28,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP Operating LP, 4.244%, 10/7/25 | &nbsp;&nbsp; 27976808 |
| 35,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 4.237%, 10/9/25 | &nbsp;&nbsp; 34962480 |
| 15,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 4.491%, 10/1/25 | &nbsp;&nbsp; 14997958 |
| 15,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 4.527%, 10/6/25 | &nbsp;&nbsp; 14987772 |
| 30,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.271%, 10/1/25 | &nbsp;&nbsp; 29996229 |
| 20,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc., 4.257%, 10/6/25 | &nbsp;&nbsp; 19985258 |
| 19,200,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 4.265%, 10/2/25 | &nbsp;&nbsp; 19195444 |
| 15,400,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 4.237%, 10/6/25 | &nbsp;&nbsp; 15388978 |
| 40,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Funding LLC, 4.083%, 10/1/25 | &nbsp;&nbsp; 39995472 |
| 16,450,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co., 4.150%, 10/1/25 | &nbsp;&nbsp; 16448088 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp., 4.251%, 10/1/25 | &nbsp;&nbsp; 37995128 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc., 4.257%, 10/7/25 | &nbsp;&nbsp; 37968525 |
| 24,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.237%, 10/14/25 | &nbsp;&nbsp; 23960069 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Power and Light Co., 4.221%, 10/1/25 | &nbsp;&nbsp; 37995687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$669533608 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2573

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 2.8%** |  |
| 225,674,351(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.04% | $225674351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$225674351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $1,405,826,311)** | **$1405747959** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 102.3%<br> (Cost $8,293,646,602)** | **$8272713902** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TBA Sales Commitments — (1.3)% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (1.3)%** |  |
| (18000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/55 (TBA) | $(18388578) |
| (86600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 10/15/55 (TBA) | &nbsp;&nbsp;&nbsp; (89491028) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TBA SALES COMMITMENTS<br> (Proceeds $108,170,367)** | **$** **(107879606)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (1.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;$(77986740) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$8086847556** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| IBOR | &nbsp;&nbsp;Interbank Offered Rate. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| PRIME | &nbsp;&nbsp;U.S. Federal Funds Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| REMICs | &nbsp;&nbsp;Real Estate Mortgage Investment Conduits. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal of Securities. |

---

The accompanying notes are an integral part of these financial statements.

74Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(144A) 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 September 30, 2025, the value of these securities amounted to $4,315,109,439, or 53.4% of net assets.

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at September 30, 2025. |
| (b) | &nbsp;&nbsp;All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
| (c) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2025. |
| (d) | &nbsp;&nbsp;Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
| (e) | &nbsp;&nbsp;Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at September 30, 2025. |
| (f) | &nbsp;&nbsp;Security is in default. |
| (g) | &nbsp;&nbsp;Non-income producing security. |
| (h) | &nbsp;&nbsp;Issued as participation notes. |
| (i) | &nbsp;&nbsp;Issued as preference shares. |
| (j) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (k) | &nbsp;&nbsp;Rate shown represents yield-to-maturity. |
| (l) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2025. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at September 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale (see Notes to Financial Statements — Note 1G). |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Alturas Re 2021-3 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;$336169 | &nbsp;&nbsp;&nbsp;&nbsp;$112000 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 1/6/2022 | &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;29220 |
| &nbsp;&nbsp;Ballybunion Re 2022 | 3/9/2022 | &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;Gleneagles Re 2022 | 1/18/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 |
| &nbsp;&nbsp;Harambee Re 2018 | 12/19/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 |
| &nbsp;&nbsp;Harambee Re 2019 | 12/20/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Integrity Re | 5/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556991 |
| &nbsp;&nbsp;Long Point Re IV | 5/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552500 |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2575

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Matterhorn Re | 6/5/2020 | &nbsp;&nbsp;&nbsp;&nbsp;$234532 | &nbsp;&nbsp;&nbsp;&nbsp;$208910 |
| &nbsp;&nbsp;Matterhorn Re | 12/15/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250975 |
| &nbsp;&nbsp;Merion Re 2022-2 | 2/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028000 |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998000 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027000 |
| &nbsp;&nbsp;Thopas Re 2022 | 2/7/2022 | &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;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520600 |
| &nbsp;&nbsp;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259950 |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Viribus Re 2019 | 12/27/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$16904946 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |

---

#### FUTURES CONTRACTS FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 1 | &nbsp;&nbsp;U.S. 2 Year Note (CBT) | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;$208260 | &nbsp;&nbsp;$208398 | &nbsp;&nbsp;$138 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Short** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;U.S. Long Bond (CBT) | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;$(12910396) | &nbsp;&nbsp;$(13175094) | &nbsp;&nbsp;$(264698) |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;U.S. 5 Year Note (CBT) | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;(17776793) | &nbsp;&nbsp;&nbsp;&nbsp;(17798836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22043) |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;(15140877) | &nbsp;&nbsp;&nbsp;&nbsp;(15305391) | &nbsp;&nbsp;&nbsp;&nbsp;(164514) |
|  |  |  | &nbsp;&nbsp;$(45828066) | &nbsp;&nbsp;$(46279321) | &nbsp;&nbsp;$(451255) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(45619806)** | &nbsp;&nbsp;**$(46070923)** | &nbsp;&nbsp;**$(451117)** |
| CBT | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. |

---

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

Purchases and sales of securities (excluding short-term investments, TBA sales commitments and all derivative contracts except for options purchased) for the six months ended September 30, 2025, aggregated $1,973,261,077 and $1,586,514,142, respectively.

The accompanying notes are an integral part of these financial statements.

76Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

At September 30, 2025, the net unrealized depreciation on investments based on cost for federal tax purposes of $8,273,980,096 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30182974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139779891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(109596917) |

---

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.). See Notes to Financial Statements — Note 1A. |
| &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). See Notes to Financial Statements — Note 1A. |

---

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2577

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

### Schedule of Investments \| 9/30/25
(unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | $— | &nbsp;&nbsp;$156142652 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$156142652 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1891081827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1891081827 |
| 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;694267129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694267129 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933130235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933130235 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2830480432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2830480432 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3523220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523220 |
| &nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13374926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13374926 |
| Foreign Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25302596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25302596 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319656126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319656126 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510540000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669533608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669533608 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;225674351 | &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;225674351 |
| **Total Investments in Securities** | **$225674351** | &nbsp;&nbsp;**$8043509531** | &nbsp;&nbsp;**$3530020** | &nbsp;&nbsp;**$8272713902** |
| **Liabilities** |  |  |  |  |
| TBA Sales Commitments | $— | &nbsp;&nbsp;$(107879606) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(107879606) |
| **Total Liabilities** | **$—** | &nbsp;&nbsp;**$(107879606)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(107879606)** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | $(451117) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(451117) |
| **Total Other Financial Instruments** | **$(451117)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(451117)** |

---

\* Securities valued at $0.

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

The accompanying notes are an integral part of these financial statements.

78Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

### Statement of Assets and Liabilities \| 9/30/25
(unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $8,293,646,602) | $8272713902 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181546 |
| &nbsp;&nbsp;&nbsp;Futures collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560437 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30305 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111677921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28604819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39303174 |
| &nbsp;&nbsp;&nbsp;Due from the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340291 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$8454918554** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Due to broker for futures | $30305 |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223030207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30429892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242269 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for TBA sales commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962985 |
| &nbsp;&nbsp;&nbsp;TBA sales commitments, at value (net proceeds received $108,170,367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107879606 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012708 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324151 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282033 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$368070998** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $8389348373 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(302500817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | **$8086847556** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> (based on $3,323,069,963/344,761,785 shares) | $9.64 |
| &nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> (based on $49,270,438/5,106,634 shares) | $9.65 |
| &nbsp;&nbsp;&nbsp;Class R6<sup>\*</sup> (based on $572,703,507/59,236,396 shares) | $9.67 |
| &nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> (based on $4,141,803,648/428,964,248 shares) | $9.66 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2579

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

### Statement of Operations (unaudited)

#### FOR THE SIX MONTHS ENDED 9/30/25

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | $213023202 |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$214624053** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $11254047 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728907 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055128 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134472 |  |
| &nbsp;&nbsp;&nbsp;Shareholder communications expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63412 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17413 |  |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293545 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151115 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179806 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44880 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$19700968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived and expenses reimbursed by the Adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$19348787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$195275266** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(2992437) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321817) | &nbsp;&nbsp;&nbsp;&nbsp;$(3314254) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(7838239) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBA sales commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20672) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;$(7387809) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(10702063)** |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$184573203** |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

80Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $195275266 | &nbsp;&nbsp;&nbsp;&nbsp;$360225413 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3314254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211826) |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7387809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | **$184573203** | &nbsp;&nbsp;&nbsp;&nbsp;**$361418020** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* ($0.23 and $0.54 per share, respectively) | $(75068661) | &nbsp;&nbsp;&nbsp;&nbsp;$(114319874) |
| &nbsp;&nbsp;&nbsp;Class C\* ($0.00\*\* and $0.51 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2969520) |
| &nbsp;&nbsp;&nbsp;Class C2\* ($0.22 and $0.51 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1222733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409146) |
| &nbsp;&nbsp;&nbsp;Class R6\* ($0.24 and $0.56 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14254999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31380098) |
| &nbsp;&nbsp;&nbsp;Class Y\* ($0.24 and $0.56 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103635507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209740075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | $(194188531) | &nbsp;&nbsp;&nbsp;&nbsp;$(358818713) |
| **FROM FUND SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | $2473672215 | &nbsp;&nbsp;&nbsp;&nbsp;$5703125817 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183195763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335997561 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(2358453584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3532246740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from Fund share transactions | $298414394 | &nbsp;&nbsp;&nbsp;&nbsp;$2506876638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets** | **$288799066** | &nbsp;&nbsp;&nbsp;&nbsp;**$2509475945** |
| **NET ASSETS:** |  |  |
| Beginning of period | $7798048490 | &nbsp;&nbsp;&nbsp;&nbsp;$5288572545 |
| End of period | **$8086847556** | &nbsp;&nbsp;&nbsp;&nbsp;**$7798048490** |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

\*\* Amount rounds to less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2581

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

### Statements of Changes in Net Assets
(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> Shares<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months<br> Ended<br> 9/30/25<br> Amount<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25<br> Shares** | &nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25<br> Amount** |
| **Class A\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;123495048 | &nbsp;&nbsp;&nbsp;&nbsp;$1190857795 | &nbsp;&nbsp;&nbsp;&nbsp;277426890 | &nbsp;&nbsp;&nbsp;&nbsp;$2678505146 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73973013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11704069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112985609 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;(99474216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(958921177) | &nbsp;&nbsp;&nbsp;&nbsp;(131049368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265054125) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;31690247 | &nbsp;&nbsp;&nbsp;&nbsp;$305909631 | &nbsp;&nbsp;&nbsp;&nbsp;158081591 | &nbsp;&nbsp;&nbsp;&nbsp;$1526436630 |
| **Class C\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465116 | &nbsp;&nbsp;&nbsp;&nbsp;$14167787 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969520 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(5420299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52354126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2512497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24275384) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(5420299) | &nbsp;&nbsp;&nbsp;&nbsp;$(52354126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739179) | &nbsp;&nbsp;&nbsp;&nbsp;$(7138077) |
| **Class C2\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670938 | &nbsp;&nbsp;&nbsp;&nbsp;$54778309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425857 | &nbsp;&nbsp;&nbsp;&nbsp;$4114566 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22785 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1290247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12452241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5798698) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493988 | &nbsp;&nbsp;&nbsp;&nbsp;$43419923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171709) | &nbsp;&nbsp;&nbsp;&nbsp;$(1661347) |
| **Class R6\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776215 | &nbsp;&nbsp;&nbsp;&nbsp;$17168401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12587195 | &nbsp;&nbsp;&nbsp;&nbsp;$122111707 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14247560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31380098 |
| Less shares<br> repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1140464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11021128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9848837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95340987) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108355 | &nbsp;&nbsp;&nbsp;&nbsp;$20394833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998507 | &nbsp;&nbsp;&nbsp;&nbsp;$58150818 |
| **Class Y\*** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;125389023 | &nbsp;&nbsp;&nbsp;&nbsp;$1210867710 | &nbsp;&nbsp;&nbsp;&nbsp;298228512 | &nbsp;&nbsp;&nbsp;&nbsp;$2884226611 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93881335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188639549 |
| Less shares<br> repurchased | (137083855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1323704912) | &nbsp;&nbsp;&nbsp;&nbsp;(221419434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2141777546) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1974616) | &nbsp;&nbsp;&nbsp;&nbsp;$(18955867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96309820 | &nbsp;&nbsp;&nbsp;&nbsp;$931088614 |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

The accompanying notes are an integral part of these financial statements.

82Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.55** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.69** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.59** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &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;(0.01) | &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;**Total distributions** | **$(0.23)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.14)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(0.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.34%(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.42%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $3323070 | &nbsp;&nbsp;&nbsp;&nbsp;$3021146 | &nbsp;&nbsp;&nbsp;&nbsp;$1494536 | &nbsp;&nbsp;&nbsp;&nbsp;$1126767 | &nbsp;&nbsp;&nbsp;&nbsp;$1824401 | &nbsp;&nbsp;&nbsp;&nbsp;$1561042 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2583

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

Financial Highlights (continued)

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period.

(c) Not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements.

84Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class C<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.22 | &nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;$0.07 | &nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.21** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.52** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.56** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &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;(0.01) | &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;**Total distributions** | **$(0.22)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.11)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(0.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18%(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $49270 | &nbsp;&nbsp;&nbsp;&nbsp;$5917 | &nbsp;&nbsp;&nbsp;&nbsp;$7571 | &nbsp;&nbsp;&nbsp;&nbsp;$8463 | &nbsp;&nbsp;&nbsp;&nbsp;$15861 | &nbsp;&nbsp;&nbsp;&nbsp;$19432 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

(c) Not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2585

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class R6<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.68 | &nbsp;&nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;$0.35 | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 | &nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &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;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.57** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.61** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &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;(0.01) | &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;**Total distributions** | **$(0.24)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.16)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(0.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.45** |
| &nbsp;&nbsp;Net asset value, end of period | $9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.68 | &nbsp;&nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.45%(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.64%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $572704 | &nbsp;&nbsp;&nbsp;&nbsp;$552952 | &nbsp;&nbsp;&nbsp;&nbsp;$494518 | &nbsp;&nbsp;&nbsp;&nbsp;$465248 | &nbsp;&nbsp;&nbsp;&nbsp;$382288 | &nbsp;&nbsp;&nbsp;&nbsp;$332949 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(c) Not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements.

86Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br> Ended<br> 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/23** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year<br> Ended<br> 3/31/21** |
| &nbsp;&nbsp;**Class Y<sup>\*</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 |
| &nbsp;&nbsp;Increase (decrease) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | $0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;$0.34 | &nbsp;&nbsp;&nbsp;&nbsp;$0.11 | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;**Net increase (decrease) from investment operations** | **$0.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.57** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.62** |
| &nbsp;&nbsp;Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &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;(0.01) | &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;**Total distributions** | **$(0.24)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.16)** |
| &nbsp;&nbsp;**Net increase (decrease) in net asset value** | **$(0.01)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.46** |
| &nbsp;&nbsp;Net asset value, end of period | $9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 |
| &nbsp;&nbsp;**Total return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.41%(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%** |
| &nbsp;&nbsp;Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $4141804 | &nbsp;&nbsp;&nbsp;&nbsp;$4165683 | &nbsp;&nbsp;&nbsp;&nbsp;$3232507 | &nbsp;&nbsp;&nbsp;&nbsp;$2659258 | &nbsp;&nbsp;&nbsp;&nbsp;$2725842 | &nbsp;&nbsp;&nbsp;&nbsp;$2335355 |
| &nbsp;&nbsp;Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% |

---

\* Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") reorganized with the Fund effective April 1, 2025 (the "Reorganization"), during the semi-annual reporting period. The Predecessor Fund is the accounting survivor of the Reorganization. In the Reorganization, shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively.

(a) The per-share data presented above is based on the average shares outstanding for the period presented.

The accompanying notes are an integral part of these financial statements.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2587

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Financial Highlights (continued)

(b) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(c) Not annualized.

(d) Annualized.

The accompanying notes are an integral part of these financial statements.

88Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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### Notes to Financial Statements \| 9/30/25
(unaudited)

1. Organization and Signiﬁcant Accounting Policies

Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") is one of 26 portfolios comprising Victory Portfolios IV (the "Trust"), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Fund is a diversified, open-end management investment company. The Fund, which commenced operations on April 1, 2025, is the successor to Pioneer Multi-Asset Ultrashort Income Fund (the "Predecessor Fund") and, accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund. The Predecessor Fund transferred all of the net assets of Class A, Class C, Class C2, Class K and Class Y shares in exchange for the Fund's Class A, Class C, Class C, Class R6 and Class Y shares, respectively, on April 1, 2025 pursuant to an agreement and plan of reorganization (the "Reorganization") which was approved by the shareholders of the Predecessor Fund on March 27, 2025. Accordingly, the Reorganization, which did not result in any federal income tax to the Predecessor Fund or its shareholders, had no effect on the Fund's operations. The investment objective of the Fund is to seek a high level of current income to the extent consistent with a relatively high level of stability of principal.

The Fund offers four classes of shares designated as Class A, Class C, Class R6 and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-speciﬁc fees and expenses, such as transfer agent and distribution fees. Differences in class-speciﬁc fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Second Amended and Restated Trust Instrument of the Trust gives the Board of Trustees the ﬂexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class R6 or Class Y shares.

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Effective April 1, 2025, Victory Capital Management Inc. ("Victory Capital" or the "Adviser") serves as the Fund's investment adviser. Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

The Fund complies with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. In accordance with Rule 18f-4, the Fund has established and maintains a comprehensive derivatives risk management program, has appointed a derivatives risk manager and limits leverage risk using value-at-risk ("VaR") approach based on either a relative or absolute measure.

The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07) during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The management committee of the Adviser acts as the Fund's Chief Operations Decision Maker (CODM), which assesses performance and allocates resources with respect to the Fund. The Fund's operations constitute a single operating segment and therefore, a single reportable segment, because the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM manages the business activities using information of the Fund as a whole, and assesses performance of the Fund. The financial information provided to and reviewed by the CODM is the same as that presented within the Fund's financial statements.

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of ASU 2023-09 and does not believe it will have a material impact on the Fund's financial statements.

The Fund is a series portfolio of a registered investment company and follows investment company accounting and reporting guidance under

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U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Fund in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Fixed income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. |
|  | Loan interests are valued at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. |
|  | Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing |

---

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| | |
|:---|:---|
|  | matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
|  | Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. |
|  | The value of foreign securities is converted into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities subject to oversight by the Board of Trustees. |
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such fund's net asset value. |
|  | Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. |
|  | Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. The Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity, tariffs, or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have |

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92Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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| | |
|:---|:---|
|  | passed are recorded as soon as the Fund becomes aware of the ex-dividend date in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Federal Income Taxes** |
|  | It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareholders. Therefore, no provision for federal income taxes is required. As of September 30, 2025, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareholders are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2593

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| |
|:---|
| At March 31, 2025, the Fund deferred $313,962 of late-year ordinary losses, which will be recognized by the Fund as occurring at the start of the next fiscal year ending March 31, 2026. |
| At March 31, 2025, the Fund was permitted to carry forward indefinitely $154,736,026 of short-term losses and $120,173,927 of long-term losses. |
| The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended March 31, 2025 was as follows: |

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| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;**Distributions paid from:** |  |
| &nbsp;&nbsp;Ordinary income | $358818713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$358818713** |

---

The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2025:

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| | |
|:---|:---|
|  | **2025** |
| &nbsp;&nbsp;**Distributable earnings/(losses):** |  |
| &nbsp;&nbsp;Capital loss carryforward | $(274909953) |
| &nbsp;&nbsp;Other book/tax temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;(1957857) |
| &nbsp;&nbsp;Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(15703717) |
| &nbsp;&nbsp;Qualified late year loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$(292885489)** |

---

The difference between book-basis and tax-basis unrealized depreciation is attributable to adjustments relating to event-linked bonds, insurance-linked securities, and the tax treatment of premium and amortization.

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| | |
|:---|:---|
| **D.** | **Fund Shares** |
|  | The Fund records sales and repurchases of its shares as of trade date. The Distributor did not earn underwriting commissions on the sale of Class A shares during the six months ended September 30, 2025. |
| **E.** | **Class Allocations** |
|  | Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. |
|  | Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 5). Class R6 and Class Y shares of the Fund did not pay distribution fees. All expenses and fees paid to the Fund's |

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94Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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| | |
|:---|:---|
|  | transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. |
|  | Distributions to shareholders are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class R6 and Class Y shares can reflect different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
|  | Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following the commencement of the conflict in Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2595

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| |
|:---|
| consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
| At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The Fund's investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| In response to the military conflict in Ukraine commencing in 2022, the United States and other countries issued broad-ranging economic sanctions against Russia and Belarus and certain companies and |

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96Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

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| |
|:---|
| individuals. Since then, Russian securities lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Fund may invest in mortgage-related and asset-backed securities. The value of mortgage-related and asset-backed securities will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rate than other types of debt securities. These securities are also subject to prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called "sub-prime" mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
| The Fund may invest in credit risk transfer securities. Credit risk transfer securities are unguaranteed and unsecured debt securities issued by government sponsored enterprises and therefore are not directly linked to or backed by the underlying mortgage loans. As a result, in the event that a government sponsored enterprise fails to pay principal or interest on its credit risk transfer securities or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfer securities have no direct recourse to the underlying mortgage loans and |

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|:---|
| will generally receive recovery on par with other unsecured note holders in such a scenario. The risks associated with an investment in credit risk transfer securities are different than the risks associated with an investment in mortgage-backed securities issued by Fannie Mae and Freddie Mac, or other government sponsored enterprise or issued by a private issuer, because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. As a result, investors in these securities could lose some or all of their investment in these securities if the underlying mortgage loans default. |
| The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
| The market prices of the Fund's fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. For example, if interest rates increase by 1%, the value of a Fund's portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens", the value of the security will generally go down. |
| If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment |

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98Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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| |
|:---|
| will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. |
| Until recently, a commonly used reference rate for floating rate securities was LIBOR (London Interbank Offered Rate). ICE Benchmark Administration, the administrator of LIBOR, has ceased publication of most LIBOR settings on a representative basis. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In the United States, a common benchmark replacement is based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York, including certain spread adjustments and benchmark replacement conforming changes, although other benchmark replacements (without or without spread adjustments) may be used in certain transactions. The impact of the transition from LIBOR on the Fund's transactions and financial markets generally cannot yet be determined. The transition away from LIBOR may lead to increased volatility and illiquidity in markets for instruments that have relied on LIBOR and may adversely affect the Fund's performance. |
| With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund's transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these intermediaries may in turn rely on their service providers, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser, service providers or intermediaries may cause disruptions and impact business operations. This may cause financial losses; interference with the Fund's ability to calculate its net asset value; impediments to trading; the inability of Fund shareholders to effect share purchases; redemptions or exchanges or receive distributions; loss of or unauthorized access to private shareholder information; and violations of applicable privacy; and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any |

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Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/2599

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| | |
|:---|:---|
|  | insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
|  | The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. |
| **G.** | **Restricted Securities** |
|  | Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualiﬁed institutional investors under the provisions of Rule 144A of the Securities Act of 1933. |
|  | Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difﬁcult to achieve. Restricted investments held by the Fund at September 30, 2025 are listed in the Schedule of Investments. |
| **H.** | **Insurance-Linked Securities ("ILS")** |
|  | The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as deﬁned within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a speciﬁc size or magnitude that occur in a designated geographic region during a speciﬁed time period, and/or that involve losses or other metrics that exceed a speciﬁc amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry signiﬁcant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude speciﬁed by the instrument. In addition to the speciﬁed trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |
|  | The Fund's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to speciﬁc risks |

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100Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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| | |
|:---|:---|
|  | to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. |
|  | Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund's structured reinsurance investments, and therefore the Fund's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss. |
| **I.** | **Repurchase Agreements** |
|  | Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund**'**s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund**'**s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities. |
|  | Open repurchase agreements at September 30, 2025 are disclosed in the Schedule of Investments. |

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| | |
|:---|:---|
| **J.** | **TBA Purchases and Sales Commitments** |
|  | The Fund may enter into to-be-announced (TBA) purchases or sales commitments (collectively, TBA transactions), pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by the Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted "good delivery" standards. The Fund may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, the Fund maintains an entitlement to the security to be sold. |
|  | To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund's risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral received, if any, from such counterparty. As of September 30, 2025, no collateral was pledged by the Fund. Collateral received from counterparties totaled $962,985 for TBAs. |
| **K.** | **Futures Contracts** |
|  | The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. Investments in futures contracts to increase total returns may be considered speculative. |
|  | All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at |

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102Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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| |
|:---|
| September 30, 2025 is recorded as "Futures collateral" on the Statement of Assets and Liabilities. |
| Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. |
| The average notional values of long position and short position futures contracts during the six months ended September 30, 2025 were $138,751 and $42,668,138, respectively. Open futures contracts outstanding at September 30, 2025 are listed in the Schedule of Investments. |

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2. Investment Advisory Agreement

The Adviser manages the Fund's portfolio. Management fees payable under the Fund's Investment Advisory Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.35% of the Fund's average daily net assets up to $1 billion, 0.30% of the next $4 billion of the Fund's average daily net assets, 0.25% of the next $2.5 billion of the Fund's average daily net assets and 0.20% of the Fund's average daily net assets over $7.5 billion. For the six months ended September 30, 2025, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.29% (annualized) of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, brokerage commissions) do not exceed 0.58%, 0.88%, 0.35%, and 0.44% of the Fund's Class A, Class C, Class R6, and Class Y shares, respectively. These expense limitations are in effect through April 1, 2028. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years

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after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Reflected on the Statement of Assets and Liabilities is $2,012,708 in management fees payable to the Adviser at September 30, 2025.

Effective April 1, 2025, Victory Capital also serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, Victory Capital is paid an administration and servicing fee based on a percentage of the average daily net assets of the Fund. The tiered rates at which Victory Capital is paid by the Fund are shown in the table below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** |
| &nbsp;&nbsp;**Up to $15<br> billion** | **$15 billion to $30<br> billion** | **$30 billion to $85<br> billion** | **In excess of $85<br> billion** |
| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |

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Amounts incurred for the six months ended September 30, 2025, are reflected on the Statement of Operations in Administration expenses.

Bank of New York Mellon ("BNY") acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between Victory Capital and BNY. Victory Capital pays BNY a fee for providing these services.

The Fund reimburses Victory Capital and BNY for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended September 30, 2025, are reflected on the Statement of Operations as Administration expenses.

3. Compensation of Officers and Trustees

The Fund pays an annual fee to its Trustees. Except for the chief compliance officer, the Fund does not pay any salary or other compensation to its officers. The Fund pays a portion of the chief compliance officer's compensation for his services as the Fund's chief compliance officer. The Adviser pays the remaining portion of the chief compliance officer's compensation. For the six months ended September 30, 2025, the Fund paid

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$179,806 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At September 30, 2025, on its Statement of Assets and Liabilities, the Fund had a payable for Trustees' fees of $2,489 and a payable for administrative expenses of $324,151, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts.

In addition, during the periods covered by the financial statements, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended September 30, 2025, such out-of-pocket expenses by class of shares were as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Communications:** |  |
| &nbsp;&nbsp;Class A | $19646 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;42688 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **$63412** |

---

5. Distribution Plan

The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays the Distributor 0.20% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 0.50% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.25% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Reflected on the Statement of Assets and Liabilities is $282,033 in distribution fees payable to the Distributor at September 30, 2025.

In addition, redemptions of Class C shares may be subject to a contingent deferred sales charge ("CDSC"). Redemptions of Class C shares within

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25105

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12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class A, Class R6 and Class Y shares. For the six months ended September 30, 2025, CDSCs in the amount of $721 were paid to Amundi Distributor US, Inc, the Predecessor Fund's distributor, or the Distributor.

6. Line of Credit Facility

During the periods covered by these financial statements, the Fund participated in a committed, unsecured revolving line of credit ("credit facility"). Borrowings were used solely for temporary or emergency purposes. Under the credit facility, the Fund was permitted to borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The Fund participated in a credit facility in the amount of $250 million. The commitment fee with respect to the credit facility was 0.20% of the daily unused portion of each lender's commitment. For the six months ended September 30, 2025, the Fund had no borrowings under the credit facility.

7. Additional Disclosures about Derivative Instruments and Hedging Activities

The Fund's use of derivatives may enhance or mitigate the Fund's exposure to the following risks:

Interest rate risk relates to the ﬂuctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a ﬁnancial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

Foreign exchange rate risk relates to ﬂuctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the ﬂuctuations in the value of ﬁnancial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors speciﬁc to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will ﬂuctuate based on increases or decreases in the commodities market and factors speciﬁc to a particular industry or commodity.

106Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Statement of Assets<br> and Liabilities** | **Interest<br> Rate Risk** | **Credit<br> Risk** | **Foreign<br> Exchange<br> Rate Risk** | **Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts^ | $451117 | $— | $— | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$451117** | **$—** | **$—** | **$—** | &nbsp;&nbsp;**$—** |

---

<br> ^ Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Statement of Operations** | **Interest<br> Rate Risk** | **Credit<br> Risk** | **Foreign<br> Exchange<br> Rate Risk** | **Equity<br> Risk** | **Commodity<br> Risk** |
| &nbsp;&nbsp;**Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(321817) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(321817)** | **$—** | **$—** | **$—** | **$—** |
| &nbsp;&nbsp;**Change in Net Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(20672) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(20672)** | **$—** | **$—** | **$—** | **$—** |

---

8. Unfunded Loan Commitments

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of September 30, 2025, the Fund had the following unfunded loan commitment outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**Principal** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;Jupiter Buyer, Inc., Initial Delayed Draw Term Loan | &nbsp;&nbsp;$59069 | &nbsp;&nbsp;$58803 | &nbsp;&nbsp;$59608 | &nbsp;&nbsp;$805 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25107

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**9. Reorganization**

On April 1, 2025 (the "Closing Date"), the Predecessor Fund was reorganized with the Fund (the "Reorganization"). Under the terms of an Agreement and Plan of Reorganization, the Predecessor Fund transferred all of its assets and liabilities (other than certain securities that were subject to restriction on transfer) in exchange for shares of the Fund equal in value to those assets and liabilities. The Reorganization was structured so that the transfer of assets and liabilities did not result in federal tax liability to the Predecessor Fund or its shareholders. Shareholders holding Class A, Class C, Class C2, Class K and Class Y shares of the Predecessor Fund received Class A, Class C, Class C, Class R6 and Class Y shares of the Fund, respectively, in the Reorganization. The investment portfolio of the Predecessor Fund, with an aggregate value of $7,945,850,086 and an identified cost of $7,960,310,392 at April 1, 2025, was the principal asset acquired by the Fund. The Predecessor Fund was the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund's performance and financial history have become the performance and financial history of the Fund.

10. Subsequent Event

On September 30, 2025, the Board upon the recommendation of the Adviser, approved a change in the Fund's custodian, sub-administrator, sub-fund accountant, and transfer agent to be effective at the close of business on or about December 5, 2025 (the "Effective Date"). After the Effective Date, Citibank, N.A. will serve as the custodian of the Fund, Citi Fund Services Ohio, Inc. will serve as sub-administrator and sub-fund accountant of the Fund and FIS Investor Services LLC will serve as transfer agent of the Fund.

108Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25

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### Additional Information

#### Results of Special Shareholder Meeting
A Special Shareholder Meeting of Pioneer Multi-Asset Ultrashort Income Fund was held on March 27, 2025 to approve an Agreement and Plan of Reorganization pursuant to which Pioneer Multi-Asset Ultrashort Income Fund reorganized into Victory Pioneer Multi-Asset Ultrashort Income Fund.

The voting results were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Total<br> Voted** | **Votes<br> For** | **Votes<br> Against** | **Votes<br> Abstained** |
| &nbsp;&nbsp;Pioneer Multi-Asset Ultrashort Income Fund | 378933092 | 288111906 | 3320617 | 87500569 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| Semi-Annual \| 9/30/25109

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### How to Contact Victory Capital

#### We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

#### Call us for:

------

#### Account Information, including existing accounts, new accounts, prospectuses, applications and service forms

#### 1-800-225-6292

#### Visit our web site: vcm.com
This report must be preceded or accompanied by a prospectus.

**The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's web site at https://sec.gov.**

------

[**Table of Contents**](#JOB_Amund_04c3e3ea-0859-4e60-aad2-68459c6a571d_TOC)

![](g72913img035dc55b1.gif)

Victory Capital Management, Inc.

60 State Street

Boston, MA 02109

#### vcm.com
Securities offered through Victory Capital Services, Inc.

60 State Street, Boston, MA 02109

Underwriter of Victory Funds, Member SIPC© 2025 Victory Capital Management, Inc. 25249-SFR-1125

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7 of this Form

------

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

Each Board Member also serves as a Board Member of other Funds in the Pioneer Family of Funds complex. Annual retainer fees and attendance fees are allocated to each Fund based on net assets. Trustees' fees paid by the Fund are within Item 7. Statement of Operations as Trustees' fees and expenses.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESMENT ADVISORY CONTRACT. (Unaudited)

N/A

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities.

N/A

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years.

N/A

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

N/A

------

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:

N/A

(1) Gross income from securities lending activities;

N/A

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

N/A

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and

N/A

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).

If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.

N/A

(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.

N/A

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

N/A

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d72913dex99codeeth.htm)

(2) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:](d72913dex99cert.htm)

Filed herewith.

------

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d72913dex99906cert.htm)

(3) Not applicable.

------

SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Victory Portfolios IV

---

| |
|:---|
| By (Signature and Title)\* /s/ Thomas Dusenberry |
| Thomas Dusenberry, President and Principal Executive Officer |

---

Date December 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By (Signature and Title)\* /s/ Thomas Dusenberry |
| Thomas Dusenberry, President and Principal Executive Officer |

---

Date December 5, 2025

---

| |
|:---|
| By (Signature and Title)\* /s/ Carol D. Trevino |
| Carol D. Trevino, Treasurer and Principal Financial Officer |

---

Date December 5, 2025

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**VICTORY PORTFOLIOS IV** 

**VICTORY VARIABLE INSURANCE FUNDS II** 

**(together with their series portfolios, collectively, the "Open-End Funds")** 

**PIONEER FLOATING RATE FUND, INC.** 

**PIONEER HIGH INCOME FUND, INC.** 

**PIONEER DIVERSIFIED HIGH INCOME FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC.** 

**PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND, INC.** 

**PIONEER ILS INTERVAL FUND** 

**(COLLECTIVELY, THE "CLOSED-END FUNDS")** 

**(TOGETHER WITH THE OPEN-END FUNDS, COLLECTIVELY, THE "FUNDS")** 

**CODE OF CONDUCT** 

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER** 

**I.** **Covered Officers/Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds, and the "Covered Officers", each of whom is set forth in Exhibit A, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

**II.** **Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trusts.

------

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trusts already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. The Trusts' and their investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trusts and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trusts and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act. Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Obligations of Covered Officers.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trusts;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director,
governor, trustee, part-time employment) other than his or her relationship to the Trusts, the investment adviser and the administrator.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of Victory Capital Management Inc. ("VCM"). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director on the board of any public or private company; The receipt, as an officer of the Trusts,
of any gift in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The receipt of any entertainment from any company with which the Trusts have current or prospective business
dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trusts, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Responsibilities and conduct.** Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the appropriate Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Risk Oversight Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trusts or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Enforcing the Code of Conduct.** The Trusts will adhere to the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported
to him or her;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further
action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of
appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a
monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and
procedures.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of conduct adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trusts, the Trusts' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trusts, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trusts' investment adviser, administrator or sub-administrator, counsel to the Trusts or counsel to the Independent Trustees.

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**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Adopted: December 30 , 2024

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**Exhibit A** 

**<u>Persons Covered by this Code of Conduct</u>**

The Funds

Principal Executive Officer: Thomas Dusenberry, President

Principal Financial Officer: Carol D.Trevino, Treasurer

As of: April 1, 2025

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**Exhibit B** 

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

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| | |
|:---|:---|
| Signature: | /s/ Thomas Dusenberry |
| Print Name: | Thomas Dusenberry |
| Date: | 05/05/2025 |

---

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**Exhibit B** 

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

---

| | |
|:---|:---|
| Signature: | /s/ Carol D.Trevino |
| Print Name: | Carol D.Trevino |
| Date: | 05/05/2025 |

---

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**Exhibit C** 

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

---

| | |
|:---|:---|
| Signature: | /s/ Carol D. Trevino |
| Print Name: | Carol D. Trevino |
| Date: | 05/05/2025 |

---

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**Exhibit C** 

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

---

| | |
|:---|:---|
| Signature: | /s/ Thomas Dusenberry |
| Print Name: | Thomas Dusenberry |
| Date: | 05/05/2025 |

---

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 5, 2025

/s/ Thomas Dusenberry

Thomas Dusenberry

President and Principal Executive Officer

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CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 5, 2025

/s/ Carol D. Trevino

Carol D. Trevino

Treasurer and Principal Financial Officer

## Exhibit 99.906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Thomas Dusenberry, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Victory Portfolios IV fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust.

Date: December 5, 2025

/s/ Thomas Dusenberry

Thomas Dusenberry

President and Principal Executive Officer

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.

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CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Carol D. Trevino, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Victory Portfolios IV fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust.

Date: December 5, 2025

/s/ Carol D. Trevino

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.