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:           811-22987
 
Victory Pioneer ILS Interval Fund
(Exact name of registrant as specified in charter)
 
15935 La Cantera Parkway Building Two, 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: 800-539-3863
 
Date of fiscal year end: October 31
 
Date of reporting period: April 30, 2026
 
 
Item 1. Reports to Stockholders.
 
(a)
    
Not applicable.
 
 
 
(b)  Not applicable.
 
Item 2. Code of Ethics.
 
         Not applicable – only for annual reports.
                 
Item 3. Audit Committee Financial Expert.
 
Not applicable – only for annual reports.
 
Item 4. Principal Accountant Fees and Services.
         
Not applicable – only for annual reports.
 
Item 5.    Audit Committee of Listed Registrants.
 
Not applicable. 
 
Item 6.   Investments.
 
(a)  Not applicable.
 
(b) 
Not applicable.
 
Item 7. Financial Statements and Other Information.
 
(a)
 
 
April
30,
2026
Semi-Annual
Report
Victory
Pioneer
ILS
Interval
Fund
(formerly
Pioneer
ILS
Interval
Fund)
vcm.com
News,
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includes:
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TABLE
OF
CONTENTS
Victory
Pioneer
ILS
Interval
Fund
1
This
report
is
for
the
information
of
the
shareholders
and
others
who
have
received
a
copy
of
the
currently
effective
prospectus
of
the
Fund,
managed
by
Victory
Capital
Management
Inc.
It
may
be
used
as
sales
literature
only
when
preceded
or
accompanied
by
a
current
prospectus,
which
provides
further
details
about
the
Fund.
IRA
DISTRIBUTION
WITHHOLDING
DISCLOSURE
We
generally
must
withhold
federal
income
tax
at
a
rate
of
10%
of
the
taxable
portion
of
your
distribution
and,
if
you
live
in
a
state
that
requires
state
income
tax
withholding,
at
your
state’s
tax
rate.
However,
you
may
elect
not
to
have
withholding
apply
or
to
have
income
tax
withheld
at
a
higher
rate.
Any
withholding
election
that
you
make
will
apply
to
any
subsequent
distribution
unless
and
until
you
change
or
revoke
the
election.
If
you
wish
to
make
a
withholding
election,
or
change
or
revoke
a
prior
withholding
election,
call
(800)
539-3863,
and
Form
W-4P
(OMB
No.
1545-0074
withholding
certificate
for
pension
or
annuity
payments)
will
be
electronically
sent.
If
you
do
not
have
a
withholding
election
in
place
by
the
date
of
a
distribution,
federal
income
tax
will
be
withheld
from
the
taxable
portion
of
your
distribution
at
a
rate
of
10%.
If
you
must
pay
estimated
taxes,
you
may
be
subject
to
estimated
tax
penalties
if
your
estimated
tax
payments
are
not
sufficient
and
sufficient
tax
is
not
withheld
from
your
distribution.
For
more
specific
information,
please
consult
your
tax
adviser.
•
NOT
FDIC
INSURED
•
NO
BANK
GUARANTEE
•
MAY
LOSE
VALUE
Portfolio
Summary
2
Prices
and
Distributions
3
Performance
Update
4
Schedule
of
Portfolio
Investments
5
Financial
Statements
Statement
of
Assets
and
Liabilities
11
Statement
of
Operations
12
Statements
of
Changes
in
Net
Assets
13
Statement
of
Cash
Flows
14
Financial
Highlights
15
Notes
to
Financial
Statements
16
2
Victory
Pioneer
ILS
Interval
Fund
Portfolio
Summary
(Unaudited)
Portfolio
Diversification
(As
a
percentage
of
total
investments)*
Sector
Diversification
by
Risk
(As
a
percentage
of
total
investments)*
10
Largest
Holdings
(As
a
percentage
of
total
investments)*
*
Excludes
short-term
investments
and
all
derivative
contracts
except
for
options
purchased.
The
Fund
is
actively
managed,
and
current
holdings
may
be
different.
The
holdings
listed
should
not
be
considered
recommendations
to
buy
or
sell
any
securities.
**
Rounds
less
than
0.01%.
Reinsurance
Sidecars
57.9%
Collateralized
Reinsurance
19.9%
Event
Linked
Bonds
12.3%
Multiperil
-
Worldwide
63.7%
Multiperil
-
U.S.
12.8%
Wind
Storm
-
Florida
3.3%
Multiperil
-
U.S.
&
Canada
2.3%
Multiperil
-
Massachusetts
2.2%
Flood
-
U.S.
1.6%
Wind
Storm
-
Texas
0.9%
Wind
Storm
-
U.S.
Multistate
0.9%
Wind
Storm
-
North
Carolina
0.7%
Earthquake
-
California
0.6%
Wind
Storm
-
U.S.
Regional
0.4%
Wind
Storm
-
Mexico
0.3%
Earthquake
-
Mexico
0.2%
Earthquake
-
Canada
0.1%
Wind
Storm
-
U.S.
Gulf
0.1%
Multiperil
-
U.S.
Regional
0.0%**
Thopas
Re,
12/31/31
7.1%
Pi0047
Re,
6/30/31
7.0%
Berwick
Re,
12/31/31
6.5%
Gullane
Re,
12/31/31
5.4%
Bantry
Re,
6/30/31
5.4%
Bantry
Re,
12/31/31
5.2%
Pangaea
Re,
7/1/31
4.3%
Pangaea
Re,
12/31/31
3.7%
Carnoustie
Re,
12/31/31
3.6%
Kirkham
Re,
12/31/31
3.6%
Prices
and
Distributions
April
30,
2026
3
(Unaudited)
Net
Asset
Value
per
Share
Distributions
per
Share
Index
Definition
The
ICE
Bank
of
America
(ICE
BofA)
3-Month
U.S.
Treasury
Bill
Index
is
an
unmanaged
market
index
of
U.S.
Treasury
securities
maturing
in
90
days,
that
assumes
reinvestment
of
all
income.
Indices
are
unmanaged
and
their
returns
assume
reinvestment
of
dividends
and
do
not
reflect
any
fees
or
expenses
associated
with
a
closed-end
interval
fund.
It
is
not
possible
to
invest
directly
in
an
index.
The
index
defined
here
pertains
to
the
“Value
of
$1,000,000
Investment”
chart
appearing
on
page
4.
4/30/26
10/31/25
Net
Asset
Value
.............................................................
$
10.33
$
10.21
Net
Investment
Income
Short-Term
Capital
Gains
Long-Term
Capital
Gains
11/1/25
–
4/30/26
.................................................................
$
0.9187
$
—
$
—
4
Victory
Pioneer
ILS
Interval
Fund
Performance
Update
(Unaudited)
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
or
higher.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month’s
end,
please
visit
vcm.com.
Total
return
measures
the
price
change
in
a
share
assuming
the
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any.
The
total
returns
quoted
do
not
reflect
adjustments
made
to
the
enclosed
financial
statements
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
or
the
deduction
of
taxes
that
a
shareholder
would
pay
on
net
investment
income
and
realized
capital
gain
distributions,
including
reinvested
distributions,
or
redemptions
of
shares.
The
total
return
figures
set
forth
above
include
all
waivers
of
fees.
Without
such
fee
waivers,
the
total
returns
would
have
been
lower.
Victory
Pioneer
ILS
Interval
Fund —
Growth
of
$1,000,000
1
The
ICE
Bank
of
America
(ICE
BofA
)
3-Month
U.S.
Treasury
Bill
Index
is
an
unmanaged
market
index
of
U.S.
Treasury
securities
maturing
in
90
days,
that
assumes
reinvestment
of
all
income.
Indices
are
unmanaged
and
their
returns
assume
reinvestment
of
dividends
and
do
not
reflect
any
fees
or
expenses
associated
with
a
closed-end
interval
fund.
It
is
not
possible
to
invest
directly
in
an
index.
The
graph
reflects
investment
growth
of
a
hypothetical
$1,000,000
investment
in
the
Fund. The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
shares.
Past
performance
is
not
indicative
of
future
results.
Average
Annual
Total
Return
Period
Ended
April
30,
2026
Share
Class
INCEPTION
DATE
12/17/14
Net
Asset
Value
ICE
BofA
3-Month
US
Treasury
Bill
Index1
One
Year
25.39%
3.95%
Five
Year
12.18%
3.40%
Ten
Year
6.73%
2.29%
Schedule
of
Portfolio
Investments
April
30,
2026
Victory
Pioneer
ILS
Interval
Fund
5
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Insurance-Linked
Securities
(90.1%)
Collateralized
Reinsurance
(19.9%):
Multiperil
-
Massachusetts
-
(2.2%):
Gamboge
Re,
3/31/31(a)(b)(c)
..............................................
$
16,250
$
16,897
Portsalon
Re,
5/31/28(a)(b)(c)(d)
............................................
750
535
Multiperil
-
U.S.
-
(7.1%):
Pi0047
Re,
6/30/31(b)(c)(d)(e)
.............................................
52,012
57,856
Riviera
Re,
4/30/27(b)(c)(e)
...............................................
11,084
443
Multiperil
-
U.S.
&
Canada
-
(1.5%):
Macclesfield
Re,
2/28/28(a)(b)(c)(d)
.........................................
3,015
2,997
Merion
Re,
12/31/30(a)(b)(c)
..............................................
8,750
9,078
Multiperil
-
Worldwide
-
(9.1%):
Amaranth
Re,
12/31/31(a)(b)(c)
............................................
4,275
3,865
Cerulean
Re,
7/31/26(b)(c)(e)
..............................................
10,000
—
Dartmouth
Re,
12/31/27(a)(b)(c)
............................................
4,000
4,153
Gamboge
Re,
3/31/30(a)(b)(c)(d)
............................................
14,250
2,289
Kingston
Heath
Re,
12/31/31(b)(c)(e)
........................................
7,000
5,941
Lindrick
Re,
6/16/26(b)(c)(e)
..............................................
5,274
—
Llandudno
Re,
12/31/31(a)(b)(c)
............................................
4,125
3,716
Merion
Re
12/31/30(a)(b)(c)(d)
.................................................
12,650
198
12/31/31(a)(b)(c)(d)
.................................................
13,000
12,105
Old
Head
Re,
12/31/31(b)(c)(d)(e)
...........................................
18,600
16,172
Phoenix
3
Re,
1/4/39,
Callable
6/4/26
@
100(b)(c)(f)
.............................
2,767
3,397
Pi0051
Cheltenham
Re,
5/31/29(a)(b)(c)(d)
....................................
12,500
12,851
Pine
Valley
Re,
12/31/31(a)(b)(c)(d)
.........................................
2,500
2,297
Tomtit
Re,
12/31/31(a)(b)(c)(d)
.............................................
6,000
6,334
Walton
Heath
Re,
12/15/27(a)(b)(c)(d)
........................................
5,250
302
Wind
Storm
-
Florida
-
(0.0%):(g)
Mangrove
Re,
5/31/30(a)(b)(c)(f)
...........................................
2,465
303
161,729
Event
Linked
Bonds
(12.3%):
Earthquake
-
California
-
(0.6%):
TorRey
Pines
Re
8.05%,
(BRMMUSDF+450bps),
6/7/28,
Callable
6/8/26
@
103.5(c)(h)(i)
..........
2,750
2,796
10.05%,
(BRMMUSDF+650bps),
6/7/28,
Callable
6/7/26
@
103.5(c)(h)(i)
.........
2,250
2,311
Earthquake
-
Canada
-
(0.1%):
Ursa
Re,
Series
F,
11.01%
(GSMMUSTI+750bps),
2/22/28,
Callable
12/7/26
@
103.5(c)(h)(i)
1,000
1,021
Earthquake
-
Mexico
-
(0.2%):
International
Bank
for
Reconstruction
&
Development
7.86%,
(SOFR+422bps),
4/24/28(c)(h)(i)
.................................
1,000
1,022
14.86%,
(SOFR+1122bps),
4/24/28(c)(h)(i)
................................
500
509
Flood
-
U.S.
-
(1.6%):
Floodsmart
Re,
Series
B,
25.91%
(FHMMUSTF+2240bps),
3/11/30(c)(h)(i)
.............
450
22
FloodSmart
Re,
17.87%
(FHMMUSTF+1436bps),
3/12/27(c)(h)(i)
...................
12,900
13,484
Multiperil
-
U.S.
-
(2.1%):
Atela
Re,
Series
A,
17.80%
(BRMMUSDF+1425bps),
5/9/27(c)(h)(i)
..................
1,000
1,048
Four
Lakes
Re,
12.47%
(BRMMUSDF+970bps),
1/7/27,
Callable
6/4/26
@
103.25(c)(h)(i)
..
750
753
Herbie
Re
26.54%,
(JMMMUSTF+2300bps),
1/8/27,
Callable
6/4/26
@
102.75(c)(h)(i)
........
1,000
997
13.44%,
(JMMMUSTF+990bps),
1/8/28,
Callable
1/8/27
@
103.25(c)(h)(i)
.........
1,500
1,494
14.29%,
(JMMMUSTF+1075bps),
1/8/29,
Callable
12/31/27
@
105.5(c)(h)(i)
.......
500
510
Merna
Re
II
11.89%,
(GSMMUSTI+838bps),
7/7/26(c)(h)(i)
............................
1,000
1,011
10.98%,
(GSMMUSTI+747bps),
7/7/27(c)(h)(i)
............................
1,500
1,543
12.00%,
(GSMMUSTI+849bps),
7/7/27,
Callable
6/30/26
@
103.25(c)(h)(i)
........
3,000
3,081
11.29%,
(JMMMUSTF+775bps),
7/7/28(c)(h)(i)
............................
1,000
1,024
Mystic
Re,
15.51%
(GSMMUSTI+1200bps),
1/8/27(c)(h)(i)
........................
2,500
2,510
Victory
Pioneer
ILS
Interval
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
One
Shield
Re,
Series
1,
11.55%
(BRMMUSDF+800bps),
4/27/29,
Callable
6/13/27
@
105.5(c)(h)(i)
......................................................
$
1,000
$
999
Sanders
Re,
7.54%
(BRMMUSDF+399bps),
4/7/29(c)(h)(i)
........................
250
253
Sanders
Re
III
9.02%,
(BRMMUSDF+547bps),
4/7/27(c)(h)(i)
.............................
250
254
9.11%,
(BRMMUSDF+556bps),
4/7/28(c)(h)(i)
.............................
1,975
2,046
Titania
Re,
Series
A,
11.17%
(3
Month
U.S.
Treasury
Bill+750bps),
4/30/29,
Callable
4/1/27
@
103.7(c)(h)(i)
......................................................
250
250
Turicum
Re,
Series
A,
19.29%
(JMMMUSTF+1575bps),
4/9/29,
Callable
4/9/27
@
108.75(c)
(h)(i)
............................................................
1,000
999
Multiperil
-
U.S.
&
Canada
-
(0.8%):
3264
Re,
Series
A,
11.01%
(GSMMUSTI+750bps),
6/8/28(c)(h)(i)
....................
1,000
1,022
Bridge
Street
Re,
Series
A,
7.54%
(JMMMUSTF+400bps),
1/7/28,
Callable
6/4/26
@
102.75(c)(h)(i)
.....................................................
2,000
2,007
Easton
Re,
11.05%
(BRMMUSDF+750bps),
1/8/27(c)(h)(i)
........................
1,000
1,010
Ocelot
Re,
Series
A,
8.05%
(BRMMUSDF+450bps),
2/26/29,
Callable
2/26/27
@
103(c)(h)(i)
3,000
3,055
Multiperil
-
Worldwide
-
(0.3%):
Kendall
Re
9.76%,
(GSMMUSTI+625bps),
4/30/27(c)(h)(i)
............................
2,000
2,039
11.25%,
(GSMMUSTI+774bps),
4/30/27(c)(h)(i)
............................
750
767
Wind
Storm
-
Florida
-
(3.3%):
Armor
Re
II,
Series
A,
13.75%
(BRMMUSDF+1020bps),
5/7/27(c)(h)(i)
...............
1,000
1,049
First
Coast
Re,
Series
B,
11.04%
(JMMMUSTF+750bps),
3/10/28,
Callable
7/1/27
@
103.5(c)
(h)(i)
............................................................
3,000
3,047
Hestia
Re,
Series
B,
11.77%
(BNMMDTSC+825bps),
3/13/28,
Callable
6/4/26
@
106(c)(h)(i)
2,000
2,029
Integrity
Re,
Series
D,
26.31%
(FHMMUSTF+2280bps),
6/6/26(c)(h)(i)
...............
1,000
1,019
Integrity
Re
III
11.51%,
(FHMMUSTF+800bps),
6/6/27(c)(h)(i)
............................
1,000
1,012
13.26%,
(FHMMUSTF+975bps),
6/6/27(c)(h)(i)
............................
1,000
1,018
29.01%,
(FHMMUSTF+2550bps),
6/6/27(c)(h)(i)
...........................
1,250
1,348
11.51%,
(FHMMUSTF+800bps),
6/6/28(c)(h)(i)
............................
1,000
1,016
13.26%,
(FHMMUSTF+975bps),
6/6/28(c)(h)(i)
............................
500
513
15.76%,
(FHMMUSTF+1225bps),
6/6/28(c)(h)(i)
...........................
2,250
2,333
Marlon
Re,
10.85%
(JMMMUSTF+731bps),
6/7/27,
Callable
7/1/26
@
104.25(c)(h)(i)
.....
1,000
1,038
Merna
Re
II,
12.26%
(GSMMUSTI+875bps),
7/7/27(c)(h)(i)
........................
500
514
Palm
Re
13.22%,
(BNMMDTSC+970bps),
6/7/27,
Callable
6/4/26
@
104.5(c)(h)(i)
.........
2,500
2,601
8.55%,
(BRMMUSDF+500bps),
6/7/29,
Callable
6/15/27
@
4.5(c)(h)(i)
...........
3,000
2,998
Purple
Re
10.79%,
(JMMMUSTF+725bps),
6/7/28,
Callable
6/7/26
@
106(c)(h)(i)
...........
3,000
3,117
11.29%,
(JMMMUSTF+775bps),
6/7/28,
Callable
6/7/26
@
106.5(c)(h)(i)
..........
2,000
2,060
Wind
Storm
-
Mexico
-
(0.3%):
International
Bank
for
Reconstruction
&
Development,
17.36%
(SOFR+1372bps),
4/24/28(c)
(h)(i)
............................................................
2,000
2,073
Wind
Storm
-
North
Carolina
-
(0.7%):
Cape
Lookout
Re,
Series
A,
10.40%
(FHMMUSTF+690bps),
3/13/28,
Callable
3/14/27
@
102.25(c)(h)(i)
.....................................................
5,800
6,015
Wind
Storm
-
Texas
-
(0.9%):
Alamo
Re,
11.94%
(FHMMUSTF+843bps),
6/7/27(c)(h)(i)
.........................
2,000
2,000
Bluebonnet
Re
15.54%,
(JMMMUSTF+1200bps),
6/7/27(c)(h)(i)
...........................
1,500
1,545
12.01%,
(FHMMUSTF+850bps),
6/7/28(c)(h)(i)
............................
1,500
1,558
15.26%,
(FHMMUSTF+1175bps),
6/7/28(c)(h)(i)
...........................
2,000
2,089
Wind
Storm
-
U.S.
Gulf
-
(0.1%):
3264
Re,
Series
B,
21.51%
(FHMMUSTF+1800bps),
7/8/27,
Callable
6/30/26
@
106(c)(h)(i)
500
521
Wind
Storm
-
U.S.
Multistate
-
(0.9%):
Chartwell
Re,
Series
C,
12.79%
(JMMMUSTF+925bps),
6/7/28,
Callable
6/7/26
@
106(c)(h)
(i)
..............................................................
750
784
Citrus
Re,
Series
A,
11.30%
(BRMMUSDF+775bps),
6/7/28,
Callable
6/5/26
@
106.5(c)(h)(i)
4,000
4,052
Victory
Pioneer
ILS
Interval
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Gateway
Re
14.43%,
(BRMMUSDF+1088bps),
7/8/26,
Callable
6/4/26
@
105.25(c)(h)(i)
.......
$
1,000
$
1,016
9.45%,
(BRMMUSDF+590bps),
7/8/27,
Callable
6/16/26
@
103.25(c)(h)(i)
........
1,250
1,271
Wind
Storm
-
U.S.
Regional
-
(0.4%):
Citrus
Re
12.74%,
(BRMMUSDF+919bps),
6/7/27(c)(h)(i)
............................
1,250
1,287
13.99%,
(BRMMUSDF+1044bps),
6/7/27(c)(h)(i)
...........................
1,750
1,818
102,578
Reinsurance
Sidecars
(57.9%):
Multiperil
-
U.S.
-
(3.6%):
Carnoustie
Re,
12/31/31(a)(b)(c)(d)
..........................................
30,532
29,402
Multiperil
-
U.S.
Regional
-
(0.0%):
Brotherhood
Mutual
Re,
1/31/27(b)(c)(e)
......................................
5,110
—
Multiperil
-
Worldwide
-
(54.3%):
Alturas
Re
7/31/26(a)(c)(d)(j)
..................................................
7,274
204
12/31/27(a)(c)(d)(j)
.................................................
7,797
97
Bantry
Re
6/30/31(a)(b)(c)(d)
..................................................
38,030
44,367
12/31/31(b)(c)(d)(e)
.................................................
39,448
42,587
Berwick
Re,
12/31/31(b)(c)(d)(e)
............................................
54,811
53,593
Clearwater
Re
12/31/31(b)(c)(e)
...................................................
14,115
15,072
3/31/32(b)(c)(e)
....................................................
26,510
26,714
Eden
Re
II
3/19/27(a)(b)(c)(f)(i)
................................................
125
506
3/17/28(a)(b)(c)(f)(i)
................................................
123
433
3/19/30(a)(b)(c)(f)(i)
................................................
12,100
1,734
Gleneagles
Re,
2022,
12/31/27(a)(b)(c)(d)
.....................................
17,549
621
Gullane
Re,
12/31/31(b)(c)(d)(e)
............................................
55,662
44,739
Kirkham
Re,
12/31/31(b)(c)(e)
.............................................
37,706
29,385
Pangaea
Re
7/1/31(a)(b)(c)(d)
...................................................
28,650
35,414
12/31/31(b)(c)(d)(e)
.................................................
32,646
30,773
Pi0050
Banbury
Re,
12/31/31(b)(c)(e)
........................................
15,552
17,114
Rosapenna
Re,
6/30/31(b)(c)(e)
.............................................
15,231
18,903
Sector
Re
V
12/1/29(a)(b)(c)(f)(i)
................................................
16
1,505
12/1/30(b)(c)(e)(f)(i)
................................................
24,000
19,160
12/1/30(b)(c)(e)(f)(i)
................................................
11,500
2,486
Sussex
Re,
12/31/27(b)(c)(e)
...............................................
20,750
—
Thopas
Re
12/31/26(a)(c)(d)(j)
.................................................
40,000
588
12/31/26(a)(c)(d)(j)
.................................................
19,180
86
12/31/27(a)(c)(d)(j)
.................................................
43,771
222
12/31/28(a)(c)(d)(j)
.................................................
45,673
—
12/31/29(a)(c)(d)(j)
.................................................
45,673
212
12/31/30(a)(c)(d)(j)
.................................................
48,350
2,455
12/31/31(c)(d)(e)(j)
.................................................
56,397
58,806
Viribus
Re
12/31/26(a)(c)(d)(j)
.................................................
11,677
—
12/31/26(a)(c)(d)(j)
.................................................
27,500
—
12/31/28(a)(c)(d)(j)
.................................................
23,750
—
477,178
Total
Insurance-Linked
Securities
(Cost
$736,242)
a
a
a
741,485
Victory
Pioneer
ILS
Interval
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
See
notes
to
financial
statements.
(a)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy
based
on
significant
unobservable
inputs.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(b)
Issued
as
participation
notes.
(c)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
April
30,
2026
(amounts
in
thousands):
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Treasury
Obligations
(7.2%)
U.S.
Treasury
Bills
3.41%,
5/19/26(k)
..................................................
$
24,500
$
24,456
3.51%,
6/4/26(k)
...................................................
24,900
24,816
3.52%,
6/9/26(k)
...................................................
10,000
9,961
Total
U.S.
Treasury
Obligations
(Cost
$59,232)
a
a
a
59,233
Total
Investments
(Cost
$795,474)
—
97.3%
800,718
Other
assets
in
excess
of
liabilities
—  2.7%
22,509
NET
ASSETS
-
100.00%
$
823,227
At
April
30,
2026,
the
Fund's
investments
in
foreign
securities
were
89.9%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
3264
Re,
Series
A
...................................................
5/19/2025
$
1,000
$
1,022
3264
Re,
Series
B
...................................................
6/24/2024
500
521
Alamo
Re
........................................................
4/4/2024
2,000
2,000
Alturas
Re,
2021-3
..................................................
7/1/2021
594
204
Alturas
Re,
2022-2
..................................................
4/11/2023
—
97
Amaranth
Re
......................................................
2/2/2026
3,709
3,865
Armor
Re
II,
Series
A
................................................
4/11/2024
1,000
1,049
Atela
Re,
Series
A
..................................................
4/29/2024
1,000
1,048
Bantry
Re
........................................................
12/19/2025
39,448
42,587
Bantry
Re
........................................................
7/23/2025
35,970
44,367
Berwick
Re
.......................................................
12/19/2025
54,811
53,593
Bluebonnet
Re,
Series
A
..............................................
5/8/2025
1,500
1,545
Bluebonnet
Re,
Series
B
..............................................
5/8/2025
1,500
1,558
Bluebonnet
Re,
Series
C
..............................................
5/8/2025
2,000
2,089
Bridge
Street
Re,
Series
A
.............................................
12/24/2024
2,000
2,007
Brotherhood
Mutual
Re
..............................................
1/22/2018
774
—
Cape
Lookout
Re,
Series
A
............................................
2/27/2025
5,800
6,015
Carnoustie
Re
.....................................................
1/30/2026
30,532
29,402
Cerulean
Re
.......................................................
9/10/2018
2,225
—
Chartwell
Re,
Series
C
...............................................
5/2/2025
750
784
Citrus
Re,
Series
A
..................................................
3/19/2024
1,250
1,287
Citrus
Re,
Series
A
..................................................
3/5/2025
4,000
4,052
Citrus
Re,
Series
B
..................................................
3/19/2024
1,750
1,818
Clearwater
Re
.....................................................
4/2/2026
26,510
26,714
Clearwater
Re
.....................................................
12/19/2025
14,115
15,072
Dartmouth
Re
.....................................................
5/8/2025
3,124
4,153
Easton
Re
........................................................
5/16/2024
996
1,010
Eden
Re
II
........................................................
12/27/2024
2,100
1,734
Eden
Re
II,
Series
B
.................................................
1/17/2023
—
506
Eden
Re
II,
Series
B
.................................................
1/10/2024
—
433
First
Coast
Re,
Series
B
..............................................
2/21/2025
3,000
3,047
Floodsmart
Re,
Series
B
..............................................
2/23/2023
450
23
FloodSmart
Re
.....................................................
2/29/2024
2,900
13,484
Four
Lakes
Re
.....................................................
12/8/2023
750
753
Gamboge
Re
......................................................
4/23/2025
14,088
16,897
Gamboge
Re
......................................................
5/9/2024
4,612
2,289
Gateway
Re
.......................................................
3/11/2024
1,250
1,271
Gateway
Re,
Series
A
................................................
7/14/2023
1,000
1,016
Gleneagles
Re,
2022
.................................................
1/18/2022
6,768
621
Gullane
Re
.......................................................
12/19/2025
55,662
44,739
Herbie
Re,
Series
B
.................................................
2/15/2024
1,500
1,494
Herbie
Re,
Series
B
.................................................
12/17/2024
500
510
Herbie
Re,
Series
C
.................................................
12/17/2024
1,000
997
Victory
Pioneer
ILS
Interval
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
Value
Hestia
Re,
Series
B
..................................................
2/27/2025
$
2,000
$
2,029
Integrity
Re,
Series
D
................................................
3/1/2024
1,000
1,019
Integrity
Re
III,
Series
A-1
............................................
2/21/2025
1,000
1,012
Integrity
Re
III,
Series
A-2
............................................
2/21/2025
1,000
1,016
Integrity
Re
III,
Series
B-1
............................................
2/21/2025
1,000
1,018
Integrity
Re
III,
Series
B-2
............................................
2/21/2025
500
513
Integrity
Re
III,
Series
C
..............................................
2/21/2025
2,250
2,333
Integrity
Re
III,
Series
D
..............................................
2/21/2025
1,250
1,348
International
Bank
for
Reconstruction
&
Development
........................
4/3/2024
1,984
2,073
International
Bank
for
Reconstruction
&
Development,
Series
A
.................
4/3/2024
1,000
1,023
International
Bank
for
Reconstruction
&
Development,
Series
B
.................
4/3/2024
500
509
Kendall
Re
.......................................................
4/22/2024
2,000
2,039
Kendall
Re,
Series
B
................................................
4/22/2024
750
767
Kingston
Heath
Re
..................................................
3/5/2026
5,702
5,941
Kirkham
Re
.......................................................
2/25/2026
37,706
29,385
Lindrick
Re
.......................................................
6/21/2018
—
—
Llandudno
Re
.....................................................
1/29/2026
3,525
3,716
Macclesfield
Re
....................................................
2/24/2026
3,015
2,997
Mangrove
Re
......................................................
6/25/2025
5
303
Marlon
Re
........................................................
5/24/2024
1,000
1,038
Merion
Re
........................................................
6/27/2025
7,405
9,078
Merion
Re
........................................................
1/28/2026
11,474
12,105
Merion
Re,
2025-1
..................................................
1/16/2025
—
198
Merna
Re
II
.......................................................
5/8/2024
1,500
1,544
Merna
Re
II
.......................................................
4/5/2023
1,000
1,011
Merna
Re
II
.......................................................
5/8/2024
3,000
3,081
Merna
Re
II
.......................................................
5/8/2024
500
514
Merna
Re
II,
Series
A
................................................
5/14/2025
1,000
1,024
Mystic
Re
........................................................
12/12/2023
2,500
2,510
Ocelot
Re,
Series
A
.................................................
2/14/2025
3,000
3,055
Old
Head
Re
......................................................
12/22/2025
15,066
16,172
One
Shield
Re,
Series
1
..............................................
4/10/2026
1,000
1,000
Palm
Re
.........................................................
4/4/2024
2,500
2,601
Palm
Re,
Series
A
...................................................
4/10/2026
3,000
2,999
Pangaea
Re
.......................................................
7/25/2025
28,650
35,414
Pangaea
Re
.......................................................
12/19/2025
32,646
30,773
Phoenix
3
Re
......................................................
12/21/2020
1,980
3,397
Pi0047
Re
........................................................
6/27/2025
52,012
57,856
Pi0050
Banbury
Re
.................................................
1/29/2026
15,552
17,114
Pi0051
Cheltenham
Re
...............................................
6/11/2025
10,027
12,851
Pine
Valley
Re
.....................................................
1/12/2026
2,213
2,297
Portsalon
Re
......................................................
7/20/2022
454
535
Purple
Re,
Series
A
..................................................
5/6/2025
3,000
3,117
Purple
Re,
Series
B
.................................................
5/6/2025
2,000
2,060
Riviera
Re
........................................................
4/10/2018
2,852
443
Rosapenna
Re
.....................................................
7/8/2025
15,231
18,903
Sanders
Re
.......................................................
12/10/2024
250
254
Sanders
Re
III
.....................................................
1/16/2024
1,975
2,046
Sanders
Re
III
.....................................................
3/24/2023
250
254
Sector
Re
V
.......................................................
12/31/2025
9,912
19,160
Sector
Re
V
.......................................................
12/31/2024
20,016
1,505
Sector
Re
V,
Series
GL-N
.............................................
12/4/2025
11,500
2,486
Sussex
Re
........................................................
1/27/2022
—
—
Thopas
Re
........................................................
1/27/2026
56,397
58,806
Thopas
Re,
2020
...................................................
12/30/2019
—
86
Thopas
Re,
2021
...................................................
12/30/2020
—
588
Thopas
Re,
2022
...................................................
2/7/2022
—
222
Thopas
Re,
2023
...................................................
2/15/2023
—
—
Thopas
Re,
2024
...................................................
2/2/2024
—
212
Thopas
Re,
2025
...................................................
1/10/2025
—
2,455
Titania
Re,
Series
A
.................................................
4/15/2026
250
250
Tomtit
Re
........................................................
12/31/2025
7,051
6,334
TorRey
Pines
Re,
Series
B
............................................
4/25/2025
2,750
2,796
TorRey
Pines
Re,
Series
C
............................................
4/25/2025
2,250
2,311
Victory
Pioneer
ILS
Interval
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
See
notes
to
financial
statements.
(d)
Non-income
producing
security.
(e)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
53.4%
of
net
assets
as
of
April
30,
2026.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy
based
on
significant
unobservable
inputs.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(f)
Zero-coupon
bond.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
(h)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
April
30,
2026.
(i)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
April
30,
2026,
the
fair
value
of
these
securities
was
$128,402
(thousands)
and
amounted
to
15.6%
of
net
assets.
(j)
Issued
as
preference
shares.
(k)
Rate
represents
the
effective
yield
at
April
30,
2026.
Security
Name
Acquisition
Date
Cost
Value
Turicum
Re,
Series
A
................................................
4/8/2026
$
1,000
$
1,000
Ursa
Re,
Series
F
...................................................
2/10/2025
1,000
1,021
Viribus
Re,
2018
...................................................
12/22/2017
456
—
Viribus
Re,
2019
...................................................
3/25/2019
—
—
Viribus
Re,
2023
...................................................
2/2/2023
—
—
Walton
Heath
Re
...................................................
7/13/2022
—
302
Total
(90.1%
of
net
assets)
$736,242
$741,485
BNMMDTSC
—
Dreyfus
Treasury
Securities
Cash
Management
Fund
Yield
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
FHMMUSTF
—
Federated
Hermes
US
Treasury
Cash
Reserves
Fund
Yield
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
JMMMUSTF
—
JPMorgan
100%
US
Treasury
Securities
Money
Market
Fund
Yield
SOFR
—
Secured
Overnight
Financing
Rate
Forward
Currency
Contracts
At
April
30,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
U.S.
Dollar
348
European
Euro
300
Morgan
Stanley
Bank,
N.A.
6/30/26
$
(5)
U.S.
Dollar
6,953
European
Euro
6,001
Morgan
Stanley
Bank,
N.A.
6/30/26
(110)
Total
Net
Forward
Currency
Contracts
$
(115)
Statement
of
Assets
and
Liabilities
April
30,
2026
11
See
notes
to
financial
statements.
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Pioneer
ILS
Interval
Fund
Assets:
Investments,
at
value
(Cost
$795,474)
$
800,718‌
Cash
22,275‌
Receivables:
Dividends
and
interest
974‌
Capital
shares
issued
786‌
Prepaid
expenses
24‌
Total
Assets
824,777‌
Liabilities:
Payables:
Unrealized
depreciation
on
forward
currency
contracts
115‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
1,166‌
Administration
fees
29‌
Custodian
fees
5‌
Transfer
agent
fees
12‌
Sub-Transfer
agent
fees
59‌
Trustees'
fees
2‌
Other
accrued
expenses
162‌
Total
Liabilities
1,550‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
880,519‌
Total
accumulated
earnings
(loss)
(
57,292‌
)
Net
Assets
$
823,227‌
Shares
(unlimited
number
of
shares
authorized
with
no
par
value):
79,724‌
Net
asset
value,
offering
and
redemption
price
per
share:(a)
$
10.33‌
(a)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
Statement
of
Operations
For
the
Six
Months
Ended
April
30,
2026
12
See
notes
to
financial
statements.
(Amounts
in
Thousands)
(Unaudited)
Victory
Pioneer
ILS
Interval
Fund
Investment
Income:
Dividends
$
85,053‌
Interest
11,291‌
Total
Income
96,344‌
Expenses:
Investment
advisory
fees
6,649‌
Administration
fees
166‌
Sub-Administration
fees
3‌
Custodian
fees
5‌
Transfer
agent
fees
33‌
Sub-Transfer
agent
fees
195‌
Trustees'
fees
13‌
Legal
and
audit
fees
135‌
State
registration
and
filing
fees
13‌
Other
expenses
21‌
Total
Expenses
7,233‌
Less
fees
paid
indirectly
(1‌)
Net
Expenses
7,232‌
Net
Investment
Income
(Loss)
89,112‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
58,865‌
Net
realized
gains
(losses)
from
forward
foreign
currency
exchange
contracts
133‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
(67,977‌)
Net
change
in
unrealized
appreciation/depreciation
on
forward
foreign
currency
exchange
contracts
(115‌)
Net
realized/unrealized
gains
(losses)
on
investments
(9,094‌)
Change
in
net
assets
resulting
from
operations
$
80,018‌
13
(Amounts
in
Thousands)
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Pioneer
ILS
Interval
Fund
Six
Months
Ended
April
30,
2026
(Unaudited)
Year
Ended
October
31,
2025
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
89,112‌
$
107,930‌
Net
realized
gains
(losses)
58,998‌
(13,634‌)
Net
change
in
unrealized
appreciation/depreciation
(68,092‌)
24,900‌
Change
in
net
assets
resulting
from
operations
80,018‌
119,196‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
(67,212‌)
(83,901‌)
Change
in
net
assets
resulting
from
capital
transactions
63,861‌
10,578‌
Change
in
net
assets
76,667‌
45,873‌
Net
Assets:
Beginning
of
period
746,560‌
700,687‌
End
of
period
$
823,227‌
$
746,560‌
Capital
Transactions:
Proceeds
from
shares
issued
$
85,680‌
$
89,439‌
Distributions
reinvested
9,561‌
10,877‌
Cost
of
shares
redeemed
(31,380‌)
(89,738‌)
Change
in
net
assets
resulting
from
capital
transactions
$
63,861‌
$
10,578‌
Share
Transactions:
Issued
8,807‌
9,980‌
Reinvested
1,013‌
1,242‌
Redeemed
(3,242‌)
(9,963‌)
Change
in
Shares
6,578‌
1,259‌
Statement
of
Cash
Flows
April
30,
2026
14
See
notes
to
financial
statements.
(Amounts
in
Thousands)
(Unaudited)
 (a)
Rounds to
less
than
$1 thousands.
Victory
Pioneer
ILS
Interval
Fund
Six
Months
 Ended
April
30,
2026
Cash
flows
from
operating
activities:
Net
increase
in
net
assets
resulting
from
operations
$
80,018‌
Adjustments
to
reconcile
net
increase
in
net
assets
resulting
from
operations
to
net
cash
and
foreign
currencies
from
operating
activities:
—‌
Purchases
of
investment
securities
(546,154‌)
Proceeds
from
disposition
and
maturity
of
investment
securities
566,415‌
Net
purchase
of
short-term
investments
(83,421‌)
Net
accretion
and
amortization
of
discount/premium
on
investment
securities
(54‌)
Net
realized
gain
on
investments
in
unaffiliated
issuers
(
58,846‌
)
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
67,977‌
Change
in
unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
115‌
Decrease
in
dividends
and
interest
receivable
352‌
Decrease
in
prepaid
expenses
1‌
Increase
in
management
fees
payable
69‌
Decrease
in
administration
expenses
payable
(3‌)
Decrease
in
transfer
agent
fees
payable
(7‌)
Increase
in
sub-transfer
agent
fees
payable
26‌
Increase
in
custodian
fees
payable
1‌
Decrease
in
other
accrued
expenses
(77‌)
Net
cash
provided
by
(used
in)
operating
activities
$
26,412‌
Cash
Flows
Used
In
Financing
Activities:
Proceeds
from
shares
sold
84,894‌
Distribution
to
shareholders
(67,212‌)
Less
shares
repurchased
(31,380‌)
Cash
paid
for
capital
shares
redeemed
9,561‌
Net
cash
flows
used
in
financing
activities
$
(4,137‌)
NET
INCREASE(DECREASE)
IN
CASH
AND
FOREIGN
CURRENCIES
(
22
,
275‌
)
Cash
and
foreign
currencies:
Beginning
of
period
—‌
(a)
End
of
period
$
22
,
275‌
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
15
See
notes
to
financial
statements.
Victory
Pioneer
ILS
Interval
Fund
Six
Months
Ended
April
30,
2026
(Unaudited)
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Net
Asset
Value,
Beginning
of
Period
$10.21
$9.75
$9.40
$8.10
$8.43
$8.88
Investment
Activities:
Net
investment
income
(loss)(a)
1.16
1.47
1.92
0.58
0.28
0.30
Net
realized
and
unrealized
gains
(losses)
(0.12)
0.16
(0.48)
0.94
(0.44)
(0.31)
Total
from
Investment
Activities
1.04
1.63
1.44
1.52
(0.16)
(0.01)
Distributions
to
Shareholders
from:
Net
investment
income
(0.92)
(1.17)
(1.09)
(0.22)
(0.17)
(0.44)(b)
Total
Distributions
(0.92)
(1.17)
(1.09)
(0.22)
(0.17)
(0.44)
Net
Asset
Value,
End
of
Period
$10.33
$10.21
$9.75
$9.40
$8.10
$8.43
Total
Return(c)(d)
11.24%
18.66%
17.29%
19.22%
(1.97)%
(0.11)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.90%(g)
1.91%
1.93%
1.94%
1.88%
1.91%
Net
Investment
Income
(Loss)(e)
23.44%
15.83%
21.18%
6.78%
3.41%
3.46%
Gross
Expenses(e)(f)
1.90%(g)
1.91%
1.93%
1.94%
1.88%
1.91%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$823,227
$746,560
$700,687
$682,317
$806,512
$982,923
Portfolio
Turnover(c)
43%
34%
29%
41%
45%
70%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
The
amount
of
distributions
made
to
shareholders
during
the
year
was
in
excess
of
the
net
investment
income
earned
by
the
Fund
during
the
year.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Reflects
total
annual
operating
expenses
before
reductions
of
any
expenses
paid
indirectly.
The
Fund's
expenses
paid
indirectly
decreased
the
expense
ratios
by
less
than
0.01%.
Notes
to
Financial
Statements
April
30,
2026
16
(Unaudited)
1.
Organization:
Victory
Pioneer
ILS
Interval
Fund
(the
“Fund”)
was
organized as
a
Delaware
statutory
trust
on
July
15,
2014.
Prior
to
commencing
operations
on
December
22,
2014,
the
Fund
had
no
operations
other
than
matters
relating
to
its
organization
and
registration
as
a
non-diversified,
closed-
end
management
investment
company
under
the Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”). The
investment
objective
of
the
Fund
is
to
seek
total
return.
The
accompanying
financial
statements
are
those
of
the
following
fund
(the
“Fund”):
*
On March
1,
2026, Pioneer ILS
Interval Fund
was
renamed
Victory
Pioneer
ILS
Interval
Fund.
The
Fund’s
ability
to
accept
offers
to
purchase
shares
may
be
limited
when
appropriate
investments
for
the
Fund
are
not
available.
Shares
are
generally
available
for
purchase
by
registered
investment
advisers
acting
in
a
fiduciary
capacity
on
behalf
of
their
clients
and
by
or
through
other
qualified
intermediaries
and
programs
sponsored
by
such
qualified
financial
intermediaries.
Shares
are
also
available
to
certain
direct
investors,
which
may
be
individuals,
trusts,
foundations
and
other
institutional
investors.
Effective
March
1,
2026,
investors
may
purchase
shares
on
any
regular
business
day
and
the
Fund
will
no
longer
schedule
quarterly
share
purchase
windows.
Initial
investments
are
subject
to
investment
minimums
described
in
the
prospectus.
Registered
investment
advisers
and
other
financial
intermediaries
may
impose
different
or
additional
minimum
investment
and
eligibility
requirements
from
those
of
the
fund.
The
Adviser
or
the
Distributor
may
waive
the
Fund’s
minimum
investment
requirements.
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
The
Fund
is
an
“interval”
fund
and
makes
periodic
offers
to
repurchase
shares
(See
Note
9).
Except
as
permitted
by
the
Fund’s
structure,
no
shareholder
will
have
the
right
to
require
the
Fund
to
repurchase
its
shares.
No
public
market
for
shares
exists,
and
none
is
expected
to
develop
in
the
future.
Consequently,
shareholders
generally
will
not
be
able
to
liquidate
their
investment
other
than
as
a
result
of
repurchases
of
their
shares
by
the
Fund.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
its
vendors
and
others
that
provide
for
general
indemnifications.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund.
However,
based
on
experience,
the
Fund
expects
that
risk
of
loss
to
be
remote.
Effective
April
1,
2025,
VCM
serves
as
the
Fund’s
investment
adviser,
succeeding
Amundi
Asset
Management
US,
Inc.
(“Amundi
US”).
On
the
same
date,
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
became
the
Distributor
for
the
Fund's
shares,
succeeding
Amundi
Distributor
US,
Inc.
The
Distributor
receives
no
fee
or
other
compensation
for
these
services
(See
Note
5).
On
October
31,
2025,
the
Trust’s
Board
of
Trustees
(the
“Board”),
upon
the
recommendation
of
the
Adviser,
approved
a
change
in
the
Fund's
custodian,
sub-administrator,
sub-fund
accountant,
and
transfer
agent.
Effective
as
of
February
9,
2026, Citibank,
N.A.
serves
as
the
custodian
of
the
Fund,
Citi
Fund
Services
Ohio,
Inc.
serves
as
sub-administrator
and
sub-fund
accountant
of
the
Fund
and
FIS
Investor
Services
LLC
serves
as
transfer
agent
of
the
Fund.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Fund
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
the
Adviser
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
follows
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
(ASC)
Topic 946.
Investment
Valuation: 
The
Fund
records
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to sell
an asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Fund’s
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
Fund
(Legal
Name)
Fund
(Short
Name)
Victory
Pioneer
ILS
Interval
Fund
(formerly
Pioneer
ILS
Interval
Fund)*
ILS
Interval
Fund
Notes
to
Financial
Statements
—
continued
April
30,
2026
17
(Unaudited)
(1)
Realized
gain
(loss)
on
these
securities
is
included
in
the
realized
gain
(loss)
from
investments
on
the
Statement
of
Operations.
(2)
Unrealized
appreciation
(depreciation)
on
these
securities
is
included
in
the
change
in
unrealized
appreciation
(depreciation)
from
investments
on
the
Statement
of
Operations.
*
Transfers
are
calculated
on
the
beginning
of
period
values.
During
the
six
months
ended
April
30,
2026,
there
were
no
significant
transfers
into/out
of
Level
3.
The Adviser,
appointed
as
the
valuation
designee
by the
Trust's
Board
of
Trustees
(the
“Board”), has
established
the
Pricing
Committee
(the
“Committee”),
and
subject
to
Board
oversight,
the
Committee
administers
and
oversees
the
Fund’s
valuation
policies
and
procedures,
which
are
approved
by
the
Board.
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.
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
matrix,
insurance
valuation
models,
or
other
fair
value
methods
or
techniques
to
provide
an
estimated
value
of
the
instrument.
Event-linked
bond
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Other
insurance-linked
valuations
are
typically
categorized
as
Level
3
in
the
fair
value
hierarchy.
Debt
securities
are
valued
each
business
day
by
a
pricing
service
approved
by
the
valuation
designee
and
subject
to
the
oversight
of
the
Board.
The
pricing
service
uses
the
evaluated
bid
or market
quotes to
value
securities.
Debt
obligations
maturing
within
60
days
may
be
valued
at
amortized
cost,
provided
that
the
amortized
cost
represents
the
fair
value
of
such
securities.
These
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
April
30,
2026, based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedule
of
Portfolio
Investments
(amounts
in
thousands):
The
following
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
(amounts
in
thousands):
Level
1
Level
2
Level
3
Total
ILS
Interval
Fund
Insurance-Linked
Securities
......................................
$
—
$
105,977
$
635,508
$
741,485
U.S.
Treasury
Obligations
........................................
—
59,233
—
59,233
Total
.......................................................
$
—
$
165,210
$
635,508
$
800,718
Other
Financial
Investments:*
Liabilities:
Forward
Currency
Contracts
......................................
—
(115)
—
(115)
Total
.......................................................
$
—
$
(115)
$
—
$
(115)
Insurance-Linked
Securities
Balance
as
of
10/31/2025
$
586,407
Realized
gain
(loss)
(1)
57,254
Changed
in
unrealized
appreciation
(depreciation)
(2)
54,897
Return
of
capital
—
Purchases
385,288
Sales
(335,323)
Transfers
in
to
Level
3
*
—
Transfers
out
of
Level
3
*
(3,221)
Balance
as
of
4/30/2026
$
635,508
Net
change
in
unrealized
appreciation
(depreciation)
of
Level
3
investments
still
held
and
considered
Level
3
at
April
30,
2026:
$
(13,538)
Notes
to
Financial
Statements
—
continued
April
30,
2026
18
(Unaudited)
Investment
Companies:
Open-End
Funds:
The
Fund
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Securities
Purchased
on
a
Delayed-Delivery
or
When-Issued
Basis:
The
Fund
may
purchase
securities
on
a
delayed-delivery
or
when-issued
basis.
Delivery
and
payment
for
securities
that
have
been
purchased
by
the
Fund
on
a
delayed-delivery
or
when-issued
basis,
or
for
delayed
draws
on
loans
can
generally
take
place
within
35
days after
the
trade
date.
Securities
that
require
more
than
35
days
to
settle
are
considered
a
senior
security
and
subject
to
Rule
18f-4.
At
the
time
the
Fund
makes
the
commitment
to
purchase
a
security
on
a
delayed-delivery
or
when-issued
basis,
the
Fund
records
the
transaction
and
reflects
the
value
of
the
security
in
determining
NAV.
No
interest
accrues
to
the
Fund
until
the
transaction
settles
and
payment
takes
place. 
If
the
Fund
owns
delayed-
delivery
or
when-issued
securities,
these
values
are
included
in
Payables
for
Investments
purchased
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Loans:
Floating
rate
loans
in
which
the
Fund
invests
are
primarily
“senior”
loans.
Senior
floating
rate
loans
typically
hold
a
senior
position
in
the
capital
structure
of
the
borrower,
are
typically
secured
by
specific
collateral,
and
have
a
claim
on
the
assets
and/or
stock
of
the
borrower
that
is
senior
to
that
held
by
subordinated
debtholders
and
stockholders
of
the
borrower.
While
these
protections
may
reduce
risk,
these
investments
still
present
significant
credit
risk.
A
significant
portion
of
the
Fund’s
floating
rate
investments
may
be
issued
in
connection
with
highly
leveraged
transactions
such
as
leveraged
buyouts,
leveraged
recapitalization
loans,
and
other
types
of
acquisition
financing.
Obligations
in
these
types
of
transactions
are
subject
to
greater
credit
risk
(including
default
and
bankruptcy)
than
many
other
investments
and
may
be,
or
become,
illiquid.
See
note
regarding
below-investment-grade
securities.
The
Fund
may
purchase
second
lien
loans
(secured
loans
with
a
claim
on
collateral
subordinate
to
a
senior
lender’s
claim
on
such
collateral),
fixed
rate
loans,
unsecured
loans,
and
other
debt
obligations.
Transactions
in
loans
often
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
or
pay
for
a
loan
purchase
for
a
substantial
period
of
time
after
entering
into
the
transactions.
Equity-Linked
Notes:
Equity-linked
notes
seek
to
generate
income
and
provide
exposure
to
the
performance
of
an
underlying
security,
group
of
securities
or
exchange
traded
funds
(the
“underlying
reference
instrument”).
In
an
equity-linked
note,
the
Fund
purchases
a
note
from
a
bank
or
broker-dealer
and
in
return,
the
issuer
provides
for
interest
payments
during
the
term
of
the
note.
At
maturity
or
when
the
security
is
sold,
the
Fund
will
either
settle
by
taking
physical
delivery
of
the
underlying
reference
instrument
or
by
receipt
of
a
cash
settlement
amount
equal
to
the
value
of
the
note
at
termination
or
maturity.
The
use
of
equity-linked
notes
involves
the
risk
that
the
value
of
the
note
changes
unfavorably
due
to
movements
in
the
value
of
the
underlying
reference
instrument.
Equity-linked
notes
are
considered
general
unsecured
contractual
obligations
of
the
bank
or
broker-dealer.
The
Fund
must
rely
on
the
creditworthiness
of
the
issuer
for
its
investment
returns.
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
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.
Notes
to
Financial
Statements
—
continued
April
30,
2026
19
(Unaudited)
Statement
of
Cash
Flows:
Information
on
financial
transactions
which
have
been
settled
through
the
receipt
or
disbursement
of
cash
or
restricted
cash
is
presented
in
the
Statement
of
Cash
Flows.
Cash
as
presented
in
the
Fund’s
Statement
of
Assets
and
Liabilities
includes
cash
on
hand
at
the
Fund’s
custodian
bank
and
does
not
include
any
short-term
investments.
As
of
and
for
the six
months
ended April
30,
2026,
the
Fund
had
no
restricted
cash
presented
on
the
Statement
of
Assets
and
Liabilities.
Derivative
Instruments:
Foreign
Exchange
Currency
Contracts:
The
Fund
may
enter
into
foreign
exchange
currency
contracts
to
convert
U.S.
dollars
to
and
from
various
foreign
currencies.
A
foreign
exchange
currency
contract
is
an
obligation
by the
Fund
to
purchase
or
sell
a
specific
currency
at
a
future
date
at
a
price
(in
U.S.
dollars)
set
at
the
time
of
the
contract.
The
Fund
does
not
engage
in
“cross-currency”
foreign
exchange
contracts
(i.e.,
contracts
to
purchase
or
sell
one
foreign
currency
in
exchange
for
another
foreign
currency).
The
Fund’s
foreign
exchange
currency
contracts
might
be
considered
spot
contracts
(typically
a
contract
of
one
week
or
less)
or
forward
contracts
(typically
a
contract
term
over
one
week).
A
spot
contract
is
entered
into
for
purposes
of
hedging
against
foreign
currency
fluctuations
relating
to
a
specific
portfolio
transaction,
such
as
the
delay
between
a
security
transaction
trade
date
and
settlement
date.
Forward
contracts
are
entered
into
for
purposes
of
hedging
portfolio
holdings
or
concentrations
of
such
holdings. Each
foreign
exchange
currency
contract
is
adjusted
daily
by
the
prevailing
spot
or
forward
rate
of
the
underlying
currency,
and
any
appreciation
or
depreciation
is
recorded
for
financial
statement
purposes
as
unrealized
until
the
contract
settlement
date,
at
which
time
the
Fund
records
realized
gains
or
losses
equal
to
the
difference
between
the
value
of
a
contract
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
The Fund
could
be
exposed
to
risk
if
a
counterparty
is
unable
to
meet
the
terms
of
a
foreign
exchange
currency
contract
or
if
the
value
of
the
foreign
currency
changes
unfavorably.
In
addition,
the
use
of
foreign
exchange
currency
contracts
does
not
eliminate
fluctuations
in
the
underlying
prices
of
the
securities.
The
Fund
enters
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Fund
does
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains). As
of April
30,
2026,
the
Fund
had
open
forward
foreign
exchange
currency
contracts.
Summary
of
Derivative
Instruments:
The
following
table
summarizes
the
fair
values
of
derivative
instruments
on
the
Statement
of
Assets
and
Liabilities,
categorized
by
risk
exposure,
as
of
April
30,
2026 (amounts
in
thousands):
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statement
of
Operations,
categorized
by
risk
exposure,
for
the six
months
ended
April
30,
2026 (amounts
in
thousands):
All
open
derivative
positions
at
period end
are
reflected
on
the
Fund’s
Schedule
of
Portfolio
Investments.
The
underlying
face
value
of
open
derivative
positions
relative
to the
Fund’s
net
assets
at period
end
is
representative
of
the
notional
amount
of
open
positions
to
net
assets
throughout
the
period.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and recorded
daily
using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Interest
income
is
recorded
daily
on
the
accrual
basis. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Liabilities
Forward
Currency
Contracts
Foreign
Exchange
Rate
Risk
Exposure:
115,000
ILS
Interval
Fund
....................................................................................
$
115
Net
Realized
Gains
(Losses)
from
Forward
Currency
Exchange
Contracts
Net
Change
in
Unrealized
Appreciation/
Depreciation
from
Forward
Currency
Exchange
Contracts
Forward
Exchange
Rate
Risk
Exposure:
133,000
(115,000)
ILS
Interval
Fund
..................................................................
$
133
$
(115)
Notes
to
Financial
Statements
—
continued
April
30,
2026
20
(Unaudited)
The Fund
may
receive
other
income
from
investments
in
loan
assignments
and/or
unfunded
commitments,
including
amendment
fees,
consent
fees,
and
commitment
fees.
These
fees
are
recorded
as
income
when
received.
These
amounts,
if
received,
are
included
in
Interest
income
on
the
Statement
of
Operations. 
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Fund
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Foreign
Currency
Translations:
The
accounting
records
of
the
Fund
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of the
Fund
denominated
in
a
foreign
currency
are
translated
into
U.S.
dollars
at
current
exchange
rates.
Purchases
and
sales
of
securities,
income
receipts,
and
expense
payments
are
translated
into
U.S.
dollars
at
the
exchange
rates
on
the
date
of
the
transactions.
The
Fund
does
not
isolate
the
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations,
if
any,
are
disclosed
as
Net
change
in
unrealized
appreciation/depreciation
on investment
securities
and
foreign
currency
translations
on
the
Statement
of
Operations.
Realized
gains
or
losses
from
these
fluctuations,
if
any,
are
disclosed
as
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
on
the
Statement
of
Operations.
Federal
Income
Taxes:
The
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Fund
has
a
tax
year
end
of October
31.
For
the
six
months
ended
April
30,
2026,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties,
and
has
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Fund
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
related
to
foreign
income
received
(a
portion
of
which
may
be
reclaimable),
capital
gains
on
the
sale
of
securities,
and
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
Allocations:
Expenses
directly
attributable
to the
Fund
are
charged
to the
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Fees
Paid
Indirectly:
Expense
offsets
to
custody
fees
that
arise
from
credits
on
cash
balances
maintained
on
deposit
are
reflected
on
the
Statement
of
Operations,
as
applicable,
as
Fees
paid
indirectly.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
April
30,
2026,
were
as
follows
(amounts
in
thousands):
4.
Affiliated
Fund
Ownership:
The
Fund
offers
shares
for
investment
by
other
funds
including
VCM
affiliated
fund-of-funds.
The
affiliated fund-of-funds
do
not
invest
in
the
underlying
funds
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
affiliated fund-of-funds
within
its
principal
investment
strategies
may
represent
a
significant
portion
of
an
underlying
fund’s
assets,
and
together
with
the
investments
of
the
other
affiliated
funds-of-funds,
may
represent
a
substantial
portion
or
even
all
of
an
underlying
fund’s
net
assets.
The
affiliated
fund-of-funds’
annual
and
semi-
annual
reports
may
be
viewed
at
vcm.com.
As
of
April
30,
2026,
certain
affiliated
fund-of-funds
owned
total
outstanding
shares
of
the
Fund
as
follows:
Excluding
U.S.
Government
Securities
Purchases
Sales
ILS
Interval
Fund
..........................................................................
$
504,069
$
324,355
Notes
to
Financial
Statements
—
continued
April
30,
2026
21
(Unaudited)
5.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Fund
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees accrued
daily
and
paid
monthly
at
an
annualized
rate
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
rates
at
which
the
Adviser
is
paid
by
the
Fund
are
included
in
the
table
below.
Amounts
incurred
and
paid
to
VCM
for
the
six
months ended
April
30,
2026,
are
reflected
on
the
Statement
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Fund’s
administrator
and
fund
accountant.
Under
the Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
all
Companies
and
Funds
(as
defined
in
the
Administration
and
Fund
Accounting
Agreement)
together
with
all
other
registered
investment
companies
for
which
VCM
acts
as
administrator,
and
allocating
to the
Fund
on
a
pro
rata
basis
calculated
based
on
the
Fund’s
average
daily
net
assets.
The
tiered
rates
at
which
VCM
is
paid
by
the
Fund
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
April
30,
2026,
are
reflected
on
the
Statement
of
Operations
as
Administration
fees.
Effective
February
9,
2026,
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Fund
pursuant
to
a
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The
Fund
reimburses
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services,
including
costs
associated
with
the
Chief
Compliance
Officer,
and
implementing
new
reports
required
by
new
rules
adopted
by
the
SEC
under
the
1940
Act.
Prior
to
February
9,
2026,
BNY
Mellon
served
as
sub-administrator
and
sub-fund
accountant
for
the
Fund.
The
total
amounts
incurred
and
paid
for
through
the six
months
ended April
30,
2026
are
reflected
within
the
Sub-Administration
fees
on
the
Statement
of
Operations.
Transfer
Agency
Fees:
Effective February
9,
2026,
FIS
Investor
Services
LLC,
serves
as
the
Fund’s
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services.
Prior
to February
9,
2026,
BNY
Mellon
Investment
Servicing
(US)
Inc.
served
as
the
transfer
agent
to
the
Fund at
negotiated
rates
where
transfer
agent
fees
included
sub-transfer
agent
expenses
incurred
through
the
Fund's
omnibus
relationship
contracts.
In
addition,
the
Fund
would
reimburse
out-of-pocket
expenses
incurred
by
the
former
transfer
agent
related
to
shareholder
communications
activities
such
as
proxy
and
statement
mailings,
and
outgoing
phone
calls.
Total
transfer
agent
fees
incurred
for
the
year
ended
April
30,
2026,
are
reflected
on
the
Statement
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees:
Effective
February
9,
2026,
the
Fund
has
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Fund
and
have
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Fund
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Fund.
These
services
would
have
been
provided
by
the
Fund’s
transfer
agent
and
other
service
providers
if
the
shareholders'
accounts
were
maintained
directly
at
the
Fund's
transfer
agent.
Prior
to
February
9,
2026,
ILS
Interval
Fund
Ownership
%
Victory
Pioneer
Solutions
–
Balanced
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2
Victory
Pioneer
Bond
VCT
Portfolio
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.6
Victory
Pioneer
High
Yield
VCT
Portfolio
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1
Victory
Pioneer
Strategic
Income
VCT
Portfolio
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2
Adviser
Fee
Tier
Rates
Up
to
$1
billion
Over
$1
billion
ILS
Interval
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.75%,
plus
1.70%
Annual
Charge
Up
to
$15
billion
Over
$15
billion
-
$30
billion
Over
$30
billion
-
$85
billion
Over
$85
billion
ILS
Interval
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.08%,
plus
0.05%,
plus
0.04%,
plus
0.03%
Notes
to
Financial
Statements
—
continued
April
30,
2026
22
(Unaudited)
BNY
Mellon
served
as
sub-transfer
agent.
Total
sub-transfer
agent
fees
incurred
for
the six
months
ended
April
30,
2026,
are
reflected
on
the
Statement
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
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.
Other
Fees:
Effective
February
9,
2026,
Citibank
serves
as
the
Fund's
custodian.
The
Fund
pays
Citibank
a
fee
for
providing
these
services.
Prior
to
February
9,
2026,
BNY
Mellon
served
as
the
Fund's
custodian. Total
custodian
fees
incurred
for
the
period ended
April
30,
2026, are
reflected
on
the
Statement
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with the Trust.
Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
in
any
fiscal
year
exceed
the
expense limit of the
Fund.
Such
excess
amounts
will
be
the
liability
of
the
Adviser. Acquired fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
are
excluded
from
the
expense
limit.
As
of
April
30,
2026,
the
expense
limit
(excluding
voluntary
waivers) was:
Under
the
terms
of
the
expense
limitation
agreement,
the
Fund
has
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to two
years
(twenty-four
(24)
months)
after
the
waiver
or
reimbursement
took
place,
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.
The
Fund
has
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
April
30,
2026.
Additionally,
as
of April
30,
2026,
the
Fund
had
no recoupable
amounts available
to
be
repaid
to
the
Adviser.
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Fund
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Fund
are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
April
30,
2026.
Certain
officers
and/or
interested
trustees
of
the
Fund
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
legal
counsel,
and
Distributor.
6.
Risks:
The
following
describes
principal
risks
that
you
may
assume
as
an
investor
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.
The
Fund
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Insurance-Linked
Securities
("ILS")
Risk:
The
Fund
could
lose
a
portion
or
all
of
the
principal
it
has
invested
in
an
insurance-linked
security,
and
the
right
to
additional
interest
and/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
may
include
natural
or
other
perils
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.
The
Fund
may
also
invest
in
insurance-
linked
securities
that
are
subject
to
“indemnity
triggers.”
An
indemnity
trigger
is
a
trigger
based
on
the
actual
losses
of
the
ceding
sponsor
(i.e.,
the
party
seeking
reinsurance).
Insurance-linked
securities
subject
to
indemnity
triggers
are
often
regarded
as
being
subject
to
potential
moral
hazard,
since
such
insurance-
linked
securities
are
triggered
by
actual
losses
of
the
ceding
sponsor
and
the
ceding
sponsor
may
have
an
incentive
to
take
actions
and/or
risks
that
would
have
an
adverse
effect
on
the
Fund.
There
is
no
way
to
accurately
predict
whether
a
trigger
event
will
occur
and,
accordingly,
insurance-linked
securities
carry
significant
risk.
In
addition
to
the
specified
trigger
events,
insurance-linked
securities
may
expose
the
Fund
to
other
risks,
including
but
not
limited
to
issuer
(credit)
default,
adverse
regulatory
or
jurisdictional
interpretations
and
adverse
tax
consequences.
Certain
insurance-linked
securities
may
have
limited
liquidity,
or
may
be
illiquid.
The
Fund
has
limited
transparency
into
the
individual
contracts
underlying
certain
insurance-linked
securities,
which
may
make
the
risk
assessment
of
such
securities
more
difficult.
Certain
insurance-linked
securities
may
be
difficult
to
value.
Market
Risk
—
The
market
prices
of
securities
or
other
assets
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,
political
instability,
recessions,
In
effect
until
April
1,
2028
ILS
Interval
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.93%
Notes
to
Financial
Statements
—
continued
April
30,
2026
23
(Unaudited)
inflation,
changes
in
interest
or
currency
rates,
lack
of
liquidity
in
the
bond
markets,
the
spread
of
infectious
illness
or
other
public
health
issues,
weather
or
climate
events,
armed
conflict,
market
disruptions
caused
by
tariffs,
trade
disputes,
sanctions
or
other
government
actions,
or
other
factors
or
adverse
investor
sentiment.
If
the
market
prices
of
the
Fund’s
securities
and
assets
fall,
the
value
of
your
investment
will
go
down.
A
change
in
financial
condition
or
other
event
affecting
a
single
issuer
or
market
may
adversely
impact
securities
markets
as
a
whole.
High-Yield/Junk
Bond
Risk
—
Debt
securities
that
are
below
investment
grade,
called
“junk
bonds,”
are
speculative,
have
a
higher
risk
of
default
or
are
already
in
default,
tend
to
be
less
liquid
and
are
more
difficult
to
value
than
higher
grade
securities.
Junk
bonds
tend
to
be
volatile
and
more
susceptible
to
adverse
events
and
negative
sentiments,
and
may
become
illiquid.
These
risks
are
more
pronounced
for
securities
that
are
already
in
default.
Interest
Rate Risk
— 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.
Duration
is
a
measure
of
a
fixed
income
security’s
sensitivity
to
changes
in
interest
rates.
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
and
could
also
result
in
increased
redemptions
from
the
Fund.
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
generally
will
go
down.
Rising
interest
rates
can
lead
to
increased
default
rates,
as
issuers
of
floating
rate
securities
find
themselves
faced
with
higher
payments.
Unlike
fixed
rate
securities,
floating
rate
securities
generally
will
not
increase
in
value
if
interest
rates
decline.
Changes
in
interest
rates
also
will
affect
the
amount
of
interest
income
the
Fund
earns
on
its
floating
rate
investments.
Credit
Risk
—
The
Fund
will
be
subject
to
credit
risk
with
respect
to
the
amount
each
expects
to
receive
from
counterparties
for
financial
instruments
entered
into
by
the
Fund.
The
Fund
may
be
negatively
impacted
if
a
counterparty
becomes
bankrupt
or
otherwise
fails
to
perform
its
obligations
due
to
financial
difficulties.
The
Fund
may
experience
significant
delays
in
obtaining
any
recovery
in
bankruptcy
or
other
reorganization
proceeding
and
the
Fund
may
obtain
only
limited
recovery
or
may
obtain
no
recovery
in
such
circumstances.
The
Fund
typically
enter
into
transactions
with
counterparties
whose
credit
ratings
are
investment
grade,
as
determined
by
a
nationally
recognized
statistical
rating
organization
or,
if
unrated,
judged
by
the
Adviser
to
be
of
comparable
quality.
Non-Diversification Risk
— The Fund is
not
diversified,
which
means
that
it
can
invest
a
higher
percentage
of
its
assets
in
the
securities
of
any
one
or
more
issuers
than
a
diversified
fund.
 Being
non-diversified
may
magnify
the
Fund's
losses
from
adverse
events
affecting
a
particular
issuer.
7.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The Trust
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank
the
Trust
may
borrow
up
to
$250
million.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the
period
from
September
1,
2025,
through
January
27,
2026,
Citibank
received
an
annual
commitment
fee
of
0.20%
for
providing
the
Line
of
Credit.
Effective
January
28,
2026,
the
agreement
was
renewed
with
a
termination
date
of
June
22,
2026,
and
the
annual
commitment
fee
changed
to
0.275%.
Additionally,
the
agreement
was
renewed
again
effective
June
23,
2026,
with
a
termination
date
of June
21,
2027,
and
the
annual
commitment
fee
remained
unchanged
at
0.275%.
Each
fund
in
the
Trust
paid
a
pro-rata
portion
of
the
commitment
fees
plus
an
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month
Secured
Overnight
Financing
Rate
plus
1.00
percent.
Interest
charged
to
the
Fund
during
the
period,
if
applicable,
is
reflected
on
the
Statement
of
Operations
under
Line
of
credit
fees.
The
Fund
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
April
30,
2026.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
the
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending.
The
Fund
did
not
utilize
or
participate
in
the
Facility
during
the
six
months
ended
April
30,
2026.
Notes
to
Financial
Statements
—
continued
April
30,
2026
24
(Unaudited)
8.
Federal
Income
Tax
Information:
Distributions
from
the
Fund's
net
investment
income
are declared
daily
and
distributed
on
the
last
business
day
of
each
month.
Distributable
net
realized
gains,
if
any,
are
generally
declared
and
paid
at
least
annually. 
The
Fund
may
also
distribute
additional net
investment
income
and
net
realized
gains
if
necessary
for
the
fund
to
avoid
U.S.
federal
income
or
excise
tax.
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification,
utilized
earnings
and
profit
distributions
to
shareholders
on
redemption
of
shares
as
part
of
the
dividends
paid
deduction
for
income
tax
purposes),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Fund
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended October
31,
2025,
the
Fund
had
net
capital
loss
carryforwards as shown
in
the
table
below.
It
is
unlikely
that
the
Board
will
authorize
a
distribution
of
capital
gains
realized
in
the
future
until
the
capital
loss
carryforwards
have
been
used
(amounts
in
thousands):
9.
Master
Netting
Agreements:
The
Fund
has
entered
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
substantially
all
of
its
derivative
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
the
Fund
and
a
counterparty
that
governs
the
trading
of
certain
Over
the
Counter
(“OTC”)
derivatives
and
typically
contains,
among
other
things,
close-out
and
setoff
provisions
which
apply
upon
the
occurrence
of
an
event
of
default
and/or
a
termination
event
as
defined
under
the
relevant
ISDA
Master
Agreement.
The
ISDA
Master
Agreement
may
also
give
a
party
the
right
to
terminate
all
transactions
traded
under
such
agreement
if,
among
other
things,
there
is
deterioration
in
the
credit
quality
of
the
other
party.
Upon
an
event
of
default
or
a
termination
of
the
ISDA
Master
Agreement,
the
non-defaulting
party
has
the
right
to
close-out
all
transactions
under
such
agreement
and
to
net
amounts
owed
under
each
transaction
to
determine
one
net
amount
payable
by
one
party
to
the
other.
The
right
to
close
out
and
net
payments
across
all
transactions
under
the
ISDA
Master
Agreement
could
result
in
a
reduction
of
the
Fund’s
credit
risk
to
its
counterparty
equal
to
any
amounts
payable
by
the
Fund
under
the
applicable
transactions,
if
any.
However,
the
Fund’s
right
to
set-off
may
be
restricted
or
prohibited
by
the
bankruptcy
or
insolvency
laws
of
the
particular
jurisdiction
to
which
each
specific
ISDA
Master
Agreement
of
each
counterparty
is
subject.
The
collateral
requirements
for
derivatives
transactions
under
an
ISDA
Master
Agreement
are
governed
by
a
credit
support
annex
to
the
ISDA
Master
Agreement.
Collateral
requirements
are
generally
determined
at
the
close
of
business
each
day
and
are
typically
based
on
changes
in
market
values
for
each
transaction
under
an
ISDA
Master
Agreement
and
netted
into
one
amount
for
such
agreement.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
threshold
(a
“minimum
transfer
amount”)
before
a
transfer
is
required,
which
may
vary
by
counterparty.
Collateral
pledged
for
the
benefit
of
the
Fund
and/or
counterparty
is
held
in
segregated
accounts
by
the
Fund’s
custodian
and
cannot
be
sold,
repledged,
assigned
or
otherwise
used
while
pledged.
Cash
that
has
been
segregated
to
cover
the
Fund’s
collateral
obligations,
if
any,
will
be
reported
separately
on
the
Statement
of
Assets
and
Liabilities
as
“Swaps
collateral”.
Securities
pledged
by
the
Fund
as
collateral,
if
any,
are
identified
as
such
in
the
Schedule
of
Investments.
Financial
instruments
subject
to
an
enforceable
master
netting
agreement,
such
as
an
ISDA
Master
Agreement,
have
been
offset
on
the
Statement
of
Assets
and
Liabilities.
The
following
chart
shows
gross
assets
of
the
Fund
as
of
April
30,
2026 (amounts
in
thousands):
(a)
The
amount
presented
here
may
be
less
than
the
total
amount
of
collateral
received/pledged
as
the
net
amount
of
derivative
assets
and
liabilities
cannot
be
less
than
$0.
(b)
Represents
the
net
amount
due
from
the
counterparty
in
the
event
of
default.
Short-Term
Amount
Long-Term
Amount
Total
ILS
Interval
Fund
......................................................
$
(14,964)
$
(166,213)
$
(181,177)
a
a
a
a
a
Counterparty
Derivative
Liabilities
Subject
to
Master
Netting
Agreement
Derivatives
Available
for
Offset
Non-Cash
Collateral
Pledged
(a)
Cash
Collateral
Pledged
(a)
Net
Amount
of
Derivative
Liabilities
(b)
Morgan
Stanley
Bank,
N.A.
$
115
$
—
$
—
$
—
$
115
Total
$
115
$
—
$
—
$
—
$
115
Notes
to
Financial
Statements
—
continued
April
30,
2026
25
(Unaudited)
10.
Repurchase
Offers:
The
Fund
is
a
closed-end
“interval”
fund.
The
Fund
has
adopted,
pursuant
to
Rule
23c-3
under
the
1940
Act,
a
fundamental
policy,
which
cannot
be
changed
without
shareholder
approval,
requiring
the
Fund
to
offer
to
repurchase
at
least
5%
and
up
to
25%
of
the
Fund’s
outstanding
shares
at
NAV
on
a
regular
schedule.
The
Fund
is
required
to
make
repurchase
offers
every
three
months.
Quarterly
repurchase
offers
occur
in
the
months
of
January,
April,
July
and
October.
The
Fund
will
typically
seek
to
conduct
quarterly
repurchase
offers
for
10%
of
the
Fund’s
outstanding
shares
at
their
NAV
per
share
unless
the
Fund’s
Board
of
Trustees
has
approved
a
higher
or
lower
amount
for
that
repurchase
offer.
Repurchase
offers
in
excess
of
5%
are
made
solely
at
the
discretion
of
the
Fund’s
Board
of
Trustees
and
investors
should
not
rely
on
any
expectation
of
repurchase
offers
in
excess
of
5%.
Even
though
the
Fund
makes
quarterly
repurchase
offers
investors
should
consider
the
Fund’s
shares
illiquid.
In
the
event
a
repurchase
offer
by
the
Fund
is
oversubscribed,
the
Fund
may
repurchase,
but
is
not
required
to
repurchase,
additional
shares
up
to
a
maximum
amount
of
2%
of
the
outstanding
shares
of
the
Fund.
If
the
Fund
determines
not
to
repurchase
additional
shares
beyond
the
repurchase
offer
amount,
or
if
shareholders
submit
for
repurchase
an
amount
of
shares
greater
than
that
which
the
Fund
is
entitled
to
repurchase,
the
Fund
will
repurchase
the
shares
submitted
for
repurchase
on
a
pro
rata
basis.
Shares
repurchased
during
the six
months ended
April
30,
2026 were
as
follows
(amounts
in
thousands):
11.
Segment
Reporting:
The
Adviser’s
Management
Committee
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”).
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
predetermined
in
accordance
with
the
Fund's
single
investment
objective.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
12.
New
Accounting
Pronouncement:
On
December
14,
2023,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(“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.
Commencement
Date
Repurchase
Request
Deadline
Repurchase
Pricing
Date
NAV
on
Repurchase
Pricing
Date
Percentage
of
Outstanding
Shares
the
Fund
Offered
to
Repurchase
Amount
of
Shares
the
Fund
Offered
to
Repurchase
Percentage
of
Shares
Tendered
That
Were
Repurchased
Number
of
Shares
Tendered
10/24/25
12/3/25
12/17/25
$9.48
10%
7,422
26.36%
1,957
1/23/26
2/23/26
3/9/26
$10.03
10%
7,780
15.03%
1,170
4/17/26
5/18/26
6/1/26
$10.43
10%
8,085
34.24%
2,768
26
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                               
1-800-539-3863
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.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
(800)
539-3863
28630-0626
(b)  The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.
 
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
 
         Not applicable.
 
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
 
Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form. 
 
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
 
Not applicable. 
 
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
 
Not applicable.
 
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable.
 
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable.
 
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable.
 
Item 15. Submission of Matters to a Vote of Security Holders.
 
Not applicable.
 
Item 16. Controls and Procedures.
 
(a)  The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
 
(b) 
There were no changes 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 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.
 
Not applicable.
 
Item 18. Recovery of Erroneously Awarded Compensation.
 
Not applicable.
 
Item 19. Exhibits.
 
(a)(1) Not applicable.
 
(a)(2) Not applicable.
 
(a)(3)
The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.
 
(a)(4) Not applicable
 
(a)(5) Not applicable
 
(b)
The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
 
 
SIGNATURES
 
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 Pioneer ILS Interval Fund                                                                                                           
 
 
By (Signature and Title)                     /s/ Carol D. Trevino                                                                                           
                                            Carol D. Trevino, Treasurer and Principal Financial Officer
 
 
Date      July 6, 2026         
 
 
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      July 6, 2026
 
 
By (Signature and Title)                     /s/ Carol D. Trevino                                                                                           
                                            Carol D. Trevino, Treasurer and Principal Financial Officer
 
 
Date      July 6, 2026
 
 
 
 
 
 
 
 
 
 
 
 
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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