# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-002596
**Filing Date:** 2025-9
**Character Count:** 193617
**Document Hash:** 189f4a1d200c2d8aa4b6bf2017b3d4c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002596.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002596

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251346115

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

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

## Series and Classes Contracts Data

### Victory Pioneer CAT Bond Fund (Series ID: S000089751)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256461 | Class A      | ACBAX           |
| C000256463 | Class R6     | ACBKX           |
| C000256464 | Class Y      | CBYYX           |

## Nport-Ex

## Victory Pioneer CAT Bond Fund
(successor to Pioneer CAT Bond Fund)

Schedule of Investments \| July 31, 2025

------

### Schedule of Investments \| 7/31/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 94.6% of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 80.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquake – Canada — 0.9%** |  |
| 10,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 11.83%, (3 Month U.S. Treasury Bill + 750 bps), 2/22/28 (144A) | $10833850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquake – Italy — 0.1%** |  |
| EUR1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion Re, 8.008%, (3 Month EURIBOR + 600 bps), 6/15/29 (144A) | $1139602 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquake – Worldwide — 0.1%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liongate Re, 7.914%, (SOFR + 357 bps), 4/25/28 (144A) | $1001500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 5.2%** |  |
| 1,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sutter Re, 11.08%, (3 Month U.S. Treasury Bill + 675 bps), 6/19/26 (144A) | $1803296 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sutter Re, 14.08%, (3 Month U.S. Treasury Bill + 975 bps), 6/19/26 (144A) | &nbsp;&nbsp; 7232400 |
| 8,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 8.08%, (3 Month U.S. Treasury Bill + 375 bps), 6/7/28 (144A) | &nbsp;&nbsp; 8329200 |
| 10,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 8.83%, (1 Month U.S. Treasury Bill + 450 bps), 6/7/28 (144A) | &nbsp;&nbsp; 10805900 |
| 8,125,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 9.546%, (3 Month U.S. Treasury Bill + 522 bps), 6/5/26 (144A) | &nbsp;&nbsp; 8261500 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.33%, (1 Month U.S. Treasury Bill + 600 bps), 6/7/27 (144A) | &nbsp;&nbsp; 520000 |
| 6,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.83%, (1 Month U.S. Treasury Bill + 650 bps), 6/7/28 (144A) | &nbsp;&nbsp; 6296250 |
| 325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 11.58%, (1 Month U.S. Treasury Bill + 725 bps), 6/7/27 (144A) | &nbsp;&nbsp; 336992 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 9.65%, (3 Month U.S. Treasury Bill + 550 bps), 12/7/26 (144A) | &nbsp;&nbsp; 1808975 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 13.077%, (3 Month U.S. Treasury Bill + 875 bps), 12/7/26 (144A) | &nbsp;&nbsp; 5220500 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 13.58%, (3 Month U.S. Treasury Bill + 925 bps), 12/7/26 (144A) | &nbsp;&nbsp; 4431050 |
| 9,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re II, 13.33%, (3 Month U.S. Treasury Bill + 900 bps), 6/7/28 (144A) | &nbsp;&nbsp; 9485750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $64531813 |

---

1Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – Chile — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 9.123%, (SOFR + 479 bps), 3/31/26 (144A) | $252875 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maschpark Re, 7.83%, (1 Month U.S. Treasury Bill + 350 bps), 1/10/28 (144A) | &nbsp;&nbsp; 1524450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1777325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes - Europe — 0.1%** |  |
| EUR1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azzurro Re II, 8.414%, (3 Month EURIBOR + 639 bps), 4/20/28 (144A) | $1155465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes - Japan — 0.8%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakama Re, 6.427%, (3 Month U.S. Treasury Bill + 210 bps), 4/23/30 (144A) | $1980200 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakama Re, 6.677%, (3 Month U.S. Treasury Bill + 235 bps), 4/4/29 (144A) | &nbsp;&nbsp; 7997600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9977800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – Mexico — 0.2%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 8.554%, (SOFR + 422 bps), 4/24/28 (144A) | $1541100 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 15.553%, (SOFR + 1,122 bps), 4/24/28 (144A) | &nbsp;&nbsp; 508950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2050050 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. — 2.5%** |  |
| 9,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 7.43%, (1 Month U.S. Treasury Bill + 310 bps), 11/7/25 (144A) | $9258325 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 7.43%, (1 Month U.S. Treasury Bill + 310 bps), 11/5/27 (144A) | &nbsp;&nbsp; 5766675 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Logistics Re, 10.33%, (1 Month U.S. Treasury Bill + 600 bps), 12/21/27 (144A) | &nbsp;&nbsp; 511150 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakama Re, 6.608%, (3 Month Term SOFR + 250 bps), 5/9/28 (144A) | &nbsp;&nbsp; 250675 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 9.83%, (3 Month U.S. Treasury Bill + 550 bps), 12/6/25 (144A) | &nbsp;&nbsp; 1009500 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, 7.83%, (1 Month U.S. Treasury Bill + 350 bps), 3/8/28 (144A) | &nbsp;&nbsp; 10458000 |

---

Victory Pioneer CAT Bond Fund \| 7/31/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. — (continued)** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, 9.068%, (3 Month U.S. Treasury Bill + 474 bps), 3/8/27 (144A) | $2037800 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, 9.33%, (1 Month U.S. Treasury Bill + 500 bps), 3/8/28 (144A) | &nbsp;&nbsp; 1264250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $30556375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. & Canada — 0.6%** |  |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 7.33%, (3 Month U.S. Treasury Bill + 300 bps), 2/7/28 (144A) | $7003500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Flood – U.S. — 1.1%** |  |
| 7,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 18.69%, (3 Month U.S. Treasury Bill + 1,436 bps), 3/12/27 (144A) | $8015825 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 21.48%, (1 Month U.S. Treasury Bill + 1,715 bps), 3/11/26 (144A) | &nbsp;&nbsp; 1037000 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 21.96%, (3 Month U.S. Treasury Bill + 1,763 bps), 3/12/27 (144A) | &nbsp;&nbsp; 4272750 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 26.73%, (1 Month U.S. Treasury Bill + 2,240 bps), 3/11/26 (144A) | &nbsp;&nbsp; 177375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $13502950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health – U.S. — 0.5%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIII, 6.33%, (3 Month U.S. Treasury Bill + 200 bps), 1/6/26 (144A) | $500650 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XV, 6.83%, (3 Month U.S. Treasury Bill + 250 bps), 1/7/28 (144A) | &nbsp;&nbsp; 1015200 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XV, 7.83%, (3 Month U.S. Treasury Bill + 350 bps), 1/7/28 (144A) | &nbsp;&nbsp; 513300 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XVI, 6.08%, (3 Month U.S. Treasury Bill + 175 bps), 1/8/29 (144A) | &nbsp;&nbsp; 750150 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XVI, 6.58%, (3 Month U.S. Treasury Bill + 225 bps), 1/8/29 (144A) | &nbsp;&nbsp; 750375 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XVI, 8.08%, (3 Month U.S. Treasury Bill + 375 bps), 1/8/29 (144A) | &nbsp;&nbsp; 2755775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6285450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Canada — 0.1%** |  |
| CAD1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMIFS Re, 5.666%, (CAONINDX + 290 bps), 1/10/28 (144A) | $724307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Europe — 0.1%** |  |
| EUR1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion Re, 7.508%, (3 Month EURIBOR + 550 bps), 6/15/29 (144A) | $1145993 |

---

3Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Florida — 0.7%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 12.47%, (3 Month U.S. Treasury Bill + 814 bps), 6/5/26 (144A) | $1020900 |
| 8,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re II, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 6/7/28 (144A) | &nbsp;&nbsp; 8217000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9237900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Massachusetts — 0.6%** |  |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 7.83%, (T-BILL + 350 bps), 7/7/28 (144A) | $7536000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Puerto Rico — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Parametric Re, 13.33%, (1 Month U.S. Treasury Bill + 900 bps), 6/7/27 (144A) | $505650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 22.9%** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 9.58%, (3 Month U.S. Treasury Bill + 539 bps), 6/7/27 (144A) | $2279925 |
| 3,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 12.68%, (3 Month U.S. Treasury Bill + 835 bps), 6/7/27 (144A) | &nbsp;&nbsp; 3951375 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atela Re, Ltd., 18.58%, (3 Month U.S. Treasury Bill + 1,425 bps), 5/9/27 (144A) | &nbsp;&nbsp; 3185100 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Re, 9.38%, (3 Month U.S. Treasury Bill + 505 bps), 7/7/27 (144A) | &nbsp;&nbsp; 774675 |
| 9,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 7.88%, (3 Month U.S. Treasury Bill + 375 bps), 12/19/27 (144A) | &nbsp;&nbsp; 9572550 |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 9.63%, (3 Month U.S. Treasury Bill + 550 bps), 12/19/27 (144A) | &nbsp;&nbsp; 15913600 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Re, 8.087%, (T-BILL + 375 bps), 7/10/28 (144A) | &nbsp;&nbsp; 10064000 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finca Re, 9.58%, (3 Month U.S. Treasury Bill + 525 bps), 6/7/28 (144A) | &nbsp;&nbsp; 10165000 |
| 5,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Re, 10.587%, (3 Month U.S. Treasury Bill + 625 bps), 1/8/27 (144A) | &nbsp;&nbsp; 5350275 |
| 9,120,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.83%, (3 Month U.S. Treasury Bill + 550 bps), 1/7/28 (144A) | &nbsp;&nbsp; 9097200 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 10.13%, (3 Month U.S. Treasury Bill + 580 bps), 1/7/27 (144A) | &nbsp;&nbsp; 3278600 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 11.14%, (3 Month U.S. Treasury Bill + 681 bps), 1/7/26 (144A) | &nbsp;&nbsp; 250150 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 12.58%, (3 Month U.S. Treasury Bill + 825 bps), 1/7/28 (144A) | &nbsp;&nbsp; 7945600 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 13.25%, (3 Month U.S. Treasury Bill + 892 bps), 1/7/27 (144A) | &nbsp;&nbsp; 2767050 |
| 9,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuchsia 2024-1 , 9.47%, (3 Month U.S. Treasury Bill + 514 bps), 4/6/28 (144A) | &nbsp;&nbsp; 9092700 |

---

Victory Pioneer CAT Bond Fund \| 7/31/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 11.06%, (3 Month U.S. Treasury Bill + 690 bps), 1/7/28 (144A) | $5890800 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 11.58%, (3 Month U.S. Treasury Bill + 725 bps), 1/8/29 (144A) | &nbsp;&nbsp; 5038500 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 14.23%, (3 Month U.S. Treasury Bill + 990 bps), 1/7/28 (144A) | &nbsp;&nbsp; 1481850 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 15.08%, (3 Month U.S. Treasury Bill + 1,075 bps), 1/8/29 (144A) | &nbsp;&nbsp; 2062000 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 27.33%, (3 Month U.S. Treasury Bill + 2,300 bps), 1/8/27 (144A) | &nbsp;&nbsp; 1404900 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Point Re, 9.94%, (3 Month U.S. Treasury Bill + 575 bps), 1/6/27 (144A) | &nbsp;&nbsp; 1519800 |
| 2,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypatia Re, 14.827%, (3 Month U.S. Treasury Bill + 1,050 bps), 4/8/26 (144A) | &nbsp;&nbsp; 2191980 |
| 28,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re Companywide, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 7/7/28 (144A) | &nbsp;&nbsp; 29032525 |
| 16,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re Enterprise, 12.08%, (3 Month U.S. Treasury Bill + 775 bps), 7/7/28 (144A) | &nbsp;&nbsp; 16518150 |
| 1,275,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.58%, (3 Month U.S. Treasury Bill + 725 bps), 7/7/27 (144A) | &nbsp;&nbsp; 1311593 |
| 350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.08%, (3 Month U.S. Treasury Bill + 775 bps), 7/7/26 (144A) | &nbsp;&nbsp; 356195 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.83%, (3 Month U.S. Treasury Bill + 850 bps), 7/7/27 (144A) | &nbsp;&nbsp; 5015000 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 8.33%, (3 Month U.S. Treasury Bill + 400 bps), 1/10/28 (144A) | &nbsp;&nbsp; 4971500 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 14.58%, (3 Month U.S. Treasury Bill + 1,025 bps), 1/10/28 (144A) | &nbsp;&nbsp; 1762950 |
| 19,950,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 16.33%, (3 Month U.S. Treasury Bill + 1,200 bps), 1/8/27 (144A) | &nbsp;&nbsp; 20857725 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 18.33%, (3 Month U.S. Treasury Bill + 1,400 bps), 1/10/28 (144A) | &nbsp;&nbsp; 262500 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.71%, (3 Month U.S. Treasury Bill + 538 bps), 12/6/28 (144A) | &nbsp;&nbsp; 5115000 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.11%, (3 Month U.S. Treasury Bill + 578 bps), 12/6/25 (144A) | &nbsp;&nbsp; 485700 |
| 9,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 11.27%, (3 Month U.S. Treasury Bill + 694 bps), 12/6/28 (144A) | &nbsp;&nbsp; 9595950 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 16.53%, (3 Month U.S. Treasury Bill + 1,220 bps), 12/6/25 (144A) | &nbsp;&nbsp; 2325000 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 17.75%, (3 Month U.S. Treasury Bill + 1,342 bps), 12/6/28 (144A) | &nbsp;&nbsp; 8436000 |
| 12,575,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.16%, (3 Month U.S. Treasury Bill + 400 bps), 4/7/29 (144A) | &nbsp;&nbsp; 12435417 |

---

5Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.33%, (3 Month U.S. Treasury Bill + 400 bps), 4/7/28 (144A) | $2273850 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.58%, (3 Month U.S. Treasury Bill + 425 bps), 4/8/30 (144A) | &nbsp;&nbsp; 1544850 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.837%, (3 Month U.S. Treasury Bill + 450 bps), 4/7/28 (144A) | &nbsp;&nbsp; 2259900 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.08%, (3 Month U.S. Treasury Bill + 475 bps), 4/8/30 (144A) | &nbsp;&nbsp; 2299950 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.41%, (3 Month U.S. Treasury Bill + 525 bps), 4/7/29 (144A) | &nbsp;&nbsp; 18082800 |
| 7,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 10.08%, (3 Month U.S. Treasury Bill + 575 bps), 4/7/28 (144A) | &nbsp;&nbsp; 8025900 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.747%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | &nbsp;&nbsp; 1476300 |
| 700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 9.877%, (3 Month U.S. Treasury Bill + 555 bps), 4/7/27 (144A) | &nbsp;&nbsp; 712320 |
| 6,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solomon Re, 9.85%, (3 Month U.S. Treasury Bill + 552 bps), 6/8/26 (144A) | &nbsp;&nbsp; 6932600 |
| 3,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stabilitas Re, 12.837%, (3 Month U.S. Treasury Bill + 850 bps), 6/5/26 (144A) | &nbsp;&nbsp; 3959280 |
| 1,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topanga Re, 4.77%, (3 Month U.S. Treasury Bill + 477 bps), 1/8/26 (144A) | &nbsp;&nbsp; 1582020 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yosemite Re, 11.587%, (3 Month U.S. Treasury Bill + 725 bps), 6/7/28 (144A) | &nbsp;&nbsp; 1009000 |
|  |  | &nbsp;&nbsp; $281917605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 13.2%** |  |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 11.83%, (3 Month U.S. Treasury Bill + 750 bps), 6/8/28 (144A) | $7710000 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashera Re, 9.52%, (3 Month U.S. Treasury Bill + 519 bps), 4/7/27 (144A) | &nbsp;&nbsp; 5839700 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Re, 16.567%, (SOFR + 1,222 bps), 6/8/27 (144A) | &nbsp;&nbsp; 3291300 |
| 12,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridge Street Re, 8.16%, (3 Month U.S. Treasury Bill + 400 bps), 1/7/28 (144A) | &nbsp;&nbsp; 12341875 |
| 6,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 11.327%, (3 Month U.S. Treasury Bill + 700 bps), 1/8/26 (144A) | &nbsp;&nbsp; 6749580 |
| 7,050,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 11.327%, (3 Month U.S. Treasury Bill + 700 bps), 1/7/28 (144A) | &nbsp;&nbsp; 7324245 |
| 14,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 8.33%, (3 Month U.S. Treasury Bill + 400 bps), 7/8/30 (144A) | &nbsp;&nbsp; 14421000 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 8.337%, (3 Month U.S. Treasury Bill + 400 bps), 7/9/29 (144A) | &nbsp;&nbsp; 10100000 |

---

Victory Pioneer CAT Bond Fund \| 7/31/256

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(unaudited) (continued)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — (continued)** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.587%, (3 Month U.S. Treasury Bill + 625 bps), 6/30/28 (144A) | $2345625 |
| 6,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.83%, (3 Month U.S. Treasury Bill + 650 bps), 7/9/29 (144A) | &nbsp;&nbsp; 6899850 |
| 14,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.83%, (3 Month U.S. Treasury Bill + 650 bps), 7/8/30 (144A) | &nbsp;&nbsp; 15148250 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 11.58%, (3 Month U.S. Treasury Bill + 725 bps), 6/30/28 (144A) | &nbsp;&nbsp; 4746150 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro III Re, 16.69%, (3 Month U.S. Treasury Bill + 1,236 bps), 4/20/26 (144A) | &nbsp;&nbsp; 3012000 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lapis Re, 11.83%, (3 Month U.S. Treasury Bill + 750 bps), 1/9/29 (144A) | &nbsp;&nbsp; 2536000 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 14.08%, (3 Month U.S. Treasury Bill + 975 bps), 6/25/27 (144A) | &nbsp;&nbsp; 546550 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montoya Re, 10.087%, (1 Month U.S. Treasury Bill + 575 bps), 4/7/28 (144A) | &nbsp;&nbsp; 5735050 |
| 19,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northshore Re II, 9.337%, (3 Month U.S. Treasury Bill + 500 bps), 4/7/28 (144A) | &nbsp;&nbsp; 19769750 |
| 9,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocelot Re, 8.83%, (3 Month U.S. Treasury Bill + 450 bps), 2/26/29 (144A) | &nbsp;&nbsp; 9819225 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocelot Re, 12.087%, (3 Month U.S. Treasury Bill + 775 bps), 1/7/27 (144A) | &nbsp;&nbsp; 8128800 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ramble Re, 10.58%, (3 Month U.S. Treasury Bill + 625 bps), 3/5/27 (144A) | &nbsp;&nbsp; 5005500 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverfront Re, 12.08%, (3 Month U.S. Treasury Bill + 775 bps), 1/8/29 (144A) | &nbsp;&nbsp; 1489350 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 10.58%, (1 Month U.S. Treasury Bill + 625 bps), 11/26/27 (144A) | &nbsp;&nbsp; 4273800 |
| 3,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 13.83%, (1 Month U.S. Treasury Bill + 950 bps), 11/26/27 (144A) | &nbsp;&nbsp; 3747750 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 17.467%, (1 Month U.S. Treasury Bill + 1,313 bps), 2/27/26 (144A) | &nbsp;&nbsp; 1020200 |
|  |  | &nbsp;&nbsp; $162001550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Northeast — 0.5%** |  |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Re, 8.08%, (3 Month U.S. Treasury Bill + 375 bps), 7/9/29 (144A) | $6596850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.6%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 9.67%, (3 Month U.S. Treasury Bill + 534 bps), 6/8/26 (144A) | $251350 |
| 400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 11.59%, (3 Month U.S. Treasury Bill + 726 bps), 6/8/26 (144A) | &nbsp;&nbsp; 407320 |
| 1,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 13.16%, (3 Month U.S. Treasury Bill + 883 bps), 6/8/26 (144A) | &nbsp;&nbsp; 1433740 |

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7Victory Pioneer CAT Bond Fund \| 7/31/25

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — (continued)** |  |
| 1,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Locke Tavern Re, 9.109%, (3 Month U.S. Treasury Bill + 478 bps), 4/9/26 (144A) | $1169550 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 8.58%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | &nbsp;&nbsp; 4038000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7299960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 2.7%** |  |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Capital, 2.95%, (SOFR + 725 bps), 6/7/28 (144A) | $5067000 |
| 2,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Capital, 11.918%, (SOFR + 757 bps), 6/5/26 (144A) | &nbsp;&nbsp; 2198375 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Kite Re, 12.327%, (3 Month U.S. Treasury Bill + 800 bps), 5/8/28 (144A) | &nbsp;&nbsp; 999300 |
| 9,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cat Re 2001, 17.37%, (3 Month U.S. Treasury Bill + 1,304 bps), 1/8/27 (144A) | &nbsp;&nbsp; 9663475 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall Re, 10.58%, (3 Month U.S. Treasury Bill + 625 bps), 4/30/27 (144A) | &nbsp;&nbsp; 2625000 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall Re, 11.886%, (3 Month U.S. Treasury Bill + 775 bps), 4/30/27 (144A) | &nbsp;&nbsp; 10329000 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silk Road Re, 10.327%, (1 Month U.S. Treasury Bill + 600 bps), 1/10/28 (144A) | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $32882150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wind Storm – Netherlands — 0.0%†** |  |
| &nbsp;&nbsp;&nbsp;EUR500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange Capital Re DAC, 7.979%, (3 Month EURIBOR + 600 bps), 1/17/29 (144A) | $574195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Europe — 0.3%** |  |
| EUR2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Sky Re, 8.112%, (3 Month EURIBOR + 616 bps), 1/26/27 (144A) | $2365479 |
| &nbsp;&nbsp;&nbsp;EUR750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windmill III Re DAC, 7.187%, (3 Month EURIBOR + 525 bps), 7/5/28 (144A) | &nbsp;&nbsp; 866257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3231736 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 10.3%** |  |
| 9,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armor Re, 12.83%, (3 Month U.S. Treasury Bill + 850 bps), 1/7/28 (144A) | $9345275 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armor Re, 14.537%, (3 Month U.S. Treasury Bill + 1,020 bps), 5/7/27 (144A) | &nbsp;&nbsp; 2108200 |
| 600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 9.94%, (3 Month U.S. Treasury Bill + 994 bps), 4/7/26 (144A) | &nbsp;&nbsp; 604380 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 10.83%, (3 Month U.S. Treasury Bill + 650 bps), 3/10/28 (144A) | &nbsp;&nbsp; 7059500 |
| 7,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 11.83%, (3 Month U.S. Treasury Bill + 750 bps), 3/10/28 (144A) | &nbsp;&nbsp; 7709700 |

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Victory Pioneer CAT Bond Fund \| 7/31/258

------

(unaudited) (continued)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — (continued)** |  |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hestia Re, 11.08%, (T-BILL + 675 bps), 3/13/28 (144A) | $2464000 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hestia Re, 12.58%, (1 Month U.S. Treasury Bill + 825 bps), 3/13/28 (144A) | &nbsp;&nbsp; 998700 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 12.33%, (1 Month U.S. Treasury Bill + 800 bps), 6/6/27 (144A) | &nbsp;&nbsp; 3502450 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 12.33%, (1 Month U.S. Treasury Bill + 800 bps), 6/6/28 (144A) | &nbsp;&nbsp; 5517050 |
| 3,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 14.08%, (1 Month U.S. Treasury Bill + 975 bps), 6/6/27 (144A) | &nbsp;&nbsp; 3754500 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 14.08%, (1 Month U.S. Treasury Bill + 975 bps), 6/6/28 (144A) | &nbsp;&nbsp; 4264875 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 16.58%, (1 Month U.S. Treasury Bill + 1,225 bps), 6/6/28 (144A) | &nbsp;&nbsp; 10032000 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 17.659%, (1 Month U.S. Treasury Bill + 1,332 bps), 6/6/26 (144A) | &nbsp;&nbsp; 3026400 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 27.126%, (1 Month U.S. Treasury Bill + 2,280 bps), 6/6/26 (144A) | &nbsp;&nbsp; 1476000 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 29.83%, (1 Month U.S. Treasury Bill + 2,550 bps), 6/6/27 (144A) | &nbsp;&nbsp; 1247250 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlon Re, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 6/7/27 (144A) | &nbsp;&nbsp; 783600 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.08%, (1 Month U.S. Treasury Bill + 775 bps), 7/7/28 (144A) | &nbsp;&nbsp; 7004200 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 13.08%, (3 Month U.S. Treasury Bill + 875 bps), 7/7/27 (144A) | &nbsp;&nbsp; 2044800 |
| 12,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Re, 12.087%, (1 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 12723225 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Re, 13.83%, (1 Month U.S. Treasury Bill + 950 bps), 6/7/27 (144A) | &nbsp;&nbsp; 10206000 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 11.58%, (1 Month U.S. Treasury Bill + 725 bps), 6/7/28 (144A) | &nbsp;&nbsp; 6676800 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 12.08%, (1 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5531900 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 13.33%, (1 Month U.S. Treasury Bill + 900 bps), 6/7/27 (144A) | &nbsp;&nbsp; 3663360 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Re, 10.83%, (3 Month U.S. Treasury Bill + 650 bps), 2/21/28 (144A) | &nbsp;&nbsp; 12636250 |

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9Victory Pioneer CAT Bond Fund \| 7/31/25

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — (continued)** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Re, 14.58%, (3 Month U.S. Treasury Bill + 1,025 bps), 2/26/27 (144A) | $2364525 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Re, 16.08%, (3 Month U.S. Treasury Bill + 1,175 bps), 2/26/27 (144A) | &nbsp;&nbsp; 522600 |
|  |  | &nbsp;&nbsp; $127267540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida & Louisiana — 0.2%** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Coast Re, 14.33%, (3 Month U.S. Treasury Bill + 1,000 bps), 12/7/26 (144A) | $2282400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Jamaica — 0.2%** |  |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 11.519%, (SOFR + 719 bps), 12/29/27 (144A) | $3038400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Japan — 0.4%** |  |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sakura Re, 7.08%, (3 Month U.S. Treasury Bill + 275 bps), 4/5/29 (144A) | $2723600 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomoni Re, 7.08%, (3 Month U.S. Treasury Bill + 275 bps), 4/7/26 (144A) | &nbsp;&nbsp; 1504950 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomoni Re, 7.58%, (3 Month U.S. Treasury Bill + 325 bps), 4/5/28 (144A) | &nbsp;&nbsp; 748650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4977200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Louisiana — 1.0%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Coast Re, 14.077%, (3 Month U.S. Treasury Bill + 975 bps), 4/10/29 (144A) | $3501750 |
| 8,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Coast Re, 14.08%, (3 Month U.S. Treasury Bill + 975 bps), 1/16/29 (144A) | &nbsp;&nbsp; 8770125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $12271875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Massachusetts — 0.2%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 8.83%, (1 Month U.S. Treasury Bill + 450 bps), 7/8/27 (144A) | $2036800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Mexico — 0.3%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 16.548%, (SOFR + 1,222 bps), 4/24/28 (144A) | $1576500 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 18.048%, (SOFR + 1,372 bps), 4/24/28 (144A) | &nbsp;&nbsp; 2045000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3621500 |

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Victory Pioneer CAT Bond Fund \| 7/31/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm - New York — 0.4%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetroCat Re, 5.75%, (3 Month U.S. Treasury Bill + 575 bps), 5/8/26 (144A) | $1995600 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceanside Re, 10.33%, (3 Month U.S. Treasury Bill + 600 bps), 5/15/28 (144A) | &nbsp;&nbsp; 3263325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5258925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 0.4%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 12.12%, (3 Month U.S. Treasury Bill + 799 bps), 1/8/27 (144A) | $512950 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longleaf Pine Re, 21.837%, (1 Month U.S. Treasury Bill + 1,750 bps), 5/25/27 (144A) | &nbsp;&nbsp; 4226800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4739750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Texas — 3.5%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 10.87%, (1 Month U.S. Treasury Bill + 654 bps), 6/7/27 (144A) | $1556400 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 12.764%, (1 Month U.S. Treasury Bill + 843 bps), 6/7/27 (144A) | &nbsp;&nbsp; 1562850 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 13.41%, (1 Month U.S. Treasury Bill + 908 bps), 6/7/26 (144A) | &nbsp;&nbsp; 7178500 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 16.21%, (1 Month U.S. Treasury Bill + 1,188 bps), 6/7/26 (144A) | &nbsp;&nbsp; 3105300 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 10.08%, (1 Month U.S. Treasury Bill + 575 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5703500 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 12.83%, (1 Month U.S. Treasury Bill + 850 bps), 6/7/28 (144A) | &nbsp;&nbsp; 4384725 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 16.08%, (1 Month U.S. Treasury Bill + 1,175 bps), 6/7/28 (144A) | &nbsp;&nbsp; 4137200 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 16.33%, (1 Month U.S. Treasury Bill + 1,200 bps), 6/7/27 (144A) | &nbsp;&nbsp; 2827825 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 13.08%, (3 Month U.S. Treasury Bill + 875 bps), 7/7/28 (144A) | &nbsp;&nbsp; 13020800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $43477100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — 2.3%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Lookout Re, 11.532%, (1 Month U.S. Treasury Bill + 720 bps), 4/28/26 (144A) | $1537650 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 18.27%, (1 Month U.S. Treasury Bill + 1,394 bps), 2/24/26 (144A) | &nbsp;&nbsp; 515600 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Ferry Re, 8.76%, (1 Month U.S. Treasury Bill + 443 bps), 7/8/26 (144A) | &nbsp;&nbsp; 2527750 |
| 1,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Ferry Re, 9.60%, (1 Month U.S. Treasury Bill + 527 bps), 7/8/26 (144A) | &nbsp;&nbsp; 1927360 |

---

11Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — (continued)** |  |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 4.691%, (1 Month U.S. Treasury Bill + 469 bps), 7/8/26 (144A) | $1766450 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 10.345%, (1 Month U.S. Treasury Bill + 602 bps), 7/8/26 (144A) | &nbsp;&nbsp; 3339375 |
| 2,325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 14.58%, (3 Month U.S. Treasury Bill + 1,025 bps), 7/7/26 (144A) | &nbsp;&nbsp; 2394518 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 17.162%, (1 Month Term SOFR + 1,281 bps), 4/24/26 (144A) | &nbsp;&nbsp; 3305900 |
| 6,950,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queen Street Re, 11.838%, (3 Month U.S. Treasury Bill + 750 bps), 12/8/25 (144A) | &nbsp;&nbsp; 6963900 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoletos Re DAC, 9.33%, (3 Month U.S. Treasury Bill + 500 bps), 1/7/28 (144A) | &nbsp;&nbsp; 4078000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $28356503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. & Canada — 0.4%** |  |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 17.86%, (1 Month U.S. Treasury Bill + 1,353 bps), 2/27/26 (144A) | $4800825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Gulf — 0.2%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 22.33%, (3 Month U.S. Treasury Bill + 1,800 bps), 7/8/27 (144A) | $520200 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 4.33%, (1 Month U.S. Treasury Bill + 0 bps), 12/22/25 (144A) | &nbsp;&nbsp; 1638875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2159075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Multistate — 3.3%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Re, 11.962%, (1 Month U.S. Treasury Bill + 763 bps), 5/10/27 (144A) | $1033600 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartwell Re, 10.33%, (3 Month U.S. Treasury Bill + 600 bps), 6/7/28 (144A) | &nbsp;&nbsp; 8184800 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartwell Re, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5497250 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartwell Re, 13.58%, (3 Month U.S. Treasury Bill + 925 bps), 6/7/28 (144A) | &nbsp;&nbsp; 2495500 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 8.83%, (3 Month U.S. Treasury Bill + 450 bps), 6/7/28 (144A) | &nbsp;&nbsp; 1763300 |
| 5,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 12.08%, (3 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5271890 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 4.19%, (3 Month U.S. Treasury Bill + 0 bps), 12/22/25 (144A) | &nbsp;&nbsp; 5508500 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 8.58%, (1 Month U.S. Treasury Bill + 425 bps), 7/7/28 (144A) | &nbsp;&nbsp; 5416950 |

---

Victory Pioneer CAT Bond Fund \| 7/31/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Multistate — (continued)** |  |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 10.237%, (1 Month U.S. Treasury Bill + 590 bps), 7/8/27 (144A) | $757950 |
| 5,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 15.07%, (3 Month U.S. Treasury Bill + 1,088 bps), 7/8/26 (144A) | &nbsp;&nbsp; 5204325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $41134065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Northeast — 0.4%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 Re, 8.83%, (3 Month U.S. Treasury Bill + 450 bps), 7/9/29 (144A) | $3586800 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 11.33%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/27 (144A) | &nbsp;&nbsp; 1315875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4902675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 1.6%** |  |
| 2,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 10.92%, (3 Month U.S. Treasury Bill + 659 bps), 6/7/26 (144A) | $2499735 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 13.04%, (3 Month U.S. Treasury Bill + 871 bps), 6/7/26 (144A) | &nbsp;&nbsp; 774075 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 13.52%, (3 Month U.S. Treasury Bill + 919 bps), 6/7/27 (144A) | &nbsp;&nbsp; 4330325 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 14.77%, (3 Month U.S. Treasury Bill + 1,044 bps), 6/7/27 (144A) | &nbsp;&nbsp; 4684500 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee Street Re, 7.577%, (1 Month U.S. Treasury Bill + 325 bps), 4/7/28 (144A) | &nbsp;&nbsp; 7511250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $19799885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 1.5%** |  |
| 17,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Re, 15.33%, (3 Month U.S. Treasury Bill + 1,100 bps), 3/31/26 (144A) | $17916795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp; **$991510889** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 14.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.8%** |  |
| 5,456,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falkirk Re 2025 , 3/31/31 | $5219250 |
| 4,750,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2025-2 , 12/31/30 | &nbsp;&nbsp; 4157069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9376319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.4%** |  |
| 4,930,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ailsa Re 2025, 5/31/31 | $4782100 |

---

13Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 2.5%** |  |
| 10,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheltenham-PI0051 Re 2025, 5/31/29 | $8396007 |
| 750,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dartmouth Re, 12/31/27 | &nbsp;&nbsp;&nbsp; 644577 |
| 18,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gamboge Re 2025, 3/31/31 | &nbsp;&nbsp; 16422328 |
| 5,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix 3 Re, 1/4/39 | &nbsp;&nbsp; 5135500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $30598412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.4%** |  |
| 2,811,750(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 5/31/30 | &nbsp;&nbsp;$— |
| 5,799,600(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk solutions Re, 5/31/31 | &nbsp;&nbsp; 5538618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5538618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 3.3%** |  |
| 42,500,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions Re, 4/30/31 | $41076250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — 1.5%** |  |
| 14,875,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jedburgh-PI0058, 12/15/28 | $12962075 |
| 5,800,050(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 5/31/31 | &nbsp;&nbsp; 5467127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $18429202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Multistate — 0.6%** |  |
| 8,200,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Heron Re, 5/31/31 | $7790841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 3.8%** |  |
| 19,950,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantham-PI0055 Re 2025, 1/15/26 | $18806865 |
| 19,875,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harrogate-PI0056, 12/15/28 | &nbsp;&nbsp; 18571993 |
| 9,612,500(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakmont Re 2025, 3/31/31 | &nbsp;&nbsp; 8898291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $46277149 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 0.8%** |  |
| 9,865,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 5/31/30 | $9244492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | &nbsp;&nbsp;&nbsp; **$** **173113383** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $1,151,185,054)** | **$1164624272** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 94.6%<br> (Cost $1,151,185,054)** | **$1164624272** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 5.4%** | &nbsp;&nbsp;&nbsp;&nbsp; $66939531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$1231563803** |

---

bps Basis Points. <br> CAONINDX Canadian Overnight Repo Rate Average. <br> EURIBOR Euro Interbank Offered Rate.

Victory Pioneer CAT Bond Fund \| 7/31/2514

------

(unaudited) (continued)

---

| | |
|:---|:---|
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| (144A) | &nbsp;&nbsp;The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At July 31, 2025, the value of these securities amounted to $991,510,889, or 80.5% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at July 31, 2025. |
| (b) | &nbsp;&nbsp;Non-income producing security. |
| (c) | &nbsp;&nbsp;Issued as participation notes. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;1886 Re | 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3586800 |
| &nbsp;&nbsp;3264 Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315875 |
| &nbsp;&nbsp;3264 Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520200 |
| &nbsp;&nbsp;3264 Re | 1/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003500 |
| &nbsp;&nbsp;3264 Re | 5/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710000 |
| &nbsp;&nbsp;Acorn Re | 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766675 |
| &nbsp;&nbsp;Acorn Re | 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9254145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9258325 |
| &nbsp;&nbsp;Ailsa Re 2025 | 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782100 |
| &nbsp;&nbsp;Alamo Re | 4/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7178500 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556400 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562850 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105300 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407320 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251350 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433740 |
| &nbsp;&nbsp;Aquila Re | 4/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279925 |
| &nbsp;&nbsp;Aquila Re | 4/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951375 |
| &nbsp;&nbsp;Armor Re | 4/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108200 |
| &nbsp;&nbsp;Armor Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345275 |
| &nbsp;&nbsp;Ashera Re | 3/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839700 |
| &nbsp;&nbsp;Atela Re, Ltd. | 4/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185100 |
| &nbsp;&nbsp;Atlas Capital | 5/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198375 |
| &nbsp;&nbsp;Atlas Capital | 4/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067000 |
| &nbsp;&nbsp;Atlas Re | 5/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291300 |
| &nbsp;&nbsp;Azzurro Re II | 3/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155465 |
| &nbsp;&nbsp;Baldwin Re | 6/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774675 |
| &nbsp;&nbsp;Baldwin Re | 6/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6596850 |
| &nbsp;&nbsp;Black Kite Re | 4/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999300 |
| &nbsp;&nbsp;Blue Ridge Re | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512950 |
| &nbsp;&nbsp;Blue Sky Re | 12/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365479 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703500 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384725 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137200 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827825 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9572550 |

---

15Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$16000000 | &nbsp;&nbsp;&nbsp;&nbsp;$15913600 |
| &nbsp;&nbsp;Bridge Street Re | 12/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12341875 |
| &nbsp;&nbsp;Cape Lookout Re | 4/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537650 |
| &nbsp;&nbsp;Cat Re 2001 | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9204192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9663475 |
| &nbsp;&nbsp;Charles River Re | 4/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033600 |
| &nbsp;&nbsp;Chartwell Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184800 |
| &nbsp;&nbsp;Chartwell Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5497250 |
| &nbsp;&nbsp;Chartwell Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495500 |
| &nbsp;&nbsp;Cheltenham-PI0051 Re 2025 | 6/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396007 |
| &nbsp;&nbsp;Citrus Re | 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774075 |
| &nbsp;&nbsp;Citrus Re | 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499735 |
| &nbsp;&nbsp;Citrus Re | 3/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330325 |
| &nbsp;&nbsp;Citrus Re | 3/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684500 |
| &nbsp;&nbsp;Citrus Re | 3/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271890 |
| &nbsp;&nbsp;Citrus Re | 3/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763300 |
| &nbsp;&nbsp;Commonwealth Re | 5/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10064000 |
| &nbsp;&nbsp;Dartmouth Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644577 |
| &nbsp;&nbsp;Falkirk Re 2025 | 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219250 |
| &nbsp;&nbsp;Finca Re | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10165000 |
| &nbsp;&nbsp;First Coast Re | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604380 |
| &nbsp;&nbsp;First Coast Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059500 |
| &nbsp;&nbsp;First Coast Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709700 |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037000 |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177375 |
| &nbsp;&nbsp;FloodSmart Re | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8015825 |
| &nbsp;&nbsp;FloodSmart Re | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272750 |
| &nbsp;&nbsp;Foundation Re | 12/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350275 |
| &nbsp;&nbsp;Four Lakes Re | 3/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250150 |
| &nbsp;&nbsp;Four Lakes Re | 12/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278600 |
| &nbsp;&nbsp;Four Lakes Re | 12/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767050 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9118340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097200 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945600 |
| &nbsp;&nbsp;Fuchsia 2024-1 | 12/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9092700 |
| &nbsp;&nbsp;Galileo Re | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324245 |
| &nbsp;&nbsp;Galileo Re | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749580 |
| &nbsp;&nbsp;Gamboge Re 2025 | 4/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422328 |
| &nbsp;&nbsp;Gateway Re | 2/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515600 |
| &nbsp;&nbsp;Gateway Re | 7/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204325 |
| &nbsp;&nbsp;Gateway Re | 3/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757950 |
| &nbsp;&nbsp;Gateway Re | 2/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5416950 |
| &nbsp;&nbsp;Gateway Re | 2/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508500 |
| &nbsp;&nbsp;Gateway Re | 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638875 |
| &nbsp;&nbsp;Genesee Street Re | 4/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511250 |
| &nbsp;&nbsp;Grantham-PI0055 Re 2025 | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18573450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18806865 |
| &nbsp;&nbsp;Harrogate-PI0056 | 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18314812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18571993 |
| &nbsp;&nbsp;Herbie Re | 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890800 |
| &nbsp;&nbsp;Herbie Re | 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481850 |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038500 |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062000 |

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Victory Pioneer CAT Bond Fund \| 7/31/2516

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(unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1404900 |
| &nbsp;&nbsp;Hestia Re | 2/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464000 |
| &nbsp;&nbsp;Hestia Re | 2/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998700 |
| &nbsp;&nbsp;High Point Re | 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519800 |
| &nbsp;&nbsp;Hypatia Re | 3/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191980 |
| &nbsp;&nbsp;Integrity Re | 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026400 |
| &nbsp;&nbsp;Integrity Re | 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476000 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5517050 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264875 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502450 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754500 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10032000 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247250 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252875 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541100 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045000 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508950 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038400 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576500 |
| &nbsp;&nbsp;Jedburgh-PI0058 | 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12693953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12962075 |
| &nbsp;&nbsp;Kendall Re | 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625000 |
| &nbsp;&nbsp;Kendall Re | 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329000 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345625 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746150 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100000 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899850 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14421000 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15148250 |
| &nbsp;&nbsp;Kilimanjaro III Re | 1/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012000 |
| &nbsp;&nbsp;Lapis Re | 3/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536000 |
| &nbsp;&nbsp;Lightning Re | 3/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18021918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17916795 |
| &nbsp;&nbsp;Lion Re | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145993 |
| &nbsp;&nbsp;Lion Re | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139602 |
| &nbsp;&nbsp;Liongate Re | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001500 |
| &nbsp;&nbsp;Locke Tavern Re | 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169550 |
| &nbsp;&nbsp;Logistics Re | 10/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511150 |
| &nbsp;&nbsp;Long Point Re IV | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038000 |
| &nbsp;&nbsp;Longleaf Pine Re | 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226800 |
| &nbsp;&nbsp;Lower Ferry Re | 6/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527750 |
| &nbsp;&nbsp;Lower Ferry Re | 3/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927360 |
| &nbsp;&nbsp;Mangrove Risk Solutions | 8/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Mangrove Risk Solutions | 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9055306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244492 |
| &nbsp;&nbsp;Mangrove Risk Solutions | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467127 |

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17Victory Pioneer CAT Bond Fund \| 7/31/25

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Mangrove Risk solutions Re | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$5461220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5538618 |
| &nbsp;&nbsp;Mangrove Risk Solutions Re | 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40273688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41076250 |
| &nbsp;&nbsp;Marlon Re | 5/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783600 |
| &nbsp;&nbsp;Maschpark Re | 11/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524450 |
| &nbsp;&nbsp;Mayflower Re | 6/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766450 |
| &nbsp;&nbsp;Mayflower Re | 6/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036800 |
| &nbsp;&nbsp;Mayflower Re | 7/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339375 |
| &nbsp;&nbsp;Mayflower Re | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536000 |
| &nbsp;&nbsp;Merion Re 2025-2 | 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157069 |
| &nbsp;&nbsp;Merna Re Companywide | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29032525 |
| &nbsp;&nbsp;Merna Re Enterprise | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518150 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356195 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394518 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311593 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044800 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015000 |
| &nbsp;&nbsp;Merna Re II | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004200 |
| &nbsp;&nbsp;Merna Re II | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13020800 |
| &nbsp;&nbsp;MetroCat Re | 5/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995600 |
| &nbsp;&nbsp;MMIFS Re | 1/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724307 |
| &nbsp;&nbsp;Mona Lisa Re | 6/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546550 |
| &nbsp;&nbsp;Montoya Re | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735050 |
| &nbsp;&nbsp;Mystic Re | 12/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20145271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20857725 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971500 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762950 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262500 |
| &nbsp;&nbsp;Nakama Re | 4/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250675 |
| &nbsp;&nbsp;Nakama Re | 4/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7997600 |
| &nbsp;&nbsp;Nakama Re | 4/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980200 |
| &nbsp;&nbsp;Nature Coast Re | 11/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282400 |
| &nbsp;&nbsp;Nature Coast Re | 12/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770125 |
| &nbsp;&nbsp;Nature Coast Re | 3/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501750 |
| &nbsp;&nbsp;Northshore Re II | 3/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19769750 |
| &nbsp;&nbsp;Oakmont Re 2025 | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8743726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898291 |
| &nbsp;&nbsp;Oceanside Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263325 |
| &nbsp;&nbsp;Ocelot Re | 1/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128800 |
| &nbsp;&nbsp;Ocelot Re | 2/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819225 |
| &nbsp;&nbsp;Orange Capital Re DAC | 11/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574195 |
| &nbsp;&nbsp;Palm Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10119035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206000 |
| &nbsp;&nbsp;Palm Re | 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12723225 |
| &nbsp;&nbsp;Phoenix 3 Re | 12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135500 |
| &nbsp;&nbsp;Puerto Rico Parametric Re | 6/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505650 |
| &nbsp;&nbsp;Purple Re | 4/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305900 |
| &nbsp;&nbsp;Purple Re | 4/2/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663360 |
| &nbsp;&nbsp;Purple Re | 5/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676800 |
| &nbsp;&nbsp;Purple Re | 5/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531900 |
| &nbsp;&nbsp;Queen Street Re | 5/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963900 |
| &nbsp;&nbsp;Ramble Re | 2/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005500 |
| &nbsp;&nbsp;Recoletos Re DAC | 12/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078000 |

---

Victory Pioneer CAT Bond Fund \| 7/31/2518

------

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Residential Re | 9/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$496580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$485700 |
| &nbsp;&nbsp;Residential Re | 7/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325000 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115000 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9511807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595950 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8436000 |
| &nbsp;&nbsp;Riverfront Re | 4/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489350 |
| &nbsp;&nbsp;Sakura Re | 3/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723600 |
| &nbsp;&nbsp;Sanders Re | 5/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020900 |
| &nbsp;&nbsp;Sanders Re | 1/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7889345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8025900 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12579218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12435417 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18001663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18082800 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273850 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544850 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259900 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299950 |
| &nbsp;&nbsp;Sanders Re II | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217000 |
| &nbsp;&nbsp;Sanders Re III | 2/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476300 |
| &nbsp;&nbsp;Sanders Re III | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712320 |
| &nbsp;&nbsp;Silk Road Re | 12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;Solomon Re | 6/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932600 |
| &nbsp;&nbsp;Stabilitas Re | 6/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959280 |
| &nbsp;&nbsp;Sutter Re | 6/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803296 |
| &nbsp;&nbsp;Sutter Re | 6/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232400 |
| &nbsp;&nbsp;Titania Re | 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020200 |
| &nbsp;&nbsp;Titania Re | 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800825 |
| &nbsp;&nbsp;Titania Re | 11/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273800 |
| &nbsp;&nbsp;Titania Re | 11/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747750 |
| &nbsp;&nbsp;Tomoni Re | 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504950 |
| &nbsp;&nbsp;Tomoni Re | 3/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748650 |
| &nbsp;&nbsp;Topanga Re | 10/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582020 |
| &nbsp;&nbsp;Torrey Pines Re | 5/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8261500 |
| &nbsp;&nbsp;Torrey Pines Re | 7/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 |
| &nbsp;&nbsp;Torrey Pines Re | 1/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336992 |
| &nbsp;&nbsp;Torrey Pines Re | 4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329200 |
| &nbsp;&nbsp;Torrey Pines Re | 4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10805900 |
| &nbsp;&nbsp;Torrey Pines Re | 4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6296250 |
| &nbsp;&nbsp;Ursa Re | 10/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431050 |
| &nbsp;&nbsp;Ursa Re | 12/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009500 |
| &nbsp;&nbsp;Ursa Re | 1/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808975 |
| &nbsp;&nbsp;Ursa Re | 11/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220500 |
| &nbsp;&nbsp;Ursa Re | 2/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10833850 |
| &nbsp;&nbsp;Ursa Re II | 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9485750 |
| &nbsp;&nbsp;Veraison Re | 1/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037800 |
| &nbsp;&nbsp;Veraison Re | 1/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10458000 |
| &nbsp;&nbsp;Veraison Re | 1/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264250 |
| &nbsp;&nbsp;Vitality Re XIII | 3/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500650 |
| &nbsp;&nbsp;Vitality Re XV | 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015200 |
| &nbsp;&nbsp;Vitality Re XV | 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513300 |
| &nbsp;&nbsp;Vitality Re XVI | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750150 |

---

19Victory Pioneer CAT Bond Fund \| 7/31/25

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Vitality Re XVI | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750375 |
| &nbsp;&nbsp;Vitality Re XVI | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755775 |
| &nbsp;&nbsp;White Heron Re | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790841 |
| &nbsp;&nbsp;Windmill III Re DAC | 6/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866257 |
| &nbsp;&nbsp;Winston Re | 2/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364525 |
| &nbsp;&nbsp;Winston Re | 2/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522600 |
| &nbsp;&nbsp;Winston Re | 2/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12636250 |
| &nbsp;&nbsp;Yosemite Re | 3/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009000 |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1164624272 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.6% |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **In<br> Exchange for** | **Currency<br> Sold** | **Deliver** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation** |
| USD | 7364884 | EUR | 6250000 | Goldman Sachs & Co. | 9/30/25 | $202609 |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **$202609** |

---

USD United States Dollar <br> EUR Euro

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

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

---

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

---

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. & Canada | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9376319 | &nbsp;&nbsp;&nbsp;&nbsp;$9376319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. Regional | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30598412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30598412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – Florida | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – North Carolina | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41076250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41076250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18429202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18429202 |

---

Victory Pioneer CAT Bond Fund \| 7/31/2520

------

### Schedule of Investments \| 7/31/25
(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Multistate | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7790841 | &nbsp;&nbsp;&nbsp;&nbsp;$7790841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Regional | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46277149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46277149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winterstorm – Florida | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;991510889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991510889 |
| **Total Investments in Securities** | **$—** | &nbsp;&nbsp;**$991510889** | &nbsp;&nbsp;**$173113383** | &nbsp;&nbsp;**$1164624272** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on forward foreign currency exchange contracts | $— | &nbsp;&nbsp;&nbsp;&nbsp;$202609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202609 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$202609** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$202609** |

---

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):

---

| | |
|:---|:---|
|  | **Insurance-<br> Linked<br> Securities** |
| Balance as of 10/31/24 | &nbsp;&nbsp;$31605230 |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Changed in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781929 |
| Return of capital | &nbsp;&nbsp;&nbsp;(18798925) |
| Purchases | &nbsp;&nbsp;&nbsp;171829968 |
| Sales | &nbsp;&nbsp;&nbsp;(12304820) |
| Transfers in to Level 3\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers out of Level 3\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of 7/31/25** | **$173113383** |

---

---

| | | |
|:---|:---|:---|
| \* | &nbsp;&nbsp;Transfers are calculated on the beginning of period values. During the period ended July 31, 2025, there were no transfers in or out of Level 3. | &nbsp;&nbsp;Transfers are calculated on the beginning of period values. During the period ended July 31, 2025, there were no transfers in or out of Level 3. |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at July 31, 2025: | Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at July 31, 2025: | &nbsp;&nbsp;$3580821 |

---

21Victory Pioneer CAT Bond Fund \| 7/31/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer CAT Bond Fund

- **b. EDGAR series identifier (if any):** S000089751

- **c. LEI of Series:** 549300CRZGNF14YZM876

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1227138412.71

**Total Liabilities:** $1672053.09

**Net Assets:** $1225466359.62

**Cash Not Reported:** $53178893.38

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** -38206.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256461 | 0.36%                | 0.81%                | 1.43%                |
| Class ID C000256464 | 0.36%                | 0.91%                | 1.35%                |
| Class ID C000256463 | 0.36%                | 0.90%                | 1.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $219336.88               | $-2798349.55                               |
| Month 2  | $48750.00                | $972433.95                                 |
| Month 3  | $17500.15                | $7980926.39                                |

### Schedule of Portfolio Investments

| Name                                 | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GATEWAY RE LTD                       | Gateway Re Ltd                                      | CUSIP: 36779CAP1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5508500.00   | 0.45%             | 2025-12-22      | Floating      | 4.18%                 | Yes           |                  2 | On Loan: No      |
| RIVERFRONT RE LTD                    | Riverfront Re Ltd                                   | CUSIP: 76870YAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1489350.00   | 0.12%             | 2029-01-08      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| NAKAMA RE LTD                        | Nakama Re Ltd                                       | CUSIP: 62983QAN3<br>LEI: 2549003ZFVVVVKMRJ633 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250675.00    | 0.02%             | 2028-05-09      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                  | Locke Tavern Re Ltd                                 | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1150000 | PA      | $1169550.00   | 0.10%             | 2026-04-09      | Floating      | 9.11%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                       | Titania RE Ltd                                      | CUSIP: 888329AD1<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4800825.00   | 0.39%             | 2026-02-27      | Floating      | 17.87%                | Yes           |                  2 | On Loan: No      |
| AILSA RE 2025                        | AILSA RE 2025                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4930000 | PA      | $4782100.00   | 0.39%             | 2031-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BALDWIN RE LTD                       | Baldwin Re Ltd                                      | CUSIP: 05826BAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $774675.00    | 0.06%             | 2027-07-07      | Floating      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001TAA5<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2273850.00   | 0.19%             | 2028-04-07      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| PI0051-CHELTENHAM RE 2025            | PI0051-CHELTENHAM RE 2025                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $8396006.85   | 0.69%             | 2029-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ATLAS CAPITAL DAC                    | Atlas Capital DAC                                   | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   3000000 | PA      | $3291300.00   | 0.27%             | 2027-06-08      | Floating      | 16.56%                | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                       | Bonanza RE Ltd                                      | CUSIP: 09785EAP6<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $9572550.00   | 0.78%             | 2027-12-19      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                   | Sanders Re III Ltd                                  | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $8025900.00   | 0.65%             | 2028-04-07      | Floating      | 10.08%                | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                    | FloodSmart Re Ltd                                   | CUSIP: 33975CAN5<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $177375.00    | 0.01%             | 2026-03-11      | Floating      | 26.73%                | Yes           |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023             | Lightning Re Series 2023-1                          | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  17550000 | PA      | $17916795.00  | 1.46%             | 2026-03-31      | Floating      | 15.34%                | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                        | Purple Re Ltd                                       | CUSIP: 74639NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3305900.00   | 0.27%             | 2026-04-24      | Floating      | 17.16%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD               | Kilimanjaro III Re Ltd                              | CUSIP: 49407PAH3<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3012000.00   | 0.25%             | 2026-04-20      | Floating      | 16.70%                | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                        | Citrus Re Ltd                                       | CUSIP: 177510AQ7<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   5350000 | PA      | $5271890.00   | 0.43%             | 2028-06-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                 | Aquila Re I Ltd Series 2023-1                       | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $251350.00    | 0.02%             | 2026-06-08      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                     | Chartwell RE Ltd                                    | CUSIP: 16140YAC6<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2495500.00   | 0.20%             | 2028-06-07      | Floating      | 13.58%                | Yes           |                  2 | On Loan: No      |
| 2001 CAT RE LTD                      | 2001 Cat RE Ltd                                     | CUSIP: 90215BAB3<br>LEI: 5493007NG10QO60NSO35 | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $9663475.00   | 0.79%             | 2027-01-08      | Floating      | 17.37%                | Yes           |                  2 | On Loan: No      |
| LONGLEAF PINE RE LTD                 | Longleaf Pine Re Ltd                                | CUSIP: 54307MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4226800.00   | 0.34%             | 2027-05-25      | Floating      | 21.83%                | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                     | Mystic Re IV Ltd                                    | CUSIP: 62865LAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $262500.00    | 0.02%             | 2028-01-10      | Floating      | 18.33%                | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                        | Citrus Re Ltd                                       | CUSIP: 177510AM6<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $774075.00    | 0.06%             | 2026-06-07      | Floating      | 13.04%                | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                 | Foundation Re IV Ltd                                | CUSIP: 349939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5350275.00   | 0.44%             | 2027-01-08      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                       | Bonanza RE Ltd                                      | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |  16000000 | PA      | $15913600.00  | 1.30%             | 2027-12-19      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| RAMBLE RE LTD                        | Ramble RE Ltd                                       | CUSIP: 751443AA0<br>LEI: 254900X8K5BTBY971F92 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5005500.00   | 0.41%             | 2027-03-05      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                         | Alamo Re Ltd                                        | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7178500.00   | 0.59%             | 2026-06-07      | Floating      | 13.41%                | Yes           |                  2 | On Loan: No      |
| SUTTER RE LTD                        | Sutter Re Ltd                                       | CUSIP: 86944RAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1760000 | PA      | $1803296.00   | 0.15%             | 2026-06-19      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                        | Hestia Re Ltd                                       | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2464000.00   | 0.20%             | 2028-03-13      | Floating      | 11.08%                | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR             | Fuchsia 2024-1 - London Bridge 2 PCC Ltd            | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9000000 | PA      | $9092700.00   | 0.74%             | 2028-04-06      | Floating      | 9.47%                 | Yes           |                  2 | On Loan: No      |
| VITALITY RE XIII LTD                 | Vitality Re XIII Ltd                                | CUSIP: 92849MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $500650.00    | 0.04%             | 2026-01-06      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                  | Torrey Pines Re Ltd                                 | CUSIP: 89141WAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6296250.00   | 0.51%             | 2028-06-07      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| MERION RE 2025-2                     | MERION RE 2025-2                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4157069.06   | 0.34%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| QUEEN STREET 2023 RE DAC             | Queen Street 2023 RE DAC                            | CUSIP: 747977AA4<br>LEI: 635400VHHVVMXL5BJI05 | Long             | DBT              | CORP              | IE        |   6950000 | PA      | $6963900.00   | 0.57%             | 2025-12-08      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                       | Ursa Re II Ltd                                      | CUSIP: 91734PAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9500000 | PA      | $9485750.00   | 0.77%             | 2028-06-07      | Floating      | 13.33%                | Yes           |                  2 | On Loan: No      |
| ACORN RE LTD                         | Acorn Re Ltd                                        | CUSIP: 00485YAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $9258325.00   | 0.76%             | 2025-11-07      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| BALDWIN RE LTD                       | Baldwin Re Ltd                                      | CUSIP: 05826BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6596850.00   | 0.54%             | 2029-07-09      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                    | Four Lakes Re Ltd                                   | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3278600.00   | 0.27%             | 2027-01-07      | Floating      | 10.14%                | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                         | Alamo Re Ltd                                        | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1562850.00   | 0.13%             | 2027-06-07      | Floating      | 12.76%                | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                       | Titania RE Ltd                                      | CUSIP: 888329AE9<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4273800.00   | 0.35%             | 2027-11-26      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| VITALITY RE XVI LTD                  | Vitality Re XVI Ltd                                 | CUSIP: 92849FAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2750000 | PA      | $2755775.00   | 0.22%             | 2029-01-08      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| FINCA RE LTD                         | Finca RE Ltd                                        | CUSIP: 31771QAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10165000.00  | 0.83%             | 2028-06-07      | Floating      | 9.58%                 | Yes           |                  2 | On Loan: No      |
| GENESEE STREET RE LTD                | Genesee Street Re Ltd                               | CUSIP: 37173WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7511250.00   | 0.61%             | 2028-04-07      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1275000 | PA      | $1311592.50   | 0.11%             | 2027-07-07      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| OCEANSIDE RE LTD                     | Oceanside RE Ltd                                    | CUSIP: 67550LAA4<br>LEI: 984500636DB8E52F9958 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3263325.00   | 0.27%             | 2028-05-15      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |  12575000 | PA      | $12435417.50  | 1.01%             | 2029-04-07      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                          | Ursa Re Ltd                                         | CUSIP: 90323WAR1<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |  10750000 | PA      | $10833850.00  | 0.88%             | 2028-02-22      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| WHITE HERON RE 2025                  | WHITE HERON RE 2025                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8200000 | PA      | $7790841.44   | 0.64%             | 2031-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| YOSEMITE RE LTD                      | Yosemite Re Ltd                                     | CUSIP: 98740RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1009000.00   | 0.08%             | 2028-06-07      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                        | Purple Re Ltd                                       | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3600000 | PA      | $3663360.00   | 0.30%             | 2027-06-07      | Floating      | 13.33%                | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                    | FloodSmart Re Ltd                                   | CUSIP: 33975CAQ8<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4272750.00   | 0.35%             | 2027-03-12      | Floating      | 21.96%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP              | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1541100.00   | 0.13%             | 2028-04-24      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| VITALITY RE XV LTD                   | Vitality Re XV Ltd                                  | CUSIP: 92847CAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $513300.00    | 0.04%             | 2028-01-07      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                   | Sanders Re III Ltd                                  | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1476300.00   | 0.12%             | 2026-04-07      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                        | Herbie Re Ltd                                       | CUSIP: 42703VAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1481850.00   | 0.12%             | 2028-01-08      | Floating      | 14.23%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001AAA6<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8217000.00   | 0.67%             | 2028-06-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                    | FloodSmart Re Ltd                                   | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1037000.00   | 0.08%             | 2026-03-11      | Floating      | 21.48%                | Yes           |                  2 | On Loan: No      |
| SAKURA RE LTD                        | Sakura RE Ltd                                       | CUSIP: 79381MAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2723600.00   | 0.22%             | 2029-04-05      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                     | Integrity RE III Ltd                                | CUSIP: 45870GAE6<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10032000.00  | 0.82%             | 2028-06-06      | Floating      | 16.58%                | Yes           |                  2 | On Loan: No      |
| ASHERA RE                            | Ashera Re                                           | CUSIP: 04401RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5839700.00   | 0.48%             | 2027-04-07      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                        | Herbie Re Ltd                                       | CUSIP: 42703VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5890800.00   | 0.48%             | 2028-01-07      | Floating      | 11.06%                | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                          | 3264 re Ltd                                         | CUSIP: 88577CAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7710000.00   | 0.63%             | 2028-06-08      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                    | Atlas Capital DAC                                   | CUSIP: 049207AC7<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   5000000 | PA      | $5067000.00   | 0.41%             | 2028-06-07      | Floating      | 1.83%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2044800.00   | 0.17%             | 2027-07-07      | Floating      | 13.08%                | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                       | Winston RE Ltd                                      | CUSIP: 975660AC5<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |  12500000 | PA      | $12636250.00  | 1.03%             | 2028-02-21      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP              | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |    250000 | PA      | $252875.00    | 0.02%             | 2026-03-31      | Floating      | 9.14%                 | Yes           |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                 | Long Point Re IV Ltd                                | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4038000.00   | 0.33%             | 2026-06-01      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10100000.00  | 0.82%             | 2029-07-09      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                       | Galileo Re Ltd                                      | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |   7050000 | PA      | $7324245.00   | 0.60%             | 2028-01-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                  | Nature Coast Re Ltd                                 | CUSIP: 63901CAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8750000 | PA      | $8770125.00   | 0.72%             | 2029-01-16      | Floating      | 14.08%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAP7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |  13000000 | PA      | $13020800.00  | 1.06%             | 2028-07-07      | Floating      | 13.08%                | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                       | Titania RE Ltd                                      | CUSIP: 888329AF6<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3747750.00   | 0.31%             | 2027-11-26      | Floating      | 13.83%                | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                       | Kendall Re Ltd                                      | CUSIP: 48878QAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10329000.00  | 0.84%             | 2027-04-30      | Floating      | 11.88%                | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                    | Bluebonnet RE Ltd                                   | CUSIP: 09610NAC6<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4137200.00   | 0.34%             | 2028-06-07      | Floating      | 16.08%                | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                          | Palm RE Ltd                                         | CUSIP: 69664FAB4<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |  12750000 | PA      | $12723225.00  | 1.04%             | 2028-06-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| MASCHPARK RE LTD                     | Maschpark Re Ltd                                    | CUSIP: 574591AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1524450.00   | 0.12%             | 2028-01-10      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                  | Nature Coast Re Ltd                                 | CUSIP: 63901CAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3501750.00   | 0.29%             | 2029-04-10      | Floating      | 14.08%                | Yes           |                  2 | On Loan: No      |
| ORANGE CAPITAL RE DAC                | Orange Capital RE DAC                               | CUSIP: 000000000<br>LEI: 635400PXTZAPQFEPH515 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $574194.78    | 0.05%             | 2029-01-17      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                    | Four Lakes Re Ltd                                   | CUSIP: 35087TAH1<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $7945600.00   | 0.65%             | 2028-01-07      | Floating      | 12.58%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                       | Gateway Re Ltd                                      | CUSIP: 36779CAM8<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5416950.00   | 0.44%             | 2028-07-07      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                   | Sanders Re III Ltd                                  | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1020900.00   | 0.08%             | 2026-06-05      | Floating      | 12.47%                | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                        | Herbie Re Ltd                                       | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5038500.00   | 0.41%             | 2029-01-08      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| ARMOR RE II LTD                      | Armor RE II Ltd                                     | CUSIP: 04227FAF2<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $9345275.00   | 0.76%             | 2028-01-07      | Floating      | 12.83%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                       | Gateway Re Ltd                                      | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $757950.00    | 0.06%             | 2027-07-08      | Floating      | 10.23%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2024-1                 | Aquila Re I Ltd Series 2024-1                       | CUSIP: 037987AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3951375.00   | 0.32%             | 2027-06-07      | Floating      | 12.68%                | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                         | Alamo Re Ltd                                        | CUSIP: 011395AQ3<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3105300.00   | 0.25%             | 2026-06-07      | Floating      | 16.21%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                | Residential Reinsurance 2004 Ltd                    | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   9500000 | PA      | $9595950.00   | 0.78%             | 2028-12-06      | Floating      | 11.27%                | Yes           |                  2 | On Loan: No      |
| ATELA RE LTD                         | Atela Re Ltd                                        | CUSIP: 04681FAA2<br>LEI: 2549006VU6TMK735XN50 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3185100.00   | 0.26%             | 2027-05-09      | Floating      | 18.58%                | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                      | Veraison Re Ltd                                     | CUSIP: 92335TAC3<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2037800.00   | 0.17%             | 2027-03-08      | Floating      | 9.07%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                     | Integrity RE III Ltd                                | CUSIP: 45870GAC0<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3754500.00   | 0.31%             | 2027-06-06      | Floating      | 14.08%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14250000 | PA      | $14421000.00  | 1.18%             | 2030-07-08      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                       | Gateway Re Ltd                                      | CUSIP: 36779CAT3<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1638875.00   | 0.13%             | 2025-12-22      | Floating      | 4.33%                 | Yes           |                  2 | On Loan: No      |
| STABILITAS RE LTD                    | Stabilitas Re Ltd                                   | CUSIP: 85237TAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3900000 | PA      | $3959280.00   | 0.32%             | 2026-06-05      | Floating      | 12.83%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                     | Integrity RE III Ltd                                | CUSIP: 45870GAB2<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5517050.00   | 0.45%             | 2028-06-06      | Floating      | 12.33%                | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                    | Nakama Re Pte Ltd                                   | CUSIP: 62984JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   8000000 | PA      | $7997600.00   | 0.65%             | 2029-04-04      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                     | Chartwell RE Ltd                                    | CUSIP: 16140YAA0<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $8184800.00   | 0.67%             | 2028-06-07      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001TAB3<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1544850.00   | 0.13%             | 2030-04-08      | Floating      | 8.58%                 | Yes           |                  2 | On Loan: No      |
| VITALITY RE XVI LTD                  | Vitality Re XVI Ltd                                 | CUSIP: 92849FAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    750000 | PA      | $750375.00    | 0.06%             | 2029-01-08      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Mangrove 2025-E                      | Mangrove 2025-E                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9865000 | PA      | $9244491.50   | 0.75%             | 2030-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| KILIMANJARO II RE LTD                | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $6899850.00   | 0.56%             | 2029-07-09      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                        | Citrus Re Ltd                                       | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   2450000 | PA      | $2499735.00   | 0.20%             | 2026-06-07      | Floating      | 10.92%                | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                        | Hestia Re Ltd                                       | CUSIP: 42815KAD4<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $998700.00    | 0.08%             | 2028-03-13      | Floating      | 12.58%                | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                       | Montoya Re Ltd                                      | CUSIP: 613752AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5735050.00   | 0.47%             | 2028-04-07      | Floating      | 10.09%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                 | Aquila Re I Ltd Series 2023-1                       | CUSIP: 03843AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $407320.00    | 0.03%             | 2026-06-08      | Floating      | 11.59%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE LTD                     | Integrity Re Ltd                                    | CUSIP: 45833UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3026400.00   | 0.25%             | 2026-06-06      | Floating      | 17.58%                | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                      | Veraison Re Ltd                                     | CUSIP: 92335TAD1<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |  10500000 | PA      | $10458000.00  | 0.85%             | 2028-03-08      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH RE LTD                  | Commonwealth RE Ltd                                 | CUSIP: 203235AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10064000.00  | 0.82%             | 2028-07-10      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                     | Mystic Re IV Ltd                                    | CUSIP: 62865LAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4971500.00   | 0.41%             | 2028-01-10      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                       | Winston RE Ltd                                      | CUSIP: 975660AB7<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $522600.00    | 0.04%             | 2027-02-26      | Floating      | 16.08%                | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                          | 3264 re Ltd                                         | CUSIP: 88577CAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7003500.00   | 0.57%             | 2028-02-07      | Floating      | 7.34%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001RAB7<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |  18000000 | PA      | $18082800.00  | 1.48%             | 2029-04-07      | Floating      | 9.40%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                    | Nakama Re Pte Ltd                                   | CUSIP: 62984JAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2000000 | PA      | $1980200.00   | 0.16%             | 2030-04-23      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                    | Blue Ridge Re Ltd                                   | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $512950.00    | 0.04%             | 2027-01-08      | Floating      | 12.10%                | Yes           |                  2 | On Loan: No      |
| VITALITY RE XVI LTD                  | Vitality Re XVI Ltd                                 | CUSIP: 92849FAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    750000 | PA      | $750150.00    | 0.06%             | 2029-01-08      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| SUTTER RE LTD                        | Sutter Re Ltd                                       | CUSIP: 86944RAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7232400.00   | 0.59%             | 2026-06-19      | Floating      | 14.08%                | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                          | Ursa Re Ltd                                         | CUSIP: 90323WAQ3<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5220500.00   | 0.43%             | 2026-12-07      | Floating      | 13.08%                | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                        | Ocelot Re Ltd                                       | CUSIP: 675951AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $9819225.00   | 0.80%             | 2029-02-26      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| ACORN RE LTD                         | Acorn Re Ltd                                        | CUSIP: 00485YAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5766675.00   | 0.47%             | 2027-11-05      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                  | Cape Lookout Re Ltd                                 | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1537650.00   | 0.13%             | 2026-04-28      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                       | Titania RE Ltd                                      | CUSIP: 888329AC3<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1020200.00   | 0.08%             | 2026-02-27      | Floating      | 17.46%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                     | Integrity RE III Ltd                                | CUSIP: 45870GAD8<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4264875.00   | 0.35%             | 2028-06-06      | Floating      | 14.08%                | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                          | Palm RE Ltd                                         | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10206000.00  | 0.83%             | 2027-06-07      | Floating      | 13.83%                | Yes           |                  2 | On Loan: No      |
| WINDMILL III RE DAC                  | Windmill III Re DAC                                 | CUSIP: 000000000<br>LEI: 635400PB5AXUZ6R7CT68 | Long             | DBT              | CORP              | IE        |    750000 | PA      | $866256.39    | 0.07%             | 2028-07-05      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                          | Ursa Re Ltd                                         | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1009500.00   | 0.08%             | 2025-12-06      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| DartmouthRe2025                      | DartmouthRe2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $644577.02    | 0.05%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| METROCAT RE LTD                      | MetroCat Re Ltd                                     | CUSIP: 59165HAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1995600.00   | 0.16%             | 2026-05-08      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NORTHSHORE RE II LTD                 | Northshore Re II Ltd                                | CUSIP: 666842AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19750000 | PA      | $19769750.00  | 1.61%             | 2028-04-07      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                    | Tomoni Re Pte Ltd                                   | CUSIP: 89009PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1504950.00   | 0.12%             | 2026-04-07      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| CHARLES RIVER RE LTD                 | Charles River Re Ltd                                | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1033600.00   | 0.08%             | 2027-05-10      | Floating      | 11.96%                | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                | First Coast Re IV Ltd                               | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    600000 | PA      | $604380.00    | 0.05%             | 2026-04-07      | Floating      | 9.94%                 | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                    | Atlas Capital DAC                                   | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   2150000 | PA      | $2198375.00   | 0.18%             | 2026-06-05      | Floating      | 11.91%                | Yes           |                  2 | On Loan: No      |
| LAPIS LONDON BRIDGE 2                | Lapis London Bridge 2 PCC Ltd                       | CUSIP: 54180CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $2536000.00   | 0.21%             | 2029-01-09      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                          | Ursa Re Ltd                                         | CUSIP: 90323WAP5<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1808975.00   | 0.15%             | 2026-12-07      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP              | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   2000000 | PA      | $2045000.00   | 0.17%             | 2028-04-24      | Floating      | 18.04%                | Yes           |                  2 | On Loan: No      |
| GAMBOGE RE 2025                      | GAMBOGE RE 2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  18000000 | PA      | $16422328.23  | 1.34%             | 2031-03-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| PI0056-Harrogate                     | PI0056-Harrogate                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19875000 | PA      | $18571992.28  | 1.52%             | 2028-12-15      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| TORREY PINES RE LTD                  | Torrey Pines Re Ltd                                 | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8125000 | PA      | $8261500.00   | 0.67%             | 2026-06-05      | Floating      | 9.54%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                | Residential Reinsurance 2021 Ltd                    | CUSIP: 76114NAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $485700.00    | 0.04%             | 2025-12-06      | Floating      | 10.11%                | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC              | USD/EUR FORWARD                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $202609.38    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LION RE DAC                          | Lion RE DAC                                         | CUSIP: 000000000<br>LEI: 635400VAABXOBOWHZR32 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1145993.04   | 0.09%             | 2029-06-15      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                        | Citrus Re Ltd                                       | CUSIP: 177510AR5<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1763300.00   | 0.14%             | 2028-06-07      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| LOGISTICS RE LTD                     | Logistics Re Ltd                                    | CUSIP: 54143LAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $511150.00    | 0.04%             | 2027-12-21      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| LION RE DAC                          | Lion RE DAC                                         | CUSIP: 000000000<br>LEI: 635400VAABXOBOWHZR32 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1139602.32   | 0.09%             | 2029-06-15      | Floating      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                     | Integrity RE III Ltd                                | CUSIP: 45870GAA4<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3502450.00   | 0.29%             | 2027-06-06      | Floating      | 12.33%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                     | Integrity RE III Ltd                                | CUSIP: 45870GAF3<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1247250.00   | 0.10%             | 2027-06-06      | Floating      | 29.83%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2325000 | PA      | $2394517.50   | 0.20%             | 2026-07-07      | Floating      | 14.58%                | Yes           |                  2 | On Loan: No      |
| PI0058-Jedburgh                      | PI0058-Jedburgh                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14875000 | PA      | $12962075.00  | 1.06%             | 2028-12-15      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| OCELOT RE LTD                        | Ocelot Re Ltd                                       | CUSIP: 675951AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $8128800.00   | 0.66%             | 2027-01-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                 | Bridge Street Re Ltd                                | CUSIP: 10807LAA5<br>LEI: 2549008NKPLMU6X7ID58 | Long             | DBT              | CORP              | BM        |  12250000 | PA      | $12341875.00  | 1.01%             | 2028-01-07      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| VITALITY RE XV LTD                   | Vitality Re XV Ltd                                  | CUSIP: 92847CAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1015200.00   | 0.08%             | 2028-01-07      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| PUERTO RICO PARAMETRIC               | Puerto Rico Parametric Re Ltd                       | CUSIP: 74528TAA2<br>LEI: 254900GJDFHQXGUCMO94 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $505650.00    | 0.04%             | 2027-06-07      | Floating      | 13.33%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                | Residential Reinsurance 2004 Ltd                    | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   5000000 | PA      | $5115000.00   | 0.42%             | 2028-12-06      | Floating      | 9.71%                 | Yes           |                  2 | On Loan: No      |
| SOLOMON RE LTD                       | Solomon Re Ltd                                      | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6800000 | PA      | $6932600.00   | 0.57%             | 2026-06-08      | Floating      | 9.85%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001TAC1<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2259900.00   | 0.18%             | 2028-04-07      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| MANGROVE RE 2025-A                   | MANGROVE RE 2025-A                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  42500000 | PA      | $41076250.00  | 3.35%             | 2031-04-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FOUR LAKES RE LTD                    | Four Lakes Re Ltd                                   | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   9120000 | PA      | $9097200.00   | 0.74%             | 2028-01-07      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                | First Coast Re IV Ltd                               | CUSIP: 31969UAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $7709700.00   | 0.63%             | 2028-03-10      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| LIONGATE RE DAC                      | Liongate Re DAC                                     | CUSIP: 53625HAA4<br>LEI: 635400XWDC4YQUGGO620 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1001500.00   | 0.08%             | 2028-04-25      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                 | Aquila Re I Ltd Series 2023-1                       | CUSIP: 03843AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1400000 | PA      | $1433740.00   | 0.12%             | 2026-06-08      | Floating      | 13.16%                | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                  | Torrey Pines Re Ltd                                 | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    325000 | PA      | $336992.50    | 0.03%             | 2027-06-07      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                    | Bluebonnet RE Ltd                                   | CUSIP: 09610NAD4<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2827825.00   | 0.23%             | 2027-06-07      | Floating      | 16.33%                | Yes           |                  2 | On Loan: No      |
| HYPATIA LTD                          | Hypatia Ltd                                         | CUSIP: 44914CAC0<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |   2100000 | PA      | $2191980.00   | 0.18%             | 2026-04-08      | Floating      | 14.83%                | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                       | Galileo Re Ltd                                      | CUSIP: 36354TAP7<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |   6700000 | PA      | $6749580.00   | 0.55%             | 2026-01-08      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                    | Sanders RE II Ltd                                   | CUSIP: 80001TAD9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2299950.00   | 0.19%             | 2030-04-08      | Floating      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| 1886 RE LTD                          | 1886 Re Ltd                                         | CUSIP: 68252UAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3586800.00   | 0.29%             | 2029-07-09      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                   | Sanders Re III Ltd                                  | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    700000 | PA      | $712320.00    | 0.06%             | 2027-04-07      | Floating      | 9.88%                 | Yes           |                  2 | On Loan: No      |
| RECOLETOS RE DAC                     | Recoletos RE DAC                                    | CUSIP: 755933AA6<br>LEI: 635400FIY9UG8ZHKYH56 | Long             | DBT              | CORP              | IE        |   4000000 | PA      | $4078000.00   | 0.33%             | 2028-01-07      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| FALKIRK RE 2025                      | FALKIRK RE 2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5456000 | PA      | $5219249.82   | 0.43%             | 2031-03-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| URSA RE LTD                          | Ursa Re Ltd                                         | CUSIP: 90323WAN0<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4431050.00   | 0.36%             | 2026-12-07      | Floating      | 13.58%                | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                     | Mayflower Re Ltd                                    | CUSIP: 57839MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7536000.00   | 0.61%             | 2028-07-07      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| Mangrove Risk Solutions Bermuda Ltd. | Mangrove Risk Solutions Bermuda Ltd.                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5800050 | PA      | $5467127.13   | 0.45%             | 2031-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MMIFS RE LTD                         | MMIFS Re Ltd                                        | CUSIP: 000000000<br>LEI: 254900C86PCL10JRTQ88 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $724307.16    | 0.06%             | 2028-01-10      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                        | Citrus Re Ltd                                       | CUSIP: 177510AN4<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4330325.00   | 0.35%             | 2027-06-07      | Floating      | 13.52%                | Yes           |                  2 | On Loan: No      |
| Mangrove 2024-G                      | Mangrove 2024-G                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2811750 | PA      | $0.00         | 0.00%             | 2030-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| TOMONI RE PTE LTD                    | Tomoni Re Pte Ltd                                   | CUSIP: 89009PAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $748650.00    | 0.06%             | 2028-04-05      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE COMPANYWIDE                 | Merna Re Companywide Ltd                            | CUSIP: 59013FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  28250000 | PA      | $29032525.00  | 2.37%             | 2028-07-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                     | Mayflower Re Ltd                                    | CUSIP: 57839MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3339375.00   | 0.27%             | 2026-07-08      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP              | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1576500.00   | 0.13%             | 2028-04-24      | Floating      | 16.54%                | Yes           |                  2 | On Loan: No      |
| PHOENIX 3 RE PTE LTD                 | Phoenix 3 RE Pte Ltd                                | CUSIP: 000000000<br>LEI: 254900KZ3HFPS3H5FZ50 | Long             | DBT              | CORP              | SG        |   5000000 | PA      | $5135500.00   | 0.42%             | 2039-01-04      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BLACK KITE RE LTD                    | Black Kite Re Ltd                                   | CUSIP: 092168AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |   1000000 | PA      | $999300.00    | 0.08%             | 2028-05-08      | Floating      | 12.34%                | Yes           |                  2 | On Loan: No      |
| HIGH POINT RE LTD                    | High Point Re Ltd                                   | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1519800.00   | 0.12%             | 2027-01-06      | Floating      | 9.93%                 | Yes           |                  2 | On Loan: No      |
| SILK ROAD RE LTD                     | Silk Road Re Ltd                                    | CUSIP: 000000000<br>LEI: 984500F112D01CD7CD97 | Long             | DBT              | CORP              | HK        |   2000000 | PA      | $1995000.00   | 0.16%             | 2028-01-10      | Floating      | 10.33%                | Yes           |                  3 | On Loan: No      |
| AQUILA RE LTD 2023-1                 | Aquila Re I Ltd Series 2023-1                       | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2279925.00   | 0.19%             | 2027-06-07      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| LOWER FERRY RE LTD                   | Lower Ferry Re Ltd                                  | CUSIP: 547915AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2527750.00   | 0.21%             | 2026-07-08      | Floating      | 8.76%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                     | Mystic Re IV Ltd                                    | CUSIP: 62865LAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1762950.00   | 0.14%             | 2028-01-10      | Floating      | 14.58%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAN2<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7004200.00   | 0.57%             | 2028-07-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE LTD                     | Integrity Re Ltd                                    | CUSIP: 45833UAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1476000.00   | 0.12%             | 2026-06-06      | Floating      | 27.33%                | Yes           |                  2 | On Loan: No      |
| ARMOR RE II LTD                      | Armor RE II Ltd                                     | CUSIP: 04227FAE5<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2108200.00   | 0.17%             | 2027-05-07      | Floating      | 14.53%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                | Residential Reinsurance 2021 Ltd                    | CUSIP: 76114NAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2500000 | PA      | $2325000.00   | 0.19%             | 2025-12-06      | Floating      | 16.53%                | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                    | Four Lakes Re Ltd                                   | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250150.00    | 0.02%             | 2026-01-07      | Floating      | 11.14%                | Yes           |                  2 | On Loan: No      |
| MERNA RE ENTERPRISE                  | Merna Re Enterprise Ltd                             | CUSIP: 59013HAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  16500000 | PA      | $16518150.00  | 1.35%             | 2028-07-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                | First Coast Re IV Ltd                               | CUSIP: 31969UAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7059500.00   | 0.58%             | 2028-03-10      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                       | Winston RE Ltd                                      | CUSIP: 975660AA9<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2364525.00   | 0.19%             | 2027-02-26      | Floating      | 14.58%                | Yes           |                  2 | On Loan: No      |
| AZZURRO RE II DAC                    | Azzurro Re II DAC                                   | CUSIP: 000000000<br>LEI: 635400NZWVDIAI82JP08 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1155465.00   | 0.09%             | 2028-04-20      | Floating      | 8.41%                 | Yes           |                  2 | On Loan: No      |
| BLUE SKY RE DAC                      | Blue Sky Re DAC                                     | CUSIP: 09605UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2365479.36   | 0.19%             | 2027-01-26      | Floating      | 8.11%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                     | Mayflower Re Ltd                                    | CUSIP: 57839MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1766450.00   | 0.14%             | 2026-07-08      | Floating      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                     | Mona Lisa Re Ltd                                    | CUSIP: 608800AH1<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $546550.00    | 0.04%             | 2027-06-25      | Floating      | 14.08%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                       | Gateway Re Ltd                                      | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $515600.00    | 0.04%             | 2026-02-24      | Floating      | 18.27%                | Yes           |                  2 | On Loan: No      |
| MANGROVE RE 2025-C2                  | MANGROVE RE 2025-C2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5799600 | PA      | $5538618.00   | 0.45%             | 2031-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| INTL BK RECON & DEVELOP              | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |    500000 | PA      | $508950.00    | 0.04%             | 2028-04-24      | Floating      | 15.58%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAR9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14750000 | PA      | $15148250.00  | 1.24%             | 2030-07-08      | Floating      | 10.83%                | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                        | Herbie Re Ltd                                       | CUSIP: 42703VAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1404900.00   | 0.11%             | 2027-01-08      | Floating      | 27.33%                | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                          | 3264 re Ltd                                         | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1315875.00   | 0.11%             | 2027-07-08      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| LOWER FERRY RE LTD                   | Lower Ferry Re Ltd                                  | CUSIP: 547915AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1900000 | PA      | $1927360.00   | 0.16%             | 2026-07-08      | Floating      | 9.61%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                | Residential Reinsurance 2004 Ltd                    | CUSIP: 76112AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   8000000 | PA      | $8436000.00   | 0.69%             | 2028-12-06      | Floating      | 17.75%                | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                  | Torrey Pines Re Ltd                                 | CUSIP: 89141WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10750000 | PA      | $10805900.00  | 0.88%             | 2028-06-07      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                        | Purple Re Ltd                                       | CUSIP: 74639NAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5531900.00   | 0.45%             | 2028-06-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                         | Alamo Re Ltd                                        | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1556400.00   | 0.13%             | 2027-06-07      | Floating      | 10.87%                | Yes           |                  2 | On Loan: No      |
| MARLON LTD                           | Marlon Ltd                                          | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $783600.00    | 0.06%             | 2027-06-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| OAKMONT RE 2025                      | OAKMONT RE 2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9612500 | PA      | $8898291.25   | 0.73%             | 2031-03-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| 3264 RE LTD                          | 3264 re Ltd                                         | CUSIP: 88577CAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $520200.00    | 0.04%             | 2027-07-08      | Floating      | 22.33%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                       | Gateway Re Ltd                                      | CUSIP: 36779CAF3<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5204325.00   | 0.42%             | 2026-07-08      | Floating      | 15.07%                | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                     | Chartwell RE Ltd                                    | CUSIP: 16140YAB8<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5497250.00   | 0.45%             | 2028-06-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP              | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   3000000 | PA      | $3038400.00   | 0.25%             | 2027-12-29      | Floating      | 11.55%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2345625.00   | 0.19%             | 2028-06-30      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| PI0055-GRANTHAM RE 2025              | PI0055-GRANTHAM RE 2025                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19950000 | PA      | $18806865.00  | 1.53%             | 2026-01-15      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| HERBIE RE LTD                        | Herbie Re Ltd                                       | CUSIP: 42703VAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2062000.00   | 0.17%             | 2029-01-08      | Floating      | 15.08%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                  | Nature Coast Re Ltd                                 | CUSIP: 63901CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2282400.00   | 0.19%             | 2026-12-07      | Floating      | 14.33%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4746150.00   | 0.39%             | 2028-06-30      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                       | Kendall Re Ltd                                      | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2625000.00   | 0.21%             | 2027-04-30      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                        | Citrus Re Ltd                                       | CUSIP: 177510AP9<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4684500.00   | 0.38%             | 2027-06-07      | Floating      | 14.77%                | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                  | Torrey Pines Re Ltd                                 | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $520000.00    | 0.04%             | 2027-06-07      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                   | Topanga Re Ltd                                      | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1650000 | PA      | $1582020.00   | 0.13%             | 2026-01-08      | Floating      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                      | Veraison Re Ltd                                     | CUSIP: 92335TAE9<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1264250.00   | 0.10%             | 2028-03-08      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                    | Bluebonnet RE Ltd                                   | CUSIP: 09610NAB8<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4384725.00   | 0.36%             | 2028-06-07      | Floating      | 12.83%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    350000 | PA      | $356195.00    | 0.03%             | 2026-07-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD             | Merna Reinsurance II Ltd                            | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5015000.00   | 0.41%             | 2027-07-07      | Floating      | 12.83%                | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                    | Four Lakes Re Ltd                                   | CUSIP: 35087TAF5<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2767050.00   | 0.23%             | 2027-01-07      | Floating      | 13.26%                | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                     | Mystic Re IV Ltd                                    | CUSIP: 62865LAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19950000 | PA      | $20857725.00  | 1.70%             | 2027-01-08      | Floating      | 16.33%                | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                        | Purple Re Ltd                                       | CUSIP: 74639NAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6676800.00   | 0.54%             | 2028-06-07      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                  | Torrey Pines Re Ltd                                 | CUSIP: 89141WAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8329200.00   | 0.68%             | 2028-06-07      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                     | Mayflower Re Ltd                                    | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2036800.00   | 0.17%             | 2027-07-08      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                    | FloodSmart Re Ltd                                   | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $8015825.00   | 0.65%             | 2027-03-12      | Floating      | 18.69%                | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                    | Bluebonnet RE Ltd                                   | CUSIP: 09610NAA0<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5703500.00   | 0.47%             | 2028-06-07      | Floating      | 10.08%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-24

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer