# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0001004726-26-004361
**Filing Date:** 2026-5
**Character Count:** 346364
**Document Hash:** 2604d593b0076be3cdc4bbbd8ba23a32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-004361.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001004726-26-004361

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Variable Insurance Funds II
- **CENTRAL INDEX KEY:** 0002042317

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24018
- **FILM NUMBER:** 261033329

**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 Strategic Income VCT Portfolio (Series ID: S000089714)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256345 | Class II     |  |
| C000256346 | Class I      |  |

## Nport-Ex

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(8.0%)

ABS

Auto

(3.3%):

ACM

Auto

Trust,

Series

2024-2A,

Class

A,

6.06%,

2/20/29,

Callable

8/20/26

@

100(a)

.....

$

$

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2024-3,

Class

D,

6.04%,

7/12/30,

Callable

2/12/28

@

100(a)

...............

Series

2025-2,

Class

D,

5.50%,

8/12/31,

Callable

9/12/28

@

100(a)

...............

Series

2025-4,

Class

D,

5.25%,

9/12/31,

Callable

11/12/28

@

100(a)

..............

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2022-5A,

Class

C,

6.24%,

4/20/27(a)

..

Drive

Auto

Receivables

Trust,

Series

2025-1,

Class

D,

5.41%,

9/15/32,

Callable

12/15/28

@

.............................................................

Exeter

Automobile

Receivables

Trust

.........................................

Series

2023-5A,

Class

D,

7.13%,

2/15/30,

Callable

9/15/28

@

................

Series

2024-5A,

Class

D,

5.06%,

2/18/31,

Callable

3/15/29

@

................

Series

2025-3A,

Class

D,

5.57%,

10/15/31,

Callable

9/15/29

@

...............

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2023-4A,

Class

D,

7.18%,

8/15/29,

Callable

6/15/28

@

100(a)

..............

Series

2024-3A,

Class

D,

5.53%,

2/18/31,

Callable

1/15/29

@

100(a)

..............

Series

2024-4A,

Class

D,

5.28%,

10/15/31,

Callable

3/15/29

@

100(a)

.............

Series

2025-2A,

Class

D,

5.59%,

1/15/31,

Callable

8/15/29

@

100(a)

..............

Hertz

Vehicle

Financing

III

LP,

Series

2021-2A,

Class

B,

2.12%,

12/27/27(a)

............

Merchants

Fleet

Funding

LLC

..............................................

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

2/20/27

@

100(a)

..............

Series

2024-1A,

Class

D,

6.85%,

4/20/37,

Callable

2/20/27

@

100(a)

..............

Series

2025-1A,

Class

A,

4.49%,

1/20/39,

Callable

6/20/29

@

100(a)

..............

Prestige

Auto

Receivables

Trust,

Series

2025-1A,

Class

D,

6.02%,

7/15/31,

Callable

3/15/29

@

100(a)

...........................................................

Santander

Drive

Auto

Receivables

Trust

.......................................

Series

2024-2,

Class

D,

6.28%,

8/15/31,

Callable

4/15/28

@

.................

Series

2024-4,

Class

D,

5.32%,

12/15/31,

Callable

4/15/28

@

................

VStrong

Auto

Receivables

Trust,

Series

2023-A,

Class

D,

9.31%,

2/15/30,

Callable

10/15/28

@

100(a)

...........................................................

Westlake

Automobile

Receivables

Trust,

Series

2024-2A,

Class

D,

5.91%,

4/15/30,

Callable

1/15/28

@

100(a)

...................................................

4,168

ABS

Card

(0.4%):

Continental

Finance

Credit

Card

ABS

Master

Trust

...............................

Series

2022-A,

Class

A,

6.19%,

10/15/30(a)

................................

Series

2024-A,

Class

A,

5.78%,

12/15/32(a)

................................

Mission

Lane

Credit

Card

Master

Trust

.......................................

Series

2024-B,

Class

A,

5.88%,

1/15/30(a)

.................................

Series

2024-B,

Class

B,

6.32%,

1/15/30(a)

.................................

516

ABS

Home

(0.3%):

Equifirst

Mortgage

Loan

Trust,

Series

2003-1,

Class

IF1,

4.01%,

12/25/32,

Callable

4/25/26

@

100(b)

...........................................................

GS

Mortgage-Backed

Securities

Trust,

Series

2025-CES1,

Class

A1A,

5.57%,

5/25/55,

Callable

3/25/28

@

100(a)(b)

..........................................

Vista

Point

Securitization

Trust,

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(b)

.......................................................

ABS

Other

(4.0%):

Accelerated

Assets

LLC,

Series

2024-HE2,

Class

A,

5.35%,

10/25/39,

Callable

2/25/30

@

100(a)

...........................................................

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

D,

7.25%,

5/21/29,

Callable

7/20/26

@

100(a)

............................................

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

6/20/27

@

100(a)

............................................

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/31,

Callable

8/20/28

@

100(a)

............................................

BHG

Securitization

Trust,

Series

2022-C,

Class

E,

9.73%,

10/17/35,

Callable

10/17/28

@

100(a)

...........................................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(a)

...................................................

$

$

Cascade

MH

Asset

Trust

..................................................

Series

2021-MH1,

Class

M1,

2.99%,

2/25/46,

Callable

4/25/38

@

100(a)

...........

Series

2021-MH1,

Class

M2,

3.69%,

2/25/46,

Callable

4/25/38

@

100(a)

...........

CFMT

LLC

...........................................................

Series

2022-HB9,

Class

M3,

3.25%,

9/25/37,

Callable

9/25/27

@

100(a)(b)

.........

Series

2024-HB13,

Class

M2,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(b)

.......

CoreVest

American

Finance

Trust,

Series

2020-3,

Class

A,

1.36%,

8/15/53,

Callable

7/15/30

@

100(a)

...........................................................

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/54,

Callable

1/25/27

@

100(a)

....

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

6.12%,

9/23/30,

Callable

11/22/26

@

100(a)

...........................................................

FIGRE

Trust

..........................................................

Series

2024-HE3,

Class

A,

5.94%,

7/25/54,

Callable

7/25/29

@

100(a)(b)

...........

Series

2024-HE6,

Class

A,

5.72%,

12/25/54,

Callable

2/25/30

@

100(a)(b)

..........

Series

2025-HE1,

Class

A,

5.83%,

1/25/55,

Callable

3/25/30

@

100(a)(b)

...........

Series

2025-HE2,

Class

A,

5.78%,

3/25/55,

Callable

10/25/30

@

100(a)(b)

..........

Series

2025-HE5,

Class

A,

5.29%,

8/25/55,

Callable

1/25/31

@

100(a)(b)

...........

Series

2025-HE8,

Class

A,

5.21%,

11/25/55,

Callable

7/25/28

@

100(a)(b)

..........

GS

Mortgage-Backed

Securities

Trust,

Series

2025-SL1,

Class

A1,

5.85%,

11/25/67,

Callable

3/25/28

@

100(a)(b)

.................................................

Home

Partners

of

America

Trust,

Series

2019-1,

Class

D,

3.41%,

9/17/39,

Callable

4/17/26

@

100(a)(c)

.........................................................

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D,

5.82%,

4/20/32,

Callable

12/20/27

@

100(a)

...........................................................

J.G.

Wentworth

XLI

LLC

.................................................

Series

2010-3A,

Class

A,

3.82%,

12/15/48,

Callable

4/15/26

@

100(a)

.............

Series

2019-1A,

Class

A,

3.82%,

8/17/71,

Callable

3/15/42

@

100(a)

..............

Mosaic

Solar

Loan

Trust,

Series

2019-2A,

Class

A,

2.88%,

9/20/40,

Callable

3/20/31

@

100(a)

MVW

LLC,

Series

2020-1A,

Class

C,

4.21%,

10/20/37,

Callable

8/20/26

@

100(a)

........

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

B1,

2.85%,

4/20/62,

Callable

8/20/31

@

100(a)

...........................................................

NMEF

Funding

LLC,

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

3/15/28

@

100(a)

..

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

A,

5.18%,

6/15/32,

Callable

11/15/26

@

100(a)

...........................................................

Reach

ABS

Trust,

Series

2026-1A,

Class

A,

4.32%,

2/15/33,

Callable

6/15/30

@

100(a)

....

ReadyCap

Lending

Small

Business

Loan

Trust,

Series

2023-3,

Class

A,

6.82%

(PRIME+7bps),

4/25/48,

Callable

3/25/29

@

100(a)(d)

....................................

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2022-SEQ2,

Class

A3,

4.50%,

2/25/52,

Callable

4/25/26

@

100(a)(b)

..........................................

SCF

Equipment

Leasing

LLC,

Series

2025-2A,

Class

D,

5.33%,

6/20/36,

Callable

4/20/32

@

100(a)

...........................................................

SpringCastle

America

Funding

LLC,

Series

2020-AA,

Class

A,

1.97%,

9/25/37,

Callable

4/25/26

@

100(a)

...................................................

Tricon

American

Homes

Trust,

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/39(a)(c)

........

VFI

ABS

LLC,

Series

2023-1A,

Class

C,

9.26%,

12/24/29,

Callable

6/24/26

@

100(a)

.....

5,117

Total

Asset-Backed

Securities

(Cost

$10,162)

a

a

a

10,128

Collateralized

Loan

Obligations

(1.7%)

Cash

Flow

CLO

(1.7%):

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

AS,

6.31%

(TSFR1M+264bps),

1/20/41,

Callable

5/20/27

@

100(a)(d)

.....................

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

C,

5.97%

(SOFR30A+230bps),

1/15/37,

Callable

4/15/26

@

100(a)(d)

....................

AREIT

Ltd.,

Series

2022-CRE6,

Class

D,

6.52%

(SOFR30A+285bps),

1/20/37(a)(d)

......

BSPRT

Issuer

Ltd.,

Series

2022-FL8,

Class

C,

5.97%

(SOFR30A+230bps),

2/15/37,

Callable

4/15/26

@

100(a)(d)

.................................................

Carlyle

US

CLO

Ltd.,

Series

2019-4A,

Class

CR,

6.87%

(TSFR3M+320bps),

4/15/35,

Callable

4/15/26

@

100(a)(d)

.................................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Dwight

Issuer

LLC,

Series

2025-FL1,

Class

A,

5.34%

(TSFR1M+166bps),

6/18/42,

Callable

7/18/27

@

100(a)(d)

.................................................

$

$

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

5.06%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

@

100(a)(c)(d)

........................................

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

D,

7.58%

(TSFR3M+391bps),

1/25/32,

Callable

4/25/26

@

100(a)(d)

..........................................

STWD

Ltd.,

Series

2022-FL3,

Class

B,

5.62%

(SOFR30A+195bps),

11/15/38,

Callable

4/15/26

@

100(a)(d)

.......................................................

2,182

Total

Collateralized

Loan

Obligations

(Cost

$2,193)

a

a

a

2,182

Collateralized

Mortgage

Obligations

(9.2%)

Agency

CMO

IO

(0.5%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

4601,

Class

NI,

3.50%,

9/15/45(c)

..................................

Series

4791,

Class

IO,

3.00%,

5/15/48(c)

..................................

Series

4988,

Class

IL,

3.00%,

6/25/50(c)

..................................

Series

5141,

Class

IJ,

2.50%,

4/25/51(c)

...................................

Federal

Home

Loan

Mortgage

Corporation

REMICs

..............................

Series

4091,

Class

SH,

2.76%

(SOFR30A+644bps),

8/15/42(c)(d)

................

Series

4999,

Class

QI,

4.00%,

5/25/50(c)

..................................

Series

5067,

Class

GI,

4.00%,

12/25/50(c)

.................................

Federal

National

Mortgage

Association

.......................................

Series

1,

Class

CI,

3.00%,

11/25/50(c)

....................................

Series

2019-59,

Class

AI,

4.00%,

10/25/39(c)

...............................

Series

2020-83,

Class

EI,

4.00%,

11/25/50(c)

...............................

Series

2021-44,

Class

NI,

3.00%,

7/25/51(c)

................................

Series

437,

Class

C11,

3.00%,

7/25/52(c)

..................................

571

Series

78,

Class

CI,

4.50%,

11/25/51(c)

...................................

Government

National

Mortgage

Association

....................................

Series

140,

Class

IO,

2.50%,

8/20/51(c)

...................................

Series

146,

Class

QI,

3.00%,

8/20/51(c)

...................................

Series

173,

Class

AI,

2.50%,

10/20/51(c)

..................................

756

Series

2019-159,

Class

CI,

3.50%,

12/20/49(c)

..............................

Series

2020-9,

Class

SA

(TSFR1M+324bps),

1/20/50(c)(d)(e)

...................

Series

2025-120,

Class

IC,

4.50%,

1/20/50(c)

...............................

Series

206,

Class

IO,

2.50%,

10/20/51(c)

..................................

Series

24,

Class

AI,

2.50%,

8/20/51(c)

....................................

Series

34,

Class

IO,

5.00%,

12/20/39(c)

...................................

Series

70,

Class

IO,

4.00%,

6/20/50(c)

....................................

Series

96,

Class

BI,

3.50%,

6/20/51(c)

....................................

683

Agency

CMO

Other

(0.4%):

Federal

Home

Loan

Mortgage

Corporation,

Series

2944,

Class

OH,

5.50%,

3/15/35

.......

Federal

National

Mortgage

Association,

Series

2013-61,

Class

BY,

3.00%,

6/25/43

........

550

Agency

Commercial

MBS

(0.0%):(f)

Government

National

Mortgage

Association,

Series

2017-21,

Class

IO,

0.59%,

10/16/58,

Callable

5/16/43

@

100(b)(c)

..........................................

569

Commercial

MBS

(3.7%):

Bayview

Commercial

Asset

Trust,

Series

2007-2A,

Class

IO,

7/25/37(b)(c)(e)(g)

.........

—

Benchmark

Mortgage

Trust

................................................

Series

2018-B8,

Class

A4,

3.96%,

1/15/52,

Callable

12/15/28

@

..............

Series

2020-IG3,

Class

B,

3.26%,

9/15/48,

Callable

4/15/30

@

100(a)(b)

...........

Series

2022-B34,

Class

AM,

3.82%,

4/15/55,

Callable

4/15/32

@

100(b)

...........

BX

Commercial

Mortgage

Trust,

Series

2021-VIV5,

Class

A,

2.84%,

3/9/44(a)(b)(c)

......

500

BX

Trust,

Series

2019-OC11,

Class

A,

3.20%,

12/9/41,

Callable

12/9/29

@

100(a)(c)

......

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C5,

Class

A3,

3.96%,

6/10/51,

Callable

6/10/28

@

.....................................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) COMM

Mortgage

Trust

..................................................

Series

2016-CR28,

Class

AHR,

3.65%,

2/10/49,

Callable

12/10/28

@

..........

$

$

Series

2024-WCL1,

Class

A,

5.51%

(TSFR1M+184bps),

6/15/41(a)(c)(d)

..........

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2018-KSW4,

Class

B,

6.23%

(SOFR30A+256bps),

10/25/28(a)(d)

...........

Series

2019-K88,

Class

C,

4.39%,

2/25/52,

Callable

4/25/29

@

100(a)(b)

...........

Series

2019-KF64,

Class

B,

6.08%

(SOFR30A+241bps),

6/25/26,

Callable

5/25/26

@

100(a)(d)

.........................................................

Series

2019-KF66,

Class

B,

6.18%

(SOFR30A+251bps),

7/25/29(a)(d)

............

FREMF

Mortgage

Trust,

Series

2017-KW03,

Class

B,

4.08%,

7/25/27(a)(b)

.............

Hilt

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

A,

5.21%

(TSFR1M+154bps),

5/15/37(a)(c)(d)

....................................................

HTL

Commercial

Mortgage

Trust,

Series

2024-T53,

Class

B,

6.56%,

5/10/39(a)(b)(c)

......

ILPT

Trust,

Series

2019-SURF,

Class

A,

4.15%,

2/11/41(a)(c)

.......................

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

AFX,

4.25%,

7/5/33(a)(c)

.................................................

JPMDB

Commercial

Mortgage

Securities

Trust

.................................

Series

2018-C8,

Class

A4,

4.21%,

6/15/51,

Callable

6/15/28

@

...............

Series

2018-C8,

Class

XB,

0.12%,

6/15/51,

Callable

3/15/28

@

100(b)(c)

..........

1,600

Key

Commercial

Mortgage

Securities

Trust,

Series

2019-S2,

Class

A3,

3.47%,

6/15/52,

Callable

6/15/29

@

100(a)

............................................

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.28%,

7/11/40(a)(b)(c)

........

Velocity

Commercial

Capital

Loan

Trust

......................................

Series

2024-6,

Class

A,

5.81%,

12/25/54,

Callable

9/25/33

@

100(a)(b)

............

Series

2025-1,

Class

A,

6.03%,

2/25/55,

Callable

7/25/36

@

100(a)(b)

.............

VRTX

Trust

...........................................................

Series

2025-HQ,

Class

C,

5.92%,

8/5/42(a)(b)(c)

............................

Series

2025-HQ,

Class

D,

6.60%,

8/5/42(a)(b)(c)

............................

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2026-1250B,

Class

C,

5.59%,

3/10/41(a)(b)(c)

4,614

Private

CMO

Floating

(0.8%):

Connecticut

Avenue

Securities

Trust

.........................................

Series

2022-R02,

Class

2M2,

6.66%

(SOFR30A+300bps),

1/25/42,

Callable

1/25/27

@

100(a)(d)

.........................................................

Series

2024-R03,

Class

2M2,

5.61%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(d)

.........................................................

Series

2024-R05,

Class

2M2,

5.36%

(SOFR30A+170bps),

7/25/44,

Callable

7/25/29

@

100(a)(d)

.........................................................

Eagle

RE

Ltd.,

Series

2023-1,

Class

M1B,

7.61%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(d)

.................................................

Federal

Home

Loan

Mortgage

Corporation,

Series

2021-MN3,

Class

M2,

7.66%

(SOFR30A+400bps),

11/25/51,

Callable

8/25/36

@

100(a)(d)

...................

Federal

Home

Loan

Mortgage

Corporation,

REMICS,

Series

2024-DNA3,

Class

A1,

4.71%

(SOFR30A+105bps),

10/25/44,

Callable

10/25/29

@

100(a)(d)

..................

Radnor

RE

Ltd.,

Series

2023-1,

Class

M1A,

6.36%

(SOFR30A+270bps),

7/25/33,

Callable

7/25/28

@

100(a)(d)

.................................................

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

B2,

5.94%

(TSFR1M+226bps),

10/25/48,

Callable

10/25/28

@

100(a)(d)

.........................................

Triangle

RE

Ltd.,

Series

2023-1,

Class

M1A,

7.06%

(SOFR30A+340bps),

11/25/33,

Callable

10/25/28

@

100(a)(d)

................................................

1,054

Private

CMO

Other

(3.8%):

Ajax

Mortgage

Loan

Trust,

Series

2021-A,

Class

A1,

1.07%,

9/25/65,

Callable

4/25/26

@

100(a)(b)

.........................................................

BINOM

Securitization

Trust,

Series

2022-RPL1,

Class

M2,

3.00%,

2/25/61,

Callable

4/25/26

@

100(a)(b)

.......................................................

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

A3,

3.25%,

2/25/55,

Callable

4/25/26

@

100(a)(b)

.......................................................

CFMT

LLC

...........................................................

Series

2024-HB14,

Class

M1,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(b)

........

Series

2024-HB14,

Class

M2,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(b)

........

CIM

Trust,

Series

2020-R2,

Class

M3,

3.00%,

10/25/59,

Callable

11/25/45

@

100(a)(b)

....

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Citigroup

Mortgage

Loan

Trust,

Series

2018-RP3,

Class

M3,

3.25%,

3/25/61,

Callable

3/25/46

@

100(a)(b)

.......................................................

$

$

CSMC

Trust

..........................................................

Series

2021-RPL2,

Class

M1,

2.75%,

1/25/60,

Callable

2/25/50

@

100(a)(b)

........

Series

2021-RPL2,

Class

M2,

3.25%,

1/25/60,

Callable

2/25/50

@

100(a)(b)

........

Federal

Home

Loan

Mortgage

Corporation,

Series

2018-4,

Class

M,

4.75%,

3/25/58,

Callable

6/25/50

@

100(a)

...................................................

GS

Mortgage-Backed

Securities

Trust,

Series

2022-PJ1,

Class

A4,

2.50%,

5/28/52,

Callable

11/25/47

@

100(a)(b)

................................................

Hundred

Acre

Wood

Trust,

Series

2021-INV3,

Class

A3,

2.50%,

12/25/51,

Callable

5/25/43

@

100(a)(b)

.........................................................

Imperial

Fund

Mortgage

Trust

..............................................

Series

2021-NQM2,

Class

B1,

3.30%,

9/25/56,

Callable

4/25/26

@

100(a)(b)

........

Series

2021-NQM2,

Class

M1,

2.49%,

9/25/56,

Callable

4/25/26

@

100(a)(b)

.......

IMS

Ecuadorian

Mortgage

Trust,

Series

2021-1,

Class

GA,

3.40%,

8/18/43(a)

...........

JP

Morgan

Mortgage

Trust

................................................

Series

2019-HYB1,

Class

B3,

5.09%,

10/25/49,

Callable

5/25/33

@

100(a)(b)

.......

Series

2021-INV1,

Class

B1,

2.96%,

10/25/51,

Callable

9/25/47

@

100(a)(b)

........

Series

2022-LTV1,

Class

M1,

3.51%,

7/25/52,

Callable

12/25/46

@

100(a)(b)

.......

Mello

Mortgage

Capital

Acceptance

.........................................

Series

2021-INV2,

Class

A15,

2.50%,

8/25/51,

Callable

3/25/43

@

100(a)(b)

........

Series

2021-MTG2,

Class

B1,

2.67%,

6/25/51,

Callable

4/25/48

@

100(a)(b)

........

MFA

Trust,

Series

2020-NQM1,

Class

A3,

3.30%,

8/25/49,

Callable

4/25/26

@

100(a)(b)

...

Onity

Loan

Investment

Trust,

Series

2024-HB2,

Class

M2,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(b)

.........................................................

PRMI

Securitization

Trust,

Series

2021-1,

Class

B1,

2.48%,

4/25/51,

Callable

6/25/46

@

100(a)(b)

.........................................................

Provident

Funding

Mortgage

Trust,

Series

2021-J1,

Class

B1,

2.63%,

10/25/51,

Callable

1/25/46

@

100(a)(b)

.................................................

RCKT

Mortgage

Trust,

Series

2021-3,

Class

A25,

2.50%,

7/25/51,

Callable

3/25/47

@

100(a)

(b) .............................................................

RMF

Proprietary

Issuance

Trust,

Series

2019-1,

Class

A,

2.75%,

10/25/63(a)(b)

..........

Sequoia

Mortgage

Trust,

Series

2018-CH3,

Class

A1,

4.50%,

8/25/48,

Callable

4/25/26

@

100(a)(b)

.........................................................

Towd

Point

Mortgage

Trust,

Series

2021-R1,

Class

A1,

2.92%,

11/30/60(a)(b)

...........

Visio

Trust,

Series

2019-2,

Class

A1,

2.72%,

11/25/54,

Callable

4/25/26

@

100(a)(b)

......

4,798

Total

Collateralized

Mortgage

Obligations

(Cost

$12,960)

a

a

a

11,640

Shares

Preferred

Stocks

(0.5%)

Financials

(0.5%):

Bank

of

America

Corp.,

Series

LL,

5.00%(h)

...................................

5,104

Capital

One

Financial

Corp.,

Series

L,

4.38%(h)

.................................

1,158

JP

Morgan

Chase

&

Co.,

Series

MM,

4.20%(h)

..................................

7,750

KeyCorp,

Series

G,

5.63%(h)

..............................................

2,065

Morgan

Stanley,

Series

O,

4.25%(h)

.........................................

8,529

State

Street

Corp.,

Series

G,

5.35%(h)

........................................

1,316

U.S.

Bancorp,

Series

L,

3.75%(h)

...........................................

1,251

Wells

Fargo

&

Co.,

Series

DD,

4.25%(h)

......................................

5,192

583

Total

Preferred

Stocks

(Cost

$602)

a

a

a

583

Principal

Amount

(000) Senior

Secured

Loans

(0.1%)

Financials

(0.0%):(f)

LC

Ahab

US

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

5/1/31(d)

.........................................

$

Industrials

(0.0%):(f)

Amentum

Holdings,

Inc.,

Initial

Term

Loan,

5.67%

(SOFR01M+200bps),

9/29/31(d)

......

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Materials

(0.1%):

Mativ

Holdings,

Inc.

Term

B

Loan,

7.54%

(SOFR01M+375bps),

4/20/28(d)

.............

$

$

Total

Senior

Secured

Loans

(Cost

$115)

a

a

a

Corporate

Bonds

(24.9%)

Communication

Services

(0.5%):

Alphabet,

Inc.,

5.30%,

5/15/65,

Callable

11/15/64

@

..........................

Meta

Platforms,

Inc.

5.63%,

11/15/55,

Callable

5/15/55

@

..................................

5.75%,

11/15/65,

Callable

5/15/65

@

..................................

Oak-Eagle

Acquireco,

Inc.,

7.25%,

7/1/33,

Callable

7/1/29

@

103.63(a)

................

Omnicom

Group,

Inc.,

5.00%,

6/2/33,

Callable

4/2/33

@

.......................

629

Consumer

Discretionary

(1.3%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(a)

.........................................................

Daimler

Truck

Finance

North

America

LLC

4.15%,

1/12/29,

Callable

12/12/28

@

100(a)

...............................

4.65%,

10/12/30,

Callable

9/12/30

@

100(a)

...............................

Darden

Restaurants,

Inc.,

6.30%,

10/10/33,

Callable

7/10/33

@

...................

Ford

Motor

Co.,

6.10%,

8/19/32,

Callable

5/19/32

@

..........................

General

Motors

Financial

Co.,

Inc.,

5.75%,

2/8/31,

Callable

12/8/30

@

.............

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Esc,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(a)

....................................

HOA

RoyaltyCo

LLC,

4.72%,

11/22/55,

Callable

5/2/26

@

100(a)(g)(i)

................

Lennar

Corp.,

5.20%,

7/30/30,

Callable

6/30/30

@

............................

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.,

4.63%,

4/16/29,

Callable

1/16/29

@

100(a)

ZF

North

America

Capital,

Inc.,

6.88%,

4/14/28,

Callable

3/14/28

@

100(a)

.............

1,708

Consumer

Staples

(1.2%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

5.50%,

3/31/31,

Callable

11/15/27

@

102.75(a)

.............................

5.75%,

3/31/34,

Callable

11/15/28

@

102.88(a)

.............................

Dollar

Tree,

Inc.,

2.65%,

12/1/31,

Callable

9/1/31

@

...........................

Smithfield

Foods,

Inc.

5.20%,

4/1/29,

Callable

1/1/29

@

100(a)

..................................

3.00%,

10/15/30,

Callable

7/15/30

@

100(a)

...............................

2.63%,

9/13/31,

Callable

6/13/31

@

100(a)

................................

Sysco

Corp.,

4.40%,

7/25/31,

Callable

6/25/31

@

.............................

The

Procter

&

Gamble

Co.,

4.10%,

11/3/32

....................................

1,461

Energy

(2.7%):

Archrock

Services

LP/Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103(a)

...........................................................

Boardwalk

Pipelines

LP,

3.60%,

9/1/32,

Callable

6/1/32

@

......................

Chevron

USA,

Inc.,

4.85%,

10/15/35,

Callable

7/15/35

@

.......................

Columbia

Pipelines

Holding

Co.

LLC

5.10%,

10/1/31,

Callable

8/1/31

@

100(a)

.................................

5.00%,

11/17/32,

Callable

9/17/32

@

100(a)

................................

ConocoPhillips

Co.,

5.65%,

1/15/65,

Callable

6/15/64

@

.......................

Enerflex,

Inc.,

6.88%,

1/15/31,

Callable

1/15/28

@

103.44(a)

........................

Energy

Transfer

LP,

5.35%,

1/15/36,

Callable

10/15/35

@

.......................

Hess

Midstream

Operations

LP,

5.88%,

3/1/28,

Callable

4/12/26

@

102.94(a)

............

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

6.88%,

5/15/34,

Callable

5/15/29

@

103.44(a)

..............................

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

..............................

Kodiak

Gas

Services

LLC,

5.88%,

4/1/31,

Callable

4/1/28

@

102.94(a)

................

MPLX

LP

5.50%,

6/1/34,

Callable

3/1/34

@

....................................

5.30%,

4/1/36,

Callable

1/1/36

@

....................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) NGPL

PipeCo

LLC,

3.25%,

7/15/31,

Callable

4/15/31

@

100(a)

.....................

$

$

Phillips

Co.,

5.25%,

6/15/31,

Callable

4/15/31

@

...........................

Shell

Finance

US,

Inc.,

4.75%,

1/6/36,

Callable

10/6/35

@

......................

The

Williams

Cos.,

Inc.

7.50%,

1/15/31

....................................................

7.75%,

6/15/31

....................................................

Valero

Energy

Corp.

5.15%,

2/15/30,

Callable

1/15/30

@

..................................

6.63%,

6/15/37

....................................................

Venture

Global

LNG,

Inc.

9.50%,

2/1/29,

Callable

11/1/28

@

100(a)

.................................

8.38%,

6/1/31,

Callable

6/1/26

@

104.19(a)

................................

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100(a)

.......

3,358

Financials

(9.3%):

Affiliated

Managers

Group,

Inc.,

5.50%,

2/15/36,

Callable

11/15/35

@

..............

Ally

Financial,

Inc.

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

@

100(d)

....................

6.65%

(H15T5Y+245bps),

1/17/40,

Callable

10/19/34

@

100(d)

.................

American

Honda

Finance

Corp.

5.05%,

7/10/31,

MTN

................................................

4.85%,

10/23/31,

MTN

...............................................

5.10%,

1/8/36

.....................................................

Avolon

Holdings

Funding

Ltd.

5.75%,

3/1/29,

Callable

2/1/29

@

100(a)

..................................

5.38%,

5/30/30,

Callable

4/30/30

@

100(a)

................................

Bank

of

America

Corp.,

2.57%

(SOFR+121bps),

10/20/32,

Callable

10/20/31

@

100(d)

....

BMW

US

Capital

LLC,

5.40%,

3/21/35,

Callable

12/21/34

@

100(a)

..................

Brown

&

Brown,

Inc.,

4.20%,

3/17/32,

Callable

12/17/31

@

.....................

Capital

One

Financial

Corp.

2.36%

(SOFR+134bps),

7/29/32,

Callable

7/29/31

@

100(d)

....................

6.18%

(SOFR+204bps),

1/30/36,

Callable

1/30/35

@

100(d)

....................

Citadel

Securities

Global

Holdings

LLC,

6.20%,

6/18/35,

Callable

3/18/35

@

100(a)

.......

Citigroup,

Inc.,

2.52%

(SOFR+118bps),

11/3/32,

Callable

11/3/31

@

100(d)

.............

Citizens

Financial

Group,

Inc.

5.84%

(SOFR+201bps),

1/23/30,

Callable

1/23/29

@

100(d)

....................

5.25%

(SOFR+126bps),

3/5/31,

Callable

3/5/30

@

100(d)

......................

5.72%

(SOFR+191bps),

7/23/32,

Callable

7/23/31

@

100(d)

....................

5.30%

(H15T5Y+145bps),

1/29/36,

Callable

1/29/31

@

100(d)

..................

CNO

Financial

Group,

Inc.,

6.45%,

6/15/34,

Callable

3/15/34

@

..................

CNO

Global

Funding

4.88%,

12/10/27(a)

..................................................

2.65%,

1/6/29(a)

...................................................

Farmers

Exchange

Capital

III,

5.45%

(TSFR3M+372bps),

10/15/54,

Callable

10/15/34

@

100(a)(d)

.........................................................

Farmers

Insurance

Exchange

4.75%

(US0003M+323bps),

11/1/57,

Callable

11/1/37

@

100(a)(d)

...............

7.00%

(H15T10Y+386bps),

10/15/64,

Callable

7/15/54

@

100(a)(d)

..............

Fidelity

National

Information

Services,

Inc.,

4.80%,

3/10/31,

Callable

2/10/31

@

......

Fifth

Third

Bank

NA,

5.33%

(SOFR+261bps),

8/25/33,

Callable

8/25/32

@

100(d)

........

Ford

Motor

Credit

Co.

LLC

7.35%,

3/6/30,

Callable

1/6/30

@

....................................

3.63%,

6/17/31,

Callable

3/17/31

@

..................................

6.05%,

11/5/31,

Callable

9/5/31

@

...................................

6.53%,

3/19/32,

Callable

1/19/32

@

..................................

6.13%,

3/8/34,

Callable

12/8/33

@

...................................

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/31,

Callable

5/15/27

@

104.56(a)

..............................

8.38%,

4/1/32,

Callable

4/1/28

@

104.19(a)

................................

Huntington

Bancshares,

Inc.,

5.27%

(SOFR+128bps),

1/15/31,

Callable

1/15/30

@

100(d)

...

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Hyundai

Capital

America,

Inc.

5.30%,

1/8/30,

Callable

12/8/29

@

100(a)

.................................

$

$

5.80%,

4/1/30,

Callable

2/1/30

@

100(a)

..................................

6.20%,

9/21/30,

Callable

7/21/30

@

100(a)

................................

JP

Morgan

Chase

&

Co.,

5.19%

(SOFR+130bps),

2/5/37,

Callable

2/5/36

@

100(d)

.......

KeyCorp,

5.12%

(SOFRINDX+123bps),

4/4/31,

Callable

4/4/30

@

100(d)

..............

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/97(a)

...............................

500

Lincoln

Financial

Global

Funding,

4.20%,

1/12/29(a)

.............................

Lincoln

National

Corp.,

5.35%,

11/15/35,

Callable

8/15/35

@

....................

Loews

Corp.,

4.94%,

4/1/36,

Callable

1/1/36

@

..............................

Mercedes-Benz

Finance

North

America

LLC,

4.85%,

1/11/29(a)

.....................

MetLife,

Inc.,

5.85%

(H15T5Y+182bps),

3/15/56,

Callable

3/15/36

@

100(d)

............

Morgan

Stanley

5.95%

(H15T5Y+243bps),

1/19/38,

Callable

1/19/33

@

100(d)

..................

5.94%

(H15T5Y+180bps),

2/7/39,

Callable

2/7/34

@

100(d)

....................

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

...............................

Mutual

of

Omaha

Cos.

Global

Funding

5.00%,

4/1/30(a)

...................................................

4.55%,

1/13/31(a)

..................................................

Northern

Trust

Corp.,

5.12%

(H15T5Y+105bps),

11/19/40,

Callable

11/19/35

@

100(d)

....

Old

National

Bancorp,

5.77%

(TSFR3M+220bps),

2/15/36,

Callable

2/15/31

@

100(d)

.....

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

5/2/26

@

.....................

Primerica,

Inc.,

2.80%,

11/19/31,

Callable

8/19/31

@

..........................

Rocket

Cos.,

Inc.,

6.50%,

8/1/29,

Callable

8/1/26

@

103.25(a)

.......................

Santander

Holdings

USA,

Inc.

6.12%

(SOFR+123bps),

5/31/27,

Callable

5/31/26

@

100(d)

....................

2.49%

(SOFR+125bps),

1/6/28,

Callable

1/6/27

@

100(d)

......................

Starwood

Property

Trust,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

..............

Teachers

Insurance

&

Annuity

Association

of

America,

6.85%,

12/16/39(a)

.............

The

Goldman

Sachs

Group,

Inc.,

2.65%

(SOFR+126bps),

10/21/32,

Callable

10/21/31

@

100(d)

...........................................................

The

PNC

Financial

Services

Group,

Inc.,

5.42%

(H15T5Y+117bps),

1/25/41,

Callable

1/25/36

@

100(d)

.........................................................

Toyota

Motor

Credit

Corp.,

4.60%,

3/11/33

....................................

Truist

Financial

Corp.,

4.60%

(SOFR+97bps),

1/27/32,

Callable

1/27/31

@

100(d)

........

U.S.

Bancorp,

2.49%

(H15T5Y+95bps),

11/3/36,

Callable

11/3/31

@

100(d)

............

595

514

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

6/1/26

@

104(a)

.................

Wells

Fargo

&

Co.,

5.24%

(SOFR+111bps),

1/24/31,

Callable

1/24/30

@

100(d)

..........

11,777

Health

Care

(1.3%):

Abbott

Laboratories,

4.30%,

3/15/33,

Callable

1/15/33

@

.......................

Baxter

International,

Inc.,

4.90%,

12/15/30,

Callable

11/15/30

@

..................

CVS

Health

Corp.

5.25%,

1/30/31,

Callable

11/30/30

@

..................................

5.25%,

2/21/33,

Callable

11/21/32

@

..................................

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

@

100(d)

.

Elevance

Health,

Inc.,

5.38%,

6/15/34,

Callable

3/15/34

@

......................

Eli

Lilly

&

Co.,

5.55%,

10/15/55,

Callable

4/15/55

@

..........................

GE

Healthcare

Technologies,

Inc.,

5.50%,

6/15/35,

Callable

3/15/35

@

.............

HCA,

Inc.,

5.50%,

3/1/32,

Callable

1/1/32

@

................................

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.20%,

6/15/29,

Callable

5/15/29

@

100(a)

...........................................................

Humana,

Inc.,

5.38%,

4/15/31,

Callable

2/15/31

@

............................

Novartis

Capital

Corp.

4.60%,

3/18/33,

Callable

1/18/33

@

..................................

5.70%,

3/18/56,

Callable

9/18/55

@

..................................

Zoetis,

Inc.,

5.00%,

8/17/35,

Callable

5/17/35

@

.............................

1,644

Industrials

(1.9%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(a)

...............................

American

Airlines

Pass

Through

Trust,

3.95%,

7/11/30

............................

Cummins,

Inc.,

5.30%,

5/9/35,

Callable

2/9/35

@

.............................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

.........................

$

$

GE

Vernova,

Inc.,

4.88%,

2/4/36,

Callable

11/4/35

@

..........................

Honeywell

Aerospace,

Inc.

4.60%,

3/16/33,

Callable

1/16/33

@

100(a)

................................

4.95%,

3/16/36,

Callable

12/16/35

@

100(a)

...............................

JetBlue

Pass

Through

Trust

2.75%,

5/15/32

....................................................

4.00%,

11/15/32

....................................................

Johnsonville

Aeroderivative

Combustion

Turbine

Generation

LLC,

5.08%,

10/1/54

........

Kennametal,

Inc.,

2.80%,

3/1/31,

Callable

12/1/30

@

..........................

Komatsu

Finance

America,

Inc.,

4.20%,

9/18/30,

Callable

8/18/30

@

100(a)

.............

Regal

Rexnord

Corp.,

6.30%,

2/15/30,

Callable

12/15/29

@

.....................

Textron,

Inc.,

5.50%,

5/15/35,

Callable

2/15/35

@

............................

Trans-Allegheny

Interstate

Line

Co.,

5.00%,

1/15/31,

Callable

12/15/30

@

100(a)

.........

United

Airlines

Holdings,

Inc.

4.88%,

3/1/29,

Callable

12/1/28

@

...................................

5.38%,

3/1/31,

Callable

9/1/30

@

....................................

United

Airlines

Pass

Through

Trust,

5.45%,

2/15/37

..............................

Verisk

Analytics,

Inc.

4.45%,

3/15/31,

Callable

2/15/31

@

..................................

5.25%,

3/15/35,

Callable

12/15/34

@

.................................

2,428

Information

Technology

(2.1%):

Broadcom,

Inc.

5.05%,

7/12/29,

Callable

6/12/29

@

..................................

4.60%,

7/15/30,

Callable

6/15/30

@

..................................

4.15%,

4/15/32,

Callable

1/15/32

@

100(a)

................................

4.30%,

11/15/32,

Callable

8/15/32

@

..................................

3.14%,

11/15/35,

Callable

8/15/35

@

100(a)

................................

3.19%,

11/15/36,

Callable

8/15/36

@

100(a)

................................

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(a)

........................

ERP

Operating

LP,

4.95%,

6/15/32,

Callable

4/15/32

@

........................

ESC

Gab,

8/20/51(e)(g)

..................................................

—

Micron

Technology,

Inc.,

5.80%,

1/15/35,

Callable

10/15/34

@

...................

Oracle

Corp.

5.95%,

9/26/55,

Callable

3/26/55

@

..................................

6.70%,

2/4/56,

Callable

8/4/55

@

....................................

6.85%,

2/4/66,

Callable

8/4/65

@

....................................

Qnity

Electronics,

Inc.

5.75%,

8/15/32,

Callable

8/15/28

@

102.88(a)

..............................

6.25%,

8/15/33,

Callable

8/15/28

@

103.13(a)

..............................

Roper

Technologies,

Inc.

4.75%,

2/15/32,

Callable

12/15/31

@

.................................

4.90%,

10/15/34,

Callable

7/15/34

@

.................................

Skyworks

Solutions,

Inc.,

3.00%,

6/1/31,

Callable

3/1/31

@

.....................

2,718

Materials

(0.9%):

AngloGold

Ashanti

Holdings

PLC,

3.75%,

10/1/30,

Callable

7/1/30

@

..............

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

.................

Cleveland

Cliffs,

Inc.

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(a)

...............................

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(a)

..............................

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

@

103(a)

................

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(a)

..............

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(a)

.......................

1,134

Real

Estate

(1.1%):

Americold

Realty

Operating

Partnership

LP,

5.60%,

5/15/32,

Callable

3/15/32

@

......

CBRE

Services,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

@

......................

COPT

Defense

Properties

LP,

4.50%,

10/15/30,

Callable

9/15/30

@

................

Cousins

Properties

LP,

4.88%,

3/1/33,

Callable

1/1/33

@

.......................

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

..............

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Highwoods

Realty

LP

4.13%,

3/15/28,

Callable

12/15/27

@

.................................

$

$

3.05%,

2/15/30,

Callable

11/15/29

@

..................................

2.60%,

2/1/31,

Callable

11/1/30

@

...................................

5.35%,

1/15/33,

Callable

11/15/32

@

..................................

Invitation

Homes

Operating

Partnership

LP,

4.95%,

1/15/33,

Callable

11/15/32

@

.....

LXP

Industrial

Trust

2.70%,

9/15/30,

Callable

6/15/30

@

..................................

2.38%,

10/1/31,

Callable

7/1/31

@

...................................

UDR,

Inc.,

4.40%,

1/26/29,

Callable

10/26/28

@

.............................

Ventas

Realty

LP,

5.10%,

7/15/32,

Callable

5/15/32

@

.........................

Vornado

Realty

LP,

5.75%,

2/1/33,

Callable

12/1/32

@

.........................

1,434

Utilities

(2.6%):

Alta

Wind

Holdings

LLC,

7.00%,

6/30/35(a)

...................................

American

Electric

Power

Co.,

Inc.

5.80%

(H15T5Y+213bps),

3/15/56,

Callable

12/15/30

@

100(d)

.................

6.05%

(H15T5Y+194bps),

3/15/56,

Callable

12/15/35

@

100(d)

.................

Basin

Electric

Power

Cooperative,

5.85%,

10/15/55,

Callable

4/15/55

@

100(a)

..........

Entergy

Louisiana

LLC,

5.35%,

3/15/34,

Callable

12/15/33

@

....................

Entergy

Texas,

Inc.,

5.25%,

4/15/35,

Callable

1/15/35

@

........................

Essential

Utilities,

Inc.,

5.13%,

3/15/36,

Callable

12/15/35

@

....................

Eversource

Energy

6.10%

(H15T5Y+252bps),

8/15/56,

Callable

5/15/31

@

100(d)

..................

6.35%

(H15T5Y+233bps),

8/15/56,

Callable

5/15/36

@

100(d)

..................

ITC

Holdings

Corp.,

5.65%,

5/9/34,

Callable

2/9/34

@

100(a)

.......................

Kentucky

Utilities

Co.,

5.85%,

8/15/55,

Callable

2/15/55

@

.....................

KeySpan

Gas

East

Corp.,

5.99%,

3/6/33,

Callable

12/6/32

@

100(a)

...................

Monongahela

Power

Co.,

5.85%,

2/15/34,

Callable

11/15/33

@

100(a)

.................

Public

Service

Co.

of

Colorado,

5.15%,

9/15/35,

Callable

3/15/35

@

...............

Public

Service

Enterprise

Group,

Inc.,

5.40%,

3/15/35,

Callable

12/15/34

@

..........

Puget

Energy,

Inc.

4.10%,

6/15/30,

Callable

3/15/30

@

..................................

4.22%,

3/15/32,

Callable

12/15/31

@

.................................

San

Diego

Gas

&

Electric

Co.,

5.20%,

3/15/36,

Callable

12/15/35

@

...............

Sempra

6.55%

(H15T5Y+214bps),

4/1/55,

Callable

1/1/35

@

100(d)

....................

6.38%

(H15T5Y+263bps),

4/1/56,

Callable

1/1/31

@

100(d)

....................

Southern

California

Edison

Co.,

5.45%,

6/1/31,

Callable

4/1/31

@

.................

Spire,

Inc.,

6.45%

(H15T5Y+233bps),

6/1/56,

Callable

3/1/36

@

100(d)

...............

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

@

103.13(a)

..............................

6.50%,

2/1/36,

Callable

10/15/30

@

103.25(a)

..............................

Vistra

Operations

Co.

LLC

4.60%,

10/15/30,

Callable

9/15/30

@

100(a)

...............................

4.70%,

1/31/31,

Callable

12/31/30

@

100(a)

...............................

5.35%,

1/31/36,

Callable

10/31/35

@

100(a)

...............................

WEC

Energy

Group,

Inc.,

5.63%

(H15T5Y+191bps),

5/15/56,

Callable

2/15/31

@

100(d)

...

3,303

Total

Corporate

Bonds

(Cost

$32,378)

a

a

a

31,594

Yankee

Dollars

(12.2%)

Communication

Services

(0.1%):

Orange

SA,

5.00%,

1/13/36,

Callable

10/13/35

@

100(a)

...........................

Consumer

Discretionary

(0.1%):

CRH

SMW

Finance

DAC,

5.13%,

1/9/30,

Callable

12/9/29

@

....................

Consumer

Staples

(0.5%):

Imperial

Brands

Finance

PLC,

5.50%,

2/1/30,

Callable

1/1/30

@

100(a)

................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

3.00%,

2/2/29,

Callable

12/2/28

@

...................................

$

$

3.00%,

5/15/32,

Callable

2/15/32

@

..................................

632

Energy

(0.9%):

Aker

BP

ASA,

5.25%,

10/30/35,

Callable

7/30/35

@

100(a)

........................

Enbridge,

Inc.

5.55%,

6/20/35,

Callable

3/20/35

@

..................................

7.20%

(H15T5Y+297bps),

6/27/54,

Callable

3/27/34

@

100(d)

..................

7.38%

(H15T5Y+312bps),

3/15/55,

Callable

12/15/29

@

100(d)

.................

8.50%

(H15T5Y+443bps),

1/15/84,

Callable

10/15/33

@

100(d)

.................

Nakilat,

Inc.,

6.27%,

12/31/33(a)

............................................

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

7.50%

(H15T5Y+367bps),

3/1/55,

Callable

12/1/34

@

100(d)

...................

7.63%

(H15T5Y+395bps),

3/1/55,

Callable

12/1/29

@

100(d)

...................

1,111

Financials

(7.8%):

ABN

AMRO

Bank

NV,

3.32%

(H15T5Y+190bps),

3/13/37,

Callable

12/13/31

@

100(a)(d)

..

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

...........................................................

765

695

African

Development

Bank,

5.88%

(H15T5Y+165bps),

Callable

5/7/35

@

100(d)(h)

......

Allianz

SE,

6.55%

(H15T5Y+232bps),

Callable

10/30/33

@

100(a)(d)(h)

...............

Australia

&

New

Zealand

Banking

Group

Ltd.,

5.73%

(H15T5Y+162bps),

9/18/34,

Callable

9/18/29

@

100(a)(d)

.................................................

Avolon

Holdings

Funding

Ltd.

6.38%,

5/4/28,

Callable

4/4/28

@

100(a)

..................................

4.70%,

1/30/31,

Callable

12/30/30

@

100(a)

...............................

Banco

Santander

SA,

3.23%

(H15T1Y+160bps),

11/22/32,

Callable

8/22/31

@

100(d)

.....

600

539

Banque

Federative

du

Credit

Mutuel

SA,

4.54%,

1/15/31(a)

........................

Banque

Ouest

Africaine

de

Developpement,

4.70%,

10/22/31,

Callable

7/22/31

@

100(a)

...

BNP

Paribas

SA

6.88%

(H15T5Y+285bps),

Callable

12/15/33

@

100(a)(d)(h)

...................

7.45%

(H15T5Y+313bps),

Callable

6/27/35

@

100(a)(d)(h)

....................

2.16%

(SOFR+122bps),

9/15/29,

Callable

9/15/28

@

100(a)(d)

..................

BPCE

SA,

4.88%,

4/1/26(a)

...............................................

Canadian

Imperial

Bank

of

Commerce,

4.63%

(SOFR+134bps),

9/11/30,

Callable

9/11/29

@

100(d)

...........................................................

Credit

Agricole

SA,

5.26%

(SOFR+143bps),

1/12/37,

Callable

1/12/36

@

100(a)(d)

.......

Deutsche

Bank

AG,

4.47%

(SOFR+110bps),

12/10/31,

Callable

12/10/30

@

100(d)

.......

HSBC

Holdings

PLC

2.21%

(SOFR+129bps),

8/17/29,

Callable

8/17/28

@

100(d)

....................

5.29%

(SOFR+129bps),

11/19/30,

Callable

11/19/29

@

100(d)

..................

2.87%

(SOFR+141bps),

11/22/32,

Callable

11/22/31

@

100(d)

..................

5.74%

(SOFR+196bps),

9/10/36,

Callable

9/10/35

@

100(d)

....................

5.28%

(SOFR+155bps),

3/10/37,

Callable

3/10/36

@

100(d)

....................

Manulife

Financial

Corp.,

4.99%,

12/11/35,

Callable

9/11/35

@

..................

Meiji

Yasuda

Life

Insurance

Co.,

6.10%

(H15T5Y+291bps),

6/11/55,

Callable

6/11/35

@

100(a)(d)

.........................................................

Nationwide

Building

Society,

5.13%,

7/29/29(a)

.................................

NatWest

Group

PLC,

6.48%

(H15T5Y+220bps),

6/1/34,

Callable

3/1/29

@

100(d)

........

Nippon

Life

Insurance

Co.,

2.90%

(H15T5Y+260bps),

9/16/51,

Callable

9/16/31

@

100(a)(d)

Societe

Generale

SA,

6.10%

(H15T1Y+160bps),

4/13/33,

Callable

4/13/32

@

100(a)(d)

....

Sumitomo

Life

Insurance

Co.,

5.88%

(H15T5Y+265bps),

9/10/55,

Callable

9/10/35

@

100(a)

(d) .............................................................

Sumitomo

Mitsui

Financial

Group,

Inc.

4.49%

(SOFR+102bps),

1/15/32,

Callable

1/15/31

@

100(d)

....................

5.33%

(H15T5Y+130bps),

3/3/41,

Callable

3/3/36

@

100(d)

....................

The

Bank

of

Nova

Scotia,

4.81%

(SOFR+105bps),

2/2/34,

Callable

2/2/33

@

100(d)

.......

UBS

Group

AG

2.75%

(H15T1Y+110bps),

2/11/33,

Callable

2/11/32

@

100(a)(d)

................

6.30%

(H15T1Y+200bps),

9/22/34,

Callable

9/22/33

@

100(a)(d)

................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) UniCredit

SpA

7.30%

(USISOA05+491bps),

4/2/34,

Callable

4/2/29

@

100(a)(d)

................

$

$

5.46%

(H15T5Y+475bps),

6/30/35,

Callable

6/30/30

@

100(a)(d)

................

9,885

Health

Care

(0.1%):

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

5.13%,

5/9/29,

Callable

2/9/29

@

....

Industrials

(0.8%):

Air

Canada

Pass

Through

Trust,

3.30%,

1/15/30(a)

...............................

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

@

103.44(a)

......................

Element

Fleet

Management

Corp.

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

................................

5.04%,

3/25/30,

Callable

2/25/30

@

100(a)

................................

4.64%,

11/24/30,

Callable

10/24/30

@

100(a)

...............................

Transurban

Finance

Co.

Pty

Ltd.,

4.92%,

3/24/36,

Callable

12/24/35

@

100(a)

...........

Waste

Connections,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

......................

1,022

Information

Technology

(0.1%):

Flex

Ltd.,

5.38%,

11/13/35,

Callable

8/13/35

@

..............................

Materials

(0.4%):

Corp

Nacional

del

Cobre

de

Chile,

6.78%,

1/13/55,

Callable

7/13/54

@

100(a)

...........

First

Quantum

Minerals

Ltd.,

8.63%,

6/1/31,

Callable

6/1/26

@

104.31(a)

..............

Sovereign

Bond

(1.1%):

Kuwait

International

Government

Bond,

4.65%,

10/9/35(a)

.........................

Mexico

Government

International

Bond

5.63%,

2/9/34,

Callable

12/9/33

@

...................................

6.88%,

5/13/37,

Callable

2/13/37

@

..................................

Peruvian

Government

International

Bond,

5.50%,

3/30/36,

Callable

12/30/35

@

.......

Saudi

Government

International

Bond,

4.13%,

1/12/29(a)

..........................

1,352

Utilities

(0.3%):

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(j)

.............................

Enel

Finance

International

NV,

5.00%,

9/30/35,

Callable

6/30/35

@

100(a)

..............

Total

Yankee

Dollars

(Cost

$15,730)

a

a

a

15,527

U.S.

Government

Agency

Mortgages

(29.0%)

Federal

Home

Loan

Mortgage

Corporation

6.50%,

1/1/29

-

9/1/55

...............................................

1,583

1,647

3.50%,

7/1/29

-

3/1/48

...............................................

3.00%,

10/1/29

-

9/1/52

..............................................

7.00%,

2/1/31

-

8/1/54

...............................................

7.50%,

8/1/31

.....................................................

—(k)

–(k)

6.00%,

11/1/32

-

9/1/55

..............................................

1,340

1,377

5.00%,

5/1/40

-

3/1/44

...............................................

5.50%,

6/1/41

-

7/1/53

...............................................

1.50%,

3/1/42

.....................................................

1,100

918

4.00%,

10/1/42

-

6/1/50

..............................................

2.50%,

1/1/51

-

5/1/52

...............................................

987

843

6,232

Federal

National

Mortgage

Association

3.00%,

3/1/29

-

2/1/57

...............................................

885

791

6.00%,

9/1/29

-

8/1/54

...............................................

1,496

1,540

7.00%,

11/1/29

-

1/1/32

..............................................

2.50%,

7/1/30

-

4/1/52

...............................................

4,162

3,584

8.00%,

10/1/30

....................................................

7.50%,

2/1/31

.....................................................

—(k)

–(k)

5.00%,

5/1/31

-

4/1/53

...............................................

6.50%,

2/1/32

-

7/1/55

...............................................

1,104

1,152

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) 5.50%,

9/1/33

-

7/1/53

...............................................

$

1,385

$

1,404

4.00%,

10/1/40

-

10/1/52

.............................................

769

734

3.50%,

10/1/41

-

8/1/58

..............................................

773

719

2.00%,

12/1/41

-

11/1/51

..............................................

801

684

4.50%,

9/1/43

-

9/1/52

...............................................

11,345

Federal

National

Mortgage

Association,

TBA

1.50%,

4/25/41

....................................................

2.00%,

4/25/41

....................................................

2.50%,

4/25/41

....................................................

5.00%,

4/25/41

....................................................

1,000

1,007

5.50%,

4/25/41

-

4/25/56

.............................................

3,500

3,540

3.50%,

4/25/49

....................................................

2,600

2,383

3.00%,

4/25/52

....................................................

1,300

1,142

2.00%,

4/25/56

....................................................

4.00%,

4/25/56

....................................................

900

849

4.50%,

4/25/56

....................................................

1,400

1,351

5.00%,

4/25/56

....................................................

2,400

2,367

13,178

Government

National

Mortgage

Association

7.00%,

5/20/26

-

8/15/31

.............................................

7.50%,

8/20/27

-

10/15/29

.............................................

6.00%,

4/15/28

-

4/20/55

.............................................

674

686

6.50%,

6/15/28

-

12/15/32

.............................................

5.50%,

3/15/33

-

9/20/52

.............................................

4.50%,

5/15/39

-

2/20/48

.............................................

4.00%,

8/20/39

-

4/20/48

.............................................

3.50%,

11/15/41

-

11/20/46

............................................

5.00%,

9/20/47

....................................................

2.00%,

7/20/51

....................................................

3.00%,

6/20/52

....................................................

2.50%,

9/20/54

....................................................

2,436

Government

National

Mortgage

Association,

TBA

4.50%,

4/20/46

....................................................

2.00%,

4/20/56

....................................................

500

2.50%,

4/20/56

....................................................

500

3.00%,

4/20/56

....................................................

3.50%,

4/20/56

....................................................

5.00%,

4/20/56

....................................................

600

594

5.50%,

4/20/56

....................................................

700

704

6.50%,

4/20/56

....................................................

600

624

3,595

Total

U.S.

Government

Agency

Mortgages

(Cost

$37,265)

a

a

a

36,786

U.S.

Treasury

Obligations

(20.4%)

U.S.

Treasury

Bills

1.81%,

4/2/26(l)

....................................................

7,706

7,705

3.10%,

4/7/26(l)

....................................................

1,800

1,799

3.46%,

4/21/26(l)

...................................................

1,105

1,103

U.S.

Treasury

Bonds

4.63%,

11/15/45

....................................................

1,103

1,063

2.25%,

2/15/52

....................................................

1,297

782

4.75%,

2/15/56

....................................................

2,200

2,146

U.S.

Treasury

Inflation

Indexed

Bonds,

1.88%,

7/15/35

............................

1,257

1,251

U.S.

Treasury

Notes

3.88%,

7/31/27

....................................................

2,000

2,001

3.50%,

1/31/28

....................................................

668

664

4.00%,

1/31/31

....................................................

4,795

4,804

3.88%,

12/31/32

....................................................

4.00%,

11/15/35

....................................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) 4.13%,

2/15/36

....................................................

$

2,220

$

2,185

Total

U.S.

Treasury

Obligations

(Cost

$26,286)

a

a

a

25,873

Shares

Affiliated

Mutual

Funds

(4.3%)

Victory

Pioneer

CAT

Bond

Fund

............................................

57,939

646

Victory

Pioneer

ILS

Interval

Fund

...........................................

473,646

4,850

Total

Affiliated

Mutual

Funds

(Cost

$5,227)

a

a

a

5,496

Total

Investments

(Cost

$142,918)

—

110.3%

139,925

Liabilities

in

excess

of

other

assets

— (10.3)%

(13,165)

NET

ASSETS

-

100.00%

$

126,760

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

13.5%

of

net

assets.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2026,

the

fair

value

of

these

securities

was

$39,602

(thousands)

and

amounted

to

31.2%

of

net

assets.

(b) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

March

31,

2026. (c) Security

is

interest

only.

(d) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2026. (e) Zero-coupon

bond.

(f) Amount

represents

less

than

0.05%

of

net

assets.

(g) Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (h) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(j) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(k) Rounds

to

less

than

$1

thousand.

(l) Rate

represents

the

effective

yield

at

March

31,

2026. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

FREMF

—

Freddie

Mac

Multifamily

Fixed-Rate

Mortgage

Loans

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

March

31,

2026. REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

March

31,

2026. SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

March

31,

2026. TBA

—

To

Be

Announced

Securities

TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. US0003M

—

Month

US

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

as

of

March

31,

2026,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

March

31,

2026. Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Bond

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

TBA

Sales

Commitments

Security

Description

Principal

Amount

(000) Value

(000) TBA

Sales

Commitments

-

(4.40%)

Collateralized

Mortgage

Obligations

— (4.40%)

Federal

National

Mortgage

Association,

TBA

2.50%

,

4/25/56

....................................................

(1,200)

$

(1,009)

6.00%

,

4/25/56

....................................................

(2,000)

(2,038)

6.50%

,

4/25/56

....................................................

(2,400)

(2,483)

Government

National

Mortgage

Association,

TBA

4.00%

,

4/20/56

....................................................

(100) (94) Total

TBA

Sales

Commitments

(Proceeds $5,652)

$(5,624)

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 2-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

$

10,862

$

10,787

$

(75) 30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/26

1,261

1,253

(8) 5-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

7,944

7,897

(47) Ultra

Long

Term

U.S.

Treasury

Bond

Futures

6/18/26

7,341

7,110

(231) $

(361) Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

6/18/26

$

2,372

$

2,332

$

U.S.

10-Year

Ultra

Futures

............

6/18/26

$

Total

unrealized

appreciation

$

Total

unrealized

depreciation

(361) Total

net

unrealized

appreciation

(depreciation)

$

(319) Centrally

Cleared

Credit

Default

Swap

Agreements

-

Buy

Protection(a)

Underlying

Instruments

Fixed

Deal

Pay

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)(b)

Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

12/20/30

Quarterly

$

3,366

$

(183) $

(235) $

$

(183) $

(235) $

(a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b) The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

upon

occurrence

of

a

credit

event.

Affiliated

Holdings

(Amounts

in

thousands,

except

Shares)

Fair

Value

12/31/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

3/31/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Pioneer

CAT

Bond

Fund,

Class

R6

.........

$

638

$

—

$

—

$

—

$

$

646

57,939

$

—

$

—

Victory

Pioneer

ILS

Interval

Fund

................

4,575

—

—

—

4,850

473,646

—

—

$

5,213

$

—

$

—

$

—

$

$

5,496

531,585

$

—

$

—

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Equity

#### Income

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.0%)

Communication

Services

(6.7%):

Comcast

Corp.,

Class

A

..................................................

71,891

$

2,064

The

Walt

Disney

Co.

....................................................

18,464

1,779

Verizon

Communications,

Inc.

..............................................

19,420

975

Versant

Media

Group,

Inc.

................................................

2,205

4,900

Consumer

Discretionary

(6.8%):

Ford

Motor

Co.

........................................................

125,489

1,448

Lowe's

Cos.,

Inc.

.......................................................

7,055

1,667

NIKE,

Inc.,

Class

B

.....................................................

9,237

The

TJX

Cos.,

Inc.

......................................................

8,629

1,378

4,981

Consumer

Staples

(8.1%):

John

B

Sanfilippo

&

Son,

Inc.

..............................................

5,870

Molson

Coors

Beverage

Co.,

Class

B

.........................................

17,516

754

Mondelez

International,

Inc.,

Class

A

.........................................

12,279

708

PepsiCo,

Inc.

..........................................................

5,929

921

Target

Corp.

..........................................................

10,548

1,278

The

Hershey

Co.

.......................................................

4,529

942

The

Kraft

Heinz

Co.

.....................................................

38,289

861

5,930

Energy

(12.2%):

ConocoPhillips

Co.

.....................................................

19,665

2,596

Coterra

Energy,

Inc.

.....................................................

53,583

1,883

Expand

Energy

Corp.

....................................................

3,335

Exxon

Mobil

Corp.

.....................................................

22,687

3,849

Phillips

Co.

.........................................................

1,373

8,944

Financials

(21.8%):

American

International

Group,

Inc.

..........................................

17,554

1,321

Bank

of

America

Corp.

...................................................

52,065

2,538

JPMorgan

Chase

&

Co.

..................................................

8,999

2,647

Morgan

Stanley

........................................................

11,989

1,973

Northern

Trust

Corp.

....................................................

15,531

2,168

State

Street

Corp.

.......................................................

16,819

2,129

Truist

Financial

Corp.

....................................................

31,422

1,444

Wells

Fargo

&

Co.

......................................................

22,586

1,798

16,018

Health

Care

(12.7%):

AbbVie,

Inc.

..........................................................

1,761

Bristol-Myers

Squibb

Co.

.................................................

27,003

1,638

Johnson

&

Johnson

.....................................................

9,446

2,309

Labcorp

Holdings,

Inc.

...................................................

1,378

Medtronic

PLC

........................................................

19,691

1,706

Sanofi

SA,

ADR

........................................................

37,619

1,813

Zimmer

Biomet

Holdings,

Inc.

.............................................

11,848

1,071

9,288

Industrials

(13.0%):

3M

Co.

..............................................................

12,564

1,825

Carrier

Global

Corp.

.....................................................

8,330

Deere

&

Co.

..........................................................

1,422

801

Honeywell

International,

Inc.

..............................................

9,236

2,088

Owens

Corning

........................................................

6,461

699

Rockwell

Automation,

Inc.

................................................

1,674

601

Union

Pacific

Corp.

.....................................................

3,843

932

United

Parcel

Service,

Inc.,

Class

B

..........................................

21,931

2,157

9,572

Information

Technology

(9.8%):

Accenture

PLC,

Class

A

..................................................

3,592

712

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Equity

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Shares

a

Value

(000) Cisco

Systems,

Inc.

.....................................................

29,921

$

2,322

HP,

Inc.

..............................................................

21,034

International

Business

Machines

Corp.

........................................

5,531

1,341

NetApp,

Inc.

..........................................................

5,028

515

QUALCOMM,

Inc.

.....................................................

5,175

666

Texas

Instruments,

Inc.

...................................................

6,223

1,208

7,168

Materials

(2.2%):

LyondellBasell

Industries

NV,

Class

A

........................................

13,663

1,101

PPG

Industries,

Inc.

.....................................................

4,524

1,584

Real

Estate

(0.5%):

AvalonBay

Communities,

Inc.

..............................................

2,210

Utilities

(4.2%):

CMS

Energy

Corp.

......................................................

21,048

1,633

Duke

Energy

Corp.

......................................................

11,123

1,456

3,089

Total

Common

Stocks

(Cost

$56,405)

a

a

a

71,835

Principal

Amount

(000) U.S.

Treasury

Obligations

(1.1%)

U.S.

Treasury

Bills,

3.46%,

4/21/26(a)

........................................

$

800

798

Total

U.S.

Treasury

Obligations

(Cost

$798)

a

a

a

798

Total

Investments

(Cost

$57,203)

—

99.1%

72,633

Other

assets

in

excess

of

liabilities

— 0.9%

666

NET

ASSETS

-

100.00%

$

73,299

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

5.8%

of

net

assets.

(a) Rate

represents

the

effective

yield

at

March

31,

2026. ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Fund

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.3%)

Communication

Services

(8.0%):

Alphabet,

Inc.,

Class

A

...................................................

35,792

$

10,292

Meta

Platforms,

Inc.,

Class

A

..............................................

5,077

2,905

13,197

Communications

Equipment

(1.4%):

Cisco

Systems,

Inc.

.....................................................

29,418

2,283

Consumer

Discretionary

(5.3%):

Amazon.com,

Inc.(a)

....................................................

34,171

7,117

The

Home

Depot,

Inc.

...................................................

4,921

1,618

8,735

Consumer

Staples

(3.2%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

53,761

5,291

Electronic

Equipment,

Instruments

&

Components

(0.3%):

Corning,

Inc.

..........................................................

3,326

Energy

(4.0%):

Cameco

Corp.

.........................................................

14,830

1,611

Cheniere

Energy,

Inc.

....................................................

10,884

3,089

The

Williams

Cos.,

Inc.

..................................................

26,633

1,938

6,638

Financials

(9.8%):

Apollo

Global

Management,

Inc.

............................................

15,059

1,678

CME

Group,

Inc.,

Class

A

.................................................

6,319

1,866

The

Goldman

Sachs

Group,

Inc.

............................................

2,711

2,293

Truist

Financial

Corp.

....................................................

126,575

5,819

Visa,

Inc.,

Class

A

......................................................

14,985

4,529

16,185

Health

Care

(6.6%):

Eli

Lilly

&

Co.

.........................................................

3,552

3,267

Labcorp

Holdings,

Inc.

...................................................

18,944

5,054

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

5,891

2,631

10,952

Industrials

(14.7%):

ABB

Ltd.,

ADR

........................................................

21,532

1,733

EMCOR

Group,

Inc.

....................................................

4,364

3,222

GE

Vernova

,

Inc.

.......................................................

2,435

2,126

MasTec

,

Inc.(a)

........................................................

9,370

3,015

Quanta

Services,

Inc.

....................................................

8,758

4,808

Regal

Rexnord

Corp.

....................................................

12,869

2,410

United

Parcel

Service,

Inc.,

Class

B

..........................................

70,181

6,904

24,218

IT

Services

(3.2%):

Accenture

PLC,

Class

A

..................................................

17,065

3,384

International

Business

Machines

Corp.

........................................

7,419

1,798

5,182

Materials

(7.1%):

Freeport-McMoRan,

Inc.

.................................................

76,025

4,469

Martin

Marietta

Materials,

Inc.

.............................................

12,272

7,224

11,693

Semiconductors

&

Semiconductor

Equipment

(14.8%):

Advanced

Micro

Devices,

Inc.(a)

............................................

2,391

Applied

Materials,

Inc.

...................................................

6,399

2,187

Broadcom,

Inc.

........................................................

10,994

3,403

KLA

Corp.

...........................................................

1,606

2,365

NVIDIA

Corp.

.........................................................

79,210

13,814

Rigetti

Computing,

Inc.(a)

................................................

7,955

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Fund

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Shares

a

Value

(000) Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

.............................

5,973

$

2,018

24,385

Software

(9.1%):

Intuit,

Inc.

............................................................

1,838

795

Microsoft

Corp.

........................................................

19,699

7,292

ServiceNow,

Inc.(a)

.....................................................

22,260

2,327

Synopsys,

Inc.(a)

.......................................................

7,322

2,903

Zscaler,

Inc.(a)

.........................................................

11,845

1,662

14,979

Technology

Hardware,

Storage

&

Peripherals

(4.1%):

Apple,

Inc.

...........................................................

26,419

6,705

IonQ

,

Inc.(a)

..........................................................

3,466

6,805

Utilities

(7.7%):

American

Electric

Power

Co.,

Inc.

...........................................

14,559

1,908

Constellation

Energy

Corp.

................................................

14,289

3,990

NRG

Energy,

Inc.

.......................................................

46,301

6,767

12,665

Total

Common

Stocks

(Cost

$105,335)

a

a

a

163,660

Total

Investments

(Cost

$105,335)

—

99.3%

163,660

Other

assets

in

excess

of

liabilities

— 0.7%

1,196

NET

ASSETS

-

100.00%

$

164,856

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

5.3%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Mid

#### Cap

#### Value

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.1%)

Communication

Services

(2.2%):

Fox

Corp.

,

Class

A

......................................................

38,861

$

2,270

Consumer

Discretionary

(8.4%):

D.R.

Horton,

Inc.

.......................................................

11,773

1,616

eBay,

Inc.

............................................................

20,527

1,869

Expedia

Group,

Inc.

.....................................................

7,662

1,769

Ford

Motor

Co.

........................................................

90,402

1,043

Genuine

Parts

Co.

......................................................

14,629

1,547

Lear

Corp.

............................................................

7,551

914

8,758

Consumer

Staples

(5.8%):

Darling

Ingredients,

Inc.

(a) ................................................

13,275

821

Kenvue,

Inc.

..........................................................

34,708

598

Maplebear,

Inc.

(a) ......................................................

23,375

876

Sysco

Corp.

...........................................................

23,807

1,698

Target

Corp.

..........................................................

9,600

1,164

The

Hershey

Co.

.......................................................

4,144

861

6,018

Energy

(11.5%):

Baker

Hughes

Co.

,

Class

A

................................................

36,994

2,259

Chord

Energy

Corp.

.....................................................

20,700

2,943

Coterra

Energy,

Inc.

.....................................................

119,192

4,188

Range

Resources

Corp.

...................................................

41,577

1,878

Valero

Energy

Corp.

.....................................................

2,946

728

11,996

Financials

(22.3%):

American

International

Group,

Inc.

..........................................

26,053

1,960

Citizens

Financial

Group,

Inc.

..............................................

36,093

2,165

M&T

Bank

Corp.

.......................................................

14,446

2,986

Northern

Trust

Corp.

....................................................

21,671

3,025

Old

Republic

International

Corp.

............................................

33,166

1,323

Raymond

James

Financial,

Inc.

.............................................

18,739

2,713

Regions

Financial

Corp.

..................................................

84,803

2,215

State

Street

Corp.

.......................................................

34,298

4,341

Truist

Financial

Corp.

....................................................

54,773

2,518

23,246

Health

Care

(6.0%):

Biogen,

Inc.

(a) .........................................................

6,786

1,244

GE

HealthCare

Technologies,

Inc.

...........................................

29,503

2,100

Labcorp

Holdings,

Inc.

...................................................

2,724

727

Zimmer

Biomet

Holdings,

Inc.

.............................................

24,677

2,231

6,302

Industrials

(15.3%):

AerCap

Holdings

NV

....................................................

12,851

1,763

AGCO

Corp.

..........................................................

20,207

2,341

Delta

Air

Lines,

Inc.

.....................................................

16,323

1,085

Dover

Corp.

...........................................................

7,711

1,607

Emerson

Electric

Co.

....................................................

8,031

1,052

Fortune

Brands

Innovations,

Inc.

............................................

27,559

1,074

Generac

Holdings,

Inc.

(a) .................................................

3,642

711

J.B.

Hunt

Transport

Services,

Inc.

...........................................

7,737

1,640

Regal

Rexnord

Corp.

....................................................

7,190

1,347

Rockwell

Automation,

Inc.

................................................

3,715

1,333

The

Brink's

Co.

........................................................

9,772

1,013

WESCO

International,

Inc.

................................................

3,745

1,025

15,991

Information

Technology

(9.4%):

CDW

Corp.

...........................................................

6,789

822

Motorola

Solutions,

Inc.

..................................................

3,938

1,709

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Mid

#### Cap

#### Value

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Shares

a

Value

(000) NetApp,

Inc.

..........................................................

13,727

$

1,405

Ralliant

Corp.

.........................................................

17,437

725

Trimble,

Inc.

(a) ........................................................

19,543

1,275

Western

Digital

Corp.

....................................................

11,146

3,015

Zoom

Communications,

Inc.

,

Class

A

(a) ......................................

11,034

887

9,838

Materials

(3.1%):

Amrize

Ltd.

(a) .........................................................

7,191

International

Paper

Co.

...................................................

32,093

1,145

PPG

Industries,

Inc.

.....................................................

15,746

1,683

3,231

Real

Estate

(6.8%):

AvalonBay

Communities,

Inc.

..............................................

7,909

1,292

Extra

Space

Storage,

Inc.

.................................................

8,024

1,052

First

Industrial

Realty

Trust,

Inc.

............................................

17,462

1,010

Gaming

and

Leisure

Properties,

Inc.

.........................................

27,488

1,220

Healthpeak

Properties,

Inc.

................................................

29,426

Host

Hotels

&

Resorts,

Inc.

................................................

47,213

905

Kimco

Realty

Corp.

.....................................................

51,655

1,161

7,123

Utilities

(8.3%):

CenterPoint

Energy,

Inc.

..................................................

64,824

2,798

Eversource

Energy

......................................................

32,991

2,285

Exelon

Corp.

..........................................................

32,556

1,596

Public

Service

Enterprise

Group,

Inc.

.........................................

24,469

1,981

8,660

Total

Common

Stocks

(Cost

$77,766)

a

a

a

103,433

Total

Investments

(Cost

$77,766)

—

99.1%

103,433

Other

assets

in

excess

of

liabilities

— 0.9%

929

NET

ASSETS

-

100.00%

$

104,362

(a) Non-income

producing

security.

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### High

#### Yield

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Shares

a

Value

(000) Common

Stocks

(0.4%)

Communication

Services

(0.1%):

Altice

France

SA(a)

.....................................................

1,176

$

Health

Care

(0.0%):(b)

Option

Care

Health,

Inc.(a)

................................................

Industrials

(0.3%):

Grupo

Aeromexico

SAB

de

CV(a)

...........................................

67,300

Total

Common

Stocks

(Cost

$67)

a

a

a

Principal

Amount

(000) Senior

Secured

Loans

(1.9%)

Consumer

Discretionary

(0.9%):

River

Rock

Entertainment

Authority,

Term

Loan,

First

Lien,

12.67%

(SOFR01M+900bps),

11/24/31(c)

.......................................................

$

Financials

(0.7%):

1261229

BC

Ltd.,

Initial

Term

Loan,

First

Lien,

9.92%

(SOFR01M+625bps),

10/8/30(c)

....

LC

Ahab

US

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

5/1/31(c)

.........................................

Health

Care

(0.1%):

Endo

Finance

Holdings

LP,

2024

Refinancing

Term

Loan,

7.42%

(SOFR01M+375bps),

4/23/31(c)

........................................................

Utilities

(0.2%):

Alpha

Generation

LLC,

Initial

Term

B

Loan,

5.42%

(SOFR01M+175bps),

9/30/31(c)

......

Total

Senior

Secured

Loans

(Cost

$502)

a

a

a

502

Corporate

Bonds

(72.5%)

Communication

Services

(8.1%):

APLD

ComputeCo

LLC,

6.75%,

3/15/31,

Callable

3/15/28

@

103.38(d)

..............

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

6/1/33,

Callable

6/1/27

@

102.25(d)

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%,

6/1/29,

Callable

5/2/26

@

101.88(d)

................................

7.50%,

3/15/33,

Callable

9/15/28

@

103.75(d)

..............................

CSC

Holdings

LLC,

4.50%,

11/15/31,

Callable

11/15/26

@

102.25(d)

.................

Gray

Media,

Inc.

10.50%,

7/15/29,

Callable

7/15/26

@

105.25(d)

.............................

7.25%,

8/15/33,

Callable

8/15/28

@

103.63(d)

..............................

Level

Financing,

Inc.,

6.88%,

6/30/33,

Callable

6/30/28

@

103.44(d)

................

Neptune

Bidco

US,

Inc.

9.29%,

4/15/29,

Callable

5/2/26

@

104.65(d)

...............................

10.38%,

5/15/31,

Callable

11/15/27

@

105.19(d)

............................

9.50%,

2/15/33,

Callable

2/15/29

@

104.75(d)

..............................

Oak-Eagle

Acquireco

,

Inc.

7.25%,

7/1/33,

Callable

7/1/29

@

103.63(d)

................................

8.75%,

7/1/34,

Callable

7/1/29

@

104.38(d)

................................

Uniti

Group

LP/

Uniti

Group

Finance,

Inc./CSL

Capital

LLC

6.50%,

2/15/29,

Callable

4/27/26

@

100(d)

................................

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(d)

..............................

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(d)

..............................

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13(d)

................................................

2,202

Consumer

Discretionary

(9.2%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(d)

........................................................

Brinker

International,

Inc.,

8.25%,

7/15/30,

Callable

7/15/26

@

104.13(d)

..............

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

5/2/26

@

104.38(d)

...............

Genting

New

York

LLC/Genny

Capital,

Inc.,

7.25%,

10/1/29,

Callable

10/1/26

@

103.63(d)

.

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### High

#### Yield

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Macy's

Retail

Holdings

LLC

6.13%,

3/15/32,

Callable

3/15/27

@

103.06(d)

..............................

$

$

7.38%,

8/1/33,

Callable

8/1/28

@

103.69(d)

................................

McGraw-Hill

Education,

Inc.,

8.00%,

8/1/29,

Callable

5/2/26

@

102(d)

................

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/30,

Callable

4/15/27

@

104.13(d)

..............................

11.88%,

4/15/31,

Callable

4/15/27

@

105.94(d)

.............................

Petco

Health

&

Wellness

Co.,

Inc.,

8.25%,

2/1/31,

Callable

2/1/28

@

104.13(d)

..........

PetSmart

LLC/PetSmart

Finance

Corp.,

7.50%,

9/15/32,

Callable

9/15/28

@

103.75(d)

.....

The

Michaels

Cos.,

Inc.,

8.50%,

3/15/33,

Callable

3/15/29

@

104.25(d)

................

ZF

North

America

Capital,

Inc.,

7.50%,

3/24/31,

Callable

1/24/31

@

100(d)

.............

2,479

Consumer

Staples

(2.2%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

5.75%,

3/31/34,

Callable

11/15/28

@

102.88(d)

.........................................

Energizer

Holdings,

Inc.,

6.00%,

9/15/33,

Callable

9/15/28

@

103(d)

..................

Fiesta

Purchaser,

Inc.

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(d)

................................

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(d)

..............................

601

Energy

(10.2%):

Alliance

Resource

Operating

Partners

LP/Alliance

Resource

Finance

Corp.,

8.63%,

6/15/29,

Callable

6/15/26

@

104.31(d)

..........................................

Archrock

Services

LP/

Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103(d)

...........................................................

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC

5.50%,

6/15/31,

Callable

6/15/26

@

102.75(d)

..............................

7.50%,

12/15/33,

Callable

12/15/28

@

103.75(d)

............................

Delek

Logistics

Partners

LP/

Delek

Logistics

Finance

Corp.

7.13%,

6/1/28,

Callable

5/2/26

@

101.78(d)

................................

8.63%,

3/15/29,

Callable

3/15/27

@

104.31(d)

..............................

Enerflex

,

Inc.,

6.88%,

1/15/31,

Callable

1/15/28

@

103.44(d)

.......................

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

6.00%,

4/15/30,

Callable

5/2/26

@

102(d)

.................................

6.25%,

4/15/32,

Callable

5/15/27

@

103.13(d)

..............................

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(d)

..............................

Kodiak

Gas

Services

LLC

5.88%,

4/1/31,

Callable

4/1/28

@

102.94(d)

................................

6.50%,

10/1/33,

Callable

10/1/28

@

103.25(d)

..............................

Kraken

Oil

Gas

Partners

LLC,

7.63%,

8/15/29,

Callable

8/15/26

@

103.81(d)

............

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29,

Callable

7/31/26

@

104.31(d)

.......

Transocean

International

Ltd.

8.25%,

5/15/29,

Callable

5/15/26

@

104.13(d)

..............................

8.50%,

5/15/31,

Callable

5/15/27

@

104.25(d)

..............................

7.88%,

10/15/32,

Callable

10/15/28

@

103.94(d)

............................

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

7.13%,

3/15/29,

Callable

5/2/26

@

103.56(d)

.................................................

Venture

Global

Plaquemines

LNG

LLC

6.13%,

12/15/30,

Callable

9/15/30

@

100(d)

...............................

7.50%,

5/1/33,

Callable

12/1/32

@

100(d)

.................................

6.50%,

1/15/34,

Callable

7/15/33

@

100(d)

................................

6.75%,

1/15/36,

Callable

7/15/35

@

100(d)

................................

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29,

Callable

10/15/26

@

103.75(d)

.....

2,754

Financials

(11.3%):

Ally

Financial,

Inc.,

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

@

100(c)

.........

Asurion

LLC/

Asurion

Co-Issuer,

Inc.,

8.38%,

2/1/34,

Callable

2/1/29

@

104.19(d)

........

Freedom

Mortgage

Corp.

6.63%,

1/15/27,

Callable

5/2/26

@

100(d)

.................................

12.25%,

10/1/30,

Callable

10/1/26

@

106.13(d)

.............................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### High

#### Yield

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Freedom

Mortgage

Holdings

LLC

9.25%,

2/1/29,

Callable

5/2/26

@

104.63(d)

................................

$

$

6.88%,

5/1/31,

Callable

5/1/28

@

103.44(d)

................................

9.13%,

5/15/31,

Callable

5/15/27

@

104.56(d)

..............................

8.38%,

4/1/32,

Callable

4/1/28

@

104.19(d)

................................

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5(d)

.......................................................

LFS

Topco

LLC,

8.75%,

7/15/30,

Callable

7/15/27

@

104.38(d)

.....................

OneMain

Finance

Corp.

6.13%,

5/15/30,

Callable

11/15/29

@

..................................

6.50%,

3/15/33,

Callable

9/15/28

@

103.25 ................................

6.75%,

9/15/33,

Callable

12/15/28

@

103.38 ...............................

Prime

Security

Services

Borrower

LLC/Prime

Finance,

Inc.,

5.75%,

4/15/26(d)

..........

Provident

Funding

Associates

LP/PFG

Finance

Corp.,

9.75%,

9/15/29,

Callable

9/15/26

@

104.88(d)

........................................................

Stagwell

Global

LLC,

5.63%,

8/15/29,

Callable

5/2/26

@

101.41(d)

...................

Starwood

Property

Trust,

Inc.

5.25%,

10/15/28,

Callable

7/15/28

@

100(d)

...............................

5.75%,

1/15/31,

Callable

7/15/30

@

100(d)

................................

Stonebriar

ABF

Issuer

LLC,

8.13%,

12/15/30,

Callable

12/15/27

@

104.06(d)

...........

UWM

Holdings

LLC,

6.25%,

3/15/31,

Callable

3/15/28

@

103.13(d)

..................

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

6/1/26

@

104(d)

................

Voyager

Parent

LLC,

9.25%,

7/1/32,

Callable

7/1/28

@

104.63(d)

....................

3,053

Health

Care

(8.3%):

AdaptHealth

LLC,

5.13%,

3/1/30,

Callable

3/1/27

@

101.28(d)

......................

CVS

Health

Corp.,

7.00%

(H15T5Y+289bps),

3/10/55,

Callable

12/10/29

@

100(c)

.......

DaVita,

Inc.,

6.75%,

7/15/33,

Callable

7/15/28

@

103.38(d)

........................

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

@

100(c)

..

LifePoint

Health,

Inc.,

5.38%,

1/15/29,

Callable

5/2/26

@

100(d)

.....................

Organon

&

Co./Organon

Foreign

Debt

Co-Issuer

BV,

5.13%,

4/30/31,

Callable

5/2/26

@

102.56(d)

........................................................

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(d)

............

SCIL

IV

LLC/SCIL

USA

Holdings

LLC,

9.50%,

7/15/28,

Callable

5/4/26

@

104.75(d)

.....

Sotera

Health

Holdings

LLC,

7.38%,

6/1/31,

Callable

6/1/27

@

103.69(d)

..............

Tricida

,

Inc.

5/15/27(e)(f)

......................................................

—

5/15/27(e)(g)

......................................................

—

U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(d)

..........

2,262

Industrials

(6.8%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(d)

...............................

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

8/1/28,

Callable

5/2/26

@

103.28(d)

...........

Carriage

Purchaser,

Inc.,

7.88%,

10/15/29,

Callable

5/2/26

@

101.97(d)

................

Goat

Holdco

LLC,

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(d)

......................

Herc

Holdings,

Inc.

7.00%,

6/15/30,

Callable

6/15/27

@

103.5(d)

...............................

5.75%,

3/15/31,

Callable

3/15/28

@

102.88(d)

..............................

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(d)

..............................

6.00%,

3/15/34,

Callable

3/15/29

@

103(d)

................................

OneSky

Flight

LLC,

8.88%,

12/15/29,

Callable

12/15/26

@

104.44(d)

.................

Standard

Building

Solutions,

Inc.,

5.88%,

3/15/34,

Callable

3/15/29

@

102.94(d)

.........

The

ADT

Security

Corp.,

5.88%,

10/15/33,

Callable

10/15/32

@

100(d)

................

Trinity

Industries,

Inc.,

7.75%,

7/15/28,

Callable

7/15/26

@

103.88(d)

.................

WESCO

Distribution,

Inc.,

5.50%,

4/15/34,

Callable

4/15/29

@

102.75(d)

..............

1,855

Information

Technology

(2.0%):

CoreWeave

,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(d)

........................

NCR

Voyix

Corp.,

5.00%,

10/1/28,

Callable

5/2/26

@

100(d)

.......................

Oracle

Corp.

6.70%,

2/4/56,

Callable

8/4/55

@

....................................

6.85%,

2/4/66,

Callable

8/4/65

@

....................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### High

#### Yield

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) TTM

Technologies,

Inc.,

4.00%,

3/1/29,

Callable

5/2/26

@

100(d)

....................

$

$

531

Materials

(7.4%):

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(d)

............

ARC

Falcon

I,

Inc./

Arclin

USA

LLC/New

Arclin

US

Holding

Corp.,

9.75%,

3/1/33,

Callable

3/1/29

@

104.88(d)

.................................................

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

.................

Clearwater

Paper

Corp.,

4.75%,

8/15/28,

Callable

5/2/26

@

100(d)

...................

Cleveland

Cliffs,

Inc.

7.50%,

9/15/31,

Callable

3/15/28

@

103.75(d)

..............................

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(d)

...............................

7.38%,

5/1/33,

Callable

5/1/28

@

103.69(d)

................................

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(d)

..............................

Commercial

Metals

Co.

5.75%,

11/15/33,

Callable

11/15/28

@

102.88(d)

............................

6.00%,

12/15/35,

Callable

12/15/30

@

103(d)

..............................

Mativ

Holdings,

Inc.,

8.00%,

10/1/29,

Callable

10/1/26

@

104(d)

....................

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(d)

.............

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63(d)

.....

Sealed

Air

Corp.

5.00%,

4/15/29,

Callable

5/2/26

@

101.25(d)

...............................

7.25%,

2/15/31(d)

..................................................

6.50%,

7/15/32(d)

..................................................

2,017

Real

Estate

(2.3%):

Iron

Mountain,

Inc.,

7.00%,

2/15/29,

Callable

8/15/26

@

103.5(d)

....................

Kennedy

Wilson,

Inc.,

4.75%,

2/1/30,

Callable

5/2/26

@

101.19 .....................

Millrose

Properties,

Inc.

6.38%,

8/1/30,

Callable

8/1/27

@

103.19(d)

................................

6.25%,

9/15/32,

Callable

9/15/28

@

103.13(d)

..............................

RHP

Hotel

Properties

LP/RHP

Finance

Corp.,

5.75%,

3/15/34,

Callable

3/15/29

@

102.88(d)

635

Utilities

(4.7%):

Alpha

Generation

LLC,

6.25%,

1/15/34,

Callable

10/15/28

@

103.13(d)

................

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

5/2/26

@

101.06(d)

..

Long

Ridge

Energy

LLC,

8.75%,

2/15/32,

Callable

2/15/28

@

104.38(d)

...............

NRG

Energy,

Inc.

5.75%,

1/15/34,

Callable

10/15/28

@

102.88(d)

.............................

6.00%,

1/15/36,

Callable

10/15/30

@

103(d)

...............................

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

@

103.13(d)

..............................

6.50%,

2/1/36,

Callable

10/15/30

@

103.25(d)

..............................

The

AES

Corp.,

6.95%

(H15T5Y+289bps),

7/15/55,

Callable

4/15/30

@

100(c)

..........

1,283

Total

Corporate

Bonds

(Cost

$19,914)

a

a

a

19,672

Yankee

Dollars

(15.2%)

Communication

Services

(1.3%):

Altice

France

SA,

6.50%,

4/15/32,

Callable

10/1/26

@

101(d)

.......................

VZ

Secured

Financing

BV,

5.00%,

1/15/32,

Callable

1/15/27

@

102.5(d)

...............

Consumer

Discretionary

(1.0%):

Brightstar

Lottery

PLC/Brightstar

Global

Solutions

Corp.,

5.75%,

1/15/33,

Callable

12/15/28

@

102.88(d)

......................................................

Energy

(1.0%):

Borr

IHC

Ltd./

Borr

Finance

LLC,

10.38%,

11/15/30,

Callable

11/15/26

@

105.19(d)

.......

South

Bow

Canadian

Infrastructure

Holdings

Ltd.,

7.50%

(H15T5Y+367bps),

3/1/55,

Callable

12/1/34

@

100(c)

...................................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### High

#### Yield

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Transocean

International

Ltd.,

8.75%,

2/15/30,

Callable

5/2/26

@

104.38(d)

.............

$

$

Financials

(2.5%):

BNP

Paribas

SA,

7.45%

(H15T5Y+313bps),

Callable

6/27/35

@

100(c)(d)(h)

............

Efesto

Bidco

SpA

Efesto

US

LLC,

7.50%,

2/15/32,

Callable

2/15/28

@

103.75(d)

.........

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

9/1/27,

Callable

5/2/26

@

104.38(d)

...........

670

Health

Care

(0.8%):

1261229

BC

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105(d)

......................

Industrials

(3.8%):

Avianca

Midco

PLC,

9.63%,

2/14/30,

Callable

2/14/27

@

104.81(d)

.................

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

@

103.44(d)

.....................

Garda

World

Security

Corp.

7.75%,

2/15/28,

Callable

5/2/26

@

101.94(d)

...............................

6.50%,

1/15/31,

Callable

11/15/27

@

103.25(d)

.............................

8.38%,

11/15/32,

Callable

11/15/27

@

104.19(d)

............................

GFL

Environmental,

Inc.,

4.38%,

8/15/29,

Callable

5/2/26

@

101.09(d)

................

Grupo

Aeromexico

SAB

de

CV,

8.63%,

11/15/31,

Callable

11/15/27

@

104.31(d)

.........

1,033

Materials

(4.8%):

First

Quantum

Minerals

Ltd.,

8.63%,

6/1/31,

Callable

6/1/26

@

104.31(d)

..............

IAMGOLD

Corp.,

5.75%,

10/15/28,

Callable

5/2/26

@

101.44(d)

....................

Maxam

Prill

SARL,

7.75%,

7/15/30,

Callable

7/2/27

@

103.88(d)

....................

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

5/2/26

@

101.19(d)

.................

Taseko

Mines

Ltd.

8.25%,

5/1/30,

Callable

11/1/26

@

104.13(d)

...............................

8.25%,

5/1/30,

Callable

11/1/26

@

104.13 .................................

1,310

Total

Yankee

Dollars

(Cost

$4,086)

a

a

a

4,118

U.S.

Treasury

Obligations

(4.2%)

U.S.

Treasury

Bills

3.46%,

4/21/26(i)

...................................................

700

699

3.48%,

4/23/26(i)

...................................................

3.51%,

4/28/26(i)

...................................................

Total

U.S.

Treasury

Obligations

(Cost

$1,132)

a

a

a

1,133

Shares

Affiliated

Mutual

Funds

(3.3%)

Victory

Pioneer

ILS

Interval

Fund

...........................................

88,418

905

Total

Affiliated

Mutual

Funds

(Cost

$885)

a

a

a

905

Total

Investments

(Cost

$26,586)

—

97.5%

26,446

Other

assets

in

excess

of

liabilities

— 2.5%

685

NET

ASSETS

-

100.00%

$

27,131

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

16.1%

of

net

assets.

(a) Non-income

producing

security.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2026. (d) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2026,

the

fair

value

of

these

securities

was

$22,248

(thousands)

and

amounted

to

82.0%

of

net

assets.

(e) Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (f) Zero-coupon

bond.

(g) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(h) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i)

Rate

represents

the

effective

yield

at

March

31,

2026. Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### High

#### Yield

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

bps

—

Basis

points

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. Forward

Currency

Contracts

At

March

31,

2026,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

In

Exchange

for

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000) U.S.

Dollar

European

Euro

State

Street

4/29/26

$

Total

Net

Forward

Currency

Contracts

$

Centrally

Cleared

Credit

Default

Swap

Agreements

-

Buy

Protection(a)

Underlying

Instruments

Fixed

Deal

Pay

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)(b)

Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

12/20/30

Quarterly

$

1,762

$

(96) $

(121) $

$

(96) $

(121) $

Centrally

Cleared

Credit

Default

Swap

Agreements

-

Sell

Protection

Underlying

Instruments

Fixed

Deal

Receive

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000) Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

6/20/31

Quarterly

$

$

$

$

$

$

$

(a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b) The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

upon

occurrence

of

a

credit

event.

Affiliated

Holdings

(Amounts

in

thousands,

except

Shares)

Fair

Value

12/31/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

3/31/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Pioneer

ILS

Interval

Fund

................

$

854

$

—

$

—

$

—

$

$

905

88,418

$

—

$

—

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Select

#### Mid

#### Cap

#### Growth

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(2.2%):

ROBLOX

Corp.,

Class

A(a)

...............................................

14,184

$

802

Spotify

Technology

SA(a)

.................................................

2,810

1,363

2,165

Consumer

Discretionary

(15.4%):

AutoZone,

Inc.(a)

.......................................................

1,192

Birkenstock

Holding

PLC(a)

...............................................

15,261

547

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

.......................................

23,171

742

DoorDash

,

Inc.,

Class

A(a)

................................................

4,276

642

DraftKings,

Inc.(a)

......................................................

16,642

Marriott

International,

Inc.,

Class

A

..........................................

6,034

1,973

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

.......................................

8,624

794

Planet

Fitness,

Inc.,

Class

A(a)

.............................................

14,234

1,059

Ross

Stores,

Inc.

.......................................................

7,393

1,602

Royal

Caribbean

Cruises

Ltd.

..............................................

8,660

2,383

TopBuild

Corp.(a)

......................................................

3,280

1,152

Tractor

Supply

Co.

......................................................

24,160

1,094

Viking

Holdings

Ltd.(a)

..................................................

19,330

1,420

14,960

Consumer

Staples

(3.0%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

10,047

989

Celsius

Holdings,

Inc.(a)

..................................................

6,250

Darling

Ingredients,

Inc.(a)

................................................

26,992

1,669

2,880

Energy

(4.3%):

Comstock

Resources,

Inc.(a)

...............................................

26,978

569

HF

Sinclair

Corp.

.......................................................

18,008

1,124

PBF

Energy,

Inc.,

Class

A

.................................................

22,916

1,091

The

Williams

Cos.,

Inc.

..................................................

18,593

1,353

4,137

Financials

(7.8%):

Evercore,

Inc.,

Class

A

...................................................

5,388

1,608

Figure

Technology

Solutions,

Inc.,

Class

A(a)

...................................

13,763

Marex

Group

PLC

......................................................

33,147

1,478

Miami

International

Holdings,

Inc.(a)

........................................

22,263

867

MSCI,

Inc.,

Class

A

.....................................................

2,228

1,201

Robinhood

Markets,

Inc.,

Class

A(a)

.........................................

6,610

Tradeweb

Markets,

Inc.,

Class

A

............................................

12,862

1,513

7,592

Health

Care

(17.0%):

Agilent

Technologies,

Inc.

.................................................

4,341

Alnylam

Pharmaceuticals,

Inc.(a)

...........................................

1,532

507

Edgewise

Therapeutics,

Inc.(a)

.............................................

44,811

1,411

Erasca

,

Inc.(a)

.........................................................

82,329

1,332

Guardant

Health,

Inc.(a)

..................................................

8,394

775

Insmed

,

Inc.(a)

.........................................................

11,416

1,867

Labcorp

Holdings,

Inc.

...................................................

2,731

729

McKesson

Corp.

.......................................................

3,061

2,649

Natera

,

Inc.(a)

.........................................................

9,107

1,821

Penumbra,

Inc.(a)

.......................................................

2,466

810

Repligen

Corp.(a)

.......................................................

5,322

627

ResMed,

Inc.

..........................................................

5,179

1,163

Spyre

Therapeutics,

Inc.(a)

................................................

8,175

Vaxcyte

,

Inc.(a)

........................................................

27,464

1,596

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

1,940

16,535

Industrials

(24.7%):

Axon

Enterprise,

Inc.(a)

..................................................

2,858

1,214

Builders

FirstSource

,

Inc.(a)

...............................................

2,865

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Select

#### Mid

#### Cap

#### Growth

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Shares

a

Value

(000) BWX

Technologies,

Inc.

..................................................

4,737

$

969

Firefly

Aerospace,

Inc.(a)

.................................................

15,640

Forgent

Power

Solutions,

Inc.,

Class

A(a)

......................................

9,041

Generac

Holdings,

Inc.(a)

.................................................

5,167

1,009

Karman

Holdings,

Inc.(a)

.................................................

12,102

969

L3Harris

Technologies,

Inc.

...............................................

2,590

894

Regal

Rexnord

Corp.

....................................................

8,520

1,596

Rollins,

Inc.

...........................................................

37,247

1,989

Saia,

Inc.(a)

...........................................................

2,996

1,053

Siemens

Energy

AG

.....................................................

23,187

3,812

Tkms

AG

&

Co.

KGaA

(a) ................................................

10,780

979

Verisk

Analytics,

Inc.,

Class

A

..............................................

8,253

1,566

Vertiv

Holdings

Co.,

Class

A

...............................................

17,424

4,366

W.W.

Grainger,

Inc.

.....................................................

2,435

2,656

24,018

Information

Technology

(21.5%):

Advanced

Micro

Devices,

Inc.(a)

............................................

9,610

1,955

Akamai

Technologies,

Inc.(a)

..............................................

2,937

Amphenol

Corp.,

Class

A

.................................................

11,144

1,408

Applied

Optoelectronics,

Inc.(a)

............................................

2,530

Astera

Labs,

Inc.(a)

.....................................................

2,378

Cloudflare,

Inc.,

Class

A(a)

................................................

17,329

3,576

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

8,926

838

Datadog,

Inc.,

Class

A(a)

.................................................

10,927

1,290

Flex

Ltd.(a)

...........................................................

21,714

1,421

HubSpot,

Inc.(a)

.......................................................

1,119

Kioxia

Holdings

Corp.(a)

.................................................

3,900

MongoDB,

Inc.,

Class

A(a)

................................................

5,853

1,433

Motorola

Solutions,

Inc.

..................................................

1,221

530

Novanta,

Inc.(a)

........................................................

8,258

975

Rambus,

Inc.(a)

........................................................

5,731

Samsara,

Inc.,

Class

A(a)

.................................................

15,011

Sandisk

Corp.(a)

.......................................................

3,832

2,434

Western

Digital

Corp.

....................................................

9,145

2,474

20,856

Materials

(0.1%):

thyssenkrupp

AG

.......................................................

14,269

Real

Estate

(1.0%):

Iron

Mountain,

Inc.

.....................................................

9,156

935

Utilities

(2.9%):

NRG

Energy,

Inc.

.......................................................

14,719

2,151

Talen

Energy

Corp.(a)

...................................................

2,206

704

2,855

Total

Common

Stocks

(Cost

$61,452)

a

a

a

97,055

Total

Investments

(Cost

$61,452)

—

99.9%

97,055

Other

assets

in

excess

of

liabilities

— 0.1%

NET

ASSETS

-

100.00%

$

97,116

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

10.5%

of

net

assets.

(a) Non-income

producing

security.

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(4.8%)

ABS

Auto

(0.5%):

Exeter

Automobile

Receivables

Trust,

Series

2024-3A,

Class

D,

5.98%,

9/16/30,

Callable

3/15/29

@

.....................................................

$

$

Merchants

Fleet

Funding

LLC,

Series

2025-1A,

Class

A,

4.49%,

1/20/39,

Callable

6/20/29

@

100(a)

...........................................................

ABS

Card

(0.4%):

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2022-A,

Class

C,

9.33%,

10/15/30(a)

.......................................................

ABS

Home

(0.4%):

Equifirst

Mortgage

Loan

Trust,

Series

2003-1,

Class

IF1,

4.01%,

12/25/32,

Callable

4/25/26

@

100(b)

...........................................................

GS

Mortgage-Backed

Securities

Trust,

Series

2025-CES1,

Class

A1A,

5.57%,

5/25/55,

Callable

3/25/28

@

100(a)(b)

..........................................

Vista

Point

Securitization

Trust,

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(b)

.......................................................

ABS

Other

(3.5%):

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

D,

7.48%,

7/22/30,

Callable

6/20/27

@

100(a)

............................................

BHG

Securitization

Trust,

Series

2022-C,

Class

E,

9.73%,

10/17/35,

Callable

10/17/28

@

100(a)

...........................................................

Cascade

MH

Asset

Trust,

Series

2021-MH1,

Class

B1,

4.57%,

2/25/46,

Callable

4/25/38

@

100(a)

...........................................................

Cologix

Canadian

Issuer

LP,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52,

Callable

4/25/26

@

100(a)

.........................................................

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-1C,

Class

A,

6.05%,

1/20/31,

Callable

4/20/29

@

100(a)

...................................................

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/54,

Callable

1/25/27

@

100(a)

....

FIGRE

Trust

..........................................................

Series

2024-HE6,

Class

A,

5.72%,

12/25/54,

Callable

2/25/30

@

100(a)(b)

..........

Series

2025-HE5,

Class

A,

5.29%,

8/25/55,

Callable

1/25/31

@

100(a)(b)

...........

NMEF

Funding

LLC,

Series

2022-B,

Class

C,

8.54%,

6/15/29,

Callable

8/15/26

@

100(a)

...

PEAR

LLC,

Series

2021-1,

Class

B,

1/15/34(a)(c)(d)

.............................

Reach

ABS

Trust,

Series

2026-1A,

Class

A,

4.32%,

2/15/33,

Callable

6/15/30

@

100(a)

....

1,014

Total

Asset-Backed

Securities

(Cost

$1,405)

a

a

a

1,395

Collateralized

Loan

Obligations

(0.7%)

Cash

Flow

CLO

(0.7%):

AREIT

Ltd.,

Series

2022-CRE6,

Class

D,

6.52%

(SOFR30A+285bps),

1/20/37(a)(e)

.......

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

5.06%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

@

100(a)(e)(f)

........................................

Total

Collateralized

Loan

Obligations

(Cost

$200)

a

a

a

Collateralized

Mortgage

Obligations

(9.4%)

Agency

CMO

IO

(0.3%):

Federal

Home

Loan

Mortgage

Corporation,

Series

4087,

Class

SB,

2.24%

(SOFR30A+592bps),

7/15/42(e)(f)

......................................

Federal

Home

Loan

Mortgage

Corporation

REMICs

..............................

Series

4091,

Class

SH,

2.76%

(SOFR30A+644bps),

8/15/42(e)(f)

................

Series

4999,

Class

QI,

4.00%,

5/25/50(f)

..................................

Series

5067,

Class

GI,

4.00%,

12/25/50(f)

.................................

Federal

National

Mortgage

Association

.......................................

Series

2012-14,

Class

SP,

2.77%

(SOFR30A+644bps),

8/25/41(e)(f)

..............

Series

2018-43,

Class

SM,

2.42%

(SOFR30A+609bps),

6/25/48(e)(f)

..............

Series

2019-33,

Class

S,

2.27%

(SOFR30A+594bps),

7/25/49(e)(f)

...............

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2019-41,

Class

PS,

2.27%

(SOFR30A+594bps),

8/25/49(e)(f)

..............

$

$

Series

2019-41,

Class

SM,

2.27%

(SOFR30A+594bps),

8/25/49(e)(f)

..............

Government

National

Mortgage

Association

....................................

Series

2019-117,

Class

SB

(TSFR1M+331bps),

9/20/49(d)(e)(f)

.................

Series

2019-128,

Class

IB,

3.50%,

10/20/49(f)

..............................

Series

2019-128,

Class

ID,

3.50%,

10/20/49(f)

..............................

Series

2019-159,

Class

CI,

3.50%,

12/20/49(f)

..............................

Series

2020-9,

Class

SA

(TSFR1M+324bps),

1/20/50(d)(e)(f)

...................

Agency

CMO

Other

(0.0%):(g)

Government

National

Mortgage

Association,

Series

2009-83,

Class

EB,

4.50%,

9/20/39

....

Commercial

MBS

(4.0%):

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

E,

7.79%

(TSFR1M+411bps),

4/15/34(a)(e)(f)

Benchmark

Mortgage

Trust,

Series

2020-IG3,

Class

B,

3.26%,

9/15/48,

Callable

4/15/30

@

100(a)(b)

.........................................................

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C1,

Class

C,

3.74%,

4/15/50,

Callable

10/15/27

@

100(b)

..................................................

FREMF

Mortgage

Trust

..................................................

Series

2017-KW02,

Class

B,

3.75%,

12/25/26(a)(b)

..........................

Series

2017-KW03,

Class

B,

4.08%,

7/25/27(a)(b)

...........................

Series

2018-KHG1,

Class

B,

3.90%,

12/25/27(a)(b)

..........................

Series

2018-KW07,

Class

B,

4.11%,

10/25/31,

Callable

10/25/28

@

100(a)(b)

.......

Series

2019-KJ24,

Class

B,

7.60%,

10/25/27(a)(b)

...........................

FREMF

Trust,

Series

2018-KW04,

Class

B,

3.67%,

9/25/28(a)(b)

....................

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-DUNE,

Class

E,

6.44%

(TSFR1M+276bps),

12/15/36(a)(e)(f)

...................................................

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-LOOP,

Class

F,

3.86%,

12/5/38(a)(b)(f)

....................................................

Key

Commercial

Mortgage

Securities

Trust,

Series

2019-S2,

Class

A3,

3.47%,

6/15/52,

Callable

6/15/29

@

100(a)

............................................

Morgan

Stanley

Capital

I

Trust

.............................................

Series

2014-150E,

Class

AS,

4.01%,

9/9/32,

Callable

9/9/27

@

100(a)(f)

...........

Series

2016-UBS9,

Class

D,

3.00%,

3/15/49,

Callable

4/15/26

@

100(a)

...........

Series

2018-MP,

Class

A,

4.28%,

7/11/40(a)(b)(f)

............................

Ready

Capital

Mortgage

Trust,

Series

2019-5,

Class

E,

5.16%,

2/25/52,

Callable

8/25/28

@

100(a)(b)

.........................................................

SLG

Office

Trust

.......................................................

Series

2021-OVA,

Class

E,

2.85%,

7/15/41(a)(f)

.............................

Series

2021-OVA,

Class

F,

2.85%,

7/15/41(a)(f)

.............................

UBS

Commercial

Mortgage

Trust,

Series

2018-C9,

Class

XB,

0.34%,

3/15/51,

Callable

3/15/28

@

100(b)(f)

.......................................................

1,000

Velocity

Commercial

Capital

Loan

Trust,

Series

2025-1,

Class

A,

6.03%,

2/25/55,

Callable

7/25/36

@

100(a)(b)

.................................................

1,148

Private

CMO

Floating

(3.3%):

Connecticut

Avenue

Securities

Trust

.........................................

Series

2020-SBT1,

Class

1M2,

7.43%

(SOFR30A+376bps),

2/25/40,

Callable

2/25/27

@

100(a)(e)

.........................................................

Series

2022-R02,

Class

2B1,

8.16%

(SOFR30A+450bps),

1/25/42,

Callable

1/25/27

@

100(a)(e)

.........................................................

Series

2024-R03,

Class

2M2,

5.61%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(e)

.........................................................

Eagle

RE

Ltd.,

Series

2023-1,

Class

M1B,

7.61%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(e)

.................................................

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2020-DNA6,

Class

B2,

9.31%

(SOFR30A+565bps),

12/25/50,

Callable

12/25/30

@

100(a)(e)

.......................................................

Series

2020-HQA3,

Class

B2,

13.78%

(SOFR30A+1011bps),

7/25/50,

Callable

7/25/30

@

100(a)(e)

.......................................................

Series

2020-HQA5,

Class

B2,

11.06%

(SOFR30A+740bps),

11/25/50,

Callable

11/25/30

@

100(a)(e)

.......................................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-HQA4,

Class

B1,

7.41%

(SOFR30A+375bps),

12/25/41,

Callable

12/25/26

@

100(a)(e)

.......................................................

$

$

Series

2021-MN3,

Class

M2,

7.66%

(SOFR30A+400bps),

11/25/51,

Callable

8/25/36

@

100(a)(e)

.........................................................

JPMorgan

Chase

Bank

NA,

Series

2021-CL1,

Class

M3,

5.46%

(SOFR30A+180bps),

3/25/51,

Callable

11/25/36

@

100(a)(e)

.........................................

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

M10,

7.03%

(SOFR30A+336bps),

10/25/49(a)(e)

.....................................

STACR

Trust,

Series

2018-HRP2,

Class

B2,

14.28%

(SOFR30A+1061bps),

2/25/47,

Callable

11/25/28

@

100(a)(e)

................................................

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

B2,

5.94%

(TSFR1M+226bps),

10/25/48,

Callable

10/25/28

@

100(a)(e)

.........................................

Triangle

RE

Ltd.,

Series

2023-1,

Class

M1A,

7.06%

(SOFR30A+340bps),

11/25/33,

Callable

10/25/28

@

100(a)(e)

................................................

943

Private

CMO

Other

(1.8%):

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series

2021-2,

Class

A8,

2.50%,

6/25/51,

Callable

4/25/42

@

100(a)(b)

..........................................

BINOM

Securitization

Trust,

Series

2022-RPL1,

Class

M3,

3.00%,

2/25/61,

Callable

4/25/26

@

100(a)(b)

.......................................................

JPMorgan

Mortgage

Trust

.................................................

Series

2021-INV1,

Class

B3,

2.96%,

10/25/51,

Callable

9/25/47

@

100(a)(b)

........

Series

2022-3,

Class

B3,

3.09%,

8/25/52,

Callable

3/25/46

@

100(a)(b)

............

—(h)

—(h)

Series

2022-LTV1,

Class

M1,

3.51%,

7/25/52,

Callable

12/25/46

@

100(a)(b)

.......

Towd

Point

Mortgage

Trust

................................................

Series

2017-1,

Class

B3,

3.72%,

10/25/56,

Callable

7/25/30

@

100(a)(b)

...........

Series

2021-R1,

Class

A1,

2.92%,

11/30/60(a)(b)

............................

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2020-5,

Class

B2,

2.91%,

9/25/50,

Callable

7/25/46

@

100(a)(b)

..........................................

516

Total

Collateralized

Mortgage

Obligations

(Cost

$3,092)

a

a

a

2,717

Shares

Common

Stocks

(0.1%)

Consumer

Discretionary

(0.0%):(g)

Desarrolladora

Homex

SAB

de

CV(c)(i)

......................................

15,463

—(h)

Industrials

(0.1%):

Grupo

Aeromexico

SAB

de

CV(i)

...........................................

15,290

Materials

(0.0%):

Emerald

Plantation

Holdings

Ltd.(c)

.........................................

1,032

—

Total

Common

Stocks

(Cost

$17)

a

a

a

Preferred

Stocks

(0.7%)

Financials

(0.7%):

Bank

of

America

Corp.,

Series

LL,

5.00%(j)

....................................

1,718

Capital

One

Financial

Corp.,

Series

L,

4.38%(j)

.................................

JPMorgan

Chase

&

Co.,

Series

MM,

4.20%(j)

..................................

2,321

KeyCorp,

Series

G,

5.63%(j)

...............................................

695

Morgan

Stanley,

Series

O,

4.25%(j)

..........................................

2,870

State

Street

Corp.,

Series

G,

5.35%(j)

........................................

U.S.

Bancorp,

Series

L,

3.75%(j)

............................................

Wells

Fargo

&

Co.,

Series

DD,

4.25%(j)

......................................

1,747

Total

Preferred

Stocks

(Cost

$195)

a

a

a

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Convertible

Corporate

Bonds

(0.2%)

Communication

Services

(0.2%):

Live

Nation

Entertainment,

Inc.

2.88%,

1/15/30

....................................................

$

$

2.88%,

10/15/31(a)

..................................................

Real

Estate

(0.0%):(g)

Boston

Properties

LP,

2.00%,

10/1/30(a)

......................................

Total

Convertible

Corporate

Bonds

(Cost

$65)

a

a

a

Shares

Convertible

Preferred

Stocks

(0.1%)

Information

Technology

(0.1%):

Oracle

Corp.,

Series

D,

6.50%,

1/15/29

.......................................

1,000

Total

Convertible

Preferred

Stocks

(Cost

$50)

a

a

a

Principal

Amount

(000) Senior

Secured

Loans

(1.1%)

Consumer

Discretionary

(0.3%):

Fitness

International

LLC,

Term

B

Loan,

First

Lien,

8.17%

(SOFR01M+450bps),

2/12/29(e)

.

$

River

Rock

Entertainment

Authority,

Term

Loan,

First

Lien,

12.67%

(SOFR01M+900bps),

11/24/31(e)

.......................................................

Financials

(0.2%):

1261229

BC

Ltd.,

Initial

Term

Loan,

First

Lien,

9.92%

(SOFR01M+625bps),

10/8/30(e)

....

LC

Ahab

US

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

5/1/31(e)

.........................................

Health

Care

(0.0%):(g)

Endo

Finance

Holdings

LP,

2024

Refinancing

Term

Loan,

7.42%

(SOFR01M+375bps),

4/23/31(e)

........................................................

Industrials

(0.6%):

Hertz

Corporation,

The,

Initial

Term

B

Loan,

7.29%

(SOFR01M+350bps),

6/30/28(e)

......

Hertz

Corporation,

The,

Initial

Term

C

Loan,

7.29%

(SOFR01M+350bps),

6/30/28(e)

......

Total

Senior

Secured

Loans

(Cost

$373)

a

a

a

Corporate

Bonds

(22.6%)

Communication

Services

(0.6%):

Meta

Platforms,

Inc.

5.63%,

11/15/55,

Callable

5/15/55

@

..................................

5.75%,

11/15/65,

Callable

5/15/65

@

..................................

Oak-Eagle

Acquireco,

Inc.

7.25%,

7/1/33,

Callable

7/1/29

@

103.63(a)

................................

8.75%,

7/1/34,

Callable

7/1/29

@

104.38(a)

................................

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

6.50%,

2/15/29,

Callable

4/27/26

@

100(a)

................................

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(a)

..............................

Consumer

Discretionary

(1.7%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(a)

.........................................................

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

5/2/26

@

104.38(a)

...............

Ford

Motor

Co.

4.35%,

12/8/26,

Callable

9/8/26

@

...................................

6.10%,

8/19/32,

Callable

5/19/32

@

..................................

Petco

Health

&

Wellness

Co.,

Inc.,

8.25%,

2/1/31,

Callable

2/1/28

@

104.13(a)

..........

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.,

4.63%,

4/16/29,

Callable

1/16/29

@

100(a)

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) The

Michaels

Cos.,

Inc.,

8.50%,

3/15/33,

Callable

3/15/29

@

104.25(a)

................

$

$

Consumer

Staples

(0.3%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

5.50%,

3/31/31,

Callable

11/15/27

@

102.75(a)

.............................

5.75%,

3/31/34,

Callable

11/15/28

@

102.88(a)

.............................

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(a)

..................

Energy

(2.9%):

Archrock

Services

LP/Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103(a)

...........................................................

Columbia

Pipelines

Holding

Co.

LLC

5.10%,

10/1/31,

Callable

8/1/31

@

100(a)

.................................

5.00%,

11/17/32,

Callable

9/17/32

@

100(a)

................................

Enerflex,

Inc.,

6.88%,

1/15/31,

Callable

1/15/28

@

103.44(a)

........................

Energy

Transfer

LP

5.35%,

1/15/36,

Callable

10/15/35

@

.................................

6.50%

(H15T5Y+268bps),

2/15/56,

Callable

11/15/30

@

100(e)

.................

Hess

Midstream

Operations

LP,

5.88%,

3/1/28,

Callable

4/12/26

@

102.94(a)

............

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

6.88%,

5/15/34,

Callable

5/15/29

@

103.44(a)

..............................

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

..............................

Kodiak

Gas

Services

LLC,

5.88%,

4/1/31,

Callable

4/1/28

@

102.94(a)

................

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29,

Callable

7/31/26

@

104.31(a)

........

Venture

Global

LNG,

Inc.

9.50%,

2/1/29,

Callable

11/1/28

@

100(a)

.................................

8.38%,

6/1/31,

Callable

6/1/26

@

104.19(a)

................................

Venture

Global

Plaquemines

LNG

LLC

6.13%,

12/15/30,

Callable

9/15/30

@

100(a)

...............................

6.50%,

1/15/34,

Callable

7/15/33

@

100(a)

................................

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29,

Callable

10/15/26

@

103.75(a)

.....

830

Financials

(7.9%):

Ally

Financial,

Inc.

4.70%

(H15T7Y+348bps),

Callable

5/15/28

@

100(e)(j)

.......................

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

@

100(e)

....................

6.65%

(H15T5Y+245bps),

1/17/40,

Callable

10/19/34

@

100(e)

.................

Capital

One

Financial

Corp.

2.36%

(SOFR+134bps),

7/29/32,

Callable

7/29/31

@

100(e)

....................

6.18%

(SOFR+204bps),

1/30/36,

Callable

1/30/35

@

100(e)

....................

Citigroup,

Inc.

6.75%

(H15T5Y+257bps),

Callable

2/15/30

@

100(e)(j)

.......................

6.95%

(H15T5Y+273bps),

Callable

2/15/30

@

100(e)(j)

.......................

Citizens

Financial

Group,

Inc.

5.84%

(SOFR+201bps),

1/23/30,

Callable

1/23/29

@

100(e)

....................

5.72%

(SOFR+191bps),

7/23/32,

Callable

7/23/31

@

100(e)

....................

5.30%

(H15T5Y+145bps),

1/29/36,

Callable

1/29/31

@

100(e)

..................

CNO

Financial

Group,

Inc.,

6.45%,

6/15/34,

Callable

3/15/34

@

..................

Farmers

Exchange

Capital

III,

5.45%

(TSFR3M+372bps),

10/15/54,

Callable

10/15/34

@

100(a)(e)

.........................................................

Farmers

Insurance

Exchange

4.75%

(US0003M+323bps),

11/1/57,

Callable

11/1/37

@

100(a)(e)

...............

7.00%

(H15T10Y+386bps),

10/15/64,

Callable

7/15/54

@

100(a)(e)

..............

Fidelity

National

Information

Services,

Inc.,

4.80%,

3/10/31,

Callable

2/10/31

@

......

Ford

Motor

Credit

Co.

LLC

5.88%,

11/7/29,

Callable

10/7/29

@

..................................

6.13%,

3/8/34,

Callable

12/8/33

@

...................................

6.50%,

2/7/35,

Callable

11/7/34

@

...................................

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/31,

Callable

5/15/27

@

104.56(a)

..............................

8.38%,

4/1/32,

Callable

4/1/28

@

104.19(a)

................................

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

@

103.38(a)

.........

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) JPMorgan

Chase

&

Co.,

5.19%

(SOFR+130bps),

2/5/37,

Callable

2/5/36

@

100(e)

........

$

$

Liberty

Mutual

Group,

Inc.,

5.50%,

6/15/52,

Callable

12/15/51

@

100(a)

...............

Lincoln

Financial

Global

Funding,

4.20%,

1/12/29(a)

.............................

Lincoln

National

Corp.,

5.35%,

11/15/35,

Callable

8/15/35

@

....................

MetLife,

Inc.,

5.85%

(H15T5Y+182bps),

3/15/56,

Callable

3/15/36

@

100(e)

............

Morgan

Stanley

5.95%

(H15T5Y+243bps),

1/19/38,

Callable

1/19/33

@

100(e)

..................

5.94%

(H15T5Y+180bps),

2/7/39,

Callable

2/7/34

@

100(e)

....................

Northern

Trust

Corp.,

5.12%

(H15T5Y+105bps),

11/19/40,

Callable

11/19/35

@

100(e)

....

Old

National

Bancorp,

5.77%

(TSFR3M+220bps),

2/15/36,

Callable

2/15/31

@

100(e)

.....

OneMain

Finance

Corp.

6.13%,

5/15/30,

Callable

11/15/29

@

..................................

4.00%,

9/15/30,

Callable

5/2/26

@

...................................

PennyMac

Financial

Services,

Inc.,

6.75%,

2/15/34,

Callable

8/15/28

@

103.38(a)

........

Provident

Funding

Associates

LP/PFG

Finance

Corp.,

9.75%,

9/15/29,

Callable

9/15/26

@

104.88(a)

.........................................................

Starwood

Property

Trust,

Inc.

5.25%,

10/15/28,

Callable

7/15/28

@

100(a)

...............................

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

................................

Stonebriar

ABF

Issuer

LLC,

8.13%,

12/15/30,

Callable

12/15/27

@

104.06(a)

............

The

PNC

Financial

Services

Group,

Inc.,

5.42%

(H15T5Y+117bps),

1/25/41,

Callable

1/25/36

@

100(e)

.........................................................

UWM

Holdings

LLC,

6.25%,

3/15/31,

Callable

3/15/28

@

103.13(a)

..................

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

6/1/26

@

104(a)

.................

2,282

Health

Care

(1.4%):

Abbott

Laboratories,

4.30%,

3/15/33,

Callable

1/15/33

@

.......................

Baxter

International,

Inc.,

4.90%,

12/15/30,

Callable

11/15/30

@

..................

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

@

100(e)

..

Novartis

Capital

Corp.

4.60%,

3/18/33,

Callable

1/18/33

@

..................................

5.70%,

3/18/56,

Callable

9/18/55

@

..................................

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(a)

............

Tricida,

Inc.

5/15/27(c)(d)

......................................................

—

5/15/27(c)(k)

......................................................

—

U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(a)

..........

Industrials

(1.1%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(a)

...............................

American

Airlines

Pass

Through

Trust,

3.95%,

7/11/30

............................

Herc

Holdings,

Inc.

5.75%,

3/15/31,

Callable

3/15/28

@

102.88(a)

..............................

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(a)

..............................

6.00%,

3/15/34,

Callable

3/15/29

@

103(a)

................................

Honeywell

Aerospace,

Inc.

4.60%,

3/16/33,

Callable

1/16/33

@

100(a)

................................

4.95%,

3/16/36,

Callable

12/16/35

@

100(a)

...............................

JetBlue

Pass

Through

Trust,

4.00%,

11/15/32

...................................

The

ADT

Security

Corp.,

5.88%,

10/15/33,

Callable

10/15/32

@

100(a)

................

United

Airlines

Holdings,

Inc.,

5.38%,

3/1/31,

Callable

9/1/30

@

..................

Verisk

Analytics,

Inc.,

4.45%,

3/15/31,

Callable

2/15/31

@

......................

Information

Technology

(1.7%):

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(a)

........................

Foundry

JV

Holdco

LLC,

5.90%,

1/25/30,

Callable

12/25/29

@

100(a)

................

Oracle

Corp.

5.95%,

9/26/55,

Callable

3/26/55

@

..................................

6.70%,

2/4/56,

Callable

8/4/55

@

....................................

6.85%,

2/4/66,

Callable

8/4/65

@

....................................

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Qnity

Electronics,

Inc.

5.75%,

8/15/32,

Callable

8/15/28

@

102.88(a)

..............................

$

$

6.25%,

8/15/33,

Callable

8/15/28

@

103.13(a)

..............................

Materials

(1.9%):

ARC

Falcon

I,

Inc./Arclin

USA

LLC/New

Arclin

US

Holding

Corp.,

9.75%,

3/1/33,

Callable

3/1/29

@

104.88(a)

.................................................

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

.................

Cleveland

Cliffs,

Inc.

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(a)

...............................

7.38%,

5/1/33,

Callable

5/1/28

@

103.69(a)

................................

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(a)

..............................

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

@

103(a)

................

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(a)

..............

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(a)

.......................

534

Real

Estate

(0.3%):

CBRE

Services,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

@

......................

Highwoods

Realty

LP

3.05%,

2/15/30,

Callable

11/15/29

@

..................................

2.60%,

2/1/31,

Callable

11/1/30

@

...................................

5.35%,

1/15/33,

Callable

11/15/32

@

..................................

Kennedy

Wilson,

Inc.,

4.75%,

2/1/30,

Callable

5/2/26

@

101.19 .....................

Vornado

Realty

LP,

5.75%,

2/1/33,

Callable

12/1/32

@

.........................

Utilities

(2.8%):

Alta

Wind

Holdings

LLC,

7.00%,

6/30/35(a)

...................................

American

Electric

Power

Co.,

Inc.

5.80%

(H15T5Y+213bps),

3/15/56,

Callable

12/15/30

@

100(e)

.................

6.05%

(H15T5Y+194bps),

3/15/56,

Callable

12/15/35

@

100(e)

.................

Basin

Electric

Power

Cooperative,

5.85%,

10/15/55,

Callable

4/15/55

@

100(a)

..........

Essential

Utilities,

Inc.,

5.13%,

3/15/36,

Callable

12/15/35

@

....................

Eversource

Energy

6.10%

(H15T5Y+252bps),

8/15/56,

Callable

5/15/31

@

100(e)

..................

6.35%

(H15T5Y+233bps),

8/15/56,

Callable

5/15/36

@

100(e)

..................

Long

Ridge

Energy

LLC,

8.75%,

2/15/32,

Callable

2/15/28

@

104.38(a)

...............

San

Diego

Gas

&

Electric

Co.,

5.20%,

3/15/36,

Callable

12/15/35

@

...............

Sempra

6.55%

(H15T5Y+214bps),

4/1/55,

Callable

1/1/35

@

100(e)

....................

6.38%

(H15T5Y+263bps),

4/1/56,

Callable

1/1/31

@

100(e)

....................

Spire,

Inc.,

6.45%

(H15T5Y+233bps),

6/1/56,

Callable

3/1/36

@

100(e)

................

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

@

103.13(a)

..............................

6.50%,

2/1/36,

Callable

10/15/30

@

103.25(a)

..............................

Vistra

Operations

Co.

LLC

4.60%,

10/15/30,

Callable

9/15/30

@

100(a)

...............................

4.70%,

1/31/31,

Callable

12/31/30

@

100(a)

...............................

5.35%,

1/31/36,

Callable

10/31/35

@

100(a)

...............................

WEC

Energy

Group,

Inc.,

5.63%

(H15T5Y+191bps),

5/15/56,

Callable

2/15/31

@

100(e)

...

796

Total

Corporate

Bonds

(Cost

$6,558)

a

a

a

6,501

Yankee

Dollars

(16.2%)

Energy

(1.6%):

Enbridge,

Inc.

7.20%

(H15T5Y+297bps),

6/27/54,

Callable

3/27/34

@

100(e)

..................

7.38%

(H15T5Y+312bps),

3/15/55,

Callable

12/15/29

@

100(e)

.................

8.50%

(H15T5Y+443bps),

1/15/84,

Callable

10/15/33

@

100(e)

.................

Energean

Israel

Finance

Ltd.,

5.88%,

3/30/31,

Callable

9/30/30

@

100(a)

...............

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) South

Bow

Canadian

Infrastructure

Holdings

Ltd.

7.50%

(H15T5Y+367bps),

3/1/55,

Callable

12/1/34

@

100(e)

...................

$

$

7.63%

(H15T5Y+395bps),

3/1/55,

Callable

12/1/29

@

100(e)

...................

Vista

Energy

Argentina

SAU,

7.63%,

12/10/35,

Callable

12/10/29

@

103.81(a)

...........

YPF

SA,

6.95%,

7/21/27(a)

................................................

Financials

(8.6%):

ABRA

Global

Finance,

14.00%,

10/22/29,

Callable

10/22/26

@

106.5(a)(l)

.............

African

Development

Bank,

5.88%

(H15T5Y+165bps),

Callable

5/7/35

@

100(e)(j)

.......

Allianz

SE,

6.55%

(H15T5Y+232bps),

Callable

10/30/33

@

100(a)(e)(j)

...............

Avolon

Holdings

Funding

Ltd.,

4.70%,

1/30/31,

Callable

12/30/30

@

100(a)

............

Banco

Santander

SA,

3.23%

(H15T1Y+160bps),

11/22/32,

Callable

8/22/31

@

100(e)

.....

BNP

Paribas

SA,

7.45%

(H15T5Y+313bps),

Callable

6/27/35

@

100(a)(e)(j)

............

Cidron

Aida

Finco

SARL,

7.00%,

10/27/31,

Callable

10/27/27

@

103.5(a)

..............

Development

Bank

of

Kazakhstan

JSC,

10.95%,

5/6/26

............................

100,000

Egypt

Treasury

Bills,

12/22/26(d)(m)

.........................................

3,400

European

Bank

for

Reconstruction

&

Development

6.25%,

4/11/28,

MTN

................................................

4,700

2/2/32,

MTN(d)(m)

.................................................

1,675

7/11/36,

Callable

7/11/26

@

12.12(d)

.....................................

8,250

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

9/1/27,

Callable

5/2/26

@

104.38(a)

............

International

Bank

for

Reconstruction

&

Development

10.00%,

9/16/26

....................................................

11,000

6.85%,

4/24/28

....................................................

5,500

6.50%,

4/17/30,

MTN

................................................

4,000

Manulife

Financial

Corp.,

4.99%,

12/11/35,

Callable

9/11/35

@

..................

Meiji

Yasuda

Life

Insurance

Co.,

6.10%

(H15T5Y+291bps),

6/11/55,

Callable

6/11/35

@

100(a)(e)

.........................................................

Serbia

International

Bond,

2.05%,

9/23/36(a)

...................................

UniCredit

SpA

7.30%

(USISOA05+491bps),

4/2/34,

Callable

4/2/29

@

100(a)(e)

................

5.46%

(H15T5Y+475bps),

6/30/35,

Callable

6/30/30

@

100(a)(e)

................

2,469

Health

Care

(0.8%):

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

4.38%,

5/9/30,

Callable

2/9/30

@

.....

Industrials

(1.1%):

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

@

103.44(a)

......................

Element

Fleet

Management

Corp.

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

................................

4.64%,

11/24/30,

Callable

10/24/30

@

100(a)

...............................

Transportes

Aereos

Portugueses

SA,

5.13%,

11/15/29,

Callable

5/15/29

@

100(a)

.........

Information

Technology

(0.1%):

Flex

Ltd.,

5.38%,

11/13/35,

Callable

8/13/35

@

..............................

Sovereign

Bond

(4.0%):

Argentine

Republic

Government

International

Bond

1.00%,

7/9/29,

Callable

5/2/26

@

....................................

4.13%,

7/9/35,

Callable

5/2/26

@

100(n)

..................................

Brazilian

Government

International

Bond,

6.25%,

5/22/36

..........................

Dominican

Republic

International

Bond,

5.88%,

10/28/35,

Callable

7/28/35

@

100(a)

......

Indonesia

Government

International

Bond,

4.10%,

3/4/34,

Callable

12/4/33

@

........

Ivory

Coast

Government

International

Bond,

5.88%,

10/17/31(a)

.....................

Mexico

Government

International

Bond,

4.50%,

3/19/34,

Callable

12/19/33

@

........

Romanian

Government

International

Bond

5.25%,

5/30/32(a)

..................................................

5.63%,

5/30/37(a)

..................................................

Turkiye

Government

Bond,

30.00%,

9/12/29

...................................

6,776

Uruguay

Government

International

Bond,

9.75%,

7/20/33,

Callable

4/20/33

@

........

1,790

1,157

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) Utilities

(0.0%):(g)

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(n)

............................

$

$

Total

Yankee

Dollars

(Cost

$4,758)

a

a

a

4,661

U.S.

Government

Agency

Mortgages

(18.7%)

Federal

Home

Loan

Mortgage

Corporation

3.00%,

10/1/29

-

11/1/47

..............................................

5.00%,

11/1/39

-

3/1/44

..............................................

5.50%,

6/1/41

-

7/1/49

...............................................

1.50%,

3/1/42

.....................................................

3.50%,

7/1/46

.....................................................

4.00%,

4/1/47

.....................................................

2.50%,

5/1/51

.....................................................

6.00%,

8/1/54

.....................................................

6.50%,

7/1/55

.....................................................

578

Federal

National

Mortgage

Association

5.00%,

4/1/30

-

12/1/44

..............................................

3.00%,

10/1/30

-

3/1/52

..............................................

6.00%,

3/1/32

-

3/1/54

...............................................

4.00%,

10/1/40

-

9/1/51

..............................................

2.00%,

12/1/41

-

11/1/51

..............................................

4.50%,

9/1/43

-

1/1/44

...............................................

5.50%,

4/1/50

-

9/1/53

...............................................

2.50%,

5/1/51

-

2/1/52

...............................................

593

509

3.50%,

3/1/52

-

4/1/52

...............................................

6.50%,

8/1/53

-

9/1/54

...............................................

1,662

Federal

National

Mortgage

Association,

TBA

5.00%,

4/25/41

....................................................

5.50%,

4/25/41

-

4/25/56

.............................................

600

606

3.50%,

4/25/49

....................................................

3.00%,

4/25/52

....................................................

2.00%,

4/25/56

....................................................

4.00%,

4/25/56

....................................................

4.50%,

4/25/56

....................................................

5.00%,

4/25/56

....................................................

2,200

Government

National

Mortgage

Association

6.50%,

1/15/30

-

11/15/32

.............................................

6.00%,

2/15/33

-

4/20/55

.............................................

4.50%,

9/15/33

-

11/20/44

.............................................

5.50%,

1/15/34

-

6/15/35

.............................................

5.00%,

4/15/35

....................................................

4.00%,

4/15/42

-

4/20/48

.............................................

3.50%,

10/15/42

-

3/20/46

.............................................

Government

National

Mortgage

Association,

TBA

2.00%,

4/20/56

....................................................

2.50%,

4/20/56

....................................................

3.00%,

4/20/56

....................................................

3.50%,

4/20/56

....................................................

5.00%,

4/20/56

....................................................

5.50%,

4/20/56

....................................................

6.50%,

4/20/56

....................................................

654

Total

U.S.

Government

Agency

Mortgages

(Cost

$5,488)

a

a

a

5,396

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Treasury

Obligations

(28.1%)

U.S.

Treasury

Bills

3.10%,

4/7/26(m)

...................................................

$

645

$

645

3.46%,

4/21/26(m)

..................................................

3.51%,

4/28/26(m)

..................................................

1,275

1,271

U.S.

Treasury

Bonds

4.38%,

8/15/43

....................................................

2.25%,

2/15/52

....................................................

4.63%,

11/15/55

....................................................

1,717

1,641

U.S.

Treasury

Inflation

Indexed

Bonds,

1.88%,

7/15/35

............................

U.S.

Treasury

Notes

4.25%,

1/31/30

....................................................

1,000

1,013

3.50%,

2/28/31

....................................................

680

667

4.13%,

2/15/36

....................................................

1,822

1,793

Total

U.S.

Treasury

Obligations

(Cost

$8,204)

a

a

a

8,092

Shares

Affiliated

Mutual

Funds

(5.1%)

Victory

Pioneer

ILS

Interval

Fund

...........................................

143,074

1,465

Total

Affiliated

Mutual

Funds

(Cost

$1,401)

a

a

a

1,465

Total

Investments

(Cost

$31,806)

—

107.8%

31,069

Liabilities

in

excess

of

other

assets

— (7.8)%

(2,256)

NET

ASSETS

-

100.00%

$

28,813

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

17.5%

of

net

assets.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2026,

the

fair

value

of

these

securities

was

$9,725

(thousands)

and

amounted

to

33.8%

of

net

assets.

(b) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

March

31,

2026. (c) Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Zero-coupon

bond.

(e) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2026. (f) Security

is

interest

only.

(g) Amount

represents

less

than

0.05%

of

net

assets.

(h) Rounds

to

less

than

$1

thousand.

(i) Non-income

producing

security.

(j) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(k) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(l) Up

to

8.00%

of

the

coupon

may

be

PIK.

(m) Rate

represents

the

effective

yield

at

March

31,

2026. (n) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

FREMF

—

Freddie

Mac

Multifamily

Fixed-Rate

Mortgage

Loans

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T7Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. ICE

—

Intercontinental

Exchange,

Inc.

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

March

31,

2026. TBA

—

To

Be

Announced

Securities

TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. US0003M

—

Month

US

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

as

of

March

31,

2026,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

March

31,

2026. TBA

Sales

Commitments

Security

Description

Principal

Amount

(000) Value

(000) TBA

Sales

Commitments

-

(1.90%)

Collateralized

Mortgage

Obligations

— (1.90%)

Federal

National

Mortgage

Association,

TBA

2.50%

,

4/25/56

....................................................

(300) $

(252) 6.00%

,

4/25/56

....................................................

(200) (204) 6.50%

,

4/25/56

....................................................

(100) (104) Total

TBA

Sales

Commitments

(Proceeds $564)

$(560)

Forward

Currency

Contracts

At

March

31,

2026,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

In

Exchange

for

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000) Turkish

Lira

1,550

U.S.

Dollar

Citibank

NA

4/9/26

$

U.S.

Dollar

Canadian

Dollar

Citibank

NA

4/9/26

Brazilian

Real

U.S.

Dollar

Citibank

NA

4/29/26

U.S.

Dollar

Australian

Dollar

Citibank

NA

4/30/26

U.S.

Dollar

European

Euro

Citibank

NA

5/29/26

U.S.

Dollar

European

Euro

Citibank

NA

5/29/26

U.S.

Dollar

546

European

Euro

Citibank

NA

5/29/26

U.S.

Dollar

Indian

Rupee

14,530

Citibank

NA

6/25/26

Chilean

Peso

150,000

U.S.

Dollar

Citibank

NA

6/25/26

–\*

Canadian

Dollar

U.S.

Dollar

Citibank

NA

6/26/26

–\*

U.S.

Dollar

Mexican

Peso

Citibank

NA

6/26/26

–\*

U.S.

Dollar

Turkish

Lira

3,720

Citibank

NA

1/7/27

U.S.

Dollar

Turkish

Lira

Citibank

NA

1/7/27

–\*

U.S.

Dollar

Turkish

Lira

4,560

Citibank

NA

1/7/27

$31

U.S.

Dollar

Turkish

Lira

1,550

Citibank

NA

4/9/26

–\*

U.S.

Dollar

Kazakhstani

Tenge

61,700

Citibank

NA

4/29/26

(9) European

Euro

U.S.

Dollar

Citibank

NA

4/29/26

(16) U.S.

Dollar

Brazilian

Real

Citibank

NA

4/29/26

(1) Australian

Dollar

574

U.S.

Dollar

Citibank

NA

4/30/26

(6) Japanese

Yen

49,000

European

Euro

Citibank

NA

6/18/26

(1) Korean

Won

206,000

U.S.

Dollar

Citibank

NA

6/25/26

–\*

European

Euro

U.S.

Dollar

Citibank

NA

6/26/26

–\*

Japanese

Yen

44,000

U.S.

Dollar

Citibank

NA

6/26/26

–\*

Turkish

Lira

8,585

U.S.

Dollar

State

Street

1/7/27

(7) $

(40) Total

Net

Forward

Currency

Contracts

$(9)

\*

Rounds

to

less

than

$1

thousand.

Victory

Variable

Insurance

Funds

II

#### Victory

#### Pioneer

#### Strategic

#### Income

#### VCT

#### Portfolio

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 2-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

$

1,462

$

1,452

$

(10) 30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/26

576

570

(6) 5-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

539

541

U.S.

10-Year

Ultra

Futures

............

6/18/26

(7) Ultra

Long

Term

U.S.

Treasury

Bond

Futures

6/18/26

(8) $

(29) Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

6/18/26

$

$

$

Euro

Bund

Futures

..................

6/08/26

892

869

$

Total

unrealized

appreciation

$

Total

unrealized

depreciation

(31) Total

net

unrealized

appreciation

(depreciation)

$

(4) Centrally

Cleared

Credit

Default

Swap

Agreements

-

Buy

Protection(a)

Underlying

Instruments

Fixed

Deal

Pay

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)(b)

Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

12/20/30

Quarterly

$

$

(6) $

(8) $

$

(6) $

(8) $

Centrally

Cleared

Credit

Default

Swap

Agreements

-

Sell

Protection

Underlying

Instruments

Fixed

Deal

Receive

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000) Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) American

Airlines

Group,

Inc.

..............

5.00%

6/20/30

Quarterly

$

$

–\*

$

(5) $

Oracle

Corp.

..........................

1.00%

12/20/30

Quarterly

(7) $

(4) (3) $

(7) $

(9) $

(a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b) The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

upon

occurrence

of

a

credit

event.

\*

Rounds

to

less

than

$1

thousand.

Affiliated

Holdings

(Amounts

in

thousands,

except

Shares)

Fair

Value

12/31/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

3/31/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Pioneer

ILS

Interval

Fund

................

$

1,382

$

—

$

—

$

—

$

$

1,465

143,074

$

—

$

—

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Variable Insurance Funds II

- **b. Investment Company Act file number:** 811-24018

- **c. CIK number of Registrant:** 0002042317

- **d. LEI of Registrant:** 2549008Q8LHE6TN5VU40

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

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-539-3863

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

- **a. Name of Series:** Victory Pioneer Strategic Income VCT Portfolio

- **b. EDGAR series identifier (if any):** S000089714

- **c. LEI of Series:** KIE2348SOBWF0QF72O51

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $32890176.58

**Total Liabilities:** $4181522.93

**Net Assets:** $28708653.65

**Cash Not Reported:** $588247.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -30.75811692 | **1-Year:** -570.03001294 | **5-Year:** -1819.43835912 | **10-Year:** -3174.84254945 | **30-Year:** -1238.95441649

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

- **3-Month:** -13.15279470 | **1-Year:** -356.39278946 | **5-Year:** -1009.87524828 | **10-Year:** -627.09714224 | **30-Year:** -140.35760822

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256345 | 0.68%                | 1.41%                | -1.98%               |
| Class ID C000256346 | 0.70%                | 1.43%                | -2.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5784.52                 | $86354.60                                  |
| Month 2  | $52451.80                | $209679.44                                 |
| Month 3  | $-52663.67               | $-624776.38                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                   | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XGFN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     136073 | PA      | $122115.80    | 0.43%             | 2052-03-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| COLUMBIA PIPELINES HOLDING COMPANY LLC                 | COLUMBIA PIPELINES HOLDING CO LLC                  | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      40000 | PA      | $40216.22     | 0.14%             | 2031-10-01      | Fixed         | 5.10%                 | Yes           | 2                  | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST                          | UBS COMMERCIAL MORTGAGE TRUST 2018 C9              | CUSIP: 90291JAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $6828.90      | 0.02%             | 2051-03-15      | Variable      | 0.49%                 | No            | 2                  | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.                         | UNITED AIRLINES HOLDINGS INC                       | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19586.33     | 0.07%             | 2031-03-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Republika Srbija                                       | SERBIA INTERNATIONAL BOND                          | CUSIP: BR4457197<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     100000 | PA      | $87331.71     | 0.30%             | 2036-09-23      | Fixed         | 2.05%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140ANQF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      22188 | PA      | $23118.15     | 0.08%             | 2054-09-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| BRAZILIAN REAL                                         | BRAZILIAN REAL                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |    -300000 | OU      | $1899.02      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| FIGRE TRUST                                            | FIGRE TRUST 2025 HE5                               | CUSIP: 31684MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     130568 | PA      | $130213.51    | 0.45%             | 2055-08-25      | Variable      | 5.29%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3622A25J7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       9057 | PA      | $8877.23      | 0.03%             | 2044-09-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 31335AWT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      18718 | PA      | $17610.17     | 0.06%             | 2046-07-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31371KLT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         34 | PA      | $35.35        | 0.00%             | 2032-03-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36176MW74<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       5635 | PA      | $5545.68      | 0.02%             | 2041-07-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3618N5KX6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      72603 | PA      | $73867.23     | 0.26%             | 2055-04-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Romania                                                | ROMANIAN GOVERNMENT INTERNATIONAL BOND             | CUSIP: YX2480037<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      40000 | PA      | $43522.10     | 0.15%             | 2037-05-30      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| CDS AMERICAN AIR 6 5                                   | CDS AMERICAN AIR 6 5                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     -75000 | OU      | $-486.75      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                          | STARWOOD PROPERTY TRUST INC                        | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |      45000 | PA      | $44437.54     | 0.15%             | 2031-01-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| DEVELOPMENT BANK OF KAZAKHSTAN JSC                     | DEVELOPMENT BANK OF KAZAKHSTAN JSC                 | CUSIP: BP3245902<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              |  | KZ        |  100000000 | PA      | $208458.53    | 0.73%             | 2026-05-06      | Fixed         | 10.95%                | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F062648<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |    -100000 | PA      | $-103450.38   | -0.36%            | 2056-04-25      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNNR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      69044 | PA      | $59291.86     | 0.21%             | 2052-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| ALGONQUIN POWER & UTILITIES CORP.                      | ALGONQUIN POWER UTILITIES CORP                     | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |      15000 | PA      | $15012.37     | 0.05%             | 2026-06-15      | Fixed         | 5.37%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F042640<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     200000 | PA      | $193001.13    | 0.67%             | 2056-04-25      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                          | VISTRA OPERATIONS CO LLC                           | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14672.90     | 0.05%             | 2036-01-31      | Fixed         | 5.35%                 | Yes           | 2                  | On Loan: No      |
| KEY COMMERCIAL MORTGAGE SECURITIES TRUST               | KEY COMMERCIAL MORTGAGE SECURITIES TRUST 2019 S2   | CUSIP: 49307XAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      43008 | PA      | $41226.38     | 0.14%             | 2052-06-15      | Fixed         | 3.47%                 | Yes           | 2                  | On Loan: No      |
| United States of America                               | U S TREASURY NOTE                                  | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1821800 | PA      | $1793334.38   | 6.25%             | 2036-02-15      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| CLEVELAND-CLIFFS INC.                                  | CLEVELAND CLIFFS INC                               | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      85000 | PA      | $83152.96     | 0.29%             | 2033-05-01      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H052645<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $100636.87    | 0.35%             | 2056-04-20      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| FREMF MORTGAGE TRUST                                   | FREMF 2018 KHG1 MORTGAGE TRUST                     | CUSIP: 30309FAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      75000 | PA      | $72054.68     | 0.25%             | 2027-12-25      | Variable      | 3.90%                 | Yes           | 2                  | On Loan: No      |
| United States of America                               | U S TREASURY BOND                                  | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1717000 | PA      | $1640539.84   | 5.71%             | 2055-11-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| CLEVELAND-CLIFFS INC.                                  | CLEVELAND CLIFFS INC                               | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9769.68      | 0.03%             | 2034-01-15      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F060642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |    -200000 | PA      | $-203865.60   | -0.71%            | 2056-04-25      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36200K7J0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        171 | PA      | $174.85       | 0.00%             | 2033-02-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| CDS ORACLE CORP 3 25                                   | CDS ORACLE CORP 3 25                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    -208256 | OU      | $-6609.83     | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| CROCKETT PARTNERS EQUIPMENT COMPANY IIA LLC            | CROCKETT PARTNERS EQUIPMENT CO IIA LLC             | CUSIP: 22689LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      69697 | PA      | $70512.91     | 0.25%             | 2031-01-20      | Fixed         | 6.05%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 3137ATFZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      32901 | PA      | $4829.45      | 0.02%             | 2042-08-15      | Floating      | 2.76%                 | No            | 2                  | On Loan: No      |
| VICTORY PIONEER ILS INTERVAL FUND                      | VICTORY PIONEER ILS INTERVAL FUND                  | CUSIP: 72369L107<br>LEI: N/A                  | Long             |  | RF                | US        |     143074 | NS      | $1465081.74   | 5.10%             |  |  |  | No            | 1                  | On Loan: No      |
| META PLATFORMS, INC.                                   | META PLATFORMS INC                                 | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      35000 | PA      | $32808.66     | 0.11%             | 2055-11-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3617AVXD5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       7559 | PA      | $7123.55      | 0.02%             | 2048-02-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Abra Global Finance                                    | ABRA GLOBAL FINANCE                                | CUSIP: 000852AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      54966 | PA      | $51989.59     | 0.18%             | 2029-10-22      | Fixed         | 14.00%                | Yes           | 2                  | On Loan: No      |
| UNITI SERVICES LLC                                     | UNITI GROUP CSL CAPITAL LLC                        | CUSIP: 91327BAA8<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |      65000 | PA      | $63130.51     | 0.22%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| MERCHANTS FLEET FUNDING LLC                            | MERCHANTS FLEET FUNDING LLC                        | CUSIP: 588926AL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100145.60    | 0.35%             | 2039-01-20      | Fixed         | 4.49%                 | Yes           | 2                  | On Loan: No      |
| FIDELITY NATIONAL INFORMATION SERVICES, INC.           | FIDELITY NATIONAL INFORMATION SERVICES INC         | CUSIP: 31620MCE4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19843.02     | 0.07%             | 2031-03-10      | Fixed         | 4.80%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 38382CAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      94087 | PA      | $1413.01      | 0.00%             | 2050-01-20      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ONEMAIN FINANCE CORP                                   | ONEMAIN FINANCE CORP                               | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     130000 | PA      | $117400.79    | 0.41%             | 2030-09-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| CLEVELAND-CLIFFS INC.                                  | CLEVELAND CLIFFS INC                               | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29026.57     | 0.10%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| WELLS FARGO & COMPANY                                  | WELLS FARGO COMPANY                                | CUSIP: 95002Y400<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |       1710 | NS      | $29497.50     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| FARMERS EXCHANGE CAPITAL III                           | FARMERS EXCHANGE CAPITAL III                       | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $90319.44     | 0.31%             | 2054-10-15      | Fixed         | 5.45%                 | Yes           | 2                  | On Loan: No      |
| THE ADT SECURITY CORPORATION                           | ADT SECURITY CORP THE                              | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58110.57     | 0.20%             | 2033-10-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132WMM50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       3297 | PA      | $3160.62      | 0.01%             | 2047-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| SEMPRA                                                 | SEMPRA                                             | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20090.06     | 0.07%             | 2056-04-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     115000 | OU      | $2960.79      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36200WJL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       1729 | PA      | $1749.61      | 0.01%             | 2034-04-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                          | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 35564KPN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45000 | PA      | $45711.90     | 0.16%             | 2041-12-25      | Floating      | 7.41%                 | Yes           | 2                  | On Loan: No      |
| FORD MOTOR COMPANY                                     | FORD MOTOR CO                                      | CUSIP: 345370CR9<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     135000 | PA      | $134602.89    | 0.47%             | 2026-12-08      | Fixed         | 4.35%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36178GJ62<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       2503 | PA      | $2399.69      | 0.01%             | 2044-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140NQK49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      76283 | PA      | $77957.32     | 0.27%             | 2054-03-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3133CSML2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      75529 | PA      | $77120.89     | 0.27%             | 2054-08-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST           | WELLS FARGO MORTGAGE BACKED SECURITIES 2020 5 TRUS | CUSIP: 95003BBJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      84384 | PA      | $73532.82     | 0.26%             | 2050-09-25      | Variable      | 2.91%                 | Yes           | 2                  | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                         | MORGAN STANLEY CAPITAL I TRUST 2014 150E           | CUSIP: 61764BAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $89539.73     | 0.31%             | 2032-09-09      | Fixed         | 4.01%                 | Yes           | 2                  | On Loan: No      |
| FREMF MORTGAGE TRUST                                   | FREMF 2017 KW03 MORTGAGE TRUST                     | CUSIP: 30302YAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $49413.60     | 0.17%             | 2027-07-25      | Variable      | 4.20%                 | Yes           | 2                  | On Loan: No      |
| HERC HOLDINGS INC.                                     | HERC HOLDINGS INC                                  | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9667.49      | 0.03%             | 2034-03-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| AMUR EQUIPMENT FINANCE RECEIVABLES LLC                 | AMUR EQUIPMENT FINANCE RECEIVABLES XII LLC         | CUSIP: 03236YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $103153.34    | 0.36%             | 2030-07-22      | Fixed         | 7.48%                 | Yes           | 2                  | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.        | SOUTH BOW CANADIAN                                 | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |      88000 | PA      | $90602.16     | 0.32%             | 2055-03-01      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| Republica Argentina                                    | ARGENTINE REPUBLIC GOVERNMENT INTERNATIONAL BOND   | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     145500 | PA      | $104760.00    | 0.36%             | 2035-07-09      | Variable      | 4.12%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36177Q3V3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      25412 | PA      | $24431.12     | 0.09%             | 2042-04-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                            | RESORTS WORLD LAS VEGAS LLC RWLV CAPITAL INC       | CUSIP: 76120HAA5<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |     200000 | PA      | $171885.43    | 0.60%             | 2029-04-16      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Essential Utilities, Inc.                              | ESSENTIAL UTILITIES INC                            | CUSIP: 29670GAL6<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19720.66     | 0.07%             | 2036-03-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140NRSA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      27848 | PA      | $28066.51     | 0.10%             | 2053-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H050649<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $99030.23     | 0.34%             | 2056-04-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132D9QY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     147748 | PA      | $123360.26    | 0.43%             | 2042-03-01      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 3137FV4S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      31933 | PA      | $6184.08      | 0.02%             | 2050-05-25      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| FS RIALTO ISSUER, LTD.                                 | FS RIALTO ISSUER LTD                               | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $99957.68     | 0.35%             | 2030-02-01      | Floating      | 5.06%                 | Yes           | 2                  | On Loan: No      |
| EMERALD PLANTATION HOLDINGS                            | EMERALD PLANTATION HOLDINGS                        | CUSIP: G30337102<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |       1032 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36225BZ27<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        129 | PA      | $133.67       | 0.00%             | 2032-11-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| FREMF MORTGAGE TRUST                                   | FREMF 2018 KW04 TRUST                              | CUSIP: 30296MAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $46473.81     | 0.16%             | 2028-09-25      | Variable      | 4.06%                 | Yes           | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO.                                   | JPMORGAN CHASE CO                                  | CUSIP: 48128B523<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |       2321 | NS      | $40617.50     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands II B.V.        | TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV      | CUSIP: BS1759429<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $231050.72    | 0.80%             | 2030-05-09      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| COMMERCIAL METALS COMPANY                              | COMMERCIAL METALS CO                               | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39433.82     | 0.14%             | 2035-12-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                  | AMERICAN ELECTRIC POWER CO INC                     | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49553.74     | 0.17%             | 2056-03-15      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| CANADIAN DOLLAR                                        | CANADIAN DOLLAR                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | CA        |       1185 | NS      | $851.85       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNNQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     130503 | PA      | $112199.56    | 0.39%             | 2051-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| BHG SECURITIZATION TRUST                               | BHG SECURITIZATION TRUST 2022 C                    | CUSIP: 08860DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $105915.55    | 0.37%             | 2035-10-17      | Fixed         | 9.73%                 | Yes           | 2                  | On Loan: No      |
| COREWEAVE, INC.                                        | COREWEAVE INC                                      | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     110000 | PA      | $104667.08    | 0.36%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3620A93H2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       5966 | PA      | $5890.42      | 0.02%             | 2040-01-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| ABBOTT LABORATORIES                                    | ABBOTT LABORATORIES                                | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |      65000 | PA      | $63612.66     | 0.22%             | 2033-03-15      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| BAXTER INTERNATIONAL INC.                              | BAXTER INTERNATIONAL INC                           | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9871.08      | 0.03%             | 2030-12-15      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36212WUQ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      28218 | PA      | $27871.18     | 0.10%             | 2040-03-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| United States of America                               | UNITED STATES TREASURY BILL                        | CUSIP: 912797TK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1275000 | PA      | $1271528.33   | 4.43%             | 2026-04-28      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36201RX71<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       1643 | PA      | $1628.19      | 0.01%             | 2035-04-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| CIDRON AIDA FINCO SARL                                 | CIDRON AIDA FINCO SARL                             | CUSIP: YQ8301000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     100000 | PA      | $109072.47    | 0.38%             | 2031-10-27      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     100000 | OU      | $590.27       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| ALLY FINANCIAL INC.                                    | ALLY FINANCIAL INC                                 | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      75000 | PA      | $75217.90     | 0.26%             | 2035-07-26      | Fixed         | 6.18%                 | No            | 2                  | On Loan: No      |
| United States of America                               | 30 YEAR US TREASURY BOND FUTURE JUN26              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          5 | NC      | $-6424.65     | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| FREEDOM MORTGAGE HOLDINGS LLC                          | FREEDOM MORTGAGE HOLDINGS LLC                      | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      45000 | PA      | $45742.50     | 0.16%             | 2031-05-15      | Fixed         | 9.12%                 | Yes           | 2                  | On Loan: No      |
| VELOCITY VEHICLE GROUP LLC                             | VELOCITY VEHICLE GROUP LLC                         | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      31000 | PA      | $28958.84     | 0.10%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| CDX CDX NAHYS45V1 5Y                                   | CDX CDX NAHYS45V1 5Y                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     108900 | OU      | $-5741.58     | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| International Bank for Reconstruction and Development  | INTERNATIONAL BANK FOR RECONSTRUCTION              | CUSIP: ZK0871929<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              |  | US        |    4000000 | PA      | $40018.06     | 0.14%             | 2030-04-17      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| KENNEDY-WILSON, INC.                                   | KENNEDY WILSON INC                                 | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49677.26     | 0.17%             | 2030-02-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| STONEBRIAR ABF ISSUER LLC                              | STONEBRIAR ABF ISSUER LLC                          | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      40000 | PA      | $41345.68     | 0.14%             | 2030-12-15      | Fixed         | 8.12%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F022642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |    -300000 | PA      | $-252187.50   | -0.88%            | 2056-04-25      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    1550000 | OU      | $-382.65      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| United States of America                               | U S TREASURY NOTE                                  | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1000000 | PA      | $1012656.25   | 3.53%             | 2030-01-31      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36179QR29<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       3778 | PA      | $3733.85      | 0.01%             | 2044-10-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                    | GS MORTGAGE BACKED SECURITIES TRUST 2025 CES1      | CUSIP: 36271RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      68613 | PA      | $68795.63     | 0.24%             | 2055-05-25      | Variable      | 5.57%                 | Yes           | 2                  | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                               | BENCHMARK 2020 IG3 MORTGAGE TRUST                  | CUSIP: 08162QAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $71194.18     | 0.25%             | 2048-09-15      | Variable      | 3.26%                 | Yes           | 2                  | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                          | STARWOOD PROPERTY TRUST INC                        | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29657.99     | 0.10%             | 2028-10-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140QKNV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     194616 | PA      | $168106.39    | 0.59%             | 2051-05-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                             | JP MORGAN MORTGAGE TRUST 2022 LTV1                 | CUSIP: 465976AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $69425.60     | 0.24%             | 2052-07-25      | Variable      | 3.51%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 36200Q3L6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |         55 | PA      | $56.64        | 0.00%             | 2032-02-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                          | UNICREDIT SPA                                      | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $199639.65    | 0.70%             | 2035-06-30      | Fixed         | 5.46%                 | Yes           | 2                  | On Loan: No      |
| FARMERS INSURANCE EXCHANGE                             | FARMERS INSURANCE EXCHANGE                         | CUSIP: 309601AE2<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |     120000 | PA      | $100817.84    | 0.35%             | 2057-11-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3129362R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       5766 | PA      | $5834.84      | 0.02%             | 2039-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Estados Unidos Mexicanos                               | MEXICO GOVERNMENT INTERNATIONAL BOND               | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |     126000 | PA      | $141718.68    | 0.49%             | 2034-03-19      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| SEMPRA                                                 | SEMPRA                                             | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99553.20     | 0.35%             | 2055-04-01      | Fixed         | 6.55%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36200MQ55<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        308 | PA      | $313.44       | 0.00%             | 2033-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| AUSTRALIAN DOLLAR                                      | AUSTRALIAN DOLLAR                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | AU        |    -574350 | OU      | $-5722.62     | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Eversource Energy                                      | EVERSOURCE ENERGY                                  | CUSIP: 30040WBC1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19752.77     | 0.07%             | 2056-08-15      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140QMLV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      49547 | PA      | $40851.68     | 0.14%             | 2051-11-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36211RFL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        455 | PA      | $475.97       | 0.00%             | 2030-01-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| PRIME HEALTHCARE SERVICES, INC.                        | PRIME HEALTHCARE SERVICES INC                      | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $103700.00    | 0.36%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| THE HERTZ CORPORATION                                  | HERTZ CORP THE                                     | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     202142 | PA      | $147563.56    | 0.51%             | 2028-06-30      | Floating      | 7.28%                 | No            | 2                  | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMPANY, INC.                | PETCO HEALTH WELLNESS CO INC                       | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4993.15      | 0.02%             | 2031-02-01      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| FREEDOM MORTGAGE HOLDINGS LLC                          | FREEDOM MORTGAGE HOLDINGS LLC                      | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4918.47      | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST              | BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2021 INV | CUSIP: 07336LAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $68712.96     | 0.24%             | 2051-06-25      | Variable      | 2.50%                 | Yes           | 2                  | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                         | MORGAN STANLEY CAPITAL I TRUST 2016 UBS9           | CUSIP: 61766CAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      15000 | PA      | $11624.85     | 0.04%             | 2049-03-15      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H022648<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $86015.63     | 0.30%             | 2056-04-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36202D4P3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        777 | PA      | $800.05       | 0.00%             | 2034-03-20      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| HILCORP ENERGY I, L.P.                                 | HILCORP ENERGY I LP HILCORP FINANCE CO             | CUSIP: 431318BE3<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73274.26     | 0.26%             | 2034-05-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| SLG OFFICE TRUST                                       | SLG OFFICE TRUST 2021 OVA                          | CUSIP: 78449RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $82654.94     | 0.29%             | 2041-07-15      | Fixed         | 2.85%                 | Yes           | 2                  | On Loan: No      |
| Banque africaine de developpement                      | AFRICAN DEVELOPMENT BANK                           | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              |  | CI        |     200000 | PA      | $194791.74    | 0.68%             | 2199-12-31      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| United States of America                               | U S TREASURY NOTE                                  | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     680000 | PA      | $666825.00    | 2.32%             | 2031-02-28      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| FLEX LTD.                                              | FLEX LTD                                           | CUSIP: 33938XAG0<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |      30000 | PA      | $29478.03     | 0.10%             | 2035-11-13      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H030641<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $89259.35     | 0.31%             | 2056-04-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36201L2D5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        266 | PA      | $268.43       | 0.00%             | 2033-03-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| QNITY ELECTRONICS, INC.                                | QNITY ELECTRONICS INC                              | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25029.78     | 0.09%             | 2032-08-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| UNITI SERVICES LLC                                     | UNITI GROUP LP UNITI GROUP FINANCE 2019 INC        | CUSIP: 91327TAC5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10184.86     | 0.04%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36200NYP0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        430 | PA      | $441.71       | 0.00%             | 2034-07-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| QNITY ELECTRONICS, INC.                                | QNITY ELECTRONICS INC                              | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      25000 | PA      | $25278.43     | 0.09%             | 2033-08-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| CITIGROUP INC.                                         | CITIGROUP INC                                      | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      81000 | PA      | $81601.51     | 0.28%             | 2199-12-31      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                          | VISTRA OPERATIONS CO LLC                           | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29405.69     | 0.10%             | 2030-10-15      | Fixed         | 4.60%                 | Yes           | 2                  | On Loan: No      |
| LIBERTY MUTUAL GROUP INC.                              | LIBERTY MUTUAL GROUP INC                           | CUSIP: 53079EBN3<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |      85000 | PA      | $76660.86     | 0.27%             | 2052-06-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| JETBLUE AIRWAYS CORPORATION 2020-1 PASS THROUGH TRUST  | JETBLUE 2020 1 CLASS A PASS THROUGH TRUST          | CUSIP: 477164AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      14129 | PA      | $13385.29     | 0.05%             | 2034-05-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNN26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      28941 | PA      | $27607.23     | 0.10%             | 2051-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| HONEYWELL AEROSPACE INC.                               | HONEYWELL AEROSPACE INC                            | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39688.12     | 0.14%             | 2036-03-16      | Fixed         | 4.95%                 | Yes           | 2                  | On Loan: No      |
| BANK OF AMERICA CORPORATION                            | BANK OF AMERICA CORP                               | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |       1706 | NS      | $34410.02     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3133KL2H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     218092 | PA      | $186000.07    | 0.65%             | 2051-05-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H062644<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $103923.09    | 0.36%             | 2056-04-20      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| NMEF FUNDING LLC                                       | NMEF FUNDING 2022 B LLC                            | CUSIP: 62890MAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101151.42    | 0.35%             | 2029-06-15      | Fixed         | 8.54%                 | Yes           | 2                  | On Loan: No      |
| RADIAN GUARANTY INC AND EAGLE RE LTD                   | EAGLE RE 2023 1 LTD                                | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $153440.27    | 0.53%             | 2033-09-26      | Floating      | 7.61%                 | Yes           | 2                  | On Loan: No      |
| United States of America                               | U S TREASURY BOND                                  | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     215700 | PA      | $203592.15    | 0.71%             | 2043-08-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3136B47J1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      14611 | PA      | $1632.87      | 0.01%             | 2049-07-25      | Floating      | 2.27%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36179QPH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       9330 | PA      | $8959.92      | 0.03%             | 2044-09-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNNP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      54915 | PA      | $47434.95     | 0.17%             | 2051-05-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| REACH ABS TRUST                                        | REACH ABS TRUST 2026 1                             | CUSIP: 75526XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      82799 | PA      | $82808.79     | 0.29%             | 2033-02-15      | Fixed         | 4.32%                 | Yes           | 2                  | On Loan: No      |
| THE MICHAELS COMPANIES, INC.                           | MICHAELS COS INC THE                               | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      70000 | PA      | $68144.58     | 0.24%             | 2033-03-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                  | AMERICAN ELECTRIC POWER CO INC                     | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     283000 | PA      | $279551.65    | 0.97%             | 2056-03-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                          | STACR TRUST 2018 HRP2                              | CUSIP: 35564ACC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $60407.34     | 0.21%             | 2047-02-25      | Floating      | 14.28%                | Yes           | 2                  | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                 | PNC FINANCIAL SERVICES GROUP INC THE               | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19592.97     | 0.07%             | 2041-01-25      | Fixed         | 5.42%                 | No            | 2                  | On Loan: No      |
| Enbridge Inc.                                          | ENBRIDGE INC                                       | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $52588.15     | 0.18%             | 2054-06-27      | Fixed         | 7.20%                 | No            | 2                  | On Loan: No      |
| AECOM                                                  | AECOM                                              | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |      90000 | PA      | $89901.12     | 0.31%             | 2033-08-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP                                        | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      35000 | PA      | $32176.27     | 0.11%             | 2066-02-04      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DSC75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       2884 | PA      | $2974.33      | 0.01%             | 2041-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| United States of America                               | 10 YEAR US TREASURY NOTE FUTURE JUN26              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -1 | NC      | $2247.43      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| TURKISH LIRA                                           | TURKISH LIRA                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | TR        |        612 | NS      | $13.77        | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| HERC HOLDINGS INC.                                     | HERC HOLDINGS INC                                  | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20494.84     | 0.07%             | 2033-06-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| GS MORTGAGE SECURITIES CORPORATION TRUST               | GS MORTGAGE SECURITIES CORP TRUST 2020 DUNE        | CUSIP: 36258BAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      81555 | PA      | $77850.96     | 0.27%             | 2036-12-15      | Floating      | 6.29%                 | Yes           | 2                  | On Loan: No      |
| U.S. BANCORP                                           | US BANCORP                                         | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |        423 | NS      | $6247.71      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| KODIAK GAS SERVICES, LLC                               | KODIAK GAS SERVICES LLC                            | CUSIP: 50012LAF1<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |      10000 | PA      | $10049.52     | 0.04%             | 2031-04-01      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36184NEC1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       5272 | PA      | $4864.44      | 0.02%             | 2045-04-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F040644<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     100000 | PA      | $94352.36     | 0.33%             | 2056-04-25      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    3720000 | OU      | $3161.86      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                      | CAPITAL ONE FINANCIAL CO                           | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      60000 | PA      | $51725.38     | 0.18%             | 2032-07-29      | Fixed         | 2.36%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     485000 | OU      | $223.40       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36290YUV8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        770 | PA      | $761.96       | 0.00%             | 2033-09-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| NORTHERN TRUST CORPORATION                             | NORTHERN TRUST CORP                                | CUSIP: 665859AZ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24340.30     | 0.08%             | 2040-11-19      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                      | CAPITAL ONE FINANCIAL CO                           | CUSIP: 14040H758<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |        259 | NS      | $4167.31      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XGR84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      68053 | PA      | $62818.33     | 0.22%             | 2052-04-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3138YTJ88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       6512 | PA      | $6369.99      | 0.02%             | 2030-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H032647<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $91705.53     | 0.32%             | 2056-04-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140QR3C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      73687 | PA      | $76843.21     | 0.27%             | 2053-05-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31417YNA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       3912 | PA      | $3946.59      | 0.01%             | 2030-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| HERC HOLDINGS INC.                                     | HERC HOLDINGS INC                                  | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9848.67      | 0.03%             | 2031-03-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| ARCLIN US HOLDING                                      | ARCLIN US HOLDING                                  | CUSIP: 03881HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $96273.00     | 0.34%             | 2031-03-02      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| Republica Oriental del Uruguay                         | URUGUAY GOVERNMENT INTERNATIONAL BOND              | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    1790000 | PA      | $48844.61     | 0.17%             | 2033-07-20      | Fixed         | 9.75%                 | No            | 2                  | On Loan: No      |
| KOREAN WON                                             | KOREAN WON                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | KR        | -206000000 | OU      | $-233.59      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Transportes Aereos Portugueses, SA                     | TRANSPORTES AEREOS PORTUGUESES SA                  | CUSIP: YU8203645<br>LEI: 213800XBTDYWRYHKH878 | Long             | DBT              | CORP              | PT        |     100000 | PA      | $113552.38    | 0.40%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36202D2F7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       1310 | PA      | $1354.40      | 0.00%             | 2033-11-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| CHILEAN PESO                                           | CHILEAN PESO                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        | -150000000 | OU      | $78.52        | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                          | VISTRA OPERATIONS CO LLC                           | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9838.99      | 0.03%             | 2031-01-31      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| CONTINENTAL FINANCE CREDIT CARD ABS LLC                | CONTINENTAL FINANCE CREDIT CARD ABS MASTER TRUST   | CUSIP: 66981PAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101589.39    | 0.35%             | 2030-10-15      | Fixed         | 9.33%                 | Yes           | 2                  | On Loan: No      |
| CBRE SERVICES, INC.                                    | CBRE SERVICES INC                                  | CUSIP: 12505BAL4<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14791.81     | 0.05%             | 2033-01-15      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| VERISK ANALYTICS, INC.                                 | VERISK ANALYTICS INC                               | CUSIP: 92345YAP1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14750.52     | 0.05%             | 2031-03-15      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                              | TOWD POINT MORTGAGE TRUST 2017 1                   | CUSIP: 89173FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $86016.85     | 0.30%             | 2056-10-25      | Variable      | 3.76%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 3137AS5J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      56891 | PA      | $5460.91      | 0.02%             | 2042-07-15      | Floating      | 2.24%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36179SUW5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      10926 | PA      | $10450.17     | 0.04%             | 2047-01-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 38382AFF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     169206 | PA      | $27117.83     | 0.09%             | 2049-10-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| SAN DIEGO GAS & ELECTRIC COMPANY                       | SAN DIEGO GAS ELECTRIC CO                          | CUSIP: 797440CH5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14958.02     | 0.05%             | 2036-03-15      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| PEAR LLC                                               | PEAR 2021 1 LLC                                    | CUSIP: 70472TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $93742.00     | 0.33%             | 2034-01-15      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| GLOBAL AIRCRAFT LEASING CO., LTD                       | GLOBAL AIRCRAFT LEASING CO LTD                     | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     150000 | PA      | $152181.00    | 0.53%             | 2027-09-01      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| ALTA WIND HOLDINGS, LLC                                | ALTA WIND HOLDINGS LLC                             | CUSIP: 021345AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      34748 | PA      | $32963.02     | 0.11%             | 2035-06-30      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| HESS MIDSTREAM OPERATIONS LP                           | HESS MIDSTREAM OPERATION                           | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      15000 | PA      | $15096.24     | 0.05%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| THE HERTZ CORPORATION                                  | HERTZ CORP THE                                     | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |      39532 | PA      | $28858.08     | 0.10%             | 2028-06-30      | Floating      | 7.28%                 | No            | 2                  | On Loan: No      |
| International Bank for Reconstruction and Development  | INTERNATIONAL BANK FOR RECONSTRUCTION              | CUSIP: ZK2494902<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              |  | US        |    5500000 | PA      | $56684.89     | 0.20%             | 2028-04-24      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| DATABANK ISSUER, LLC                                   | DATABANK ISSUER                                    | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $59070.84     | 0.21%             | 2054-01-26      | Variable      | 5.30%                 | Yes           | 2                  | On Loan: No      |
| EURO                                                   | EURO                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    -364000 | OU      | $-15695.13    | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3136B5SU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13210 | PA      | $1745.46      | 0.01%             | 2049-08-25      | Floating      | 2.27%                 | No            | 2                  | On Loan: No      |
| ALLY FINANCIAL INC.                                    | ALLY FINANCIAL INC                                 | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      29000 | PA      | $26920.88     | 0.09%             | 2199-12-31      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                    | MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 20 | CUSIP: 62547NAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71395 | PA      | $72439.64     | 0.25%             | 2049-10-25      | Floating      | 7.03%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F032641<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     400000 | PA      | $366657.61    | 1.28%             | 2049-04-25      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |   14530000 | OU      | $1244.49      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XGUH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      63148 | PA      | $58388.13     | 0.20%             | 2052-03-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F052649<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     400000 | PA      | $401842.36    | 1.40%             | 2056-04-25      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNN59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      22759 | PA      | $22523.78     | 0.08%             | 2044-01-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| LINCOLN FINANCIAL GLOBAL FUNDING                       | LINCOLN FINANCIAL GLOBAL FUNDING                   | CUSIP: 53359KAD3<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19776.26     | 0.07%             | 2029-01-12      | Fixed         | 4.20%                 | Yes           | 2                  | On Loan: No      |
| United States of America                               | 2 YEAR US TREASURY NOTE FUTURE JUN26               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          7 | NC      | $-10079.43    | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                          | FORD MOTOR CREDIT CO LLC                           | CUSIP: 345397E66<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     205000 | PA      | $203020.87    | 0.71%             | 2034-03-08      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| TURKISH LIRA                                           | TURKISH LIRA                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TR        |   -8585000 | OU      | $-6955.35     | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     463000 | OU      | $9800.64      | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| DANAOS CORPORATION                                     | DANAOS CORP                                        | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     100000 | PA      | $101610.80    | 0.35%             | 2032-10-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                          | FORD MOTOR CREDIT CO LLC                           | CUSIP: 345397G49<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $202498.09    | 0.71%             | 2029-11-07      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Element Fleet Management Corp.                         | ELEMENT FLEET MANAGEMENT CORP                      | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |      60000 | PA      | $60494.97     | 0.21%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           | 2                  | On Loan: No      |
| Vista Energy Argentina S.A.U.                          | VISTA ENERGY ARGENTINA SAU                         | CUSIP: 92841RAA8<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |      45000 | PA      | $45540.00     | 0.16%             | 2035-12-10      | Fixed         | 7.62%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3620AMK27<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       4440 | PA      | $4420.21      | 0.02%             | 2040-09-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     145000 | OU      | $2562.51      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP                                 | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      79000 | PA      | $78050.33     | 0.27%             | 2056-02-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36291R3A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       1209 | PA      | $1223.09      | 0.00%             | 2035-04-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                          | FORD MOTOR CREDIT CO LLC                           | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $201795.91    | 0.70%             | 2035-02-07      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| DENTSPLY SIRONA INC.                                   | DENTSPLY SIRONA INC                                | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     109000 | PA      | $106441.74    | 0.37%             | 2055-09-12      | Fixed         | 8.38%                 | No            | 2                  | On Loan: No      |
| Enbridge Inc.                                          | ENBRIDGE INC                                       | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      50000 | PA      | $52526.60     | 0.18%             | 2055-03-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| KEYCORP                                                | KEYCORP                                            | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |        695 | NS      | $14567.20     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                    | CONNECTICUT AVENUE SECURITIES TRUST 2022 R02       | CUSIP: 20754BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      70000 | PA      | $71805.17     | 0.25%             | 2042-01-25      | Floating      | 8.16%                 | Yes           | 2                  | On Loan: No      |
| EURO                                                   | EURO                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |       -500 | OU      | $-0.97        | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| META PLATFORMS, INC.                                   | META PLATFORMS INC                                 | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      60000 | PA      | $55728.22     | 0.19%             | 2065-11-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| ALBERTSONS COMPANIES, INC.                             | ALBERTSONS COS INC                                 | CUSIP: 01309QAC2<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24716.80     | 0.09%             | 2031-03-31      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36201VAT9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        203 | PA      | $207.16       | 0.00%             | 2033-09-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| BOSTON PROPERTIES LIMITED PARTNERSHIP                  | BOSTON PROPERTIES LP                               | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9075.00      | 0.03%             | 2030-10-01      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.                         | CITIZENS FINANCIAL GROUP INC                       | CUSIP: 174610BK0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4954.99      | 0.02%             | 2036-01-29      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                              | TOWD POINT MORTGAGE TRUST 2021 R1                  | CUSIP: 89179TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80989 | PA      | $72856.67     | 0.25%             | 2060-11-30      | Variable      | 3.01%                 | Yes           | 2                  | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                         | MORGAN STANLEY CAPITAL I TRUST 2018 MP             | CUSIP: 61691DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $92442.72     | 0.32%             | 2040-07-11      | Variable      | 4.42%                 | Yes           | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     305000 | OU      | $142.84       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                  | FOUNDRY JV HOLDCO LLC                              | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     200000 | PA      | $206979.48    | 0.72%             | 2030-01-25      | Fixed         | 5.90%                 | Yes           | 2                  | On Loan: No      |
| CASCADE FUNDING MORTGAGE TRUST                         | CASCADE MH ASSET TRUST 2021 MH1                    | CUSIP: 14731QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $84072.88     | 0.29%             | 2046-02-25      | Variable      | 4.57%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FREDDIE MAC MULTIFAMILY STRUCTURED CREDIT RISK     | CUSIP: 35563GAB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      75000 | PA      | $77562.67     | 0.27%             | 2051-11-25      | Floating      | 7.66%                 | Yes           | 2                  | On Loan: No      |
| Grupo Aeromexico, S.A.B. de C.V.                       | GRUPO AEROMEXICO SAB DE CV                         | CUSIP: N/A<br>LEI: 529900BECKHBL62WD126       | Long             | EC               | CORP              | MX        |      15290 | NS      | $21591.80     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                             | JP MORGAN MORTGAGE TRUST 2022 3                    | CUSIP: 46654UCV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          0 | PA      | $0.01         | 0.00%             | 2052-08-25      | Variable      | 3.09%                 | Yes           | 2                  | On Loan: No      |
| TRICIDA INC                                            | TRICIDA INC                                        | CUSIP: 896CPTAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      75000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| TALEN ENERGY SUPPLY, LLC                               | TALEN ENERGY SUPPLY LLC                            | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39554.34     | 0.14%             | 2034-02-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 38376CAG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       8219 | PA      | $8227.09      | 0.03%             | 2039-09-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                                         | MORGAN STANLEY                                     | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20488.23     | 0.07%             | 2038-01-19      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST | JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRU | CUSIP: 46651WAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $14864.22     | 0.05%             | 2038-12-05      | Fixed         | 3.99%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31419AVT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       2616 | PA      | $2528.14      | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3136A4WQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      11003 | PA      | $874.90       | 0.00%             | 2041-08-25      | Floating      | 2.77%                 | No            | 2                  | On Loan: No      |
| READY CAPITAL MORTGAGE TRUST                           | READY CAPITAL MORTGAGE TRUST 2019 5                | CUSIP: 75575MAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $91218.46     | 0.32%             | 2052-02-25      | Variable      | 5.26%                 | Yes           | 2                  | On Loan: No      |
| NOVELIS CORPORATION                                    | NOVELIS CORP                                       | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58853.56     | 0.21%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| EURO                                                   | EURO                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | XX        |       2953 | NS      | $3413.17      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| METHANEX US OPERATIONS INC.                            | METHANEX US OPERATIONS INC                         | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      93000 | PA      | $95145.14     | 0.33%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| HONEYWELL AEROSPACE INC.                               | HONEYWELL AEROSPACE INC                            | CUSIP: 43849RAF2<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |      20000 | PA      | $19770.56     | 0.07%             | 2033-03-16      | Fixed         | 4.60%                 | Yes           | 2                  | On Loan: No      |
| Meiji Yasuda Life Insurance Company                    | MEIJI YASUDA LIFE INSURANCE CO                     | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $200182.60    | 0.70%             | 2055-06-11      | Fixed         | 6.10%                 | Yes           | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     300000 | OU      | $-782.45      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                    | CONNECTICUT AVENUE SECURITIES TRUST 2024 R03       | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $50078.00     | 0.17%             | 2044-03-25      | Floating      | 5.61%                 | Yes           | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.                         | CITIZENS FINANCIAL GROUP INC                       | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      39000 | PA      | $40088.38     | 0.14%             | 2032-07-23      | Fixed         | 5.72%                 | No            | 2                  | On Loan: No      |
| OLD NATIONAL BANCORP                                   | OLD NATIONAL BANCORP IN                            | CUSIP: 68003DAA3<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9951.69      | 0.03%             | 2036-02-15      | Fixed         | 5.77%                 | No            | 2                  | On Loan: No      |
| European Bank for Reconstruction and Development       | EUROPEAN BANK FOR RECONSTRUCTION DEVELOPMENT       | CUSIP: ZL9874229<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              |  | GB        |    4700000 | PA      | $48120.51     | 0.17%             | 2028-04-11      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31416WYP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      18768 | PA      | $18139.45     | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| YPF Sociedad Anonima                                   | YPF SA                                             | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      45000 | PA      | $45160.13     | 0.16%             | 2027-07-21      | Fixed         | 6.95%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31416BTA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       6808 | PA      | $6850.24      | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| United States of America                               | U S TREASURY BOND                                  | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     324200 | PA      | $195381.16    | 0.68%             | 2052-02-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                          | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 35566CBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $58128.57     | 0.20%             | 2050-12-25      | Floating      | 9.31%                 | Yes           | 2                  | On Loan: No      |
| CELANESE US HOLDINGS LLC                               | CELANESE US HOLDINGS LLC                           | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     115000 | PA      | $122674.64    | 0.43%             | 2033-11-15      | Variable      | 7.20%                 | No            | 2                  | On Loan: No      |
| BNP PARIBAS SA                                         | BNP PARIBAS SA                                     | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $200756.86    | 0.70%             | 2199-12-31      | Fixed         | 7.45%                 | Yes           | 2                  | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                               | VENTURE GLOBAL LNG INC                             | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      15000 | PA      | $16219.42     | 0.06%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           | 2                  | On Loan: No      |
| VENTURE GLOBAL PLAQUEMINES LNG, LLC                    | VENTURE GLOBAL PLAQUEMINES LNG LLC                 | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      45000 | PA      | $46909.99     | 0.16%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Eversource Energy                                      | EVERSOURCE ENERGY                                  | CUSIP: 30040WBD9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9864.56      | 0.03%             | 2056-08-15      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 21H020642<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     100000 | PA      | $82585.94     | 0.29%             | 2056-04-20      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                          | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 35565MBE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      30000 | PA      | $39384.04     | 0.14%             | 2050-07-25      | Floating      | 13.78%                | Yes           | 2                  | On Loan: No      |
| ALLY FINANCIAL INC.                                    | ALLY FINANCIAL INC                                 | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48261.60     | 0.17%             | 2040-01-17      | Fixed         | 6.65%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 31426TWF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      85367 | PA      | $88279.94     | 0.31%             | 2055-07-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| United States of America                               | TREASURY INFLATION INDEX                           | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     286900 | PA      | $289184.04    | 1.01%             | 2035-07-15      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                    | CONNECTICUT AVENUE SECURITIES TRUST 2020 SBT1      | CUSIP: 20753VBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20000 | PA      | $20450.00     | 0.07%             | 2040-02-25      | Floating      | 7.43%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36200NBP5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        993 | PA      | $1015.72      | 0.00%             | 2034-01-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| NOVARTIS CAPITAL CORPORATION                           | NOVARTIS CAPITAL CORP                              | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20142.68     | 0.07%             | 2056-03-18      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140NSAZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      26665 | PA      | $27747.96     | 0.10%             | 2053-08-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| SUMMIT MIDSTREAM HOLDINGS, LLC                         | SUMMIT MIDSTREAM HOLDINGS LLC                      | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      55000 | PA      | $56565.41     | 0.20%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TRUST                 | VELOCITY COMMERCIAL CAPITAL LOAN TRUST 2025 1      | CUSIP: 922955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80857 | PA      | $81411.77     | 0.28%             | 2055-02-25      | Variable      | 6.03%                 | Yes           | 2                  | On Loan: No      |
| SLG OFFICE TRUST                                       | SLG OFFICE TRUST 2021 OVA                          | CUSIP: 78449RAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $85842.24     | 0.30%             | 2041-07-15      | Fixed         | 2.85%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36198VMG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       5660 | PA      | $5425.36      | 0.02%             | 2044-09-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Republica Argentina                                    | ARGENTINE REPUBLIC GOVERNMENT INTERNATIONAL BOND   | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |       4550 | PA      | $3986.03      | 0.01%             | 2029-07-09      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Bundesrepublik Deutschland                             | EURO BUND FUTURE JUN26                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -6 | NC      | $22892.62     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                        | LIVE NATION ENTERTAINMENT INC                      | CUSIP: 538034BC2<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       5000 | PA      | $5387.50      | 0.02%             | 2030-01-15      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| HILCORP ENERGY I, L.P.                                 | HILCORP ENERGY I LP HILCORP FINANCE CO             | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     222000 | PA      | $221315.02    | 0.77%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| JANE STREET GROUP, LLC                                 | JANE STREET GROUP JSG FINANCE INC                  | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15218.52     | 0.05%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| FREMF MORTGAGE TRUST                                   | FREMF MORTGAGE TRUST                               | CUSIP: 30312FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      24713 | PA      | $23798.63     | 0.08%             | 2027-10-25      | Variable      | 7.60%                 | Yes           | 2                  | On Loan: No      |
| COLUMBIA PIPELINES HOLDING COMPANY LLC                 | COLUMBIA PIPELINES HOLDING CO LLC                  | CUSIP: 19828AAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      45000 | PA      | $44703.62     | 0.16%             | 2032-11-17      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Enbridge Inc.                                          | ENBRIDGE INC                                       | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      58000 | PA      | $65254.47     | 0.23%             | 2084-01-15      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                    | EXETER AUTOMOBILE RECEIVABLES TRUST 2024 3         | CUSIP: 30165AAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50000 | PA      | $51124.09     | 0.18%             | 2030-09-16      | Fixed         | 5.98%                 | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO.                                   | JPMORGAN CHASE CO                                  | CUSIP: 46647PFK7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      75000 | PA      | $73699.95     | 0.26%             | 2037-02-05      | Fixed         | 5.19%                 | No            | 2                  | On Loan: No      |
| COLOGIX DATA CENTERS US ISSUER, LLC                    | COLOGIX CANADIAN ISSUER LP                         | CUSIP: 19521DAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $71403.21     | 0.25%             | 2052-01-25      | Fixed         | 4.94%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNN83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       1518 | PA      | $1534.23      | 0.01%             | 2044-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| ENERGEAN ISRAEL FINANCE LTD                            | ENERGEAN ISRAEL FINANCE LTD                        | CUSIP: BO3322191<br>LEI: N/A                  | Long             | DBT              | CORP              | IL        |      72000 | PA      | $66881.13     | 0.23%             | 2031-03-30      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36290RP49<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        333 | PA      | $338.66       | 0.00%             | 2033-06-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| BINOM SECURITIZATION TRUST                             | BINOM SECURITIZATION TRUST 2022 RPL1               | CUSIP: 05552CAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $73285.96     | 0.26%             | 2061-02-25      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNN42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7901 | PA      | $7542.32      | 0.03%             | 2051-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| J.P. MORGAN WEALTH MANAGEMENT MORTGAGE TRUST           | JPMORGAN CHASE BANK NA JPMWM                       | CUSIP: 46591HBM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50787 | PA      | $50315.39     | 0.18%             | 2051-03-25      | Floating      | 5.46%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36179QT68<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       7495 | PA      | $7407.64      | 0.03%             | 2044-11-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| AVIS BUDGET CAR RENTAL, LLC                            | AVIS BUDGET CAR RENTAL LLC                         | CUSIP: 053773BK2<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4972.56      | 0.02%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 38382BHB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      82422 | PA      | $13325.98     | 0.05%             | 2049-12-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| U.S. ACUTE CARE SOLUTIONS, LLC                         | US ACUTE CARE SOLUTIONS LLC                        | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      55000 | PA      | $53132.66     | 0.19%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| ALBERTSONS COMPANIES, INC.                             | ALBERTSONS COS INC                                 | CUSIP: 01309QAD0<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58700.78     | 0.20%             | 2034-03-31      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| OAK-EAGLE ACQUIRECO, INC.                              | OAK EAGLE ACQUIRECO INC                            | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20937.83     | 0.07%             | 2034-07-01      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36290RUG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        213 | PA      | $215.44       | 0.00%             | 2033-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3128MMSR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       3591 | PA      | $3533.72      | 0.01%             | 2029-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132XUZP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1054 | PA      | $959.50       | 0.00%             | 2047-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                           | LINCOLN NATIONAL CORP                              | CUSIP: 534187BZ1<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14620.56     | 0.05%             | 2035-11-15      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| VORNADO REALTY L.P.                                    | VORNADO REALTY LP                                  | CUSIP: 929043AN7<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9806.28      | 0.03%             | 2033-02-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140J9KV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      24510 | PA      | $24257.18     | 0.08%             | 2043-09-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| United States of America                               | US 10YR ULTRA FUT JUN26                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          3 | NC      | $-6992.08     | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| FARMERS INSURANCE EXCHANGE                             | FARMERS INSURANCE EXCHANGE                         | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |      60000 | PA      | $59968.16     | 0.21%             | 2064-10-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| FORD MOTOR COMPANY                                     | FORD MOTOR CO                                      | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40327.75     | 0.14%             | 2032-08-19      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36213MYE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        195 | PA      | $197.16       | 0.00%             | 2033-10-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| United States of America                               | UNITED STATES TREASURY BILL                        | CUSIP: 912797TJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     375000 | PA      | $374244.17    | 1.30%             | 2026-04-21      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36202FXC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       3225 | PA      | $3196.14      | 0.01%             | 2041-09-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| VENTURE GLOBAL PLAQUEMINES LNG, LLC                    | VENTURE GLOBAL PLAQUEMINES LNG LLC                 | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      30000 | PA      | $30852.78     | 0.11%             | 2030-12-15      | Fixed         | 6.12%                 | Yes           | 2                  | On Loan: No      |
| Highwoods Realty Limited Partnership                   | HIGHWOODS REALTY LP                                | CUSIP: 431282AV4<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9763.97      | 0.03%             | 2033-01-15      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| FITNESS INTERNATIONAL LLC                              | FITNESS INTERNATIONAL LLC                          | CUSIP: 33818XAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      15288 | PA      | $15371.56     | 0.05%             | 2029-02-12      | Floating      | 8.17%                 | No            | 2                  | On Loan: No      |
| Turkiye Cumhuriyeti                                    | TURKIYE GOVERNMENT BOND                            | CUSIP: YV8564630<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    6775800 | PA      | $132974.83    | 0.46%             | 2029-09-12      | Fixed         | 30.00%                | No            | 2                  | On Loan: No      |
| ENERFLEX INC                                           | ENERFLEX INC                                       | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |      15000 | PA      | $15315.37     | 0.05%             | 2031-01-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| PROVIDENT FUNDING ASSOCIATES, L.P.                     | PROVIDENT FUNDING ASSOCIATES LP                    | CUSIP: 74387UAK7<br>LEI: 54930043BMDE130FJ617 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76994.78     | 0.27%             | 2029-09-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| Spire Inc.                                             | SPIRE INC                                          | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14960.95     | 0.05%             | 2056-06-01      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| TURKISH LIRA                                           | TURKISH LIRA                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TR        |   -1550000 | OU      | $685.57       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| FIGRE TRUST                                            | FIGRE TRUST 2024 HE6                               | CUSIP: 31684DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     111890 | PA      | $112493.71    | 0.39%             | 2054-12-25      | Variable      | 5.72%                 | Yes           | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.                         | CITIZENS FINANCIAL GROUP INC                       | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      41000 | PA      | $42223.09     | 0.15%             | 2030-01-23      | Fixed         | 5.84%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DNP56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      65594 | PA      | $67013.27     | 0.23%             | 2049-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140A0A82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      61106 | PA      | $63604.62     | 0.22%             | 2053-09-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36179SNW3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      12143 | PA      | $11621.51     | 0.04%             | 2046-10-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| EGYPT TREASURY BILLS                                   | EGYPT TREASURY BILLS                               | CUSIP: DC4221735<br>LEI: N/A                  | Long             | DBT              |  | EG        |    3400000 | PA      | $52666.48     | 0.18%             | 2026-12-22      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Element Fleet Management Corp.                         | ELEMENT FLEET MANAGEMENT CORP                      | CUSIP: 286181AR3<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |      30000 | PA      | $29577.03     | 0.10%             | 2030-11-24      | Fixed         | 4.64%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36202XTP2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       2933 | PA      | $3018.07      | 0.01%             | 2035-06-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| EQUIFIRST MORTGAGE LOAN TRUST                          | EQUIFIRST MORTGAGE LOAN TRUST                      | CUSIP: 29445FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      11932 | PA      | $11358.33     | 0.04%             | 2032-12-25      | Fixed         | 4.01%                 | No            | 2                  | On Loan: No      |
| European Bank for Reconstruction and Development       | EUROPEAN BK RECON DEV                              | CUSIP: N/A<br>LEI: 549300HTGDOVDU6OGK19       | Long             | DBT              |  | GB        |    8250000 | PA      | $11054.39     | 0.04%             | 2036-07-11      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140NM6C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      49067 | PA      | $50278.39     | 0.18%             | 2053-07-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F050643<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     400000 | PA      | $394450.66    | 1.37%             | 2056-04-25      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MANULIFE FINANCIAL CORPORATION                         | MANULIFE FINANCIAL CORP                            | CUSIP: 56501RAX4<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |      40000 | PA      | $39077.48     | 0.14%             | 2035-12-11      | Fixed         | 4.99%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST                          | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 35565TBE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      80000 | PA      | $97576.82     | 0.34%             | 2050-11-25      | Floating      | 11.06%                | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36184JAM2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       2766 | PA      | $2550.75      | 0.01%             | 2045-04-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                                         | MORGAN STANLEY                                     | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76668.57     | 0.27%             | 2039-02-07      | Fixed         | 5.94%                 | No            | 2                  | On Loan: No      |
| CITIGROUP INC.                                         | CITIGROUP INC                                      | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      76000 | PA      | $75965.77     | 0.26%             | 2199-12-31      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3136B1Z98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13178 | PA      | $1597.44      | 0.01%             | 2048-06-25      | Floating      | 2.42%                 | No            | 2                  | On Loan: No      |
| PENNYMAC FINANCIAL SERVICES, INC.                      | PENNYMAC FINANCIAL SERVICES INC                    | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      27000 | PA      | $25267.64     | 0.09%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| CNO FINANCIAL GROUP, INC.                              | CNO FINANCIAL GROUP INC                            | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |     105000 | PA      | $108346.00    | 0.38%             | 2034-06-15      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| ENDO FINANCE HOLDINGS INC                              | ENDO FINANCE HOLDINGS INC                          | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       9875 | PA      | $9830.77      | 0.03%             | 2031-04-23      | Floating      | 7.42%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |    4560000 | OU      | $1830.07      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Desarrolladora Homex, S.A.B. de C.V                    | DESSARROLADORA HOMEX                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      15463 | NS      | $0.86         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                               | VENTURE GLOBAL LNG INC                             | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      29000 | PA      | $30159.28     | 0.11%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140NQDM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      64344 | PA      | $65920.54     | 0.23%             | 2053-09-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Highwoods Realty Limited Partnership                   | HIGHWOODS REALTY LP                                | CUSIP: 431282AT9<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |       6000 | PA      | $5304.53      | 0.02%             | 2031-02-01      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| BASIN ELECTRIC POWER COOPERATIVE                       | BASIN ELECTRIC POWER COOPERATIVE                   | CUSIP: 070101AJ9<br>LEI: 5493002CLOJ5KYT5GB16 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34041.82     | 0.12%             | 2055-10-15      | Fixed         | 5.85%                 | Yes           | 2                  | On Loan: No      |
| Allianz SE                                             | ALLIANZ SE                                         | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |     200000 | PA      | $200373.20    | 0.70%             | 2199-12-31      | Fixed         | 6.55%                 | Yes           | 2                  | On Loan: No      |
| MORGAN STANLEY                                         | MORGAN STANLEY                                     | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |       2785 | NS      | $47818.45     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3617GSGY9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       9727 | PA      | $9166.16      | 0.03%             | 2048-04-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XJE74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      68483 | PA      | $69922.50     | 0.24%             | 2050-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST                       | VISTA POINT SECURITIZATION TRUST 2024 CES1         | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      47068 | PA      | $47557.94     | 0.17%             | 2054-05-25      | Fixed         | 6.68%                 | Yes           | 2                  | On Loan: No      |
| ONEMAIN FINANCE CORP                                   | ONEMAIN FINANCE CORP                               | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4889.20      | 0.02%             | 2030-05-15      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Banco Santander, S.A.                                  | BANCO SANTANDER SA                                 | CUSIP: 05971KAL3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $179519.16    | 0.63%             | 2032-11-22      | Fixed         | 3.23%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3138X8YD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      14876 | PA      | $14346.13     | 0.05%             | 2043-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418CDA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        506 | PA      | $462.47       | 0.00%             | 2046-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Republique de Cote d'Ivoire                            | IVORY COAST GOVERNMENT INTERNATIONA                | CUSIP: ZQ0630702<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     100000 | PA      | $112862.60    | 0.39%             | 2031-10-17      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| FREMF MORTGAGE TRUST                                   | FREMF 2018 KW07 MORTGAGE TRUST                     | CUSIP: 30297NAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      25000 | PA      | $22855.67     | 0.08%             | 2031-10-25      | Variable      | 4.24%                 | Yes           | 2                  | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                        | AVOLON HOLDINGS FUNDING LTD                        | CUSIP: 05401ABD2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      40000 | PA      | $39195.82     | 0.14%             | 2031-01-30      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP                                        | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      60000 | PA      | $55686.21     | 0.19%             | 2056-02-04      | Fixed         | 6.70%                 | No            | 2                  | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                          | UNICREDIT SPA                                      | CUSIP: 904678AQ2<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     200000 | PA      | $210466.06    | 0.73%             | 2034-04-02      | Fixed         | 7.30%                 | Yes           | 2                  | On Loan: No      |
| 1261229 B.C. LTD.                                      | 1261229 BC LTD                                     | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      39800 | PA      | $38487.83     | 0.13%             | 2030-10-08      | Floating      | 9.92%                 | No            | 2                  | On Loan: No      |
| CHAMPIONS FINANCING, INC.                              | CHAMPIONS FINANCING INC                            | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |      68000 | PA      | $60984.26     | 0.21%             | 2029-02-15      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| American Airlines Pass Through Trust 2021-1B           | AMERICAN AIRLINES 2021 1 CLASS B PASS              | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      10275 | PA      | $9798.70      | 0.03%             | 2032-01-11      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| JAPANESE YEN                                           | JAPANESE YEN                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |     268712 | OU      | $-924.27      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| TALEN ENERGY SUPPLY, LLC                               | TALEN ENERGY SUPPLY LLC                            | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40277.23     | 0.14%             | 2036-02-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| UWM HOLDINGS, LLC                                      | UWM HOLDINGS LLC                                   | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      25000 | PA      | $22767.14     | 0.08%             | 2031-03-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 38382AFH3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     167888 | PA      | $26854.09     | 0.09%             | 2049-10-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                        | LIVE NATION ENTERTAINMEN                           | CUSIP: 538034BD0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      50000 | PA      | $50740.92     | 0.18%             | 2031-10-15      | Fixed         | 2.88%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F020646<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     100000 | PA      | $80523.44     | 0.28%             | 2056-04-25      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| CSAIL COMMERCIAL MORTGAGE TRUST                        | CSAIL 2015 C1 COMMERCIAL MORTGAGE TRUST            | CUSIP: 126281BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $93100.00     | 0.32%             | 2050-04-15      | Variable      | 3.89%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36184QTQ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       5571 | PA      | $5342.41      | 0.02%             | 2045-04-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |   61700000 | OU      | $-8970.71     | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| ARCHROCK SERVICES, L.P.                                | ARCHROCK SERVICES LP                               | CUSIP: 03958CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      10000 | PA      | $9900.63      | 0.03%             | 2034-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Pemerintah Republik Indonesia                          | INDONESIA GOVERNMENT INTERNATIONAL BOND            | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |     145000 | PA      | $161001.18    | 0.56%             | 2034-03-04      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3136B5TL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13990 | PA      | $1537.11      | 0.01%             | 2049-08-25      | Floating      | 2.27%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 38381YRH9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     115155 | PA      | $1046.77      | 0.00%             | 2049-09-20      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36176H6S8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      40184 | PA      | $39126.78     | 0.14%             | 2043-08-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| INTL BK RECON DEVELOP                                  | INTL BK RECON DEVELOP                              | CUSIP: U4586HN41<br>LEI: N/A                  | Long             | DBT              | NUSS              | N/A       |   11000000 | PA      | $22175.79     | 0.08%             | 2026-09-16      | Fixed         | 10.00%                | No            | 2                  | On Loan: No      |
| ACEN MORTGAGE TRUST                                    | ALEN 2021 ACEN MORTGAGE TRUST                      | CUSIP: 01449NAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $45000.00     | 0.16%             | 2034-04-15      | Floating      | 7.79%                 | Yes           | 2                  | On Loan: No      |
| NOVARTIS CAPITAL CORPORATION                           | NOVARTIS CAPITAL CORP                              | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34851.27     | 0.12%             | 2033-03-18      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Romania                                                | ROMANIAN GOVERNMENT INTERNATIONAL BOND             | CUSIP: YX2480029<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      60000 | PA      | $68514.67     | 0.24%             | 2032-05-30      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F050445<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     200000 | PA      | $201460.40    | 0.70%             | 2041-04-25      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                             | JP MORGAN MORTGAGE TRUST                           | CUSIP: 46592PBJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      87740 | PA      | $72124.23     | 0.25%             | 2051-10-25      | Variable      | 3.04%                 | Yes           | 2                  | On Loan: No      |
| United States of America                               | ULTRA LONG TERM US TREASURY BOND FUTURE JUN26      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          2 | NC      | $-7605.45     | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| JAPANESE YEN                                           | JAPANESE YEN                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |  -44000000 | OU      | $-108.94      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418CHJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        336 | PA      | $305.44       | 0.00%             | 2047-01-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| European Bank for Reconstruction and Development       | EUROPEAN BANK FOR RECONSTRUCTION DEVELOPMENT       | CUSIP: N/A<br>LEI: 549300HTGDOVDU6OGK19       | Long             | DBT              |  | GB        |    1675000 | PA      | $165098.50    | 0.58%             | 2032-02-02      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| United States of America                               | 5 YEAR US TREASURY NOTE FUTURE JUN26               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          5 | NC      | $2058.20      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| METLIFE, INC.                                          | METLIFE INC                                        | CUSIP: 59156RCR7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34352.22     | 0.12%             | 2056-03-15      | Fixed         | 5.85%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140NDHF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      69377 | PA      | $70314.71     | 0.24%             | 2053-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| AREIT LTD.                                             | AREIT 2022 CRE6 TRUST                              | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $98413.70     | 0.34%             | 2037-01-20      | Floating      | 6.52%                 | Yes           | 2                  | On Loan: No      |
| FIESTA PURCHASER, INC.                                 | FIESTA PURCHASER INC                               | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      11000 | PA      | $11203.18     | 0.04%             | 2032-09-15      | Fixed         | 9.62%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 3137F8M83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      41007 | PA      | $8538.77      | 0.03%             | 2050-12-25      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 3622A2Q70<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       9557 | PA      | $9158.56      | 0.03%             | 2045-06-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| STATE STREET CORPORATION                               | STATE STREET CORP                                  | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |        384 | NS      | $8302.08      | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418EAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      94071 | PA      | $81760.05     | 0.28%             | 2041-12-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| OAK-EAGLE ACQUIRECO, INC.                              | OAK EAGLE ACQUIRECO INC                            | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |       5000 | PA      | $5180.47      | 0.02%             | 2033-07-01      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                              | TOWD POINT MORTGAGE TRUST 2019 HY1                 | CUSIP: 89177EAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $103190.48    | 0.36%             | 2048-10-25      | Floating      | 5.94%                 | Yes           | 2                  | On Loan: No      |
| Freddie Mac                                            | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DSC67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1448 | PA      | $1463.14      | 0.01%             | 2044-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36177Q7M9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       2649 | PA      | $2489.00      | 0.01%             | 2042-10-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.        | SOUTH BOW CANADIAN                                 | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |      35000 | PA      | $36441.44     | 0.13%             | 2055-03-01      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| ABBOTT LABORATORIES                                    | ABBOTT LABORATORIES                                | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34225.04     | 0.12%             | 2036-03-15      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association 2             | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36192S4A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |       5906 | PA      | $5456.84      | 0.02%             | 2046-03-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F030645<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     300000 | PA      | $263453.84    | 0.92%             | 2052-04-25      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ARGETINE PESO                                          | ARGETINE PESO                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | AR        |    2313336 | NS      | $1673.29      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION           | CUSIP: 36200QLP7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |         50 | PA      | $51.87        | 0.00%             | 2032-03-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNNS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     143596 | PA      | $123154.77    | 0.43%             | 2052-01-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                      | CAPITAL ONE FINANCIAL CORP                         | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      20000 | PA      | $20343.09     | 0.07%             | 2036-01-30      | Fixed         | 6.18%                 | No            | 2                  | On Loan: No      |
| Highwoods Realty Limited Partnership                   | HIGHWOODS REALTY LP                                | CUSIP: 431282AS1<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |       6000 | PA      | $5530.67      | 0.02%             | 2030-02-15      | Fixed         | 3.05%                 | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP                                        | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               | CORP              | US        |       1000 | NS      | $45010.00     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITED STATES DOLLARS                                  | UNITED STATES DOLLARS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |     281600 | OU      | $5595.51      | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| ORACLE CORPORATION                                     | ORACLE CORP                                        | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      58000 | PA      | $48793.70     | 0.17%             | 2055-09-26      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140QQEH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      94310 | PA      | $95229.87     | 0.33%             | 2052-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| RIVER ROCK ENTERTAINMENT AUTHORITY                     | RIVER ROCK ENTERTAINMENT AUTHORITY                 | CUSIP: 76837PAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      65000 | PA      | $63700.00     | 0.22%             | 2031-11-24      | Floating      | 12.66%                | No            | 2                  | On Loan: No      |
| United States of America                               | UNITED STATES TREASURY BILL                        | CUSIP: 912797TG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     645000 | PA      | $644611.39    | 2.25%             | 2026-04-07      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| WILDFIRE INTERMEDIATE HOLDINGS, LLC                    | WILDFIRE INTERMEDIATE HOLDINGS LLC                 | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     110000 | PA      | $111459.48    | 0.39%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Republica Federativa do Brasil                         | BRAZILIAN GOVERNMENT INTERNATIONAL BOND            | CUSIP: 105756CQ1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     200000 | PA      | $195900.00    | 0.68%             | 2036-05-22      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| LC AHAB US BIDCO LLC                                   | LC AHAB US BIDCO LLC                               | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |      19750 | PA      | $19589.53     | 0.07%             | 2031-04-14      | Floating      | 6.17%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                     | ENERGY TRANSFER LP                                 | CUSIP: 29273VBK5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      30000 | PA      | $29791.65     | 0.10%             | 2036-01-15      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| LONG RIDGE ENERGY LLC                                  | LONG RIDGE ENERGY LLC                              | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |      55000 | PA      | $57701.22     | 0.20%             | 2032-02-15      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| TRIANGLE RE LTD                                        | TRIANGLE RE 2023 1 LTD                             | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      42093 | PA      | $42370.80     | 0.15%             | 2033-11-25      | Floating      | 7.06%                 | Yes           | 2                  | On Loan: No      |
| Government National Mortgage Association               | GOVERNMENT NATIONAL MORTGAGE CORPORATION           | CUSIP: 36225BY85<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |        291 | PA      | $302.36       | 0.00%             | 2033-03-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| TRICIDA INC                                            | TRICIDA INC                                        | CUSIP: 896LIQAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      75000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| WEC ENERGY GROUP INC.                                  | WEC ENERGY GROUP INC                               | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9798.30      | 0.03%             | 2056-05-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| FREMF MORTGAGE TRUST                                   | FREMF 2017 KW02 MORTGAGE TRUST                     | CUSIP: 30301RAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      49000 | PA      | $48134.78     | 0.17%             | 2026-12-25      | Variable      | 3.86%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                  | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F052441<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     200000 | PA      | $203886.56    | 0.71%             | 2041-04-25      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer