# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-26-012928
**Filing Date:** 2026-4
**Character Count:** 223917
**Document Hash:** aae0cfeb8e9d6abfbcc53e465a04bfff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012928.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0000940400-26-012928

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 26827360

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

## Victory Pioneer CAT Bond Fund
Schedule of Investments \| January 31, 2026

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 2.0% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.0%** |  |
| 7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, Ltd. (GSMMUSTI + 50 bps), 3/8/29 (144A) | $7100000 |
| 7850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, Ltd. (GSMMUSTI + 50 bps), 3/8/29 (144A) | &nbsp;&nbsp; 7850000 |
| 10250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windrose Re, Ltd., 8.792%, 2/13/29 (144A) | &nbsp;&nbsp; 10250000 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windrose Re, Ltd., 11.663%, 2/13/29 (144A) | &nbsp;&nbsp; 6000000 |
| 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windrose Re, Ltd., 15.913%, 2/13/29 (144A) | &nbsp;&nbsp; 4750000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **35950000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $35,950,000)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **35950000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities—95.3% of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 87.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquake – Canada — 0.6%** |  |
| 10,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 11.023%, (GSMMUSTI + 750 bps), 2/22/28 (144A) | $10940275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquake – Italy — 0.1%** |  |
| &nbsp;&nbsp;EUR1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion Re, 8.031%, (3 Month EURIBOR + 600 bps), 6/15/29 (144A) | $1193173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquake – Worldwide — 0.1%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liongate Re, 7.235%, (SOFR + 357 bps), 4/25/28 (144A) | $1007200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 7.7%** |  |
| 1,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sutter Re, 10.27%, (FHMMUSTF + 675 bps), 6/19/26 (144A) | $1777600 |
| 15,355,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sutter Re, 13.27%, (FHMMUSTF + 975 bps), 6/19/26 (144A) | &nbsp;&nbsp; 15688203 |
| 8,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 7.28%, (BRMMUSDF + 375 bps), 6/7/28 (144A) | &nbsp;&nbsp; 8481825 |
| 10,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 8.03%, (BRMMUSDF + 450 bps), 6/7/28 (144A) | &nbsp;&nbsp; 10978975 |
| 8,125,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 8.846%, (JMMMUSTF + 531 bps), 6/5/26 (144A) | &nbsp;&nbsp; 8172938 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 9.576%, (JMMMUSTF + 604 bps), 6/7/27 (144A) | &nbsp;&nbsp; 521550 |
| 6,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.03%, (BRMMUSDF + 650 bps), 6/7/28 (144A) | &nbsp;&nbsp; 6430000 |
| 325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.646%, (JMMMUSTF + 711 bps), 6/7/27 (144A) | &nbsp;&nbsp; 337935 |

---

1Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — (continued)** |  |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 9.07%, (BNMMDTSC + 550 bps), 12/7/26 (144A) | $1793400 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 12.32%, (BNMMDTSC + 875 bps), 12/7/26 (144A) | &nbsp;&nbsp; 5170500 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 12.79%, (JMMMUSTF + 925 bps), 12/7/26 (144A) | &nbsp;&nbsp; 4398325 |
| 25,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re II, 8.654%, (3 Month U.S. Treasury Bill + 500 bps), 12/7/29 (144A) | &nbsp;&nbsp; 24965000 |
| 42,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re II, 11.404%, (3 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 42376750 |
| 9,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re II, 12.53%, (BRMMUSDF + 900 bps), 6/7/28 (144A) | &nbsp;&nbsp; 9742250 |
|  |  | &nbsp;&nbsp; $140835251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – Chile — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 8.445%, (SOFR + 479 bps), 3/31/26 (144A) | $250800 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maschpark Re, 7.02%, (FHMMUSTF + 350 bps), 1/10/28 (144A) | &nbsp;&nbsp; 1536900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1787700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes - Europe — 0.1%** |  |
| &nbsp;&nbsp;EUR1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azzurro Re II, 8.423%, (3 Month EURIBOR + 625 bps), 4/20/28 (144A) | $1202419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes - Israel — 0.3%** |  |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turris Re, 5.94%, (JMMMUSTF + 240 bps), 1/8/29 (144A) | $5989200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes - Japan — 0.6%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakama Re, 5.754%, (3 Month U.S. Treasury Bill + 210 bps), 4/23/30 (144A) | $2012000 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakama Re, 6.004%, (3 Month U.S. Treasury Bill + 235 bps), 4/4/29 (144A) | &nbsp;&nbsp; 8092000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $10104000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – Mexico — 0.1%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 7.875%, (SOFR + 422 bps), 4/24/28 (144A) | $1537500 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 14.875%, (SOFR + 1,122 bps), 4/24/28 (144A) | &nbsp;&nbsp; 510200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2047700 |

---

Victory Pioneer CAT Bond Fund \| 1/31/262

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. — 1.9%** |  |
| 14,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 5.873%, (GSMMUSTI + 235 bps), 11/7/28 (144A) | $14729350 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 6.629%, (GSMMUSTF + 310 bps), 11/5/27 (144A) | &nbsp;&nbsp; 5839700 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Logistics Re, 9.52%, (FHMMUSTF + 600 bps), 12/21/27 (144A) | &nbsp;&nbsp; 510300 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakama Re, 5.971%, (3 Month Term SOFR + 250 bps), 5/9/28 (144A) | &nbsp;&nbsp; 252700 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, 7.023%, (GSMMUSTI + 350 bps), 3/8/28 (144A) | &nbsp;&nbsp; 10702650 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, 8.261%, (GSMMUSTI + 474 bps), 3/8/27 (144A) | &nbsp;&nbsp; 2055400 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veraison Re, 8.523%, (GSMMUSTI + 500 bps), 3/8/28 (144A) | &nbsp;&nbsp; 1285250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $35375350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. & Canada — 0.6%** |  |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 6.52%, (FHMMUSTF + 300 bps), 2/7/28 (144A) | $7068600 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 6.03%, (BRMMUSDF + 250 bps), 9/22/28 (144A) | &nbsp;&nbsp; 2261250 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 7.28%, (BRMMUSDF + 375 bps), 9/22/28 (144A) | &nbsp;&nbsp; 753525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $10083375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Flood – U.S. — 0.8%** |  |
| 7,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 17.88%, (FHMMUSTF + 1,436 bps), 3/12/27 (144A) | $8253750 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 20.67%, (FHMMUSTF + 1,715 bps), 3/11/26 (144A) | &nbsp;&nbsp; 1015000 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 21.15%, (FHMMUSTF + 1,763 bps), 3/12/27 (144A) | &nbsp;&nbsp; 4629600 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 25.92%, (FHMMUSTF + 2,240 bps), 3/11/26 (144A) | &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $13998350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health – U.S. — 0.3%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XV, 6.02%, (FHMMUSTF + 250 bps), 1/7/28 (144A) | $1008700 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XV, 7.02%, (FHMMUSTF + 350 bps), 1/7/28 (144A) | &nbsp;&nbsp; 509800 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XVI, 5.28%, (MSMMUSTF + 175 bps), 1/8/29 (144A) | &nbsp;&nbsp; 744675 |

---

3Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health – U.S. — (continued)** |  |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XVI, 5.78%, (MSMMUSTF + 225 bps), 1/8/29 (144A) | $746925 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XVI, 7.28%, (MSMMUSTF + 375 bps), 1/8/29 (144A) | &nbsp;&nbsp; 2731850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5741950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Canada — 0.0%†** |  |
| &nbsp;&nbsp;CAD1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMIFS Re, 5.166%, (CAONINDX + 290 bps), 1/10/28 (144A) | $734330 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Europe — 0.1%** |  |
| &nbsp;&nbsp;EUR1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion Re, 7.531%, (3 Month EURIBOR + 550 bps), 6/15/29 (144A) | $1200404 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Florida — 0.5%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 11.25%, (BRMMUSDF + 772 bps), 6/5/26 (144A) | $1022000 |
| 8,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re II, 10.53%, (BRMMUSDF + 700 bps), 6/7/28 (144A) | &nbsp;&nbsp; 8608875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9630875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Massachusetts — 0.4%** |  |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 7.154%, (T-BILL + 350 bps), 7/7/28 (144A) | $7669500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Puerto Rico — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Parametric Re, 12.523%, (GSMMUSTI + 900 bps), 6/7/27 (144A) | $526150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Texas — 0.4%** |  |
| 8,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Handshake Re, 8.04%, (JMMMUSTF + 450 bps), 1/8/30 (144A) | $8087850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 27.7%** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 8.92%, (BRMMUSDF + 539 bps), 6/7/27 (144A) | $2319075 |
| 3,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 11.88%, (BRMMUSDF + 835 bps), 6/7/27 (144A) | &nbsp;&nbsp; 3952875 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atela Re, Ltd., 17.78%, (BRMMUSDF + 1,425 bps), 5/9/27 (144A) | &nbsp;&nbsp; 3229500 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Re, 8.58%, (BRMMUSDF + 505 bps), 7/7/27 (144A) | &nbsp;&nbsp; 769125 |
| 9,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 7.28%, (MSMMUSTF + 375 bps), 12/19/27 (144A) | &nbsp;&nbsp; 9816300 |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 9.03%, (MSMMUSTF + 550 bps), 12/19/27 (144A) | &nbsp;&nbsp; 16280000 |

---

Victory Pioneer CAT Bond Fund \| 1/31/264

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Re, 7.29%, (JMMMUSTF + 375 bps), 7/10/28 (144A) | $10259000 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finca Re, 8.78%, (BRMMUSDF + 525 bps), 6/7/28 (144A) | &nbsp;&nbsp; 10305000 |
| 60,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Re, 7.154%, (3 Month U.S. Treasury Bill + 350 bps), 1/7/30 (144A) | &nbsp;&nbsp; 60720000 |
| 11,955,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Re, 9.79%, (JMMMUSTF + 625 bps), 1/8/27 (144A) | &nbsp;&nbsp; 12262244 |
| 5,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 6.78%, (BRMMUSDF + 325 bps), 1/8/29 (144A) | &nbsp;&nbsp; 5334485 |
| 9,120,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.03%, (BRMMUSDF + 550 bps), 1/7/28 (144A) | &nbsp;&nbsp; 9326112 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.33%, (BRMMUSDF + 580 bps), 1/7/27 (144A) | &nbsp;&nbsp; 3297450 |
| 12,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.53%, (BRMMUSDF + 600 bps), 1/8/29 (144A) | &nbsp;&nbsp; 12700275 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 11.78%, (BRMMUSDF + 825 bps), 1/7/28 (144A) | &nbsp;&nbsp; 8165600 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 12.45%, (BRMMUSDF + 892 bps), 1/7/27 (144A) | &nbsp;&nbsp; 2790975 |
| 9,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuchsia 2024-1 , 8.68%, (FRMMUSTI + 514 bps), 4/6/28 (144A) | &nbsp;&nbsp; 9295200 |
| 6,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuchsia 2025-1, 6.79%, (FRMMUSTF + 325 bps), 4/6/29 (144A) | &nbsp;&nbsp; 6731100 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 7.78%, (MSMMUSTF + 425 bps), 1/7/30 (144A) | &nbsp;&nbsp; 13993000 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 10.44%, (JMMMUSTF + 690 bps), 1/7/28 (144A) | &nbsp;&nbsp; 6052800 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 10.79%, (JMMMUSTF + 725 bps), 1/8/29 (144A) | &nbsp;&nbsp; 5092000 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 13.44%, (JMMMUSTF + 990 bps), 1/7/28 (144A) | &nbsp;&nbsp; 1521900 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 14.29%, (JMMMUSTF + 1,075 bps), 1/8/29 (144A) | &nbsp;&nbsp; 2077000 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 26.54%, (JMMMUSTF + 2,300 bps), 1/8/27 (144A) | &nbsp;&nbsp; 1500750 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Point Re, 9.17%, (BRMMUSDF + 564 bps), 1/6/27 (144A) | &nbsp;&nbsp; 1517550 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypatia Re, 12.07%, (BNMMDTSC + 850 bps), 7/5/28 (144A) | &nbsp;&nbsp; 3612000 |
| 2,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypatia Re, 14.023%, (GSMMUSTI + 1,050 bps), 4/8/26 (144A) | &nbsp;&nbsp; 2131500 |
| 28,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re Companywide, 10.54%, (JMMMUSTF + 700 bps), 7/7/28 (144A) | &nbsp;&nbsp; 29685100 |

---

5Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 16,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re Enterprise, 11.29%, (JMMMUSTF + 775 bps), 7/7/28 (144A) | $16869600 |
| 1,275,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 10.993%, (GSMMUSTI + 747 bps), 7/7/27 (144A) | &nbsp;&nbsp; 1341428 |
| 350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.903%, (GSMMUSTI + 838 bps), 7/7/26 (144A) | &nbsp;&nbsp; 361025 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.013%, (GSMMUSTI + 849 bps), 7/7/27 (144A) | &nbsp;&nbsp; 5178500 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 6.773%, (GSMMUSTI + 325 bps), 1/8/29 (144A) | &nbsp;&nbsp; 3494750 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 7.523%, (GSMMUSTI + 400 bps), 1/10/28 (144A) | &nbsp;&nbsp; 5071000 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 10.423%, (GSMMUSTI + 690 bps), 1/8/29 (144A) | &nbsp;&nbsp; 4493250 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 13.773%, (GSMMUSTI + 1,025 bps), 1/10/28 (144A) | &nbsp;&nbsp; 1795325 |
| 19,950,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 15.523%, (GSMMUSTI + 1,200 bps), 1/8/27 (144A) | &nbsp;&nbsp; 20738025 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 17.523%, (GSMMUSTI + 1,400 bps), 1/10/28 (144A) | &nbsp;&nbsp; 712500 |
| 30,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 6.79%, (JMMMUSTF + 325 bps), 12/6/29 (144A) | &nbsp;&nbsp; 29775000 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 8.92%, (JMMMUSTF + 538 bps), 12/6/28 (144A) | &nbsp;&nbsp; 5151500 |
| 3,125,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.51%, (JMMMUSTF + 597 bps), 12/6/27 (144A) | &nbsp;&nbsp; 3266250 |
| 9,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.48%, (JMMMUSTF + 694 bps), 12/6/28 (144A) | &nbsp;&nbsp; 9716600 |
| 27,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 13.773%, (GSMMUSTI + 1,025 bps), 12/6/29 (144A) | &nbsp;&nbsp; 27409250 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 16.943%, (GSMMUSTI + 1,342 bps), 12/6/28 (144A) | &nbsp;&nbsp; 8572800 |
| 12,575,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 7.52%, (BRMMUSDF + 399 bps), 4/7/29 (144A) | &nbsp;&nbsp; 12810152 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 7.523%, (GSMMUSTI + 400 bps), 4/7/28 (144A) | &nbsp;&nbsp; 2319525 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 7.773%, (GSMMUSTI + 425 bps), 4/8/30 (144A) | &nbsp;&nbsp; 1589700 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.023%, (GSMMUSTI + 450 bps), 4/7/28 (144A) | &nbsp;&nbsp; 4888700 |
| 5,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.273%, (GSMMUSTI + 475 bps), 4/8/30 (144A) | &nbsp;&nbsp; 5547675 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.89%, (BRMMUSDF + 536 bps), 4/7/29 (144A) | &nbsp;&nbsp; 18653400 |

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Victory Pioneer CAT Bond Fund \| 1/31/266

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(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 7,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.09%, (BRMMUSDF + 556 bps), 4/7/28 (144A) | $8103400 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 6.87%, (BRMMUSDF + 334 bps), 4/7/26 (144A) | &nbsp;&nbsp; 1501500 |
| 700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 9.00%, (BRMMUSDF + 547 bps), 4/7/27 (144A) | &nbsp;&nbsp; 720230 |
| 20,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyline Re, 7.154%, (1 Month U.S. Treasury Bill + 350 bps), 1/7/30 (144A) | &nbsp;&nbsp; 19970000 |
| 6,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solomon Re, 9.043%, (GSMMUSTI + 552 bps), 6/8/26 (144A) | &nbsp;&nbsp; 6898600 |
| 3,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stabilitas Re, 12.01%, (BRMMUSDF + 848 bps), 6/5/26 (144A) | &nbsp;&nbsp; 3979560 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topanga Re, 8.29%, (JMMMUSTF + 475 bps), 1/7/30 (144A) | &nbsp;&nbsp; 10474800 |
| 8,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topanga Re, 9.29%, (JMMMUSTF + 575 bps), 1/7/30 (144A) | &nbsp;&nbsp; 8726375 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yosemite Re, 10.773%, (GSMMUSTI + 725 bps), 6/7/28 (144A) | &nbsp;&nbsp; 1055600 |
|  |  | &nbsp;&nbsp; $505923936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 15.3%** |  |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 9.523%, (GSMMUSTI + 600 bps), 1/8/29 (144A) | $11974800 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 10.023%, (GSMMUSTI + 650 bps), 1/8/29 (144A) | &nbsp;&nbsp; 13965000 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 11.023%, (GSMMUSTI + 750 bps), 6/8/28 (144A) | &nbsp;&nbsp; 7820250 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashera Re, 8.713%, (GSMMUSTI + 519 bps), 4/7/27 (144A) | &nbsp;&nbsp; 5897775 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Re, 15.962%, (SOFR + 1,222 bps), 6/8/27 (144A) | &nbsp;&nbsp; 3300300 |
| 12,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridge Street Re, 7.54%, (JMMMUSTF + 400 bps), 1/7/28 (144A) | &nbsp;&nbsp; 12421500 |
| 18,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 6.79%, (JMMMUSTF + 325 bps), 1/8/30 (144A) | &nbsp;&nbsp; 18690000 |
| 17,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 8.54%, (JMMMUSTF + 500 bps), 1/8/30 (144A) | &nbsp;&nbsp; 17351250 |
| 7,050,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 10.523%, (GSMMUSTI + 700 bps), 1/7/28 (144A) | &nbsp;&nbsp; 7358085 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 7.523%, (GSMMUSTI + 400 bps), 7/9/29 (144A) | &nbsp;&nbsp; 10271000 |
| 14,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 7.523%, (GSMMUSTI + 400 bps), 7/8/30 (144A) | &nbsp;&nbsp; 14720250 |

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7Victory Pioneer CAT Bond Fund \| 1/31/26

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — (continued)** |  |
| 8,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 9.78%, (BRMMUSDF + 625 bps), 6/30/28 (144A) | $8675700 |
| 6,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.023%, (GSMMUSTI + 650 bps), 7/9/29 (144A) | &nbsp;&nbsp; 6978825 |
| 14,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.023%, (GSMMUSTI + 650 bps), 7/8/30 (144A) | &nbsp;&nbsp; 15317875 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.78%, (BRMMUSDF + 725 bps), 6/30/28 (144A) | &nbsp;&nbsp; 4754700 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro III Re, 14.78%, (BRMMUSDF + 1,125 bps), 4/20/26 (144A) | &nbsp;&nbsp; 3060000 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lapis Re, 11.154%, (3 Month U.S. Treasury Bill + 750 bps), 1/9/29 (144A) | &nbsp;&nbsp; 2563250 |
| 17,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 9.03%, (BRMMUSDF + 550 bps), 1/8/31 (144A) | &nbsp;&nbsp; 17212050 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 13.28%, (BRMMUSDF + 975 bps), 6/25/27 (144A) | &nbsp;&nbsp; 538100 |
| 15,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 15.53%, (BRMMUSDF + 1,200 bps), 1/8/30 (144A) | &nbsp;&nbsp; 14955000 |
| 19,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montoya Re, 8.904%, (1 Month U.S. Treasury Bill + 525 bps), 4/9/30 (144A) | &nbsp;&nbsp; 19590200 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montoya Re, 9.28%, (MSMMUSTF + 575 bps), 4/7/28 (144A) | &nbsp;&nbsp; 5796000 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montoya Re, 16.154%, (1 Month U.S. Treasury Bill + 1,250 bps), 4/9/30 (144A) | &nbsp;&nbsp; 2741750 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montoya Re, 16.923%, (GSMMUSTI + 1,340 bps), 4/7/26 (144A) | &nbsp;&nbsp; 510100 |
| 19,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northshore Re II, 8.53%, (BRMMUSDF + 500 bps), 4/7/28 (144A) | &nbsp;&nbsp; 20006750 |
| 9,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocelot Re, 8.03%, (BRMMUSDF + 450 bps), 2/26/29 (144A) | &nbsp;&nbsp; 9960600 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocelot Re, 11.28%, (BRMMUSDF + 775 bps), 1/7/27 (144A) | &nbsp;&nbsp; 8136000 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ramble Re, 10.02%, (JMMMUSTF + 648 bps), 3/5/27 (144A) | &nbsp;&nbsp; 5064500 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverfront Re, 11.273%, (GSMMUSTI + 775 bps), 1/8/29 (144A) | &nbsp;&nbsp; 1580700 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 9.773%, (GSMMUSTI + 625 bps), 11/26/27 (144A) | &nbsp;&nbsp; 4266575 |

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Victory Pioneer CAT Bond Fund \| 1/31/268

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(unaudited) (continued)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — (continued)** |  |
| 3,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 13.023%, (GSMMUSTI + 950 bps), 11/26/27 (144A) | $3776625 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titania Re, 16.66%, (BRMMUSDF + 1,313 bps), 2/27/26 (144A) | &nbsp;&nbsp; 1007000 |
|  |  | &nbsp;&nbsp; $280262510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Northeast — 0.4%** |  |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Re, 7.28%, (BRMMUSDF + 375 bps), 7/9/29 (144A) | $6663150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.4%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 8.91%, (BNMMDTSC + 534 bps), 6/8/26 (144A) | $253500 |
| 400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 10.83%, (BNMMDTSC + 726 bps), 6/8/26 (144A) | &nbsp;&nbsp; 408400 |
| 1,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 12.40%, (BNMMDTSC + 883 bps), 6/8/26 (144A) | &nbsp;&nbsp; 1435000 |
| 1,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Locke Tavern Re, 8.485%, (GSMMUSTI + 496 bps), 4/9/26 (144A) | &nbsp;&nbsp; 1156900 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 7.78%, (BRMMUSDF + 425 bps), 6/1/26 (144A) | &nbsp;&nbsp; 4023200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7277000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 4.8%** |  |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Capital, 11.011%, (SOFR + 725 bps), 6/7/28 (144A) | $5161000 |
| 2,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Capital, 11.292%, (SOFR + 757 bps), 6/5/26 (144A) | &nbsp;&nbsp; 2216865 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Kite Re, 11.57%, (BNMMUSTF + 800 bps), 5/8/28 (144A) | &nbsp;&nbsp; 1010000 |
| 51,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridge Street Re, 11.404%, (3 Month U.S. Treasury Bill + 775 bps), 1/8/29 (144A) | &nbsp;&nbsp; 51398550 |
| 9,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cat Re 2001, 16.58%, (JMMMUSTF + 1,304 bps), 1/8/27 (144A) | &nbsp;&nbsp; 9652375 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall Re, 9.773%, (GSMMUSTI + 625 bps), 4/30/27 (144A) | &nbsp;&nbsp; 5715600 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall Re, 11.261%, (GSMMUSTI + 774 bps), 4/30/27 (144A) | &nbsp;&nbsp; 10391000 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silk Road Re, 9.57%, (BNMMDTSC + 600 bps), 1/10/28 (144A) | &nbsp;&nbsp; 2015000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $87560390 |

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9Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wild Fire – California — 2.2%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 Lights Re, 14.52%, (FHMMUSTF + 1,100 bps), 9/14/28 (144A) | $1030200 |
| 40,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear Re 2026-1, 13.404%, (1 Month U.S. Treasury Bill + 975 bps), 1/8/29 (144A) | &nbsp;&nbsp; 40009656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $41039856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wind Storm – France — 0.5%** |  |
| &nbsp;&nbsp;EUR6,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexagon IV Re, 6.986%, (3 Month EURIBOR + 496 bps), 1/22/30 (144A) | $8032317 |
| &nbsp;&nbsp;EUR1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexagon IV Re, 7.783%, (3 Month EURIBOR + 575 bps), 1/21/28 (144A) | &nbsp;&nbsp; 1798650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9830967 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wind Storm – Netherlands — 0.0%†** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EUR500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange Capital Re DAC, 8.026%, (3 Month EURIBOR + 600 bps), 1/17/29 (144A) | $621360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Europe — 0.2%** |  |
| &nbsp;&nbsp;EUR2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Sky Re, 8.194%, (3 Month EURIBOR + 616 bps), 1/26/27 (144A) | $2458653 |
| &nbsp;&nbsp;&nbsp;&nbsp;EUR750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windmill III Re DAC, 7.236%, (3 Month EURIBOR + 521 bps), 7/5/28 (144A) | &nbsp;&nbsp; 919061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3377714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 7.4%** |  |
| 9,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armor Re, 12.03%, (BRMMUSDF + 850 bps), 1/7/28 (144A) | $9794825 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armor Re, 13.73%, (BRMMUSDF + 1,020 bps), 5/7/27 (144A) | &nbsp;&nbsp; 2133200 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 10.04%, (JMMMUSTF + 650 bps), 3/10/28 (144A) | &nbsp;&nbsp; 7174300 |
| 7,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 11.04%, (JMMMUSTF + 750 bps), 3/10/28 (144A) | &nbsp;&nbsp; 7998000 |
| 600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 13.48%, (JMMMUSTF + 994 bps), 4/7/26 (144A) | &nbsp;&nbsp; 607800 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hestia Re, 10.32%, (BNMMDTSC + 675 bps), 3/13/28 (144A) | &nbsp;&nbsp; 2561000 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hestia Re, 11.82%, (BNMMDTSC + 825 bps), 3/13/28 (144A) | &nbsp;&nbsp; 1032500 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 11.654%, (1 Month U.S. Treasury Bill + 800 bps), 6/6/27 (144A) | &nbsp;&nbsp; 3602900 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 11.654%, (1 Month U.S. Treasury Bill + 800 bps), 6/6/28 (144A) | &nbsp;&nbsp; 5668850 |
| 3,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 13.404%, (1 Month U.S. Treasury Bill + 975 bps), 6/6/27 (144A) | &nbsp;&nbsp; 3884250 |

---

Victory Pioneer CAT Bond Fund \| 1/31/2610

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(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — (continued)** |  |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 13.404%, (1 Month U.S. Treasury Bill + 975 bps), 6/6/28 (144A) | $4421700 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 15.904%, (1 Month U.S. Treasury Bill + 1,225 bps), 6/6/28 (144A) | &nbsp;&nbsp; 10543000 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 16.842%, (FHMMUSTF + 1,332 bps), 6/6/26 (144A) | &nbsp;&nbsp; 3120000 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 26.316%, (FHMMUSTF + 2,280 bps), 6/6/26 (144A) | &nbsp;&nbsp; 1611000 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 29.154%, (1 Month U.S. Treasury Bill + 2,550 bps), 6/6/27 (144A) | &nbsp;&nbsp; 1417250 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlon Re, 10.846%, (JMMMUSTF + 731 bps), 6/7/27 (144A) | &nbsp;&nbsp; 791250 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meadows, 15.904%, (3 Month U.S. Treasury Bill + 1,225 bps), 12/7/29 (144A) | &nbsp;&nbsp; 4684925 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.29%, (JMMMUSTF + 775 bps), 7/7/28 (144A) | &nbsp;&nbsp; 7259700 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.273%, (GSMMUSTI + 875 bps), 7/7/27 (144A) | &nbsp;&nbsp; 2096600 |
| 12,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Re, 11.32%, (BNMMDTSC + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 13266375 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Re, 13.27%, (BNMMDTSC + 970 bps), 6/7/27 (144A) | &nbsp;&nbsp; 10483000 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 10.79%, (JMMMUSTF + 725 bps), 6/7/28 (144A) | &nbsp;&nbsp; 6812000 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 11.404%, (1 Month U.S. Treasury Bill + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5675450 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 12.666%, (JMMMUSTF + 913 bps), 6/7/27 (144A) | &nbsp;&nbsp; 3758400 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Re, 10.07%, (BNMMDTSC + 650 bps), 2/21/28 (144A) | &nbsp;&nbsp; 12815000 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Re, 13.78%, (BNMMDTSC + 1,021 bps), 2/26/27 (144A) | &nbsp;&nbsp; 2371500 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Re, 15.26%, (BNMMDTSC + 1,169 bps), 2/26/27 (144A) | &nbsp;&nbsp; 524200 |
|  |  | &nbsp;&nbsp; $136108975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida & Louisiana — 0.1%** |  |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Coast Re, 13.523%, (GSMMUSTI + 1,000 bps), 12/7/26 (144A) | $2290275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Japan — 0.3%** |  |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sakura Re, 6.28%, (BRMMUSDF + 275 bps), 4/5/29 (144A) | $2742575 |

---

11Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Japan — (continued)** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomoni Re, 6.36%, (JMMMUSTF + 282 bps), 4/7/26 (144A) | $1503000 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomoni Re, 6.79%, (JMMMUSTF + 325 bps), 4/5/28 (144A) | &nbsp;&nbsp; 757200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5002775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Louisiana — 0.7%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Coast Re, 13.273%, (GSMMUSTI + 975 bps), 4/10/29 (144A) | $3605350 |
| 8,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Coast Re, 15.073%, (GSMMUSTI + 1,155 bps), 1/16/29 (144A) | &nbsp;&nbsp; 9285500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $12890850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Massachusetts — 0.1%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 8.445%, (FHMMUSTF + 493 bps), 7/8/27 (144A) | $2056000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Mexico — 0.2%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 15.875%, (SOFR + 1,222 bps), 4/24/28 (144A) | $1594350 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 17.374%, (SOFR + 1,372 bps), 4/24/28 (144A) | &nbsp;&nbsp; 2130400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3724750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm - New York — 0.3%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetroCat Re, 9.279%, (GSMMUSTF + 575 bps), 5/8/26 (144A) | $2022000 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceanside Re, 9.57%, (BNMMDTSC + 600 bps), 5/15/28 (144A) | &nbsp;&nbsp; 3309150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5331150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 2.7%** |  |
| 14,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 7.02%, (FHMMUSTF + 350 bps), 1/8/29 (144A) | $14452150 |
| 14,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 9.52%, (FHMMUSTF + 600 bps), 1/8/29 (144A) | &nbsp;&nbsp; 14434750 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 11.51%, (FHMMUSTF + 799 bps), 1/8/27 (144A) | &nbsp;&nbsp; 514300 |

---

Victory Pioneer CAT Bond Fund \| 1/31/2612

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — (continued)** |  |
| 17,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 11.52%, (FHMMUSTF + 800 bps), 1/8/29 (144A) | $17156850 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longleaf Pine Re, 21.455%, (GSMMUSTI + 1,793 bps), 5/25/27 (144A) | &nbsp;&nbsp; 3521700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $50079750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Texas — 2.4%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 10.06%, (FHMMUSTF + 654 bps), 6/7/27 (144A) | $1567350 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 11.954%, (FHMMUSTF + 843 bps), 6/7/27 (144A) | &nbsp;&nbsp; 1584000 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 12.60%, (FHMMUSTF + 908 bps), 6/7/26 (144A) | &nbsp;&nbsp; 7177800 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 15.40%, (FHMMUSTF + 1,188 bps), 6/7/26 (144A) | &nbsp;&nbsp; 3107100 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 9.27%, (FHMMUSTF + 575 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5746950 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 12.02%, (FHMMUSTF + 850 bps), 6/7/28 (144A) | &nbsp;&nbsp; 4477800 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 15.27%, (FHMMUSTF + 1,175 bps), 6/7/28 (144A) | &nbsp;&nbsp; 4277200 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebonnet Re, 15.54%, (JMMMUSTF + 1,200 bps), 6/7/27 (144A) | &nbsp;&nbsp; 2902900 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.29%, (JMMMUSTF + 875 bps), 7/7/28 (144A) | &nbsp;&nbsp; 13687700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $44528800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — 2.8%** |  |
| 11,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Lookout Re, 10.722%, (FHMMUSTF + 720 bps), 4/28/26 (144A) | $11638000 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 17.47%, (BRMMUSDF + 1,394 bps), 2/24/26 (144A) | &nbsp;&nbsp; 504000 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Ferry Re, 8.176%, (MSMMUSTF + 465 bps), 7/8/26 (144A) | &nbsp;&nbsp; 2527500 |
| 1,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Ferry Re, 9.034%, (MSMMUSTF + 550 bps), 7/8/26 (144A) | &nbsp;&nbsp; 1938000 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 8.565%, (FHMMUSTF + 505 bps), 7/8/26 (144A) | &nbsp;&nbsp; 1777125 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 10.033%, (FHMMUSTF + 651 bps), 7/8/26 (144A) | &nbsp;&nbsp; 3308500 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meadows, 15.154%, (3 Month U.S. Treasury Bill + 1,150 bps), 12/7/29 (144A) | &nbsp;&nbsp; 13816600 |
| 2,325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 13.993%, (GSMMUSTI + 1,047 bps), 7/7/26 (144A) | &nbsp;&nbsp; 2404050 |

---

13Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — (continued)** |  |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 16.681%, (1 Month Term SOFR + 1,301 bps), 4/24/26 (144A) | $3329625 |
| &nbsp;&nbsp;EUR4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoletos Re DAC, 3.50%, (3 Month U.S. Treasury Bill + 350 bps), 12/8/28 (144A) | &nbsp;&nbsp; 5395950 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoletos Re DAC, 8.654%, (3 Month U.S. Treasury Bill + 500 bps), 1/7/28 (144A) | &nbsp;&nbsp; 4037600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $50676950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Gulf — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 21.52%, (FHMMUSTF + 1,800 bps), 7/8/27 (144A) | $540400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Multistate — 2.0%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Re, 11.202%, (BNMMDTSC + 763 bps), 5/10/27 (144A) | $1039700 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartwell Re, 9.54%, (JMMMUSTF + 600 bps), 6/7/28 (144A) | &nbsp;&nbsp; 8328800 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartwell Re, 10.54%, (JMMMUSTF + 700 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5668300 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartwell Re, 12.79%, (JMMMUSTF + 925 bps), 6/7/28 (144A) | &nbsp;&nbsp; 2618000 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 8.03%, (BRMMUSDF + 450 bps), 6/7/28 (144A) | &nbsp;&nbsp; 1814925 |
| 5,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 11.28%, (BRMMUSDF + 775 bps), 6/7/28 (144A) | &nbsp;&nbsp; 5449510 |
| 5,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 7.78%, (BRMMUSDF + 425 bps), 7/7/28 (144A) | &nbsp;&nbsp; 5490100 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 9.43%, (BRMMUSDF + 590 bps), 7/8/27 (144A) | &nbsp;&nbsp; 768975 |
| 5,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 14.41%, (BRMMUSDF + 1,088 bps), 7/8/26 (144A) | &nbsp;&nbsp; 5471550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $36649860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Northeast — 0.3%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 Re, 8.03%, (BRMMUSDF + 450 bps), 7/9/29 (144A) | $3636500 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 Re, 10.52%, (FHMMUSTF + 700 bps), 7/8/27 (144A) | &nbsp;&nbsp; 1314625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4951125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 1.1%** |  |
| 2,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 10.12%, (BRMMUSDF + 659 bps), 6/7/26 (144A) | $2489200 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 12.24%, (BRMMUSDF + 871 bps), 6/7/26 (144A) | &nbsp;&nbsp; 768975 |

---

Victory Pioneer CAT Bond Fund \| 1/31/2614

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — (continued)** |  |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 12.72%, (BRMMUSDF + 919 bps), 6/7/27 (144A) | $4451875 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrus Re, 13.97%, (BRMMUSDF + 1,044 bps), 6/7/27 (144A) | &nbsp;&nbsp; 4747950 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee Street Re, 6.904%, (1 Month U.S. Treasury Bill + 325 bps), 4/7/28 (144A) | &nbsp;&nbsp; 7587750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $20045750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Southeast — 0.2%** |  |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meadows, 11.154%, (3 Month U.S. Treasury Bill + 750 bps), 12/7/29 (144A) | $2746425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 1.0%** |  |
| 17,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Re, 14.523%, (GSMMUSTI + 1,100 bps), 3/31/26 (144A) | $17778150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | **$1606113920** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 7.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.5%** |  |
| 10,045,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adare Re 2026, 12/31/31 | $9964526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. — 0.3%** |  |
| 5,030,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adare Re 2025, 9/30/31 | $5067843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.8%** |  |
| 15,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kettering-PI0059, 3/31/29 | $15362664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.6%** |  |
| 5,456,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falkirk Re 2025 , 3/31/31 | $5634411 |
| 4,750,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2025-2 , 12/31/30 | &nbsp;&nbsp; 4773739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $10408150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.3%** |  |
| 4,930,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ailsa Re 2025, 5/31/31 | $5107523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 4.6%** |  |
| 10,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheltenham-PI0051 Re 2025, 5/31/29 | $9987661 |
| 750,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dartmouth Re, 12/31/27 | &nbsp;&nbsp; 747075 |
| 10,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epsom Re 2025-2, 9/30/31 | &nbsp;&nbsp; 9126953 |
| 18,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gamboge Re 2025, 3/31/31 | &nbsp;&nbsp; 18519229 |
| 6,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Llandudno Re 2026 , 12/31/31 | &nbsp;&nbsp; 5250000 |
| 9,250,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2026-1, 12/31/31 | &nbsp;&nbsp; 8371250 |
| 5,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Head Re 2026, 12/31/31 | &nbsp;&nbsp; 4123707 |

---

15Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — (continued)** |  |
| 5,000,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix 3 Re, 1/4/39 | $5622000 |
| 750,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Valley Re 2026, 12/31/31 | &nbsp;&nbsp;&nbsp; 663825 |
| EUR18,250,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomtit Re 2026, 12/31/31 | &nbsp;&nbsp; 21632637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $84044337 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.0%†** |  |
| 4,956,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ipswich-PI0057 Re 2025, 5/31/31 | $279023 |
| 5,799,600(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk solutions Re, 5/31/31 | &nbsp;&nbsp;&nbsp; 215745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $494768 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 0.0%†** |  |
| 42,500,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk solutions Re, 4/30/31 | $940411 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — 0.0%†** |  |
| 5,800,050(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 5/31/31 | $612485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Multistate — 0.0%†** |  |
| 8,200,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Heron Re, 5/31/31 | $228592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 0.3%** |  |
| 9,612,500(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakmont Re 2025, 3/31/31 | $5177293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 0.1%** |  |
| 9,865,000(b)(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 5/31/30 | $1105867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | &nbsp;&nbsp;&nbsp; **$** **138514459** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $1,701,534,399)** | **$1744628379** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 3.5% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 3.5%** |  |
| 63,646,390(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 3.58% | $63646390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $63646390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $63,646,390)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **63646390** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.8%<br> (Cost $1,801,130,789)** | **$1844224769** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.8)%** | &nbsp;&nbsp;&nbsp; $(14363641) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$1829861128** |

---

Victory Pioneer CAT Bond Fund \| 1/31/2616

------

(unaudited) (continued)

---

| | |
|:---|:---|
| BNMMDTSC | &nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund Yield. |
| bps | &nbsp;&nbsp;Basis Points. |
| BRMMUSDF | &nbsp;&nbsp;BlackRock Liquidity Fund Treasury Trust Fund Portfolio Fund Yield. |
| CAONINDX | &nbsp;&nbsp;Canadian Overnight Repo Rate Average. |
| EURIBOR | &nbsp;&nbsp;Euro Interbank Offered Rate. |
| FHMMUSTF | &nbsp;&nbsp;Federated Hermes US Treasury Cash Reserves Fund Yield. |
| FRMMUSTI | &nbsp;&nbsp;Western Asset Institutional US Treasury Reserves Fund Yield. |
| GSMMUSTF | &nbsp;&nbsp;Goldman Sachs Financial Square Treasury Solutions Fund Yield. |
| GSMMUSTI | &nbsp;&nbsp;Goldman Sachs Money Market US Treasury Instrument Index. |
| JMMMUSTF | &nbsp;&nbsp;JPMorgan 100% US Treasury Securities Money Market Fund Yield. |
| MSMMUSTF | &nbsp;&nbsp;MSILF Treasury Securities Portfolio Fund Yield. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| (144A) | &nbsp;&nbsp;The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At January 31, 2026, the value of these securities amounted to $1,642,063,920, or 89.7% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at January 31, 2026. |
| (b) | &nbsp;&nbsp;Non-income producing security. |
| (c) | &nbsp;&nbsp;Issued as participation notes. |
| (d) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2026. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;123 Lights Re | 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1030200 |
| &nbsp;&nbsp;1886 Re | 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636500 |
| &nbsp;&nbsp;3264 Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314625 |
| &nbsp;&nbsp;3264 Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540400 |
| &nbsp;&nbsp;3264 Re | 1/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068600 |
| &nbsp;&nbsp;3264 Re | 5/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820250 |
| &nbsp;&nbsp;3264 Re | 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13965000 |
| &nbsp;&nbsp;3264 Re | 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11974800 |
| &nbsp;&nbsp;Acorn Re | 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839700 |
| &nbsp;&nbsp;Acorn Re | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14729350 |
| &nbsp;&nbsp;Adare Re 2025 | 9/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067843 |
| &nbsp;&nbsp;Adare Re 2026 | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9884125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964526 |
| &nbsp;&nbsp;Ailsa Re 2025 | 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107523 |
| &nbsp;&nbsp;Alamo Re | 4/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7177800 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567350 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584000 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107100 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408400 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253500 |

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17Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1435000 |
| &nbsp;&nbsp;Aquila Re | 4/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319075 |
| &nbsp;&nbsp;Aquila Re | 4/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952875 |
| &nbsp;&nbsp;Armor Re | 4/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133200 |
| &nbsp;&nbsp;Armor Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794825 |
| &nbsp;&nbsp;Ashera Re | 3/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5897775 |
| &nbsp;&nbsp;Atela Re, Ltd. | 4/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229500 |
| &nbsp;&nbsp;Atlas Capital | 5/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216865 |
| &nbsp;&nbsp;Atlas Capital | 4/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161000 |
| &nbsp;&nbsp;Atlas Re | 5/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300300 |
| &nbsp;&nbsp;Azzurro Re II | 3/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202419 |
| &nbsp;&nbsp;Baldwin Re | 6/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769125 |
| &nbsp;&nbsp;Baldwin Re | 6/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663150 |
| &nbsp;&nbsp;Black Kite Re | 4/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 |
| &nbsp;&nbsp;Blue Ridge Re | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514300 |
| &nbsp;&nbsp;Blue Ridge Re | 11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14452150 |
| &nbsp;&nbsp;Blue Ridge Re | 11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14434750 |
| &nbsp;&nbsp;Blue Ridge Re | 11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17156850 |
| &nbsp;&nbsp;Blue Sky Re | 12/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458653 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746950 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477800 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277200 |
| &nbsp;&nbsp;Bluebonnet Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902900 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816300 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16280000 |
| &nbsp;&nbsp;Bridge Street Re | 12/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12421500 |
| &nbsp;&nbsp;Bridge Street Re | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51398550 |
| &nbsp;&nbsp;Cape Lookout Re | 4/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11628473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11638000 |
| &nbsp;&nbsp;Cat Re 2001 | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652375 |
| &nbsp;&nbsp;Charles River Re | 4/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039700 |
| &nbsp;&nbsp;Chartwell Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8328800 |
| &nbsp;&nbsp;Chartwell Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668300 |
| &nbsp;&nbsp;Chartwell Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618000 |
| &nbsp;&nbsp;Cheltenham-PI0051 Re 2025 | 6/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9987661 |
| &nbsp;&nbsp;Citrus Re | 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768975 |
| &nbsp;&nbsp;Citrus Re | 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489200 |
| &nbsp;&nbsp;Citrus Re | 3/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451875 |
| &nbsp;&nbsp;Citrus Re | 3/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747950 |
| &nbsp;&nbsp;Citrus Re | 3/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449510 |
| &nbsp;&nbsp;Citrus Re | 3/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814925 |
| &nbsp;&nbsp;Commonwealth Re | 5/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10259000 |
| &nbsp;&nbsp;Dartmouth Re | 5/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747075 |
| &nbsp;&nbsp;Epsom Re 2025-2 | 11/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126953 |
| &nbsp;&nbsp;Falkirk Re 2025 | 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5634411 |
| &nbsp;&nbsp;Finca Re | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305000 |
| &nbsp;&nbsp;First Coast Re | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607800 |
| &nbsp;&nbsp;First Coast Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174300 |
| &nbsp;&nbsp;First Coast Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998000 |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 |

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Victory Pioneer CAT Bond Fund \| 1/31/2618

------

(unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;FloodSmart Re | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253750 |
| &nbsp;&nbsp;FloodSmart Re | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629600 |
| &nbsp;&nbsp;Foundation Re | 12/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12108836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12262244 |
| &nbsp;&nbsp;Foundation Re | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60720000 |
| &nbsp;&nbsp;Four Lakes Re | 12/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297450 |
| &nbsp;&nbsp;Four Lakes Re | 12/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790975 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9118657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9326112 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165600 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334485 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700275 |
| &nbsp;&nbsp;Fuchsia 2024-1 | 12/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9295200 |
| &nbsp;&nbsp;Fuchsia 2025-1 | 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731100 |
| &nbsp;&nbsp;Galileo Re | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358085 |
| &nbsp;&nbsp;Galileo Re | 12/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18690000 |
| &nbsp;&nbsp;Galileo Re | 12/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351250 |
| &nbsp;&nbsp;Gamboge Re 2025 | 4/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18519229 |
| &nbsp;&nbsp;Gateway Re | 2/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504000 |
| &nbsp;&nbsp;Gateway Re | 7/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471550 |
| &nbsp;&nbsp;Gateway Re | 3/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768975 |
| &nbsp;&nbsp;Gateway Re | 2/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490100 |
| &nbsp;&nbsp;Genesee Street Re | 4/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7587750 |
| &nbsp;&nbsp;Golden Bear Re 2026-1 | 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40009656 |
| &nbsp;&nbsp;Handshake Re | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087850 |
| &nbsp;&nbsp;Herbie Re | 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052800 |
| &nbsp;&nbsp;Herbie Re | 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521900 |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092000 |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077000 |
| &nbsp;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500750 |
| &nbsp;&nbsp;Herbie Re | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13993000 |
| &nbsp;&nbsp;Hestia Re | 2/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561000 |
| &nbsp;&nbsp;Hestia Re | 2/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032500 |
| &nbsp;&nbsp;Hexagon IV Re | 10/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032317 |
| &nbsp;&nbsp;Hexagon IV Re | 10/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798650 |
| &nbsp;&nbsp;High Point Re | 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517550 |
| &nbsp;&nbsp;Hypatia Re | 3/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131500 |
| &nbsp;&nbsp;Hypatia Re | 10/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612000 |
| &nbsp;&nbsp;Integrity Re | 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120000 |
| &nbsp;&nbsp;Integrity Re | 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611000 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668850 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421700 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602900 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884250 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10543000 |
| &nbsp;&nbsp;Integrity Re | 2/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417250 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250800 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537500 |

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19Victory Pioneer CAT Bond Fund \| 1/31/26

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2130400 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510200 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594350 |
| &nbsp;&nbsp;Ipswich-PI0057 Re 2025 | 8/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279023 |
| &nbsp;&nbsp;Kendall Re | 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715600 |
| &nbsp;&nbsp;Kendall Re | 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10391000 |
| &nbsp;&nbsp;Kettering-PI0059 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13833750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15362664 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8461647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675700 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754700 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10271000 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6978825 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720250 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15317875 |
| &nbsp;&nbsp;Kilimanjaro III Re | 1/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060000 |
| &nbsp;&nbsp;Lapis Re | 3/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563250 |
| &nbsp;&nbsp;Lightning Re | 3/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17665214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17778150 |
| &nbsp;&nbsp;Lion Re | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200404 |
| &nbsp;&nbsp;Lion Re | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193173 |
| &nbsp;&nbsp;Liongate Re | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007200 |
| &nbsp;&nbsp;Llandudno Re 2026 | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 |
| &nbsp;&nbsp;Locke Tavern Re | 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156900 |
| &nbsp;&nbsp;Logistics Re | 10/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510300 |
| &nbsp;&nbsp;Long Point Re IV | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023200 |
| &nbsp;&nbsp;Longleaf Pine Re | 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521700 |
| &nbsp;&nbsp;Lower Ferry Re | 6/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527500 |
| &nbsp;&nbsp;Lower Ferry Re | 3/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938000 |
| &nbsp;&nbsp;Mangrove Risk Solutions | 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105867 |
| &nbsp;&nbsp;Mangrove Risk Solutions | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612485 |
| &nbsp;&nbsp;Mangrove Risk solutions Re | 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940411 |
| &nbsp;&nbsp;Mangrove Risk solutions Re | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215745 |
| &nbsp;&nbsp;Marlon Re | 5/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791250 |
| &nbsp;&nbsp;Maschpark Re | 11/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536900 |
| &nbsp;&nbsp;Matterhorn Re | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261250 |
| &nbsp;&nbsp;Matterhorn Re | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753525 |
| &nbsp;&nbsp;Mayflower Re | 6/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777125 |
| &nbsp;&nbsp;Mayflower Re | 6/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056000 |
| &nbsp;&nbsp;Mayflower Re | 7/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308500 |
| &nbsp;&nbsp;Mayflower Re | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669500 |
| &nbsp;&nbsp;Meadows | 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684925 |
| &nbsp;&nbsp;Meadows | 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13816600 |
| &nbsp;&nbsp;Meadows | 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746425 |
| &nbsp;&nbsp;Merion Re 2025-2 | 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773739 |
| &nbsp;&nbsp;Merion Re 2026-1 | 1/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8164368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371250 |
| &nbsp;&nbsp;Merna Re Companywide | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29685100 |
| &nbsp;&nbsp;Merna Re Enterprise | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16869600 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361025 |

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Victory Pioneer CAT Bond Fund \| 1/31/2620

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(unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$2352771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2404050 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341428 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096600 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178500 |
| &nbsp;&nbsp;Merna Re II | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7259700 |
| &nbsp;&nbsp;Merna Re II | 5/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13687700 |
| &nbsp;&nbsp;MetroCat Re | 5/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022000 |
| &nbsp;&nbsp;MMIFS Re | 1/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734330 |
| &nbsp;&nbsp;Mona Lisa Re | 6/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538100 |
| &nbsp;&nbsp;Mona Lisa Re | 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17212050 |
| &nbsp;&nbsp;Mona Lisa Re | 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14955000 |
| &nbsp;&nbsp;Montoya Re | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796000 |
| &nbsp;&nbsp;Montoya Re | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510100 |
| &nbsp;&nbsp;Montoya Re | 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19590200 |
| &nbsp;&nbsp;Montoya Re | 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741750 |
| &nbsp;&nbsp;Mystic Re | 12/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20738025 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071000 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795325 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712500 |
| &nbsp;&nbsp;Mystic Re | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494750 |
| &nbsp;&nbsp;Mystic Re | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493250 |
| &nbsp;&nbsp;Nakama Re | 4/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252700 |
| &nbsp;&nbsp;Nakama Re | 4/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092000 |
| &nbsp;&nbsp;Nakama Re | 4/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012000 |
| &nbsp;&nbsp;Nature Coast Re | 11/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290275 |
| &nbsp;&nbsp;Nature Coast Re | 12/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285500 |
| &nbsp;&nbsp;Nature Coast Re | 3/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605350 |
| &nbsp;&nbsp;Northshore Re II | 3/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20006750 |
| &nbsp;&nbsp;Oakmont Re 2025 | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177293 |
| &nbsp;&nbsp;Oceanside Re | 5/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309150 |
| &nbsp;&nbsp;Ocelot Re | 1/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136000 |
| &nbsp;&nbsp;Ocelot Re | 2/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960600 |
| &nbsp;&nbsp;Old Head Re 2026 | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123707 |
| &nbsp;&nbsp;Orange Capital Re DAC | 11/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621360 |
| &nbsp;&nbsp;Palm Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10088643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10483000 |
| &nbsp;&nbsp;Palm Re | 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13266375 |
| &nbsp;&nbsp;Phoenix 3 Re | 12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622000 |
| &nbsp;&nbsp;Pine Valley Re 2026 | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663825 |
| &nbsp;&nbsp;Puerto Rico Parametric Re | 6/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526150 |
| &nbsp;&nbsp;Purple Re | 4/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329625 |
| &nbsp;&nbsp;Purple Re | 4/2/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758400 |
| &nbsp;&nbsp;Purple Re | 5/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812000 |
| &nbsp;&nbsp;Purple Re | 5/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675450 |
| &nbsp;&nbsp;Ramble Re | 2/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064500 |
| &nbsp;&nbsp;Recoletos Re DAC | 12/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037600 |
| &nbsp;&nbsp;Recoletos Re DAC | 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395950 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151500 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9510085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9716600 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8572800 |

---

21Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Residential Re | 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3285496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3266250 |
| &nbsp;&nbsp;Residential Re | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27409250 |
| &nbsp;&nbsp;Residential Re | 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29775000 |
| &nbsp;&nbsp;Riverfront Re | 4/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580700 |
| &nbsp;&nbsp;Sakura Re | 3/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742575 |
| &nbsp;&nbsp;Sanders Re | 5/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022000 |
| &nbsp;&nbsp;Sanders Re | 1/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7864377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103400 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12578708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810152 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18001467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18653400 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319525 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589700 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888700 |
| &nbsp;&nbsp;Sanders Re | 3/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547675 |
| &nbsp;&nbsp;Sanders Re II | 5/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8608875 |
| &nbsp;&nbsp;Sanders Re III | 2/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501500 |
| &nbsp;&nbsp;Sanders Re III | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720230 |
| &nbsp;&nbsp;Silk Road Re | 12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015000 |
| &nbsp;&nbsp;Skyline Re | 12/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19970000 |
| &nbsp;&nbsp;Solomon Re | 6/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898600 |
| &nbsp;&nbsp;Stabilitas Re | 6/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979560 |
| &nbsp;&nbsp;Sutter Re | 6/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777600 |
| &nbsp;&nbsp;Sutter Re | 6/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15688203 |
| &nbsp;&nbsp;Titania Re | 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007000 |
| &nbsp;&nbsp;Titania Re | 11/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266575 |
| &nbsp;&nbsp;Titania Re | 11/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776625 |
| &nbsp;&nbsp;Tomoni Re | 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503000 |
| &nbsp;&nbsp;Tomoni Re | 3/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757200 |
| &nbsp;&nbsp;Tomtit Re 2026 | 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21447400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21632637 |
| &nbsp;&nbsp;Topanga Re | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474800 |
| &nbsp;&nbsp;Topanga Re | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8726375 |
| &nbsp;&nbsp;Torrey Pines Re | 5/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8172938 |
| &nbsp;&nbsp;Torrey Pines Re | 7/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521550 |
| &nbsp;&nbsp;Torrey Pines Re | 1/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337935 |
| &nbsp;&nbsp;Torrey Pines Re | 4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481825 |
| &nbsp;&nbsp;Torrey Pines Re | 4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10978975 |
| &nbsp;&nbsp;Torrey Pines Re | 4/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430000 |
| &nbsp;&nbsp;Turris Re | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5989200 |
| &nbsp;&nbsp;Ursa Re | 10/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4398325 |
| &nbsp;&nbsp;Ursa Re | 1/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793400 |
| &nbsp;&nbsp;Ursa Re | 11/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170500 |
| &nbsp;&nbsp;Ursa Re | 2/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10940275 |
| &nbsp;&nbsp;Ursa Re II | 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9742250 |
| &nbsp;&nbsp;Ursa Re II | 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24965000 |
| &nbsp;&nbsp;Ursa Re II | 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42376750 |
| &nbsp;&nbsp;Veraison Re | 1/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055400 |
| &nbsp;&nbsp;Veraison Re | 1/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10702650 |
| &nbsp;&nbsp;Veraison Re | 1/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285250 |
| &nbsp;&nbsp;Vitality Re XV | 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008700 |
| &nbsp;&nbsp;Vitality Re XV | 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509800 |

---

Victory Pioneer CAT Bond Fund \| 1/31/2622

------

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Vitality Re XVI | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$744675 |
| &nbsp;&nbsp;Vitality Re XVI | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746925 |
| &nbsp;&nbsp;Vitality Re XVI | 1/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731850 |
| &nbsp;&nbsp;White Heron Re | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228592 |
| &nbsp;&nbsp;Windmill III Re DAC | 6/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919061 |
| &nbsp;&nbsp;Winston Re | 2/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371500 |
| &nbsp;&nbsp;Winston Re | 2/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524200 |
| &nbsp;&nbsp;Winston Re | 2/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12815000 |
| &nbsp;&nbsp;Yosemite Re | 3/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055600 |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1744628379 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.3% |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br> Purchased** | **In<br> Exchange for** | **Currency<br> Sold** | **Deliver** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> (Depreciation)** |
| USD | 44091148 | EUR | 37360000 | JPMorgan Chase Bank NA | 3/31/26 | $(325035) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **$(325035)** |

---

USD United States Dollar <br> EUR Euro

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

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$35950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$35950000 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earthquakes – California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earthquakes – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15362664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15362664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. & Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10408150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408150 |

---

23Victory Pioneer CAT Bond Fund \| 1/31/26

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. Regional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5107523 | &nbsp;&nbsp;&nbsp;&nbsp;$5107523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84044337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84044337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – North Carolina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Multistate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Regional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winterstorm – Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1606113920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1606113920 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;63646390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63646390 |
| **Total Investments in Securities** | **$63646390** | &nbsp;&nbsp;**$1642063920** | &nbsp;&nbsp;**$138514459** | &nbsp;&nbsp;**$1844224769** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(325035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(325035) |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(325035)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(325035)** |

---

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

---

| | |
|:---|:---|
|  | **Insurance-<br> Linked<br> Securities** |
| Balance as of 10/31/25 | $222117551 |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| Changed in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(11255802) |
| Return of capital | &nbsp;&nbsp;&nbsp;(77341522) |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;57809622 |
| Sales | &nbsp;&nbsp;&nbsp;(58243365) |
| Transfers in to Level 3\* | &nbsp;&nbsp;&nbsp;&nbsp;5427500 |
| Transfers out of Level 3\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of 1/31/26** | **$138514459** |

---

---

| | | |
|:---|:---|:---|
| \* | &nbsp;&nbsp;Transfers are calculated on the beginning of period values. During the period ended January 31, 2026 investments having aggregate value of $5,427,500 were transferred out of Level 2 to Level 3, as there were significant observable inputs available to determine their value. There were no other transfers between Levels 1, 2 and 3. | &nbsp;&nbsp;Transfers are calculated on the beginning of period values. During the period ended January 31, 2026 investments having aggregate value of $5,427,500 were transferred out of Level 2 to Level 3, as there were significant observable inputs available to determine their value. There were no other transfers between Levels 1, 2 and 3. |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at January 31, 2026: | Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at January 31, 2026: | &nbsp;&nbsp;$676630 |

---

Victory Pioneer CAT Bond Fund \| 1/31/2624

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1828469495.06

**Total Liabilities:** $4853514.95

**Net Assets:** $1823615980.11

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** -77448.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256461 | 0.50%                | 0.41%                | 0.45%                |
| Class ID C000256463 | 0.59%                | 0.50%                | 0.45%                |
| Class ID C000256464 | 0.51%                | 0.48%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $824642.81                                 |
| Month 2  | $110671.72               | $-13560927.77                              |
| Month 3  | $0.00                    | $-3223336.39                               |

### Schedule of Portfolio Investments

| Name                                      | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | EUR/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-325035.18   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                     | First Coast Re IV Ltd                               | CUSIP: 31969UAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $7998000.00   | 0.44%             | 2028-03-10      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                        | Sanders Re III Ltd                                  | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    700000 | PA      | $720230.00    | 0.04%             | 2027-04-07      | Floating      | 9.03%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                      | Bridge Street Re Ltd                                | CUSIP: 10807LAA5<br>LEI: 2549008NKPLMU6X7ID58 | Long             | DBT              | CORP              | BM        |  12250000 | PA      | $12421500.00  | 0.68%             | 2028-01-07      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                            | Gateway Re Ltd                                      | CUSIP: 36779CAM8<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5490100.00   | 0.30%             | 2028-07-07      | Floating      | 7.81%                 | Yes           |                  2 | On Loan: No      |
| BLUE SKY RE DAC                           | Blue Sky Re DAC                                     | CUSIP: 09605UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2458652.97   | 0.13%             | 2027-01-26      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| MASCHPARK RE LTD                          | Maschpark Re Ltd                                    | CUSIP: 574591AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1536900.00   | 0.08%             | 2028-01-10      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                    | Kilimanjaro III Re Ltd                              | CUSIP: 49407PAH3<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3060000.00   | 0.17%             | 2026-04-20      | Floating      | 14.81%                | Yes           |                  2 | On Loan: No      |
| MEADOWS LTD                               | Meadows Ltd                                         | CUSIP: 58320RAA9<br>LEI: 254900W9CHL6SO5U0P81 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4684925.00   | 0.26%             | 2029-12-07      | Floating      | 15.90%                | Yes           |                  2 | On Loan: No      |
| RECOLETOS RE DAC                          | Recoletos RE DAC                                    | CUSIP: 755933AA6<br>LEI: 635400FIY9UG8ZHKYH56 | Long             | DBT              | CORP              | IE        |   4000000 | PA      | $4037600.00   | 0.22%             | 2028-01-07      | Floating      | 8.65%                 | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2025-1 LONDON BR                  | Fuchsia 2025-1 - London Bridge 2 PCC Ltd            | CUSIP: 54180EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $6731100.00   | 0.37%             | 2029-04-06      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| VITALITY RE XVI LTD                       | Vitality Re XVI Ltd                                 | CUSIP: 92849FAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2750000 | PA      | $2731850.00   | 0.15%             | 2029-01-08      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| SOLOMON RE LTD                            | Solomon Re Ltd                                      | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6800000 | PA      | $6898600.00   | 0.38%             | 2026-06-08      | Floating      | 9.07%                 | Yes           |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                      | Long Point Re IV Ltd                                | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4023200.00   | 0.22%             | 2026-06-01      | Floating      | 7.81%                 | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                         | FloodSmart Re Ltd                                   | CUSIP: 33975CAN5<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $100000.00    | 0.01%             | 2026-03-11      | Floating      | 25.92%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                       | Nature Coast Re Ltd                                 | CUSIP: 63901CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2290275.00   | 0.13%             | 2026-12-07      | Floating      | 13.55%                | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                       | Torrey Pines Re Ltd                                 | CUSIP: 89141WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10750000 | PA      | $10978975.00  | 0.60%             | 2028-06-07      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2325000 | PA      | $2404050.00   | 0.13%             | 2026-07-07      | Floating      | 14.02%                | Yes           |                  2 | On Loan: No      |
| OAKMONT RE 2025                           | OAKMONT RE 2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9612500 | PA      | $5177292.50   | 0.28%             | 2031-03-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BONANZA RE LTD                            | Bonanza RE Ltd                                      | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |  16000000 | PA      | $16280000.00  | 0.89%             | 2027-12-19      | Floating      | 9.12%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                               | 3264 re Ltd                                         | CUSIP: 88577CAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7820250.00   | 0.43%             | 2028-06-08      | Floating      | 11.02%                | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                      | Bridge Street Re Ltd                                | CUSIP: 10807LAB3<br>LEI: 2549008NKPLMU6X7ID58 | Long             | DBT              | CORP              | BM        |  51450000 | PA      | $51398550.00  | 2.82%             | 2029-01-08      | Floating      | 11.40%                | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                            | Galileo Re Ltd                                      | CUSIP: 36354TAR3<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |  17500000 | PA      | $17351250.00  | 0.95%             | 2030-01-08      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| FALKIRK RE 2025                           | FALKIRK RE 2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5456000 | PA      | $5634410.57   | 0.31%             | 2031-03-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AQUILA RE LTD 2023-1                      | Aquila Re I Ltd Series 2023-1                       | CUSIP: 03843AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1400000 | PA      | $1435000.00   | 0.08%             | 2026-06-08      | Floating      | 12.39%                | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                           | Veraison Re Ltd                                     | CUSIP: 92335TAE9<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1285250.00   | 0.07%             | 2028-03-08      | Floating      | 8.55%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                            | Galileo Re Ltd                                      | CUSIP: 36354TAQ5<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |  18750000 | PA      | $18690000.00  | 1.02%             | 2030-01-08      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                            | Montoya Re Ltd                                      | CUSIP: 613752AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5796000.00   | 0.32%             | 2028-04-07      | Floating      | 9.28%                 | Yes           |                  2 | On Loan: No      |
| HEXAGON IV RE LTD                         | Hexagon IV RE Ltd                                   | CUSIP: 000000000<br>LEI: 984500B4771ADC9FDE26 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1798650.09   | 0.10%             | 2028-01-21      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                       | Torrey Pines Re Ltd                                 | CUSIP: 89141WAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6430000.00   | 0.35%             | 2028-06-07      | Floating      | 10.06%                | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                         | FloodSmart Re Ltd                                   | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1015000.00   | 0.06%             | 2026-03-11      | Floating      | 20.67%                | Yes           |                  2 | On Loan: No      |
| OLD HEAD RE 2026                          | OLD HEAD RE 2026                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4123707.36   | 0.23%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 3264 RE LTD                               | 3264 re Ltd                                         | CUSIP: 88577CAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14000000 | PA      | $13965000.00  | 0.77%             | 2029-01-08      | Floating      | 10.05%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001AAA6<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8608875.00   | 0.47%             | 2028-06-07      | Floating      | 10.56%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |    250000 | PA      | $250800.00    | 0.01%             | 2026-03-31      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                             | Herbie Re Ltd                                       | CUSIP: 42703VAN3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14000000 | PA      | $13993000.00  | 0.77%             | 2030-01-07      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| SILK ROAD RE LTD                          | Silk Road Re Ltd                                    | CUSIP: 000000000<br>LEI: 984500F112D01CD7CD97 | Long             | DBT              | CORP              | HK        |   2000000 | PA      | $2015000.00   | 0.11%             | 2028-01-10      | Floating      | 9.56%                 | Yes           |                  3 | On Loan: No      |
| LOGISTICS RE LTD                          | Logistics Re Ltd                                    | CUSIP: 54143LAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $510300.00    | 0.03%             | 2027-12-21      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                               | 3264 re Ltd                                         | CUSIP: 88577CAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7068600.00   | 0.39%             | 2028-02-07      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| LOWER FERRY RE LTD                        | Lower Ferry Re Ltd                                  | CUSIP: 547915AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1900000 | PA      | $1938000.00   | 0.11%             | 2026-07-08      | Floating      | 9.03%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1275000 | PA      | $1341427.50   | 0.07%             | 2027-07-07      | Floating      | 11.02%                | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                            | Winston RE Ltd                                      | CUSIP: 975660AC5<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |  12500000 | PA      | $12815000.00  | 0.70%             | 2028-02-21      | Floating      | 10.06%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                     | Residential Reinsurance 2004 Ltd                    | CUSIP: 76112AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   8000000 | PA      | $8572800.00   | 0.47%             | 2028-12-06      | Floating      | 16.97%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                            | Gateway Re Ltd                                      | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $768975.00    | 0.04%             | 2027-07-08      | Floating      | 9.46%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                         | Tomoni Re Pte Ltd                                   | CUSIP: 89009PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1503000.00   | 0.08%             | 2026-04-07      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                         | Nakama Re Pte Ltd                                   | CUSIP: 62984JAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2000000 | PA      | $2012000.00   | 0.11%             | 2030-04-23      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                          | Chartwell RE Ltd                                    | CUSIP: 16140YAA0<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $8328800.00   | 0.46%             | 2028-06-07      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                             | Citrus Re Ltd                                       | CUSIP: 177510AN4<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4451875.00   | 0.24%             | 2027-06-07      | Floating      | 12.75%                | Yes           |                  2 | On Loan: No      |
| RECOLETOS RE DAC                          | Recoletos RE DAC                                    | CUSIP: 000000000<br>LEI: 635400FIY9UG8ZHKYH56 | Long             | DBT              | CORP              | IE        |   4500000 | PA      | $5395950.27   | 0.30%             | 2028-12-08      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                            | Gateway Re Ltd                                      | CUSIP: 36779CAF3<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5471550.00   | 0.30%             | 2026-07-08      | Floating      | 14.44%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                         | Atlas Capital DAC                                   | CUSIP: 049207AC7<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   5000000 | PA      | $5161000.00   | 0.28%             | 2028-06-07      | Floating      | 11.05%                | Yes           |                  2 | On Loan: No      |
| FINCA RE LTD                              | Finca RE Ltd                                        | CUSIP: 31771QAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10305000.00  | 0.57%             | 2028-06-07      | Floating      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                          | Integrity RE III Ltd                                | CUSIP: 45870GAC0<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3884250.00   | 0.21%             | 2027-06-06      | Floating      | 13.40%                | Yes           |                  2 | On Loan: No      |
| PHOENIX 3 RE PTE LTD                      | Phoenix 3 RE Pte Ltd                                | CUSIP: 000000000<br>LEI: 254900KZ3HFPS3H5FZ50 | Long             | DBT              | CORP              | SG        |   5000000 | PA      | $5622000.00   | 0.31%             | 2039-01-04      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SUTTER RE LTD                             | Sutter Re Ltd                                       | CUSIP: 86944RAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  15355000 | PA      | $15688203.50  | 0.86%             | 2026-06-19      | Floating      | 13.27%                | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                            | Winston RE Ltd                                      | CUSIP: 975660AB7<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $524200.00    | 0.03%             | 2027-02-26      | Floating      | 15.25%                | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                             | Herbie Re Ltd                                       | CUSIP: 42703VAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1521900.00   | 0.08%             | 2028-01-08      | Floating      | 13.47%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                     | Residential Reinsurance 2004 Ltd                    | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   9500000 | PA      | $9716600.00   | 0.53%             | 2028-12-06      | Floating      | 10.51%                | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                          | Mona Lisa Re Ltd                                    | CUSIP: 608800AL2<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  17250000 | PA      | $17212050.00  | 0.94%             | 2031-01-08      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2096600.00   | 0.11%             | 2027-07-07      | Floating      | 12.30%                | Yes           |                  2 | On Loan: No      |
| PI0051-CHELTENHAM RE 2025                 | PI0051-CHELTENHAM RE 2025                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9987660.96   | 0.55%             | 2029-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CITRUS RE LTD                             | Citrus Re Ltd                                       | CUSIP: 177510AM6<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $768975.00    | 0.04%             | 2026-06-07      | Floating      | 12.27%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                     | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAR9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14750000 | PA      | $15317875.00  | 0.84%             | 2030-07-08      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                         | Atlas Capital DAC                                   | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   3000000 | PA      | $3300300.00   | 0.18%             | 2027-06-08      | Floating      | 15.99%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   2000000 | PA      | $2130400.00   | 0.12%             | 2028-04-24      | Floating      | 17.37%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2024-1                      | Aquila Re I Ltd Series 2024-1                       | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2319075.00   | 0.13%             | 2027-06-07      | Floating      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                               | Ursa Re Ltd                                         | CUSIP: 90323WAN0<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4398325.00   | 0.24%             | 2026-12-07      | Floating      | 12.82%                | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                         | Blue Ridge Re Ltd                                   | CUSIP: 096003AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  17250000 | PA      | $17156850.00  | 0.94%             | 2029-01-08      | Floating      | 11.52%                | Yes           |                  2 | On Loan: No      |
| ACORN RE LTD                              | Acorn Re Ltd                                        | CUSIP: 00485YAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5839700.00   | 0.32%             | 2027-11-05      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE COMPANYWIDE                      | Merna Re Companywide Ltd                            | CUSIP: 59013FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  28250000 | PA      | $29685100.00  | 1.63%             | 2028-07-07      | Floating      | 10.57%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                          | Integrity RE III Ltd                                | CUSIP: 45870GAD8<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4421700.00   | 0.24%             | 2028-06-06      | Floating      | 13.40%                | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                            | Winston RE Ltd                                      | CUSIP: 975660AA9<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2371500.00   | 0.13%             | 2027-02-26      | Floating      | 13.77%                | Yes           |                  2 | On Loan: No      |
| LOWER FERRY RE LTD                        | Lower Ferry Re Ltd                                  | CUSIP: 547915AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2527500.00   | 0.14%             | 2026-07-08      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001RAB7<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |  18000000 | PA      | $18653400.00  | 1.02%             | 2029-04-07      | Floating      | 8.92%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5178500.00   | 0.28%             | 2027-07-07      | Floating      | 12.01%                | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                          | Mystic Re IV Ltd                                    | CUSIP: 62865LAK3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4493250.00   | 0.25%             | 2029-01-08      | Floating      | 10.45%                | Yes           |                  2 | On Loan: No      |
| OCEANSIDE RE LTD                          | Oceanside RE Ltd                                    | CUSIP: 67550LAA4<br>LEI: 984500636DB8E52F9958 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3309150.00   | 0.18%             | 2028-05-15      | Floating      | 9.56%                 | Yes           |                  2 | On Loan: No      |
| SUTTER RE LTD                             | Sutter Re Ltd                                       | CUSIP: 86944RAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1760000 | PA      | $1777600.00   | 0.10%             | 2026-06-19      | Floating      | 10.27%                | Yes           |                  2 | On Loan: No      |
| METROCAT RE LTD                           | MetroCat Re Ltd                                     | CUSIP: 59165HAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2022000.00   | 0.11%             | 2026-05-08      | Floating      | 9.29%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                     | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14250000 | PA      | $14720250.00  | 0.81%             | 2030-07-08      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                       | Torrey Pines Re Ltd                                 | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $521550.00    | 0.03%             | 2027-06-07      | Floating      | 9.61%                 | Yes           |                  2 | On Loan: No      |
| HYPATIA LTD                               | Hypatia Ltd                                         | CUSIP: 44914CAC0<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |   2100000 | PA      | $2131500.00   | 0.12%             | 2026-04-08      | Floating      | 14.05%                | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                               | 3264 re Ltd                                         | CUSIP: 88577CAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $540400.00    | 0.03%             | 2027-07-08      | Floating      | 21.52%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                         | Atlas Capital DAC                                   | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   2150000 | PA      | $2216865.00   | 0.12%             | 2026-06-05      | Floating      | 11.31%                | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                            | Ursa Re II Ltd                                      | CUSIP: 91734PAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  25000000 | PA      | $24965000.00  | 1.37%             | 2029-12-07      | Floating      | 8.65%                 | Yes           |                  2 | On Loan: No      |
| HEXAGON IV RE LTD                         | Hexagon IV RE Ltd                                   | CUSIP: 000000000<br>LEI: 984500B4771ADC9FDE26 | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $8032316.84   | 0.44%             | 2030-01-22      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                             | Citrus Re Ltd                                       | CUSIP: 177510AP9<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4747950.00   | 0.26%             | 2027-06-07      | Floating      | 14.00%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                       | Nature Coast Re Ltd                                 | CUSIP: 63901CAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3605350.00   | 0.20%             | 2029-04-10      | Floating      | 13.30%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2024-1                      | Aquila Re I Ltd Series 2024-1                       | CUSIP: 037987AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3952875.00   | 0.22%             | 2027-06-07      | Floating      | 11.91%                | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                         | Matterhorn Re Ltd                                   | CUSIP: 577092BA6<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $753525.00    | 0.04%             | 2028-09-22      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                          | Mayflower Re Ltd                                    | CUSIP: 57839MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1777125.00   | 0.10%             | 2026-07-08      | Floating      | 8.56%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                            | Montoya Re Ltd                                      | CUSIP: 613752AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2741750.00   | 0.15%             | 2030-04-09      | Floating      | 16.15%                | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                          | Chartwell RE Ltd                                    | CUSIP: 16140YAB8<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5668300.00   | 0.31%             | 2028-06-07      | Floating      | 10.57%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                          | Integrity RE III Ltd                                | CUSIP: 45870GAE6<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10543000.00  | 0.58%             | 2028-06-06      | Floating      | 15.90%                | Yes           |                  2 | On Loan: No      |
| PINE VALLEY RE 2026                       | PINE VALLEY RE 2026                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $663825.00    | 0.04%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |  12575000 | PA      | $12810152.50  | 0.70%             | 2029-04-07      | Floating      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| MANGROVE RE 2025-A                        | MANGROVE RE 2025-A                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  42500000 | PA      | $940411.20    | 0.05%             | 2031-04-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 3264 RE LTD                               | 3264 re Ltd                                         | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1314625.00   | 0.07%             | 2027-07-08      | Floating      | 10.52%                | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                         | Matterhorn Re Ltd                                   | CUSIP: 577092AZ2<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2261250.00   | 0.12%             | 2028-09-22      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                         | Bluebonnet RE Ltd                                   | CUSIP: 09610NAD4<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2902900.00   | 0.16%             | 2027-06-07      | Floating      | 15.57%                | Yes           |                  2 | On Loan: No      |
| GENESEE STREET RE LTD                     | Genesee Street Re Ltd                               | CUSIP: 37173WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7587750.00   | 0.42%             | 2028-04-07      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                          | Mystic Re IV Ltd                                    | CUSIP: 62865LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3494750.00   | 0.19%             | 2029-01-08      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| 1886 RE LTD                               | 1886 Re Ltd                                         | CUSIP: 68252UAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3636500.00   | 0.20%             | 2029-07-09      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                       | Locke Tavern Re Ltd                                 | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1150000 | PA      | $1156900.00   | 0.06%             | 2026-04-09      | Floating      | 8.51%                 | Yes           |                  2 | On Loan: No      |
| GOLDEN BEAR RE LTD                        | Golden Bear Re Ltd Series 2026-1                    | CUSIP: 38090EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  40000000 | PA      | $40009656.00  | 2.19%             | 2029-01-08      | Floating      | 13.40%                | Yes           |                  2 | On Loan: No      |
| YOSEMITE RE LTD                           | Yosemite Re Ltd                                     | CUSIP: 98740RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1055600.00   | 0.06%             | 2028-06-07      | Floating      | 10.80%                | Yes           |                  2 | On Loan: No      |
| HYPATIA LTD                               | Hypatia Ltd                                         | CUSIP: 44914CAD8<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3612000.00   | 0.20%             | 2028-07-05      | Floating      | 12.15%                | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                            | Ursa Re II Ltd                                      | CUSIP: 91734PAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  42250000 | PA      | $42376750.00  | 2.32%             | 2028-06-07      | Floating      | 11.40%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAN2<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7259700.00   | 0.40%             | 2028-07-07      | Floating      | 11.32%                | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                               | Ursa Re Ltd                                         | CUSIP: 90323WAP5<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1793400.00   | 0.10%             | 2026-12-07      | Floating      | 9.15%                 | Yes           |                  2 | On Loan: No      |
| LLANDUDNO RE 2026                         | LLANDUDNO RE 2026                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5250000.00   | 0.29%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| COMMONWEALTH RE LTD                       | Commonwealth RE Ltd                                 | CUSIP: 203235AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10259000.00  | 0.56%             | 2028-07-10      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                               | Palm RE Ltd                                         | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10483000.00  | 0.57%             | 2027-06-07      | Floating      | 13.26%                | Yes           |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                  | Lightning Re Series 2023-1                          | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  17550000 | PA      | $17778150.00  | 0.97%             | 2026-03-31      | Floating      | 14.55%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                          | Integrity RE III Ltd                                | CUSIP: 45870GAF3<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1417250.00   | 0.08%             | 2027-06-06      | Floating      | 29.15%                | Yes           |                  2 | On Loan: No      |
| STABILITAS RE LTD                         | Stabilitas Re Ltd                                   | CUSIP: 85237TAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3900000 | PA      | $3979560.00   | 0.22%             | 2026-06-05      | Floating      | 12.04%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1594350.00   | 0.09%             | 2028-04-24      | Floating      | 15.87%                | Yes           |                  2 | On Loan: No      |
| GAMBOGE RE 2025                           | GAMBOGE RE 2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  18000000 | PA      | $18519228.67  | 1.02%             | 2031-03-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TORREY PINES RE LTD                       | Torrey Pines Re Ltd                                 | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    325000 | PA      | $337935.00    | 0.02%             | 2027-06-07      | Floating      | 10.68%                | Yes           |                  2 | On Loan: No      |
| LONGLEAF PINE RE LTD                      | Longleaf Pine Re Ltd                                | CUSIP: 54307MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3521700.00   | 0.19%             | 2027-05-25      | Floating      | 21.48%                | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                         | Blue Ridge Re Ltd                                   | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $514300.00    | 0.03%             | 2027-01-08      | Floating      | 11.51%                | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                  | Fuchsia 2024-1 - London Bridge 2 PCC Ltd            | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9000000 | PA      | $9295200.00   | 0.51%             | 2028-04-06      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| DartmouthRe2025                           | DartmouthRe2025                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $747075.00    | 0.04%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ALAMO RE LTD                              | Alamo Re Ltd                                        | CUSIP: 011395AQ3<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3107100.00   | 0.17%             | 2026-06-07      | Floating      | 15.40%                | Yes           |                  2 | On Loan: No      |
| VITALITY RE XV LTD                        | Vitality Re XV Ltd                                  | CUSIP: 92847CAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1008700.00   | 0.06%             | 2028-01-07      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| PI0057-IPSWICH RE 2025                    | PI0057-IPSWICH RE 2025                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4956000 | PA      | $279022.80    | 0.02%             | 2031-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TORREY PINES RE LTD                       | Torrey Pines Re Ltd                                 | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8125000 | PA      | $8172937.50   | 0.45%             | 2026-06-05      | Floating      | 8.88%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                          | Mayflower Re Ltd                                    | CUSIP: 57839MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7669500.00   | 0.42%             | 2028-07-07      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                             | Citrus Re Ltd                                       | CUSIP: 177510AR5<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1814925.00   | 0.10%             | 2028-06-07      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| RIVERFRONT RE LTD                         | Riverfront Re Ltd                                   | CUSIP: 76870YAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1580700.00   | 0.09%             | 2029-01-08      | Floating      | 11.30%                | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                            | Titania RE Ltd                                      | CUSIP: 888329AF6<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3776625.00   | 0.21%             | 2027-11-26      | Floating      | 13.05%                | Yes           |                  2 | On Loan: No      |
| 2001 CAT RE LTD                           | 2001 Cat RE Ltd                                     | CUSIP: 90215BAB3<br>LEI: 5493007NG10QO60NSO35 | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $9652375.00   | 0.53%             | 2027-01-08      | Floating      | 16.61%                | Yes           |                  2 | On Loan: No      |
| LAPIS LONDON BRIDGE 2                     | Lapis London Bridge 2 PCC Ltd                       | CUSIP: 54180CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $2563250.00   | 0.14%             | 2029-01-09      | Floating      | 11.15%                | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                         | Bluebonnet RE Ltd                                   | CUSIP: 09610NAC6<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4277200.00   | 0.23%             | 2028-06-07      | Floating      | 15.27%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001TAC1<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4888700.00   | 0.27%             | 2028-04-07      | Floating      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                        | Sanders Re III Ltd                                  | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1022000.00   | 0.06%             | 2026-06-05      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| MERION RE 2025-2                          | MERION RE 2025-2                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4773739.45   | 0.26%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TOMTIT RE 2026                            | TOMTIT RE 2026                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  18250000 | PA      | $21632637.50  | 1.19%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FOUNDATION RE IV LTD                      | Foundation Re IV Ltd                                | CUSIP: 349939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  11955000 | PA      | $12262243.50  | 0.67%             | 2027-01-08      | Floating      | 9.82%                 | Yes           |                  2 | On Loan: No      |
| LION RE DAC                               | Lion RE DAC                                         | CUSIP: 000000000<br>LEI: 635400VAABXOBOWHZR32 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1193173.31   | 0.07%             | 2029-06-15      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAP7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |  13000000 | PA      | $13687700.00  | 0.75%             | 2028-07-07      | Floating      | 12.32%                | Yes           |                  2 | On Loan: No      |
| MARLON LTD                                | Marlon Ltd                                          | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $791250.00    | 0.04%             | 2027-06-07      | Floating      | 10.88%                | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                          | Mystic Re IV Ltd                                    | CUSIP: 62865LAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $712500.00    | 0.04%             | 2028-01-10      | Floating      | 17.55%                | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                          | Mayflower Re Ltd                                    | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2056000.00   | 0.11%             | 2027-07-08      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                            | Titania RE Ltd                                      | CUSIP: 888329AE9<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4266575.00   | 0.23%             | 2027-11-26      | Floating      | 9.80%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                         | Four Lakes Re Ltd                                   | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   9120000 | PA      | $9326112.00   | 0.51%             | 2028-01-07      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                         | Tomoni Re Pte Ltd                                   | CUSIP: 89009PAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $757200.00    | 0.04%             | 2028-04-05      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                             | Citrus Re Ltd                                       | CUSIP: 177510AQ7<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   5350000 | PA      | $5449510.00   | 0.30%             | 2028-06-07      | Floating      | 11.31%                | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                          | Chartwell RE Ltd                                    | CUSIP: 16140YAC6<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2618000.00   | 0.14%             | 2028-06-07      | Floating      | 12.82%                | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                          | Mayflower Re Ltd                                    | CUSIP: 57839MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3308500.00   | 0.18%             | 2026-07-08      | Floating      | 10.03%                | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                            | Ursa Re II Ltd                                      | CUSIP: 91734PAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9500000 | PA      | $9742250.00   | 0.53%             | 2028-06-07      | Floating      | 12.56%                | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                             | Purple Re Ltd                                       | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3600000 | PA      | $3758400.00   | 0.21%             | 2027-06-07      | Floating      | 12.70%                | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                         | Bluebonnet RE Ltd                                   | CUSIP: 09610NAB8<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4477800.00   | 0.25%             | 2028-06-07      | Floating      | 12.02%                | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                      | Foundation Re IV Ltd                                | CUSIP: 349939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  60000000 | PA      | $60720000.00  | 3.33%             | 2030-01-07      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                         | Four Lakes Re Ltd                                   | CUSIP: 35087TAF5<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2790975.00   | 0.15%             | 2027-01-07      | Floating      | 12.48%                | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                         | Bluebonnet RE Ltd                                   | CUSIP: 09610NAA0<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5746950.00   | 0.32%             | 2028-06-07      | Floating      | 9.27%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                            | Montoya Re Ltd                                      | CUSIP: 613752AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $510100.00    | 0.03%             | 2026-04-07      | Floating      | 16.95%                | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                          | Mystic Re IV Ltd                                    | CUSIP: 62865LAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1795325.00   | 0.10%             | 2028-01-10      | Floating      | 13.80%                | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                         | Nakama Re Pte Ltd                                   | CUSIP: 62984JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   8000000 | PA      | $8092000.00   | 0.44%             | 2029-04-04      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                          | Mona Lisa Re Ltd                                    | CUSIP: 608800AM0<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  15000000 | PA      | $14955000.00  | 0.82%             | 2030-01-08      | Floating      | 15.56%                | Yes           |                  2 | On Loan: No      |
| Dreyfus Government Cash Management        | Dreyfus Government Cash Management                  | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  64520814 | NS      | $64520814.03  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| KILIMANJARO II RE LTD                     | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $6978825.00   | 0.38%             | 2029-07-09      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                         | Blue Ridge Re Ltd                                   | CUSIP: 096003AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14500000 | PA      | $14434750.00  | 0.79%             | 2029-01-08      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                   | Residential Reinsurance 2023 Ltd                    | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3125000 | PA      | $3266250.00   | 0.18%             | 2027-12-06      | Floating      | 9.54%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                             | Herbie Re Ltd                                       | CUSIP: 42703VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $6052800.00   | 0.33%             | 2028-01-07      | Floating      | 10.47%                | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                             | Ocelot Re Ltd                                       | CUSIP: 675951AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $9960600.00   | 0.55%             | 2029-02-26      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                              | Alamo Re Ltd                                        | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7177800.00   | 0.39%             | 2026-06-07      | Floating      | 12.60%                | Yes           |                  2 | On Loan: No      |
| ATELA RE LTD                              | Atela Re Ltd                                        | CUSIP: 04681FAA2<br>LEI: 2549006VU6TMK735XN50 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3229500.00   | 0.18%             | 2027-05-09      | Floating      | 17.81%                | Yes           |                  2 | On Loan: No      |
| PI0059-Kettering                          | PI0059-Kettering                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  15000000 | PA      | $15362664.48  | 0.84%             | 2029-03-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PUERTO RICO PARAMETRIC                    | Puerto Rico Parametric Re Ltd                       | CUSIP: 74528TAA2<br>LEI: 254900GJDFHQXGUCMO94 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $526150.00    | 0.03%             | 2027-06-07      | Floating      | 12.55%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE LTD                          | Integrity Re Ltd                                    | CUSIP: 45833UAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1611000.00   | 0.09%             | 2026-06-06      | Floating      | 26.32%                | Yes           |                  2 | On Loan: No      |
| ORANGE CAPITAL RE DAC                     | Orange Capital RE DAC                               | CUSIP: 000000000<br>LEI: 635400PXTZAPQFEPH515 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $621360.47    | 0.03%             | 2029-01-17      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                          | Integrity RE III Ltd                                | CUSIP: 45870GAA4<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3602900.00   | 0.20%             | 2027-06-06      | Floating      | 11.66%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001TAA5<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2319525.00   | 0.13%             | 2028-04-07      | Floating      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                         | Four Lakes Re Ltd                                   | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3297450.00   | 0.18%             | 2027-01-07      | Floating      | 9.36%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                          | Mystic Re IV Ltd                                    | CUSIP: 62865LAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5071000.00   | 0.28%             | 2028-01-10      | Floating      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                        | Sanders Re III Ltd                                  | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1501500.00   | 0.08%             | 2026-04-07      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                         | Blue Ridge Re Ltd                                   | CUSIP: 096003AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14500000 | PA      | $14452150.00  | 0.79%             | 2029-01-08      | Floating      | 7.04%                 | Yes           |                  2 | On Loan: No      |
| NORTHSHORE RE II LTD                      | Northshore Re II Ltd                                | CUSIP: 666842AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19750000 | PA      | $20006750.00  | 1.10%             | 2028-04-07      | Floating      | 8.56%                 | Yes           |                  2 | On Loan: No      |
| Mangrove Risk Solutions Bermuda Ltd.      | Mangrove Risk Solutions Bermuda Ltd.                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5800050 | PA      | $612485.28    | 0.03%             | 2031-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KILIMANJARO II RE LTD                     | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10271000.00  | 0.56%             | 2029-07-09      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE ENTERPRISE                       | Merna Re Enterprise Ltd                             | CUSIP: 59013HAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  16500000 | PA      | $16869600.00  | 0.93%             | 2028-07-07      | Floating      | 11.32%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |    500000 | PA      | $510200.00    | 0.03%             | 2028-04-24      | Floating      | 14.87%                | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                             | Purple Re Ltd                                       | CUSIP: 74639NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3329625.00   | 0.18%             | 2026-04-24      | Floating      | 16.68%                | Yes           |                  2 | On Loan: No      |
| ACORN RE LTD                              | Acorn Re Ltd                                        | CUSIP: 00485YAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14750000 | PA      | $14729350.00  | 0.81%             | 2028-11-07      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                            | Gateway Re Ltd                                      | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $504000.00    | 0.03%             | 2026-02-24      | Floating      | 17.50%                | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                            | Titania RE Ltd                                      | CUSIP: 888329AC3<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1007000.00   | 0.06%             | 2026-02-27      | Floating      | 16.69%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                          | Integrity RE III Ltd                                | CUSIP: 45870GAB2<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5668850.00   | 0.31%             | 2028-06-06      | Floating      | 11.65%                | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                          | Mystic Re IV Ltd                                    | CUSIP: 62865LAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19950000 | PA      | $20738025.00  | 1.14%             | 2027-01-08      | Floating      | 15.55%                | Yes           |                  2 | On Loan: No      |
| Mangrove 2025-E                           | Mangrove 2025-E                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9865000 | PA      | $1105866.50   | 0.06%             | 2030-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CHARLES RIVER RE LTD                      | Charles River Re Ltd                                | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1039700.00   | 0.06%             | 2027-05-10      | Floating      | 11.19%                | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                     | First Coast Re IV Ltd                               | CUSIP: 31969UAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7174300.00   | 0.39%             | 2028-03-10      | Floating      | 10.07%                | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                             | Ocelot Re Ltd                                       | CUSIP: 675951AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $8136000.00   | 0.45%             | 2027-01-07      | Floating      | 11.31%                | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                              | Alamo Re Ltd                                        | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1584000.00   | 0.09%             | 2027-06-07      | Floating      | 11.95%                | Yes           |                  2 | On Loan: No      |
| ADARE RE 2025-2                           | ADARE RE 2025-2                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5030000 | PA      | $5067842.52   | 0.28%             | 2031-09-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PALM RE LTD                               | Palm RE Ltd                                         | CUSIP: 69664FAB4<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |  12750000 | PA      | $13266375.00  | 0.73%             | 2028-06-07      | Floating      | 11.31%                | Yes           |                  2 | On Loan: No      |
| SKYLINE RE LTD 2025-1                     | Skyline Re II Ltd 2025-1                            | CUSIP: 83087AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  20000000 | PA      | $19970000.00  | 1.10%             | 2030-01-07      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |   1500000 | PA      | $1537500.00   | 0.08%             | 2028-04-24      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                             | Herbie Re Ltd                                       | CUSIP: 42703VAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2077000.00   | 0.11%             | 2029-01-08      | Floating      | 14.32%                | Yes           |                  2 | On Loan: No      |
| RAMBLE RE LTD                             | Ramble RE Ltd                                       | CUSIP: 751443AA0<br>LEI: 254900X8K5BTBY971F92 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5064500.00   | 0.28%             | 2027-03-05      | Floating      | 10.05%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001TAD9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5547675.00   | 0.30%             | 2030-04-08      | Floating      | 8.30%                 | Yes           |                  2 | On Loan: No      |
| WINDMILL III RE DAC                       | Windmill III Re DAC                                 | CUSIP: 000000000<br>LEI: 635400PB5AXUZ6R7CT68 | Long             | DBT              | CORP              | IE        |    750000 | PA      | $919061.12    | 0.05%             | 2028-07-05      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                  | Residential Reinsurance 2025 Ltd                    | CUSIP: 76091JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  30000000 | PA      | $29775000.00  | 1.63%             | 2029-12-06      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                              | Alamo Re Ltd                                        | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1567350.00   | 0.09%             | 2027-06-07      | Floating      | 10.06%                | Yes           |                  2 | On Loan: No      |
| TURRIS RE LTD                             | Turris RE Ltd                                       | CUSIP: 900442AA2<br>LEI: 254900AYLTVDMB8FO181 | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5989200.00   | 0.33%             | 2029-01-08      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| 123 LIGHTS RE LTD                         | 123 Lights Re Ltd                                   | CUSIP: 68302QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1030200.00   | 0.06%             | 2028-09-14      | Floating      | 14.52%                | Yes           |                  2 | On Loan: No      |
| SAKURA RE LTD                             | Sakura RE Ltd                                       | CUSIP: 79381MAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2742575.00   | 0.15%             | 2029-04-05      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                         | Four Lakes Re Ltd                                   | CUSIP: 35087TAJ7<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   5350000 | PA      | $5334485.00   | 0.29%             | 2029-01-08      | Floating      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                     | First Coast Re IV Ltd                               | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    600000 | PA      | $607800.00    | 0.03%             | 2026-04-07      | Floating      | 13.51%                | Yes           |                  2 | On Loan: No      |
| MANGROVE RE 2025-C2                       | MANGROVE RE 2025-C2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5799600 | PA      | $215745.12    | 0.01%             | 2031-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MERION RE 2026-1                          | MERION RE 2026-1                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $8371250.00   | 0.46%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PURPLE RE LTD                             | Purple Re Ltd                                       | CUSIP: 74639NAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6812000.00   | 0.37%             | 2028-06-07      | Floating      | 10.90%                | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                            | Galileo Re Ltd                                      | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |   7050000 | PA      | $7358085.00   | 0.40%             | 2028-01-07      | Floating      | 10.55%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                        | Sanders Re III Ltd                                  | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $8103400.00   | 0.44%             | 2028-04-07      | Floating      | 9.12%                 | Yes           |                  2 | On Loan: No      |
| LION RE DAC                               | Lion RE DAC                                         | CUSIP: 000000000<br>LEI: 635400VAABXOBOWHZR32 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1200403.95   | 0.07%             | 2029-06-15      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                         | Sanders RE II Ltd                                   | CUSIP: 80001TAB3<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1589700.00   | 0.09%             | 2030-04-08      | Floating      | 7.80%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE LTD                             | Nakama Re Ltd                                       | CUSIP: 62983QAN3<br>LEI: 2549003ZFVVVVKMRJ633 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252700.00    | 0.01%             | 2028-05-09      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                  | Residential Reinsurance 2025 Ltd                    | CUSIP: 76091JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  27500000 | PA      | $27409250.00  | 1.50%             | 2029-12-06      | Floating      | 13.80%                | Yes           |                  2 | On Loan: No      |
| EPSOM RE 2025-2                           | EPSOM RE 2025-2                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9126952.87   | 0.50%             | 2031-09-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| VITALITY RE XV LTD                        | Vitality Re XV Ltd                                  | CUSIP: 92847CAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $509800.00    | 0.03%             | 2028-01-07      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| ADARE RE 2026                             | ADARE RE 2026                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10045000 | PA      | $9964525.67   | 0.55%             | 2031-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KILIMANJARO II RE LTD                     | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4754700.00   | 0.26%             | 2028-06-30      | Floating      | 10.81%                | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                             | Purple Re Ltd                                       | CUSIP: 74639NAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5675450.00   | 0.31%             | 2028-06-07      | Floating      | 11.40%                | Yes           |                  2 | On Loan: No      |
| HANDSHAKE RE LTD                          | Handshake Re Ltd                                    | CUSIP: 410290AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8100000 | PA      | $8087850.00   | 0.44%             | 2030-01-08      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                             | Herbie Re Ltd                                       | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5092000.00   | 0.28%             | 2029-01-08      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                         | FloodSmart Re Ltd                                   | CUSIP: 33975CAQ8<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4629600.00   | 0.25%             | 2027-03-12      | Floating      | 21.15%                | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                         | Four Lakes Re Ltd                                   | CUSIP: 35087TAH1<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $8165600.00   | 0.45%             | 2028-01-07      | Floating      | 11.81%                | Yes           |                  2 | On Loan: No      |
| ARMOR RE II LTD                           | Armor RE II Ltd                                     | CUSIP: 04227FAE5<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2133200.00   | 0.12%             | 2027-05-07      | Floating      | 13.76%                | Yes           |                  2 | On Loan: No      |
| VITALITY RE XVI LTD                       | Vitality Re XVI Ltd                                 | CUSIP: 92849FAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    750000 | PA      | $744675.00    | 0.04%             | 2029-01-08      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                        | Topanga Re Ltd                                      | CUSIP: 89055TAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10500000 | PA      | $10474800.00  | 0.57%             | 2030-01-07      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| WHITE HERON RE 2025                       | WHITE HERON RE 2025                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8200000 | PA      | $228591.69    | 0.01%             | 2031-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MEADOWS LTD                               | Meadows Ltd                                         | CUSIP: 58320RAC5<br>LEI: 254900W9CHL6SO5U0P81 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2746425.00   | 0.15%             | 2029-12-07      | Floating      | 11.15%                | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                            | Kendall Re Ltd                                      | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5715600.00   | 0.31%             | 2027-04-30      | Floating      | 9.80%                 | Yes           |                  2 | On Loan: No      |
| MMIFS RE LTD                              | MMIFS Re Ltd                                        | CUSIP: 000000000<br>LEI: 254900C86PCL10JRTQ88 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $734329.67    | 0.04%             | 2028-01-10      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                             | Hestia Re Ltd                                       | CUSIP: 42815KAD4<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1032500.00   | 0.06%             | 2028-03-13      | Floating      | 11.81%                | Yes           |                  2 | On Loan: No      |
| BLACK KITE RE LTD                         | Black Kite Re Ltd                                   | CUSIP: 092168AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |   1000000 | PA      | $1010000.00   | 0.06%             | 2028-05-08      | Floating      | 11.55%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                     | Kilimanjaro II Re Ltd                               | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8675700.00   | 0.48%             | 2028-06-30      | Floating      | 9.81%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE LTD                          | Integrity Re Ltd                                    | CUSIP: 45833UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3120000.00   | 0.17%             | 2026-06-06      | Floating      | 16.84%                | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                               | Ursa Re Ltd                                         | CUSIP: 90323WAQ3<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5170500.00   | 0.28%             | 2026-12-07      | Floating      | 12.31%                | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                           | Veraison Re Ltd                                     | CUSIP: 92335TAD1<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |  10500000 | PA      | $10702650.00  | 0.59%             | 2028-03-08      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| ARMOR RE II LTD                           | Armor RE II Ltd                                     | CUSIP: 04227FAF2<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $9794825.00   | 0.54%             | 2028-01-07      | Floating      | 12.06%                | Yes           |                  2 | On Loan: No      |
| BALDWIN RE LTD                            | Baldwin Re Ltd                                      | CUSIP: 05826BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6663150.00   | 0.37%             | 2029-07-09      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                      | Aquila Re I Ltd Series 2023-1                       | CUSIP: 03843AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $408400.00    | 0.02%             | 2026-06-08      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| AILSA RE 2025                             | AILSA RE 2025                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4930000 | PA      | $5107523.17   | 0.28%             | 2031-05-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| NATURE COAST RE LTD                       | Nature Coast Re Ltd                                 | CUSIP: 63901CAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8750000 | PA      | $9285500.00   | 0.51%             | 2029-01-16      | Floating      | 15.10%                | Yes           |                  2 | On Loan: No      |
| ASHERA RE                                 | Ashera Re                                           | CUSIP: 04401RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5897775.00   | 0.32%             | 2027-04-07      | Floating      | 8.74%                 | Yes           |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                        | Topanga Re Ltd                                      | CUSIP: 89055TAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8750000 | PA      | $8726375.00   | 0.48%             | 2030-01-07      | Floating      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| VITALITY RE XVI LTD                       | Vitality Re XVI Ltd                                 | CUSIP: 92849FAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    750000 | PA      | $746925.00    | 0.04%             | 2029-01-08      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| LIONGATE RE DAC                           | Liongate Re DAC                                     | CUSIP: 53625HAA4<br>LEI: 635400XWDC4YQUGGO620 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1007200.00   | 0.06%             | 2028-04-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| HERBIE RE LTD                             | Herbie Re Ltd                                       | CUSIP: 42703VAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1500750.00   | 0.08%             | 2027-01-08      | Floating      | 26.57%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                  | Merna Reinsurance II Ltd                            | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    350000 | PA      | $361025.00    | 0.02%             | 2026-07-07      | Floating      | 11.93%                | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                            | Kendall Re Ltd                                      | CUSIP: 48878QAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10391000.00  | 0.57%             | 2027-04-30      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                         | Four Lakes Re Ltd                                   | CUSIP: 35087TAK4<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |  12750000 | PA      | $12700275.00  | 0.70%             | 2029-01-08      | Floating      | 9.56%                 | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                             | Hestia Re Ltd                                       | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2561000.00   | 0.14%             | 2028-03-13      | Floating      | 10.31%                | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                            | Montoya Re Ltd                                      | CUSIP: 613752AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  19600000 | PA      | $19590200.00  | 1.07%             | 2030-04-09      | Floating      | 8.90%                 | Yes           |                  2 | On Loan: No      |
| MEADOWS LTD                               | Meadows Ltd                                         | CUSIP: 58320RAB7<br>LEI: 254900W9CHL6SO5U0P81 | Long             | DBT              | CORP              | BM        |  14000000 | PA      | $13816600.00  | 0.76%             | 2029-12-07      | Floating      | 15.15%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                      | Aquila Re I Ltd Series 2023-1                       | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253500.00    | 0.01%             | 2026-06-08      | Floating      | 8.90%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                           | Veraison Re Ltd                                     | CUSIP: 92335TAC3<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2055400.00   | 0.11%             | 2027-03-08      | Floating      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| HIGH POINT RE LTD                         | High Point Re Ltd                                   | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1517550.00   | 0.08%             | 2027-01-06      | Floating      | 9.20%                 | Yes           |                  2 | On Loan: No      |
| FLOODSMART RE LTD                         | FloodSmart Re Ltd                                   | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $8253750.00   | 0.45%             | 2027-03-12      | Floating      | 17.88%                | Yes           |                  2 | On Loan: No      |
| AZZURRO RE II DAC                         | Azzurro Re II DAC                                   | CUSIP: 000000000<br>LEI: 635400NZWVDIAI82JP08 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1202419.04   | 0.07%             | 2028-04-20      | Floating      | 8.42%                 | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                               | Ursa Re Ltd                                         | CUSIP: 90323WAR1<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |  10750000 | PA      | $10940275.00  | 0.60%             | 2028-02-22      | Floating      | 11.02%                | Yes           |                  2 | On Loan: No      |
| BALDWIN RE LTD                            | Baldwin Re Ltd                                      | CUSIP: 05826BAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $769125.00    | 0.04%             | 2027-07-07      | Floating      | 8.61%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                               | 3264 re Ltd                                         | CUSIP: 88577CAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  12000000 | PA      | $11974800.00  | 0.66%             | 2029-01-08      | Floating      | 9.55%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                          | Mona Lisa Re Ltd                                    | CUSIP: 608800AH1<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $538100.00    | 0.03%             | 2027-06-25      | Floating      | 13.31%                | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                             | Citrus Re Ltd                                       | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   2450000 | PA      | $2489200.00   | 0.14%             | 2026-06-07      | Floating      | 10.15%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                     | Residential Reinsurance 2004 Ltd                    | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   5000000 | PA      | $5151500.00   | 0.28%             | 2028-12-06      | Floating      | 8.95%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                       | Torrey Pines Re Ltd                                 | CUSIP: 89141WAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8481825.00   | 0.47%             | 2028-06-07      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                       | Cape Lookout Re Ltd                                 | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  11500000 | PA      | $11638000.00  | 0.64%             | 2026-04-28      | Floating      | 10.72%                | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                            | Bonanza RE Ltd                                      | CUSIP: 09785EAP6<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $9816300.00   | 0.54%             | 2027-12-19      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer