# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-26-002412
**Filing Date:** 2026-1
**Character Count:** 524096
**Document Hash:** c1152de1bce58e7c63a7205a8c45aab1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002412.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002412

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**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:** 26559726

**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 Short Term Income Fund (Series ID: S000089768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256531 | Class Y      | PSHYX           |
| C000256532 | Class A      | STABX           |
| C000256533 | Class C      | STIIX           |
| C000256534 | Class R6     | STIKX           |

## Nport-Ex

## Victory Pioneer Short Term Income Fund
Schedule of Investments \| November 30, 2025

------

### Schedule of Investments \| 11/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 102.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 0.3% of Net Assets(a)\*** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.1%** |  |
| 500,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Media Corp., Term B Loan, 9/23/32 | $500000 |
| 213557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC (Outfront Media Capital Corp.), Term Loan, 5.951% (1 Month Term SOFR + 200 bps), 9/24/32 | &nbsp;&nbsp; 213957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **713957** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 0.0%†** |  |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RealPage, Inc., First Lien Initial Term Loan, 7.263% (3 Month Term SOFR + 300 bps), 4/24/28 | $240150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **240150** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 0.0%†** |  |
| 235662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Y, 7.052% (6 Month Term SOFR + 318 bps), 3/31/31 | $231626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **231626** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 0.1%** |  |
| 280,377(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions Inc., Add-On TLB, 12/18/30 | $282539 |
| 244530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. (Macdermid, Inc.), Tranche B-3 Term Loan, 5.666% (1 Month Term SOFR + 175 bps), 12/18/30 | &nbsp;&nbsp; 246440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **528979** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.0%†** |  |
| 121178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.166% (1 Month Term SOFR + 525 bps), 4/3/28 | $122132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **122132** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Leasing Company — 0.0%†** |  |
| 240695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US) LLC, Term B-6 Loan, 5.71% (1 Month Term SOFR + 175 bps), 6/22/30 | $241833 |
| 112942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delos Aircraft Designated Activity Co., 2023 Term Loan, 5.752% (1 Month Term SOFR + 175 bps), 10/31/27 | &nbsp;&nbsp; 113594 |
| 94500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Setanta Aircraft Leasing Designated Activity Co., New Loan, 5.752% (3 Month Term SOFR + 175 bps), 11/6/28 | &nbsp;&nbsp; 95051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Leasing Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **450478** |

---

1Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 0.0%†** |  |
| 247249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc., Series B-4 Term Loan, 5.704% (1 Month Term SOFR + 175 bps), 11/8/30 | $248344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **248344** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 0.0%†** |  |
| 36844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 6.666% (1 Month Term SOFR + 275 bps), 3/4/30 | $34649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **34649** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 0.1%** |  |
| 235230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.416% (1 Month Term SOFR + 250 bps), 2/21/31 | $236568 |
| 235702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2025 Refinancing Term Loan, 6.34% (1 Month Term SOFR + 250 bps), 5/30/31 | &nbsp;&nbsp; 237765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **474333** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Processors & Fabrication — 0.0%†** |  |
| 128789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WireCo WorldGroup, Inc., 2023 Refinancing Term Loan, 7.607% (3 Month Term SOFR + 375 bps), 11/13/28 | $128709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Processors & Fabrication** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **128709** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Therapy & Rehabilitation Centers — 0.0%†** |  |
| 239375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream Newco, Inc., First Lien August 2021 Incremental Term Loan, 8.352% (3 Month Term SOFR + 425 bps), 11/20/26 | $209453 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Therapy & Rehabilitation Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **209453** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.0%†** |  |
| 239553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 7.74% (1 Month Term SOFR + 375 bps), 2/8/28 | $232665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **232665** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.0%†** |  |
| 75128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-4 Refinancing Loans, 7.166% (1 Month Term SOFR + 325 bps), 3/29/32 | $75410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **75410** |

---

Victory Pioneer Short Term Income Fund \| 11/30/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Veterinary Diagnostics — 0.0%†** |  |
| 257310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health Incorporated, 2025 Refinancing TLB Loan, 5.734% (1 Month Term SOFR + 175 bps), 10/31/32 | $257471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Veterinary Diagnostics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **257471** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $3,969,642)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3948356** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 30.2% of Net<br> Assets** |  |
| 18,002(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 4.273% (1 Month Term SOFR + 31 bps), 6/15/41 (144A) | $17836 |
| 27,720(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables LLC, Series 2005-1A, Class A1, 4.303% (1 Month Term SOFR + 34 bps), 11/15/40 (144A) | &nbsp;&nbsp; 27183 |
| 226911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated LLC, Series 2021-1H, Class C, 2.35%, 10/20/40 (144A) | &nbsp;&nbsp; 213458 |
| 789346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Mortgage Trust, Series 2024-HE1, Class A, 6.55%, 5/25/39 (144A) | &nbsp;&nbsp; 810199 |
| 686223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2024-HE2, Class A, 5.35%, 10/25/39 (144A) | &nbsp;&nbsp; 689650 |
| 426092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | &nbsp;&nbsp; 431192 |
| 366114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29 (144A) | &nbsp;&nbsp; 365969 |
| 219985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 6/20/29 (144A) | &nbsp;&nbsp; 219767 |
| 2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.61%, 2/15/29 (144A) | &nbsp;&nbsp; 2426062 |
| 148004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X2, Class A, 5.22%, 12/17/29 (144A) | &nbsp;&nbsp; 148087 |
| 148457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class D, 6.315%, 5/17/32 (144A) | &nbsp;&nbsp; 150717 |
| 123714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class E, 7.917%, 5/17/32 (144A) | &nbsp;&nbsp; 126090 |
| 2409391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class E, 6.066%, 6/15/33 (144A) | &nbsp;&nbsp; 2420665 |
| 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-4, Class E, 9.79%, 8/12/31 (144A) | &nbsp;&nbsp; 2990070 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2024-3, Class D, 6.04%, 7/12/30 (144A) | &nbsp;&nbsp; 2040966 |
| 1970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.50%, 7/14/31 (144A) | &nbsp;&nbsp; 1990972 |

---

3Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class D, 7.25%, 5/21/29 (144A) | $810813 |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class D, 7.48%, 7/22/30 (144A) | &nbsp;&nbsp; 677004 |
| 1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class D, 5.97%, 10/20/31 (144A) | &nbsp;&nbsp; 1392907 |
| 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class D, 5.68%, 8/20/32 (144A) | &nbsp;&nbsp; 2222653 |
| 1,930,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.642% (SOFR30A + 160 bps), 12/25/55 (144A) | &nbsp;&nbsp; 1929605 |
| 4,378,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB2, Class M2, 6.492% (SOFR30A + 245 bps), 12/25/55 (144A) | &nbsp;&nbsp; 4378000 |
| 628557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A, Class C, 4.01%, 7/16/40 (144A) | &nbsp;&nbsp; 617105 |
| 421270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA, Class C, 3.97%, 7/17/46 (144A) | &nbsp;&nbsp; 408701 |
| 210357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 7/17/46 (144A) | &nbsp;&nbsp; 193715 |
| 2548553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2024-A, Class A, 4.81%, 4/18/50 (144A) | &nbsp;&nbsp; 2578710 |
| 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C, 9.84%, 3/15/29 (144A) | &nbsp;&nbsp; 549082 |
| 1970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B, 6.87%, 6/17/30 (144A) | &nbsp;&nbsp; 2015973 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D, 5.82%, 1/15/32 (144A) | &nbsp;&nbsp; 2499222 |
| 1233221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Career Funding Trust, Series 2024-1A, Class A, 6.77%, 10/25/32 (144A) | &nbsp;&nbsp; 1241278 |
| 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2021-1, Class F, 5.16%, 10/16/28 (144A) | &nbsp;&nbsp; 1002793 |
| 356424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2023-1, Class C, 7.35%, 12/15/27 (144A) | &nbsp;&nbsp; 357693 |
| 1035833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class C, 6.24%, 4/20/27 (144A) | &nbsp;&nbsp; 1039211 |
| 1790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-3A, Class D, 7.32%, 2/20/28 (144A) | &nbsp;&nbsp; 1814005 |
| 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, 6/20/29 (144A) | &nbsp;&nbsp; 1032011 |
| 724,538(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class B, 5.372% (SOFR30A + 130 bps), 12/26/31 (144A) | &nbsp;&nbsp; 727344 |

---

Victory Pioneer Short Term Income Fund \| 11/30/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 414,022(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class D, 6.122% (SOFR30A + 205 bps), 12/26/31 (144A) | $416513 |
| 2,620,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class B, 5.672% (SOFR30A + 160 bps), 6/25/47 (144A) | &nbsp;&nbsp; 2620450 |
| 193361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII Trust, Series 2024-CAR1F, Class A, 6.971%, 7/29/32 (144A) | &nbsp;&nbsp; 193672 |
| 2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-B, Class D, 3.17%, 10/17/34 (144A) | &nbsp;&nbsp; 2251563 |
| 1175707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2022-C, Class B, 5.93%, 10/17/35 (144A) | &nbsp;&nbsp; 1179120 |
| 1184178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B, Class B, 7.45%, 12/17/36 (144A) | &nbsp;&nbsp; 1241541 |
| 1438355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2024-1CON, Class B, 6.49%, 4/17/35 (144A) | &nbsp;&nbsp; 1479112 |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2024-1CON, Class C, 6.86%, 4/17/35 (144A) | &nbsp;&nbsp; 633463 |
| 2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2025-2CON, Class D, 5.95%, 9/17/36 (144A) | &nbsp;&nbsp; 2429322 |
| 417535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital II Aircraft Lease, Ltd., Series 2021-1A, Class B, 3.446%, 7/15/46 (144A) | &nbsp;&nbsp; 400723 |
| 587270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bridge Funding LLC, Series 2023-1A, Class A, 7.37%, 11/15/30 (144A) | &nbsp;&nbsp; 592291 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class B, 5.41%, 3/15/30 (144A) | &nbsp;&nbsp; 1112685 |
| 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class D, 8.00%, 12/15/31 (144A) | &nbsp;&nbsp; 1098236 |
| 255279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33 (144A) | &nbsp;&nbsp; 252724 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05%, 7/15/27 (144A) | &nbsp;&nbsp; 2108537 |
| 94719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXG Receivables Note Trust, Series 2020-A, Class B, 2.49%, 2/28/36 (144A) | &nbsp;&nbsp; 91991 |
| 235,151(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.584% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 235041 |
| 45,714(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO II, Ltd., Series 2022-1A, Class X, 5.184% (3 Month Term SOFR + 130 bps), 1/20/37 (144A) | &nbsp;&nbsp; 45713 |
| 109081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/28 (144A) | &nbsp;&nbsp; 108108 |
| 2110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N4, Class C, 6.59%, 2/11/30 (144A) | &nbsp;&nbsp; 2162923 |

---

5Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-P3, Class B, 5.97%, 9/10/29 (144A) | $842780 |
| 1131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2024-N3, Class D, 5.38%, 12/10/30 (144A) | &nbsp;&nbsp; 1128218 |
| 544,003(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerstone SBA Trust, Series 2023-1, Class A, 7.85% (PRIME + 85 bps), 12/27/50 (144A) | &nbsp;&nbsp; 543240 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class A, 5.255% (3 Month Term SOFR + 135 bps), 1/15/34 (144A) | &nbsp;&nbsp; 2250329 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class D, 7.405% (3 Month Term SOFR + 350 bps), 1/15/34 (144A) | &nbsp;&nbsp; 1997196 |
| 250,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class M1, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 247666 |
| 750,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class M2, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 739620 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class M3, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 196232 |
| 2,230,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB13, Class M3, 3.00%, 5/25/34 (144A) | &nbsp;&nbsp; 2125825 |
| 21,313(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Funding Trust, Series 2003-3, Class 2A2, 4.609% (1 Month Term SOFR + 65 bps), 4/25/33 | &nbsp;&nbsp; 21228 |
| 30,811(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Funding Trust, Series 2003-6, Class 1A7, 4.847%, 11/25/34 | &nbsp;&nbsp; 30679 |
| 454194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 7/16/29 (144A) | &nbsp;&nbsp; 458852 |
| 17628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class C, 4.44%, 9/25/42 (144A) | &nbsp;&nbsp; 15210 |
| 574446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class A, 6.19%, 10/15/30 (144A) | &nbsp;&nbsp; 575648 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class C, 9.33%, 10/15/30 (144A) | &nbsp;&nbsp; 767386 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A, 5.78%, 12/15/32 (144A) | &nbsp;&nbsp; 1268889 |
| 120,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Countrywide Asset-Backed Certificates, Series 2004-SD3, Class A2, 5.169% (1 Month Term SOFR + 121 bps), 9/25/34 (144A) | &nbsp;&nbsp; 117293 |
| 199729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP EF Asset Securitization II LLC, Series 2023-1A, Class A, 7.48%, 3/15/32 (144A) | &nbsp;&nbsp; 201303 |
| 1,466,785(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2025-CES1, Class A1A, 5.296%, 11/25/60 (144A) | &nbsp;&nbsp; 1470914 |
| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2024-A, Class C, 6.52%, 8/20/30 (144A) | &nbsp;&nbsp; 2114776 |

---

Victory Pioneer Short Term Income Fund \| 11/30/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,526,417(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.224%, 10/25/55 (144A) | $2525926 |
| 1,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerpath Capital CLO, Ltd., Series 2021-1A, Class A1R, 5.705% (3 Month Term SOFR + 180 bps), 7/15/36 (144A) | &nbsp;&nbsp; 1901615 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31 (144A) | &nbsp;&nbsp; 504139 |
| 181403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2, Class A2, 6.56%, 5/15/34 (144A) | &nbsp;&nbsp; 182559 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2024-2, Class C, 4.67%, 5/17/32 | &nbsp;&nbsp; 2512853 |
| 1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2024-2, Class D, 4.94%, 5/17/32 | &nbsp;&nbsp; 1845054 |
| 946008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elara Hgv Timeshare Issuer LLC, Series 2025-A, Class D, 6.91%, 1/25/40 (144A) | &nbsp;&nbsp; 946301 |
| 914,968(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class C, 6.396% (3 Month Term SOFR + 251 bps), 7/20/30 (144A) | &nbsp;&nbsp; 914281 |
| 697370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equify ABS LLC, Series 2024-1A, Class A, 5.43%, 4/18/33 (144A) | &nbsp;&nbsp; 698024 |
| 4060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.02%, 10/15/29 (144A) | &nbsp;&nbsp; 3967018 |
| 370739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-3A, Class D, 6.76%, 9/15/28 | &nbsp;&nbsp; 374910 |
| 895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-6A, Class E, 11.61%, 6/17/30 (144A) | &nbsp;&nbsp; 961288 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2023-5A, Class D, 7.13%, 2/15/30 | &nbsp;&nbsp; 1137011 |
| 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2024-4A, Class E, 7.65%, 2/17/32 (144A) | &nbsp;&nbsp; 1599743 |
| 1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2024-5A, Class D, 5.06%, 2/18/31 | &nbsp;&nbsp; 1366621 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust, Series 2025-2, Class D, 5.34%, 1/15/32 | &nbsp;&nbsp; 606463 |
| 2360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCCU Auto Receivables Trust, Series 2025-1A, Class D, 6.29%, 7/15/33 (144A) | &nbsp;&nbsp; 2409335 |
| 1662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2023-2A, Class B, 7.49%, 11/15/29 (144A) | &nbsp;&nbsp; 1695082 |
| 388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2023-2A, Class C, 7.97%, 12/17/29 (144A) | &nbsp;&nbsp; 393198 |
| 722658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-1A, Class A2, 5.69%, 2/15/30 (144A) | &nbsp;&nbsp; 726710 |
| 2272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class C, 5.43%, 3/17/31 (144A) | &nbsp;&nbsp; 2143747 |

---

7Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class D, 6.01%, 12/15/31 (144A) | $1219063 |
| 124713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A, Class A2, 6.57%, 6/15/28 (144A) | &nbsp;&nbsp; 125347 |
| 1,247,109(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE2, Class A, 6.38%, 5/25/54 (144A) | &nbsp;&nbsp; 1280083 |
| 1,619,133(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE3, Class A, 5.937%, 7/25/54 (144A) | &nbsp;&nbsp; 1646623 |
| 2,107,078(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE2, Class A, 5.775%, 3/25/55 (144A) | &nbsp;&nbsp; 2132351 |
| 3,544,004(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE6, Class A, 5.044%, 9/25/55 (144A) | &nbsp;&nbsp; 3535251 |
| 1,230,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE8, Class A, 5.206%, 11/25/55 (144A) | &nbsp;&nbsp; 1232481 |
| 3,180,667(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNA 8 LLC, Series 2025-1, Class A, 5.623%, 3/15/45 (144A) | &nbsp;&nbsp; 3205363 |
| 1,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities IX CLO, Ltd., Series 2017-9A, Class A1TR, 5.716% (3 Month Term SOFR + 181 bps), 10/15/33 (144A) | &nbsp;&nbsp; 1098689 |
| 1,370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class B, 5.534% (3 Month Term SOFR + 165 bps), 4/20/33 (144A) | &nbsp;&nbsp; 1370014 |
| 100787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A, Class A, 1.27%, 5/15/41 (144A) | &nbsp;&nbsp; 95987 |
| 681086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2024-1A, Class A, 5.50%, 12/15/49 (144A) | &nbsp;&nbsp; 697252 |
| 799901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2024-1A, Class B, 5.95%, 12/15/49 (144A) | &nbsp;&nbsp; 822186 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Series 2022-2, Class D, 7.09%, 10/15/29 (144A) | &nbsp;&nbsp; 1008554 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Series 2024-1, Class D, 6.83%, 3/15/30 (144A) | &nbsp;&nbsp; 1031464 |
| 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E, 4.43%, 10/16/28 (144A) | &nbsp;&nbsp; 1214864 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class D, 7.01%, 1/16/29 (144A) | &nbsp;&nbsp; 764929 |
| 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class E, 11.42%, 3/15/30 (144A) | &nbsp;&nbsp; 771640 |
| 2670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-3A, Class D, 5.53%, 2/18/31 (144A) | &nbsp;&nbsp; 2702129 |
| 790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D, 5.59%, 1/15/31 (144A) | &nbsp;&nbsp; 801389 |
| 1089000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A, Class C, 6.41%, 8/15/29 (144A) | &nbsp;&nbsp; 1120732 |

---

Victory Pioneer Short Term Income Fund \| 11/30/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A, Class D, 7.93%, 7/15/30 (144A) | $1062342 |
| 1429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A, Class C, 7.31%, 1/15/30 (144A) | &nbsp;&nbsp; 1497869 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class C, 5.69%, 3/15/30 (144A) | &nbsp;&nbsp; 235200 |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class D, 6.43%, 1/15/31 (144A) | &nbsp;&nbsp; 1349469 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-2A, Class D, 6.37%, 8/15/31 (144A) | &nbsp;&nbsp; 2386824 |
| 887000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-4A, Class D, 5.28%, 10/15/31 (144A) | &nbsp;&nbsp; 901340 |
| 1,622,530(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class BR, 5.858% (3 Month Term SOFR + 200 bps), 7/25/33 (144A) | &nbsp;&nbsp; 1611714 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class DR, 8.458% (3 Month Term SOFR + 460 bps), 7/25/33 (144A) | &nbsp;&nbsp; 1751005 |
| 1,027,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2024-1A, Class C, 7.855% (SOFR90A + 350 bps), 3/1/28 (144A) | &nbsp;&nbsp; 1028305 |
| 432,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2024-1A, Class D, 11.505% (SOFR90A + 715 bps), 3/1/28 (144A) | &nbsp;&nbsp; 433254 |
| 650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2025-1A, Class B, 6.209% (SOFR30A + 200 bps), 8/15/28 (144A) | &nbsp;&nbsp; 650065 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2025-1A, Class C, 6.959% (SOFR30A + 275 bps), 8/15/28 (144A) | &nbsp;&nbsp; 1001739 |
| 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class D, 5.56%, 6/25/60 (144A) | &nbsp;&nbsp; 2330813 |
| 1,691,022(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, 5.672% (SOFR30A + 160 bps), 8/25/54 (144A) | &nbsp;&nbsp; 1694549 |
| 904,062(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE2, Class A1, 5.572% (SOFR30A + 150 bps), 1/25/55 (144A) | &nbsp;&nbsp; 905512 |
| 3,473,724(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-HE2, Class A1, 5.745% (SOFR30A + 155 bps), 12/25/65 (144A) | &nbsp;&nbsp; 3480601 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-HE2, Class M1, 6.095% (SOFR30A + 190 bps), 12/25/65 (144A) | &nbsp;&nbsp; 2504170 |

---

9Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,277,367(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847%, 11/25/67 (144A) | $2296414 |
| 380,435(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2023-1, Class A, 7.356% (SOFR30A + 325 bps), 10/25/50 (144A) | &nbsp;&nbsp; 393771 |
| 1,155,321(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1, Class A, 6.356% (SOFR30A + 225 bps), 12/25/51 (144A) | &nbsp;&nbsp; 1162800 |
| 560980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38 (144A) | &nbsp;&nbsp; 577332 |
| 610576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HINNT LLC, Series 2024-A, Class A, 5.49%, 3/15/43 (144A) | &nbsp;&nbsp; 622589 |
| 900,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class B, 7.432%, 8/20/51 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 900,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class B, 7.432%, 8/20/51 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5495108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Partners of America Trust, Series 2019-2, Class F, 3.866%, 10/19/39 (144A) | &nbsp;&nbsp; 5329987 |
| 184,115(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class C, 7.249% (SOFR30A + 315 bps), 5/20/32 (144A) | &nbsp;&nbsp; 185560 |
| 434,216(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class C, 6.699% (SOFR30A + 260 bps), 10/20/32 (144A) | &nbsp;&nbsp; 434776 |
| 2,636,483(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class C, 6.449% (SOFR30A + 235 bps), 9/20/33 (144A) | &nbsp;&nbsp; 2640178 |
| 360,651(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 5.849% (SOFR30A + 175 bps), 11/25/53 (144A) | &nbsp;&nbsp; 361762 |
| 691,082(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 5.799% (SOFR30A + 170 bps), 3/20/54 (144A) | &nbsp;&nbsp; 693509 |
| 466,533(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE3, Class A1, 5.699% (SOFR30A + 160 bps), 5/20/54 (144A) | &nbsp;&nbsp; 467960 |
| 2,020,462(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, 5.299% (SOFR30A + 120 bps), 10/20/54 (144A) | &nbsp;&nbsp; 2020455 |
| 1,758,335(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.299% (SOFR30A + 120 bps), 2/25/55 (144A) | &nbsp;&nbsp; 1758328 |
| 2,314,657(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-HE1, Class A1, 5.249% (SOFR30A + 115 bps), 7/20/55 (144A) | &nbsp;&nbsp; 2311348 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-HE3, Class A1, 5.422% (SOFR30A + 135 bps), 3/25/56 (144A) | $3520000 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2024-1A, Class D, 6.15%, 6/16/31 (144A) | &nbsp;&nbsp; 1031235 |
| 370655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2023-3A, Class A2, 7.50%, 12/15/28 (144A) | &nbsp;&nbsp; 377445 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-2A, Class B, 6.52%, 7/16/29 (144A) | &nbsp;&nbsp; 1517130 |
| 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-3A, Class B, 5.03%, 11/15/30 (144A) | &nbsp;&nbsp; 1534889 |
| 210684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS LLC, Series 2023-A, Class A, 7.173%, 7/15/35 (144A) | &nbsp;&nbsp; 211190 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2024-1A, Class A, 5.88%, 9/30/38 (144A) | &nbsp;&nbsp; 1809242 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2025-1A, Class A, 6.355%, 8/15/39 (144A) | &nbsp;&nbsp; 604928 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2025-1A, Class C, 9.90%, 8/15/39 (144A) | &nbsp;&nbsp; 1002476 |
| 330198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46 (144A) | &nbsp;&nbsp; 314574 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2023-1A, Class E, 10.80%, 5/20/36 (144A) | &nbsp;&nbsp; 1016511 |
| 2710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class B, 7.43%, 7/20/29 (144A) | &nbsp;&nbsp; 2734749 |
| 710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class A1R2, 5.094% (3 Month Term SOFR + 121 bps), 1/18/36 (144A) | &nbsp;&nbsp; 708868 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-B, Class A, 5.88%, 1/15/30 (144A) | &nbsp;&nbsp; 1913340 |
| 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-B, Class B, 6.32%, 1/15/30 (144A) | &nbsp;&nbsp; 1248670 |
| 1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2025-A, Class A, 5.80%, 5/15/30 (144A) | &nbsp;&nbsp; 1434892 |
| 1,540,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XII, Ltd., Series 2021-2A, Class A1, 5.799% (3 Month Term SOFR + 176 bps), 9/14/33 (144A) | &nbsp;&nbsp; 1543226 |
| 71026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2019-2A, Class D, 6.18%, 9/20/40 (144A) | &nbsp;&nbsp; 70300 |
| 32872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37 (144A) | &nbsp;&nbsp; 32619 |
| 1,079(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Century Home Equity Loan Trust, Series 2004-A, Class AII9, 5.47%, 8/25/34 | &nbsp;&nbsp; 2145 |

---

11Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2024-1A, Class A1, 5.042% (SOFR30A + 90 bps), 3/15/29 (144A) | $1306548 |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A, Class C, 8.04%, 6/17/30 (144A) | &nbsp;&nbsp; 334097 |
| 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2024-A, Class C, 6.33%, 12/15/31 (144A) | &nbsp;&nbsp; 1588119 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-A, Class D, 8.07%, 7/15/32 (144A) | &nbsp;&nbsp; 2300195 |
| 50,785(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaStar Mortgage Funding Trust, Series 2003-1, Class A2, 4.849% (1 Month Term SOFR + 89 bps), 5/25/33 | &nbsp;&nbsp; 50139 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-1A, Class D, 5.54%, 2/20/29 (144A) | &nbsp;&nbsp; 1510919 |
| 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 2/20/30 (144A) | &nbsp;&nbsp; 1659100 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A, Class D, 7.76%, 3/20/30 (144A) | &nbsp;&nbsp; 1036685 |
| 3423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-2A, Class E, 10.50%, 6/20/31 (144A) | &nbsp;&nbsp; 3696251 |
| 965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-3A, Class D, 7.58%, 9/20/29 (144A) | &nbsp;&nbsp; 1006020 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2024-1A, Class D, 6.43%, 10/21/30 (144A) | &nbsp;&nbsp; 1025922 |
| 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2024-RVM1, Class B, 5.27%, 1/22/46 (144A) | &nbsp;&nbsp; 1433187 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class B, 5.48%, 8/15/29 (144A) | &nbsp;&nbsp; 2304788 |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class C, 6.25%, 8/15/29 (144A) | &nbsp;&nbsp; 653358 |
| 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class B, 5.83%, 2/9/32 (144A) | &nbsp;&nbsp; 1263574 |
| 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-A, Class A, 5.01%, 2/8/33 (144A) | &nbsp;&nbsp; 1329978 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/32 (144A) | &nbsp;&nbsp; 764541 |
| 974626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, Series 2022-1A, Class B, 4.096%, 2/15/30 (144A) | &nbsp;&nbsp; 947447 |
| 3216921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class B, 5.75%, 6/15/32 (144A) | &nbsp;&nbsp; 3237457 |
| 1,305,383(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class AB, 5.389%, 7/15/32 (144A) | &nbsp;&nbsp; 1311767 |
| 999915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class B, 5.628%, 7/15/32 (144A) | &nbsp;&nbsp; 1008464 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1037244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B, 7.109%, 7/15/31 (144A) | $1042419 |
| 143009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class A, 6.319%, 8/15/31 (144A) | &nbsp;&nbsp; 143677 |
| 763,923(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class ABC, 6.767%, 8/15/31 (144A) | &nbsp;&nbsp; 766614 |
| 1215538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class B, 6.571%, 10/15/31 (144A) | &nbsp;&nbsp; 1221482 |
| 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-R1, Class B, 5.705%, 6/15/32 (144A) | &nbsp;&nbsp; 915295 |
| 521217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2021-1, Class D, 2.75%, 7/15/27 (144A) | &nbsp;&nbsp; 519573 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAC Solutions Receivables LLC, Series 2024-1A, Class C, 6.62%, 1/21/31 (144A) | &nbsp;&nbsp; 2068566 |
| 3110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAC Solutions Receivables LLC, Series 2024-2A, Class C, 5.37%, 10/20/31 (144A) | &nbsp;&nbsp; 3135224 |
| 622856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2022-1, Class A2, 7.25%, 10/15/34 (144A) | &nbsp;&nbsp; 631420 |
| 1017636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class A, 7.42%, 7/15/35 (144A) | &nbsp;&nbsp; 1043519 |
| 704491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2024-1, Class A, 6.95%, 2/15/36 (144A) | &nbsp;&nbsp; 712022 |
| 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2024-1A, Class C, 5.81%, 10/15/30 (144A) | &nbsp;&nbsp; 719226 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2024-1A, Class E, 8.50%, 12/15/31 (144A) | &nbsp;&nbsp; 409611 |
| 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2021-1A, Class E, 3.47%, 3/15/29 (144A) | &nbsp;&nbsp; 1299646 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2023-1A, Class E, 9.88%, 5/15/30 (144A) | &nbsp;&nbsp; 2360901 |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2023-2A, Class C, 7.12%, 8/15/29 (144A) | &nbsp;&nbsp; 1882103 |
| 1967000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2024-1A, Class D, 6.21%, 2/15/30 (144A) | &nbsp;&nbsp; 1979204 |
| 970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2024-2A, Class D, 5.15%, 7/15/30 (144A) | &nbsp;&nbsp; 968535 |
| 2580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2025-1A, Class C, 5.52%, 2/15/30 (144A) | &nbsp;&nbsp; 2562401 |
| 670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class D, 7.26%, 8/15/28 (144A) | &nbsp;&nbsp; 670384 |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class E, 10.18%, 8/15/28 (144A) | &nbsp;&nbsp; 701627 |
| 840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34 (144A) | &nbsp;&nbsp; 844411 |

---

13Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A, Class E, 7.12%, 7/25/34 (144A) | $3210928 |
| 2377280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-1A, Class B, 6.29%, 2/18/31 (144A) | &nbsp;&nbsp; 2394053 |
| 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-1A, Class B, 5.34%, 8/16/32 (144A) | &nbsp;&nbsp; 2288674 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-2A, Class C, 5.69%, 8/18/32 (144A) | &nbsp;&nbsp; 2031885 |
| 76,400(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A, 6.50% (PRIME - 50 bps), 12/27/44 (144A) | &nbsp;&nbsp; 76345 |
| 556,314(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2023-3, Class A, 7.07% (PRIME + 7 bps), 4/25/48 (144A) | &nbsp;&nbsp; 563118 |
| 142,857(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta IX Funding, Ltd., Series 2017-1A, Class XR, 4.932% (3 Month Term SOFR + 105 bps), 4/17/37 (144A) | &nbsp;&nbsp; 142783 |
| 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2024-2, Class B, 5.49%, 12/15/33 (144A) | &nbsp;&nbsp; 1868177 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2024-2, Class C, 5.74%, 12/15/33 (144A) | &nbsp;&nbsp; 1263080 |
| 372390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2023-4A, Class A, 7.54%, 3/25/32 (144A) | &nbsp;&nbsp; 373135 |
| 1,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMF Buyout Issuance Trust, Series 2021-HB1, Class M3, 3.69%, 11/25/31 (144A) | &nbsp;&nbsp; 958371 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class C, 6.96%, 1/18/30 (144A) | &nbsp;&nbsp; 504192 |
| 764,621(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2023-FIG4, Class A, 6.718%, 11/25/53 (144A) | &nbsp;&nbsp; 795056 |
| 1,984,006(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306%, 3/25/54 (144A) | &nbsp;&nbsp; 2007950 |
| 566324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class E, 8.408%, 12/15/33 (144A) | &nbsp;&nbsp; 577124 |
| 858130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class E, 6.799%, 1/18/33 (144A) | &nbsp;&nbsp; 861212 |
| 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-2, Class D, 6.28%, 8/15/31 | &nbsp;&nbsp; 1152470 |
| 1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-4, Class D, 5.32%, 12/15/31 | &nbsp;&nbsp; 2000093 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, 1/15/31 | &nbsp;&nbsp; 1007633 |
| 1424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2022-1A, Class E, 5.26%, 7/20/32 (144A) | &nbsp;&nbsp; 1416510 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 122034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2022-2A, Class D, 6.50%, 10/20/32 (144A) | $122163 |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2024-1A, Class D, 6.58%, 6/21/33 (144A) | &nbsp;&nbsp; 502792 |
| 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2, Class D, 5.62%, 6/25/34 (144A) | &nbsp;&nbsp; 1199958 |
| 3,970,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO V-R, Ltd., Series 2014-1RA, Class B, 5.896% (3 Month Term SOFR + 201 bps), 7/18/31 (144A) | &nbsp;&nbsp; 3964545 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XVI, Ltd., Series 2017-2A, Class D, 7.72% (3 Month Term SOFR + 386 bps), 7/25/30 (144A) | &nbsp;&nbsp; 500458 |
| 1,610,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class C, 6.382% (3 Month Term SOFR + 250 bps), 10/17/36 (144A) | &nbsp;&nbsp; 1613808 |
| 144650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak ABS, Series 2021-1A, Class AA, 2.301%, 2/28/33 (144A) | &nbsp;&nbsp; 140804 |
| 628125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidewater Auto Receivables Trust, Series 2020-AA, Class E, 3.35%, 7/17/28 (144A) | &nbsp;&nbsp; 625033 |
| 2,493,775(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.848%, 1/25/64 (144A) | &nbsp;&nbsp; 2509011 |
| 2,082,708(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES2, Class A1A, 6.125%, 2/25/64 (144A) | &nbsp;&nbsp; 2101911 |
| 2,890,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES4, Class A2, 5.173%, 9/25/64 (144A) | &nbsp;&nbsp; 2889777 |
| 4,932,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES6, Class A2, 6.002%, 11/25/64 (144A) | &nbsp;&nbsp; 5015280 |
| 3,498,616(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2025-FIX2, Class A1, 5.249%, 10/25/65 (144A) | &nbsp;&nbsp; 3509498 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Plc, Series 2024-1A, Class A2, 5.98%, 11/15/27 (144A) | &nbsp;&nbsp; 3035011 |
| 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Plc, Series 2024-1A, Class B, 7.29%, 11/15/27 (144A) | &nbsp;&nbsp; 1636201 |
| 750,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.80%, 7/16/29 (144A) | &nbsp;&nbsp; 579373 |
| 606,202(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2023-1A, Class D, 8.56%, 7/15/27 (144A) | &nbsp;&nbsp; 590848 |
| 1,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class B, 6.53%, 12/15/27 (144A) | &nbsp;&nbsp; 795293 |
| 3,755,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class D, 8.61%, 4/17/28 (144A) | &nbsp;&nbsp; 1871036 |
| 1,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A, Class B, 6.57%, 2/15/28 (144A) | &nbsp;&nbsp; 804477 |
| 1,850,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A, Class D, 7.61%, 8/15/28 (144A) | &nbsp;&nbsp; 811686 |

---

15Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-3A, Class D, 6.34%, 4/16/29 (144A) | $1189107 |
| 2,680,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class C, 5.72%, 10/15/29 (144A) | &nbsp;&nbsp; 517714 |
| 892,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class D, 6.84%, 4/15/31 (144A) | &nbsp;&nbsp; 132830 |
| 2240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes Trust, Series 2019-SFR1, Class F, 3.745%, 3/17/38 (144A) | &nbsp;&nbsp; 2229021 |
| 830,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential Trust, Series 2025-SFR1, Class D, 5.959% (1 Month Term SOFR + 200 bps), 3/17/42 (144A) | &nbsp;&nbsp; 832545 |
| 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2024-1, Class D, 8.30%, 11/12/29 (144A) | &nbsp;&nbsp; 867332 |
| 186978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A, Class A, 5.37%, 2/18/31 (144A) | &nbsp;&nbsp; 187051 |
| 2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-2, Class B, 5.62%, 6/20/35 (144A) | &nbsp;&nbsp; 2995089 |
| 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-2, Class C, 6.02%, 6/20/35 (144A) | &nbsp;&nbsp; 2030681 |
| 58694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2023-1, Class B, 6.789%, 8/25/32 (144A) | &nbsp;&nbsp; 59319 |
| 586184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class B, 5.582%, 2/25/32 (144A) | &nbsp;&nbsp; 587424 |
| 1,363,218(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class D, 6.772% (SOFR30A + 270 bps), 2/25/32 (144A) | &nbsp;&nbsp; 1359734 |
| 410363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A, Class A2, 6.24%, 1/13/31 (144A) | &nbsp;&nbsp; 417501 |
| 2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class C, 7.57%, 12/15/28 (144A) | &nbsp;&nbsp; 2691276 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class D, 9.87%, 5/15/31 (144A) | &nbsp;&nbsp; 1038067 |
| 2320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1, Class C, 6.17%, 12/17/29 (144A) | &nbsp;&nbsp; 2358209 |
| 327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2023-1A, Class C, 9.26%, 12/24/29 (144A) | &nbsp;&nbsp; 334183 |
| 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2025-1A, Class C, 5.60%, 4/24/31 (144A) | &nbsp;&nbsp; 1386766 |
| 720,886(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.676%, 5/25/54 (144A) | &nbsp;&nbsp; 729055 |
| 900,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES3, Class A2, 5.995%, 1/25/55 (144A) | &nbsp;&nbsp; 911469 |
| 4,340,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2025-CES3, Class A1, 5.297%, 11/25/55 (144A) | &nbsp;&nbsp; 4345279 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2516

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VStrong Auto Receivables Trust, Series 2023-A, Class D, 9.31%, 2/15/30 (144A) | $598831 |
| 1122821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VStrong Auto Receivables Trust, Series 2024-A, Class A3, 5.62%, 12/15/28 (144A) | &nbsp;&nbsp; 1127153 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Funding Auto Loan Trust, Series 2025-1, Class C, 5.34%, 11/15/35 (144A) | &nbsp;&nbsp; 2535821 |
| 499079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/37 (144A) | &nbsp;&nbsp; 509889 |
| 249539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class D, 10.14%, 12/20/37 (144A) | &nbsp;&nbsp; 256027 |
| 1928017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2024-1A, Class D, 9.26%, 1/20/38 (144A) | &nbsp;&nbsp; 1963891 |
| 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2023-1A, Class D, 6.79%, 11/15/28 (144A) | &nbsp;&nbsp; 1293827 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.01%, 11/15/28 (144A) | &nbsp;&nbsp; 356275 |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VI, Series 2021-A, Class B, 5.438%, 5/15/46 (144A) | &nbsp;&nbsp; 589300 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingspire Equipment Finance LLC, Series 2024-1A, Class D, 6.31%, 9/20/32 (144A) | &nbsp;&nbsp; 1630606 |
| 2,243,059(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodmont Trust, Series 2023-12A, Class A1R, 5.258% (3 Month Term SOFR + 140 bps), 10/25/32 (144A) | &nbsp;&nbsp; 2246083 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class BR, 6.155% (3 Month Term SOFR + 226 bps), 7/16/31 (144A) | &nbsp;&nbsp; 1000843 |
| 990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class A2AR, 5.705% (3 Month Term SOFR + 180 bps), 7/15/33 (144A) | &nbsp;&nbsp; 990922 |
| 154,116(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 13, Ltd., Series 2019-13A, Class A1AR, 5.205% (3 Month Term SOFR + 130 bps), 7/15/32 (144A) | &nbsp;&nbsp; 154160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $371,220,181)** | &nbsp;&nbsp; **$** **365453406** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—7.7% of Net Assets** |  |
| 500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM2, Class M1, 8.281%, 5/25/68 (144A) | $503610 |
| 1,428,438(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM3, Class M1, 6.882%, 7/25/69 (144A) | &nbsp;&nbsp; 1451102 |
| 1,244(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 3B1, 5.106%, 6/25/30 | &nbsp;&nbsp; 1242 |

---

17Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,170,203(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2024-1, Class M1A, 6.222% (SOFR30A + 215 bps), 8/25/34 (144A) | $1172638 |
| 57,668(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3, 2.406%, 5/25/60 (144A) | &nbsp;&nbsp; 56678 |
| 1,440,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class M3, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 1370312 |
| 700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB14, Class M1, 3.00%, 6/25/34 (144A) | &nbsp;&nbsp; 677695 |
| 510,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB14, Class M2, 3.00%, 6/25/34 (144A) | &nbsp;&nbsp; 491165 |
| 1,140,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB15, Class M3, 4.00%, 8/25/34 (144A) | &nbsp;&nbsp; 1097630 |
| 971,194(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M3, 5.622% (SOFR30A + 155 bps), 2/25/50 (144A) | &nbsp;&nbsp; 950682 |
| 556,732(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2022-1, Class A1, 3.007%, 1/25/67 (144A) | &nbsp;&nbsp; 539067 |
| 1,276,499(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1A1, 5.022% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 1277694 |
| 1,525,465(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1M1, 5.172% (SOFR30A + 110 bps), 1/25/45 (144A) | &nbsp;&nbsp; 1526421 |
| 553,999(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-R06, Class 2B1, 7.936% (SOFR30A + 386 bps), 9/25/39 (144A) | &nbsp;&nbsp; 563761 |
| 920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1, 7.186% (SOFR30A + 311 bps), 1/25/40 (144A) | &nbsp;&nbsp; 936247 |
| 1,040,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 1M2, 8.121% (SOFR30A + 376 bps), 2/25/40 (144A) | &nbsp;&nbsp; 1072122 |
| 2,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, 7.072% (SOFR30A + 300 bps), 1/25/42 (144A) | &nbsp;&nbsp; 2832682 |
| 770,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2B1, 10.822% (SOFR30A + 675 bps), 9/25/42 (144A) | &nbsp;&nbsp; 838119 |
| 183,184(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M1, 6.572% (SOFR30A + 250 bps), 9/25/42 (144A) | &nbsp;&nbsp; 185478 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2518

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 544,185(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, 6.472% (SOFR30A + 240 bps), 12/25/42 (144A) | $555744 |
| 59,108(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, 6.372% (SOFR30A + 230 bps), 1/25/43 (144A) | &nbsp;&nbsp; 60284 |
| 282,466(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M1, 6.572% (SOFR30A + 250 bps), 4/25/43 (144A) | &nbsp;&nbsp; 285083 |
| 91,579(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, 5.772% (SOFR30A + 170 bps), 7/25/43 (144A) | &nbsp;&nbsp; 91922 |
| 221,874(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 5.122% (SOFR30A + 105 bps), 1/25/44 (144A) | &nbsp;&nbsp; 221667 |
| 446,036(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, 5.172% (SOFR30A + 110 bps), 2/25/44 (144A) | &nbsp;&nbsp; 446571 |
| 282,900(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, 5.222% (SOFR30A + 115 bps), 3/25/44 (144A) | &nbsp;&nbsp; 282929 |
| 490,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2, 6.022% (SOFR30A + 195 bps), 3/25/44 (144A) | &nbsp;&nbsp; 493338 |
| 985,534(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1A1, 5.072% (SOFR30A + 100 bps), 5/25/44 (144A) | &nbsp;&nbsp; 987070 |
| 1,823,119(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2A1, 5.072% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 1823117 |
| 972,972(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1, 5.072% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 972421 |
| 1,264,987(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1, 5.222% (SOFR30A + 115 bps), 9/25/44 (144A) | &nbsp;&nbsp; 1269180 |
| 161,645(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, 5.122% (SOFR30A + 105 bps), 9/25/44 (144A) | &nbsp;&nbsp; 161646 |
| 1,210,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, 5.672% (SOFR30A + 160 bps), 9/25/44 (144A) | &nbsp;&nbsp; 1210358 |

---

19Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 854,260(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, 5.222% (SOFR30A + 115 bps), 2/25/45 (144A) | $855313 |
| 1,005,140(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R06, Class 1A1, 4.972% (SOFR30A + 90 bps), 9/25/45 (144A) | &nbsp;&nbsp; 1005179 |
| 1,104,077(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R06, Class 1M1, 5.022% (SOFR30A + 95 bps), 9/25/45 (144A) | &nbsp;&nbsp; 1102757 |
| 74847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2A1, 7.50%, 5/25/32 | &nbsp;&nbsp; 76338 |
| 810,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2021-2, Class M2, 8.322% (SOFR30A + 425 bps), 4/25/34 (144A) | &nbsp;&nbsp; 830233 |
| 172,827(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1A, 6.072% (SOFR30A + 200 bps), 9/26/33 (144A) | &nbsp;&nbsp; 173115 |
| 630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1B, 8.022% (SOFR30A + 395 bps), 9/26/33 (144A) | &nbsp;&nbsp; 647432 |
| 1,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Series 2020-1, Class A3, 3.999%, 5/25/65 (144A) | &nbsp;&nbsp; 983352 |
| 1,628(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2315, Class FW, 4.807% (SOFR30A + 66 bps), 4/15/27 | &nbsp;&nbsp; 1628 |
| 41,497(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2334, Class FA, 4.757% (SOFR30A + 61 bps), 7/15/31 | &nbsp;&nbsp; 41501 |
| 6,105(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2391, Class FJ, 4.757% (SOFR30A + 61 bps), 4/15/28 | &nbsp;&nbsp; 6106 |
| 15,898(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2439, Class F, 5.257% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 16068 |
| 24,509(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2470, Class AF, 5.257% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 24762 |
| 22,994(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2489, Class FA, 5.257% (SOFR30A + 111 bps), 2/15/32 | &nbsp;&nbsp; 23239 |
| 35,015(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2498, Class FL, 4.827% (SOFR30A + 68 bps), 3/15/32 | &nbsp;&nbsp; 35056 |
| 5,898(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2916, Class NF, 4.507% (SOFR30A + 36 bps), 1/15/35 | &nbsp;&nbsp; 5872 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2520

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 4,364(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3042, Class PF, 4.507% (SOFR30A + 36 bps), 8/15/35 | $4343 |
| 2,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3102, Class FG, 4.557% (SOFR30A + 41 bps), 1/15/36 | &nbsp;&nbsp; 2437 |
| 22,354(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class FE, 4.557% (SOFR30A + 41 bps), 2/15/36 | &nbsp;&nbsp; 22163 |
| 9,025(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3173, Class FC, 4.677% (SOFR30A + 53 bps), 6/15/36 | &nbsp;&nbsp; 8968 |
| 24,991(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3181, Class HF, 4.757% (SOFR30A + 61 bps), 7/15/36 | &nbsp;&nbsp; 24893 |
| 8,630(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3235, Class FX, 4.577% (SOFR30A + 43 bps), 11/15/36 | &nbsp;&nbsp; 8549 |
| 23,169(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class EF, 4.607% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 22960 |
| 10,189(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class FB, 4.607% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 10100 |
| 43,343(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3373, Class FB, 4.837% (SOFR30A + 69 bps), 10/15/37 | &nbsp;&nbsp; 43282 |
| 47,394(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3386, Class FB, 4.632% (SOFR30A + 49 bps), 11/15/37 | &nbsp;&nbsp; 47033 |
| 35,001(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3610, Class FA, 4.957% (SOFR30A + 81 bps), 12/15/39 | &nbsp;&nbsp; 35091 |
| 31,587(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3807, Class FM, 4.757% (SOFR30A + 61 bps), 2/15/41 | &nbsp;&nbsp; 31451 |
| 44,442(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3850, Class FC, 4.677% (SOFR30A + 53 bps), 4/15/41 | &nbsp;&nbsp; 44133 |
| 9,514(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3868, Class FA, 4.657% (SOFR30A + 51 bps), 5/15/41 | &nbsp;&nbsp; 9440 |

---

21Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3914, Class LF, 4.457% (SOFR30A + 31 bps), 8/15/26 | $10 |
| 18,268(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4002, Class YF, 4.807% (SOFR30A + 66 bps), 2/15/42 | &nbsp;&nbsp; 18201 |
| 1,523,780(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M2, 4.00%, 1/25/56 (144A) | &nbsp;&nbsp; 1476637 |
| 1,483,630(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M, 4.75%, 5/25/57 | &nbsp;&nbsp; 1459504 |
| 2570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-4, Class M, 4.75%, 3/25/58 (144A) | &nbsp;&nbsp; 2494644 |
| 1,167,004(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M, 4.75%, 7/25/58 (144A) | &nbsp;&nbsp; 1144879 |
| 1,698,501(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.75%, 10/25/58 | &nbsp;&nbsp; 1671999 |
| 4,940,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M, 4.25%, 8/25/59 (144A) | &nbsp;&nbsp; 4795787 |
| 796,852(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-2, Class M, 4.25%, 11/25/59 (144A) | &nbsp;&nbsp; 771531 |
| 352,362(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M2, 5.722% (SOFR30A + 165 bps), 1/25/34 (144A) | &nbsp;&nbsp; 353117 |
| 2,110,550(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA6, Class M2, 5.572% (SOFR30A + 150 bps), 10/25/41 (144A) | &nbsp;&nbsp; 2118610 |
| 59,740(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M1, 4.922% (SOFR30A + 85 bps), 11/25/41 (144A) | &nbsp;&nbsp; 59704 |
| 1,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA3, Class M2, 6.172% (SOFR30A + 210 bps), 9/25/41 (144A) | &nbsp;&nbsp; 1346654 |
| 1,835,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class M2, 6.572% (SOFR30A + 250 bps), 1/25/42 (144A) | &nbsp;&nbsp; 1857937 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2522

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA2, Class M2, 7.822% (SOFR30A + 375 bps), 2/25/42 (144A) | $1030874 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA3, Class M2, 8.422% (SOFR30A + 435 bps), 4/25/42 (144A) | &nbsp;&nbsp; 1563815 |
| 55,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA6, Class M1A, 6.222% (SOFR30A + 215 bps), 9/25/42 (144A) | &nbsp;&nbsp; 55910 |
| 490,936(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-DNA2, Class M1A, 6.142% (SOFR30A + 210 bps), 4/25/43 (144A) | &nbsp;&nbsp; 497571 |
| 121,726(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA1, Class M1A, 6.072% (SOFR30A + 200 bps), 5/25/43 (144A) | &nbsp;&nbsp; 124816 |
| 145,852(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA2, Class M1A, 6.072% (SOFR30A + 200 bps), 6/25/43 (144A) | &nbsp;&nbsp; 146282 |
| 326,652(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class M1, 5.422% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 327057 |
| 1,024,400(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class A1, 5.122% (SOFR30A + 105 bps), 10/25/44 (144A) | &nbsp;&nbsp; 1026665 |
| 93,521(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class M1, 5.072% (SOFR30A + 100 bps), 10/25/44 (144A) | &nbsp;&nbsp; 93493 |
| 2,439,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class A1, 5.322% (SOFR30A + 125 bps), 8/25/44 (144A) | &nbsp;&nbsp; 2452483 |
| 707,268(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class M1, 5.272% (SOFR30A + 120 bps), 8/25/44 (144A) | &nbsp;&nbsp; 708206 |
| 1,220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class M2, 5.872% (SOFR30A + 180 bps), 8/25/44 (144A) | &nbsp;&nbsp; 1226736 |
| 605,125(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class A1, 5.022% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 605720 |
| 1,598,504(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class M1, 5.122% (SOFR30A + 105 bps), 1/25/45 (144A) | &nbsp;&nbsp; 1599764 |

---

23Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,405,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA4, Class A1, 4.972% (SOFR30A + 90 bps), 10/25/45 (144A) | $1405242 |
| 2,901,373(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA4, Class M1, 5.172% (SOFR30A + 110 bps), 10/25/45 (144A) | &nbsp;&nbsp; 2899531 |
| 1,137,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class A1, 5.022% (SOFR30A + 95 bps), 2/25/45 (144A) | &nbsp;&nbsp; 1138613 |
| 2,960,280(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class M1, 5.222% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 2958454 |
| 13,245(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 237, Class F14, 4.657% (SOFR30A + 51 bps), 5/15/36 | &nbsp;&nbsp; 13153 |
| 31,705(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F30, 4.557% (SOFR30A + 41 bps), 8/15/36 | &nbsp;&nbsp; 31454 |
| 11,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 244, Class F22, 4.607% (SOFR30A + 46 bps), 12/15/36 | &nbsp;&nbsp; 11537 |
| 61,317(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, Series T-20, Class A7, 4.486% (SOFR30A + 41 bps), 12/25/29 | &nbsp;&nbsp; 59741 |
| 94,767(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Grantor Trust, Series 2004-T2, Class 2A, 5.435%, 7/25/43 | &nbsp;&nbsp; 96383 |
| 5976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 1999-25, Class Z, 6.00%, 6/25/29 | &nbsp;&nbsp; 6075 |
| 6,393(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-72, Class FB, 5.086% (SOFR30A + 101 bps), 12/25/31 | &nbsp;&nbsp; 6442 |
| 3,906(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-81, Class FL, 4.90% (SOFR30A + 76 bps), 1/18/32 | &nbsp;&nbsp; 3914 |
| 32,541(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-77, Class WF, 4.65% (SOFR30A + 51 bps), 12/18/32 | &nbsp;&nbsp; 32459 |
| 7,817(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-93, Class FH, 4.686% (SOFR30A + 61 bps), 1/25/33 | &nbsp;&nbsp; 7811 |
| 9,507(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-42, Class JF, 4.686% (SOFR30A + 61 bps), 5/25/33 | &nbsp;&nbsp; 9498 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2524

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 18,049(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-63, Class F1, 4.486% (SOFR30A + 41 bps), 11/25/27 | $18020 |
| 4,465(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-8, Class FJ, 4.536% (SOFR30A + 46 bps), 2/25/33 | &nbsp;&nbsp; 4460 |
| 784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-28, Class PF, 4.586% (SOFR30A + 51 bps), 3/25/34 | &nbsp;&nbsp; 784 |
| 15,467(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-52, Class FW, 4.586% (SOFR30A + 51 bps), 7/25/34 | &nbsp;&nbsp; 15405 |
| 18,383(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class KT, 4.486% (SOFR30A + 41 bps), 10/25/35 | &nbsp;&nbsp; 18236 |
| 12,304(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class LF, 4.496% (SOFR30A + 42 bps), 2/25/35 | &nbsp;&nbsp; 12274 |
| 21,623(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-42, Class CF, 4.636% (SOFR30A + 56 bps), 6/25/36 | &nbsp;&nbsp; 21520 |
| 15,320(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-81, Class FA, 4.536% (SOFR30A + 46 bps), 9/25/36 | &nbsp;&nbsp; 15196 |
| 4,900(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-82, Class F, 4.756% (SOFR30A + 68 bps), 9/25/36 | &nbsp;&nbsp; 4892 |
| 6,137(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-110, Class FA, 4.806% (SOFR30A + 73 bps), 12/25/37 | &nbsp;&nbsp; 6137 |
| 10,162(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-13, Class FA, 4.436% (SOFR30A + 36 bps), 3/25/37 | &nbsp;&nbsp; 10026 |
| 10,567(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-14, Class F, 4.546% (SOFR30A + 47 bps), 3/25/37 | &nbsp;&nbsp; 10466 |
| 31,581(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-2, Class FT, 4.436% (SOFR30A + 36 bps), 2/25/37 | &nbsp;&nbsp; 31168 |
| 4,936(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-41, Class FA, 4.586% (SOFR30A + 51 bps), 5/25/37 | &nbsp;&nbsp; 4908 |

---

25Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 27,953(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-50, Class FN, 4.426% (SOFR30A + 35 bps), 6/25/37 | $27640 |
| 34,851(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-58, Class FV, 4.436% (SOFR30A + 36 bps), 6/25/37 | &nbsp;&nbsp; 34409 |
| 22,457(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-7, Class FJ, 4.386% (SOFR30A + 31 bps), 2/25/37 | &nbsp;&nbsp; 22155 |
| 30,746(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-86, Class FC, 4.756% (SOFR30A + 68 bps), 9/25/37 | &nbsp;&nbsp; 30705 |
| 28,874(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-89, Class F, 4.766% (SOFR30A + 69 bps), 9/25/37 | &nbsp;&nbsp; 28847 |
| 29,055(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-9, Class FB, 4.536% (SOFR30A + 46 bps), 3/25/37 | &nbsp;&nbsp; 28775 |
| 8,153(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-92, Class OF, 4.756% (SOFR30A + 68 bps), 9/25/37 | &nbsp;&nbsp; 8140 |
| 18,703(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-53, Class FM, 5.086% (SOFR30A + 101 bps), 7/25/38 | &nbsp;&nbsp; 18899 |
| 18,275(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-88, Class FA, 5.406% (SOFR30A + 133 bps), 10/25/38 | &nbsp;&nbsp; 18638 |
| 96,321(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 2AF, 4.406% (SOFR30A + 33 bps), 3/25/45 | &nbsp;&nbsp; 95499 |
| 33,869(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 3A, 4.995%, 4/25/45 | &nbsp;&nbsp; 34508 |
| 21,488(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W4, Class 3A, 5.533%, 6/25/45 | &nbsp;&nbsp; 21963 |
| 61,630(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, 4.446% (SOFR30A + 37 bps), 11/25/46 | &nbsp;&nbsp; 61130 |
| 32,148(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-16, Class FA, 4.324% (1 Month Term SOFR + 36 bps), 2/20/35 | &nbsp;&nbsp; 31816 |
| 31,922(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-3, Class FC, 4.323% (1 Month Term SOFR + 36 bps), 1/16/35 | &nbsp;&nbsp; 31608 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2526

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 24,280(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2008-9, Class FA, 4.574% (1 Month Term SOFR + 61 bps), 2/20/38 | $24267 |
| 37,655(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2013-51, Class JF, 4.374% (1 Month Term SOFR + 41 bps), 8/20/40 | &nbsp;&nbsp; 37053 |
| 254,636(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2023-1, Class M1B, 8.672% (SOFR30A + 460 bps), 10/25/33 (144A) | &nbsp;&nbsp; 261111 |
| 500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Series 2023-NQM2, Class M1, 7.241%, 2/25/68 (144A) | &nbsp;&nbsp; 501352 |
| 400,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, 2.489%, 9/25/56 (144A) | &nbsp;&nbsp; 302615 |
| 259807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 8/18/43 (144A) | &nbsp;&nbsp; 251363 |
| 15,532(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IndyMac INDX Mortgage Loan Trust, Series 2004-AR6, Class 6A1, 5.518%, 10/25/34 | &nbsp;&nbsp; 14679 |
| 82,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class AM, 4.569% (1 Month Term SOFR + 61 bps), 5/25/33 (144A) | &nbsp;&nbsp; 81115 |
| 620,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A1, 7.017%, 1/25/29 (144A) | &nbsp;&nbsp; 622974 |
| 482(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-G, Class A3, 6.375%, 1/25/29 | &nbsp;&nbsp;&nbsp; 477 |
| 48,313(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-H, Class A1, 4.709% (1 Month Term SOFR + 75 bps), 1/25/29 | &nbsp;&nbsp; 42272 |
| 610,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2024-RTL1, Class A1, 7.093%, 2/25/29 (144A) | &nbsp;&nbsp; 612467 |
| 450,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Series 2020-1, Class A3, 3.285%, 5/28/50 (144A) | &nbsp;&nbsp; 399368 |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M2, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 464971 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M3, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 1923706 |
| 400,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onity Loan Investment Trust, Series 2024-HB2, Class M3, 5.00%, 8/25/37 (144A) | &nbsp;&nbsp; 392120 |
| 3,820,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRKCM Trust, Series 2023-AFC4, Class M1, 7.846%, 11/25/58 (144A) | &nbsp;&nbsp; 3877157 |
| 461,591(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M2, 7.222% (SOFR30A + 315 bps), 12/27/33 (144A) | &nbsp;&nbsp; 465055 |
| 588,358(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-2, Class M1B, 7.772% (SOFR30A + 370 bps), 11/25/31 (144A) | &nbsp;&nbsp; 595306 |

---

27Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 271,317(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2023-1, Class M1A, 6.772% (SOFR30A + 270 bps), 7/25/33 (144A) | $272409 |
| 460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2023-1, Class M1B, 8.422% (SOFR30A + 435 bps), 7/25/33 (144A) | &nbsp;&nbsp; 473427 |
| 234,934(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1A, 6.072% (SOFR30A + 200 bps), 9/25/34 (144A) | &nbsp;&nbsp; 235148 |
| 710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1B, 6.972% (SOFR30A + 290 bps), 9/25/34 (144A) | &nbsp;&nbsp; 714849 |
| 153,724(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESI Finance LP, Series 2003-CB1, Class B3, 5.522% (1 Month Term SOFR + 156 bps), 6/10/35 (144A) | &nbsp;&nbsp; 129092 |
| 541,861(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75%, 10/25/63 (144A) | &nbsp;&nbsp; 520961 |
| 505,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, 7.50%, 2/25/30 (144A) | &nbsp;&nbsp; 506343 |
| 460,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, 7.762%, 4/25/30 (144A) | &nbsp;&nbsp; 463947 |
| 131,706(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-3, Class M1B, 6.972% (SOFR30A + 290 bps), 2/25/34 (144A) | &nbsp;&nbsp; 131997 |
| 608,816(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.472% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 614045 |
| 3,284,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2024-3, Class M1, 6.887%, 4/25/69 (144A) | &nbsp;&nbsp; 3330932 |
| 2,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visio Trust, Series 2019-2, Class M1, 3.26%, 11/25/54 (144A) | &nbsp;&nbsp; 1964273 |
| 86,067(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2020-2, Class A3, 2.496%, 4/25/65 (144A) | &nbsp;&nbsp; 83347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $92,812,028)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **93235804** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—10.0% of Net Assets** |  |
| 2,170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrec LLC, Series 2025-FL3, Class A, 5.273% (1 Month Term SOFR + 131 bps), 8/18/42 (144A) | $2169991 |
| 322,729(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class A, 5.227% (1 Month Term SOFR + 126 bps), 10/16/36 (144A) | &nbsp;&nbsp; 322730 |
| 1,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACRES LLC, Series 2025-FL3, Class A, 5.582% (1 Month Term SOFR + 162 bps), 8/18/40 (144A) | &nbsp;&nbsp; 1914762 |
| 4,365,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class B, 7.147% (1 Month Term SOFR + 319 bps), 1/20/41 (144A) | &nbsp;&nbsp; 4363755 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2528

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 1,149,149(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class A, 5.423% (1 Month Term SOFR + 146 bps), 11/15/36 (144A) | $1149157 |
| 1,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class B, 6.073% (1 Month Term SOFR + 211 bps), 11/15/36 (144A) | &nbsp;&nbsp; 1580591 |
| 650,700(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL1, Class A, 5.592% (SOFR30A + 145 bps), 1/15/37 (144A) | &nbsp;&nbsp; 650724 |
| 1,349,605(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2024-CRE9, Class A, 5.645% (1 Month Term SOFR + 169 bps), 5/17/41 (144A) | &nbsp;&nbsp; 1349809 |
| 6,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2025-CRE10, Class A, 5.347% (1 Month Term SOFR + 139 bps), 12/17/29 (144A) | &nbsp;&nbsp; 6030655 |
| 337,852(e)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Commercial Asset Trust, Series 2007-2A, Class IO, 0.000%, 7/25/37 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 725,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2024-FL13, Class A, 5.535% (1 Month Term SOFR + 158 bps), 9/19/39 (144A) | &nbsp;&nbsp; 726564 |
| 535,987(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRSP, Ltd., Series 2021-FL1, Class A, 5.223% (1 Month Term SOFR + 126 bps), 8/19/38 (144A) | &nbsp;&nbsp; 534662 |
| 1,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2024-FL11, Class A, 5.597% (1 Month Term SOFR + 164 bps), 7/15/39 (144A) | &nbsp;&nbsp; 1632038 |
| 4735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWAY Mortgage Trust, Series 2013-1515, Class B, 3.473%, 3/10/33 (144A) | &nbsp;&nbsp; 4430589 |
| 1,900,476(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 5.65% (1 Month Term SOFR + 169 bps), 8/15/41 (144A) | &nbsp;&nbsp; 1902848 |
| 1,870,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, 5.282% (1 Month Term SOFR + 132 bps), 1/15/42 (144A) | &nbsp;&nbsp; 1868832 |
| 890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class E, 7.349% (1 Month Term SOFR + 339 bps), 1/15/42 (144A) | &nbsp;&nbsp; 886441 |
| 1,707,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class D, 5.969% (1 Month Term SOFR + 201 bps), 10/15/36 (144A) | &nbsp;&nbsp; 1705942 |
| 1,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class G, 7.216% (1 Month Term SOFR + 326 bps), 10/15/36 (144A) | &nbsp;&nbsp; 1228590 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2024-WCL1, Class A, 5.80% (1 Month Term SOFR + 184 bps), 6/15/41 (144A) | &nbsp;&nbsp; 2004325 |
| 2,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class B, 6.752% (1 Month Term SOFR + 279 bps), 6/18/42 (144A) | &nbsp;&nbsp; 2532519 |
| 495,017(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KF45, Class B, 6.266% (SOFR30A + 206 bps), 3/25/25 (144A) | &nbsp;&nbsp; 509588 |

---

29Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 1,387,366(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto, Series 2021-FL3, Class A, 5.323% (1 Month Term SOFR + 136 bps), 11/16/36 (144A) | $1387646 |
| 3,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2024-FL9, Class A, 5.589% (1 Month Term SOFR + 163 bps), 10/19/39 (144A) | &nbsp;&nbsp; 3933214 |
| 2,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.344% (1 Month Term SOFR + 139 bps), 8/19/42 (144A) | &nbsp;&nbsp; 2249309 |
| 2,410,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class B, 6.548% (1 Month Term SOFR + 259 bps), 1/15/43 (144A) | &nbsp;&nbsp; 2414740 |
| 1,843,876(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 5.33% (1 Month Term SOFR + 136 bps), 12/15/36 (144A) | &nbsp;&nbsp; 1843266 |
| 1,684,784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIH Trust, Series 2024-61P, Class A, 5.801% (1 Month Term SOFR + 184 bps), 10/15/41 (144A) | &nbsp;&nbsp; 1688996 |
| 860,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 5.50% (1 Month Term SOFR + 154 bps), 5/15/37 (144A) | &nbsp;&nbsp; 860268 |
| 1,110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 5.90% (1 Month Term SOFR + 194 bps), 5/15/37 (144A) | &nbsp;&nbsp; 1110346 |
| 950,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.774%, 5/10/39 (144A) | &nbsp;&nbsp; 964207 |
| 3,175,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class C, 7.324%, 5/10/39 (144A) | &nbsp;&nbsp; 3224079 |
| 1,105,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.471%, 5/10/39 (144A) | &nbsp;&nbsp; 1129895 |
| 1,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A, 5.80% (1 Month Term SOFR + 184 bps), 9/15/41 (144A) | &nbsp;&nbsp; 1151667 |
| 496,781(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class E, 6.166% (1 Month Term SOFR + 221 bps), 7/15/36 (144A) | &nbsp;&nbsp; 381280 |
| 1,907,208(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class B, 5.738% (1 Month Term SOFR + 178 bps), 11/15/38 (144A) | &nbsp;&nbsp; 1908390 |
| 1,147,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class C, 5.99%, 10/5/39 (144A) | &nbsp;&nbsp; 1151942 |
| 160,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class D, 5.99%, 10/5/39 (144A) | &nbsp;&nbsp; 160003 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2530

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 1,385,136(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF, Ltd., Series 2022-FL3, Class A, 5.41% (1 Month Term SOFR + 145 bps), 2/17/39 (144A) | $1385201 |
| 3,020,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMNT CRE LLC, Series 2025-FL3, Class A, 5.55% (1 Month Term SOFR + 155 bps), 7/21/43 (144A) | &nbsp;&nbsp; 3020000 |
| 3,020,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMNT CRE LLC, Series 2025-FL3, Class AS, 5.90% (1 Month Term SOFR + 190 bps), 7/21/43 (144A) | &nbsp;&nbsp; 3020000 |
| 890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.344% (1 Month Term SOFR + 139 bps), 8/17/42 (144A) | &nbsp;&nbsp; 890122 |
| 552,491(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2022-CRE7, Class A, 5.692% (SOFR30A + 155 bps), 1/17/37 (144A) | &nbsp;&nbsp; 552489 |
| 715,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HF1, Class A, 5.752% (1 Month Term SOFR + 179 bps), 12/15/41 (144A) | &nbsp;&nbsp; 716564 |
| 817,778(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HTL, Class A, 5.717% (1 Month Term SOFR + 176 bps), 2/15/37 (144A) | &nbsp;&nbsp; 817777 |
| 991,001(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HTL, Class B, 6.367% (1 Month Term SOFR + 241 bps), 2/15/37 (144A) | &nbsp;&nbsp; 991001 |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class D, 7.402%, 6/12/39 (144A) | &nbsp;&nbsp; 1245151 |
| 3,067,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2024-FL14, Class A, 5.696% (1 Month Term SOFR + 174 bps), 3/19/39 (144A) | &nbsp;&nbsp; 3075689 |
| 1,720,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL6, Class C, 5.927% (1 Month Term SOFR + 196 bps), 7/16/36 (144A) | &nbsp;&nbsp; 1715755 |
| 819,746(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class A, 5.153% (1 Month Term SOFR + 119 bps), 10/16/36 (144A) | &nbsp;&nbsp; 819452 |
| 1,997,711(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2022-FL8, Class A, 5.31% (1 Month Term SOFR + 135 bps), 2/19/37 (144A) | &nbsp;&nbsp; 1997703 |
| 4,911,614(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL15, Class A, 5.651% (1 Month Term SOFR + 169 bps), 8/18/41 (144A) | &nbsp;&nbsp; 4925661 |
| 3,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL16, Class A, 5.504% (1 Month Term SOFR + 154 bps), 11/18/39 (144A) | &nbsp;&nbsp; 3439601 |
| 320,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class B, 5.838% (1 Month Term SOFR + 188 bps), 7/15/36 (144A) | &nbsp;&nbsp; 293352 |
| 285,911(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFP, Ltd., Series 2024-11, Class A, 5.804% (1 Month Term SOFR + 183 bps), 9/17/39 (144A) | &nbsp;&nbsp; 286560 |
| 1,810,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Trust, Series 2025-PRM6, Class D, 5.867%, 7/5/33 (144A) | &nbsp;&nbsp; 1816684 |
| 700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Trust, Series 2025-PRM6, Class E, 6.803%, 7/5/33 (144A) | &nbsp;&nbsp; 700711 |

---

31Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 1,125,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class B, 5.869% (1 Month Term SOFR + 191 bps), 11/25/36 (144A) | $1124671 |
| 875,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 7.019% (1 Month Term SOFR + 306 bps), 11/25/36 (144A) | &nbsp;&nbsp; 874002 |
| 590,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class B, 7.486% (1 Month Term SOFR + 353 bps), 10/25/39 (144A) | &nbsp;&nbsp; 590587 |
| 3,160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHR Trust, Series 2024-LXRY, Class A, 5.909% (1 Month Term SOFR + 195 bps), 10/15/41 (144A) | &nbsp;&nbsp; 3161975 |
| 50,401(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Hill Trust, Series 2019-1, Class A1, 3.102%, 11/25/49 (144A) | &nbsp;&nbsp; 50109 |
| 3,210,088(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, Series 2025-LINE, Class A, 6.548% (1 Month Term SOFR + 259 bps), 4/15/42 (144A) | &nbsp;&nbsp; 3224832 |
| 1,184,107(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 7.227%, 12/10/34 (144A) | &nbsp;&nbsp; 1199546 |
| 700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class B, 7.924%, 12/10/34 (144A) | &nbsp;&nbsp; 706921 |
| 876,540(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class A, 5.613% (1 Month Term SOFR + 165 bps), 2/15/39 (144A) | &nbsp;&nbsp; 876536 |
| 3,120,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2025-FL6, Class A, 5.499% (1 Month Term SOFR + 154 bps), 9/18/42 (144A) | &nbsp;&nbsp; 3122557 |
| 2,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2025-FL7, Class A, 5.48% (1 Month Term SOFR + 145 bps), 6/18/43 (144A) | &nbsp;&nbsp; 2389988 |
| 433,512(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2020-1, Class AFX, 2.61%, 2/25/50 (144A) | &nbsp;&nbsp; 403752 |
| 358,513(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2023-1, Class A, 6.47%, 1/25/53 (144A) | &nbsp;&nbsp; 357447 |
| 561,309(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-1, Class A, 6.55%, 1/25/54 (144A) | &nbsp;&nbsp; 566946 |
| 768,673(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-2, Class A, 6.58%, 4/25/54 (144A) | &nbsp;&nbsp; 778851 |
| 1,774,610(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-6, Class A, 5.81%, 12/25/54 (144A) | &nbsp;&nbsp; 1787864 |
| 2,340,510(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-1, Class A, 6.03%, 2/25/55 (144A) | &nbsp;&nbsp; 2368136 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2532

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 996,028(a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2019-1, Class A, 7.849% (1 Month Term SOFR + 386 bps), 4/30/26 (144A) | $69722 |
| 94,358(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2020-5, Class A, 7.354% (1 Month Term SOFR + 337 bps), 10/15/23 (144A) | &nbsp;&nbsp; 94096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $121,365,257)** | &nbsp;&nbsp; **$** **120512371** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 36.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 2.75%, 2/1/26 | $4486958 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 6.259%, 5/1/27 | &nbsp;&nbsp; 1027325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5514283** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — 0.7%** |  |
| 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.70%, 4/2/27 | $3118661 |
| 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.375%, 11/1/27 | &nbsp;&nbsp; 5850931 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agriculture** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8969592** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.1%** |  |
| 1020064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.875%, 1/15/26 | $1020142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1020142** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 3.0%** |  |
| 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.25%, 9/1/28 | $1251702 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.45%, 10/22/27 | &nbsp;&nbsp; 2519928 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.60% (SOFR + 55 bps), 5/11/26 | &nbsp;&nbsp; 3003152 |
| 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 4.60%, 8/13/27 (144A) | &nbsp;&nbsp; 3635306 |
| 2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 4.95%, 1/13/28 (144A) | &nbsp;&nbsp; 2486511 |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.00%, 1/15/27 (144A) | &nbsp;&nbsp; 959030 |
| 1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.125%, 9/25/27 (144A) | &nbsp;&nbsp; 1665945 |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.35%, 7/15/27 | &nbsp;&nbsp; 2847817 |
| 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.40%, 5/8/27 | &nbsp;&nbsp; 3201811 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.30%, 9/24/27 (144A) | &nbsp;&nbsp; 1602790 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.25%, 1/8/27 (144A) | &nbsp;&nbsp; 1011281 |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.275%, 6/24/27 (144A) | &nbsp;&nbsp; 1219513 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.30%, 3/19/27 (144A) | &nbsp;&nbsp; 1013762 |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.50%, 3/30/26 (144A) | &nbsp;&nbsp; 1466048 |

---

33Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services, Inc., 5.125%, 2/5/27 (144A) | $555333 |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America LLC, 4.75%, 8/1/27 (144A) | &nbsp;&nbsp; 3240489 |
| 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.55%, 8/7/26 | &nbsp;&nbsp; 1320689 |
| 1815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.90%, 8/14/26 (144A) | &nbsp;&nbsp; 1822854 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.40%, 3/20/26 (144A) | &nbsp;&nbsp; 1003559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **35827520** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.3%** |  |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Energy Solution, Ltd., 5.25%, 4/2/28 (144A) | $3261087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3261087** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 15.5%** |  |
| 1,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 6.339% (1 Year CMT Index + 165 bps), 9/18/27 (144A) | $1321766 |
| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.25%, 10/22/26 | &nbsp;&nbsp; 2054371 |
| 4,900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.979% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 4991601 |
| 1,639,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.08% (SOFR + 129 bps), 1/20/27 | &nbsp;&nbsp; 1640602 |
| 900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.933% (SOFR + 134 bps), 9/15/27 | &nbsp;&nbsp; 912554 |
| 4,400,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.567% (SOFR + 88 bps), 9/10/27 | &nbsp;&nbsp; 4415558 |
| 3,400,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 4.89% (SOFR + 84 bps), 7/21/28 | &nbsp;&nbsp; 3452875 |
| 1,800,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 4.947% (SOFR + 103 bps), 4/26/27 | &nbsp;&nbsp; 1806806 |
| 5,510,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.043% (SOFR + 76 bps), 9/15/28 | &nbsp;&nbsp; 5502814 |
| 2,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.185% (SOFR + 107 bps), 2/16/28 (144A) | &nbsp;&nbsp; 2464090 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/26 (144A) | &nbsp;&nbsp; 2021897 |
| 2,900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 4.837% (SOFR + 134 bps), 9/10/28 | &nbsp;&nbsp; 2932332 |
| 1,900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.086% (SOFR + 96 bps), 2/25/29 | &nbsp;&nbsp; 1935904 |
| 2,540,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.829% (SOFR + 221 bps), 5/9/27 | &nbsp;&nbsp; 2557293 |
| 1,600,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 6.496% (SOFR + 188 bps), 9/13/27 | &nbsp;&nbsp; 1627346 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 4.375%, 5/12/26 (144A) | &nbsp;&nbsp; 2999244 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 4.625%, 3/13/27 (144A) | &nbsp;&nbsp; 2106481 |
| 1,600,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE S.A., 5.975% (SOFR + 210 bps), 1/18/27 (144A) | &nbsp;&nbsp; 1603036 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2534

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 3,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CaixaBank S.A., 6.684% (SOFR + 208 bps), 9/13/27 (144A) | $3057116 |
| 1,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 4.243% (SOFR + 60 bps), 9/8/28 | &nbsp;&nbsp; 1303213 |
| 2,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 4.508% (SOFR + 93 bps), 9/11/27 | &nbsp;&nbsp; 2005555 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.237%, 6/28/27 | &nbsp;&nbsp; 3364301 |
| 2,200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.887% (3 Month Term SOFR + 182 bps), 1/10/28 | &nbsp;&nbsp; 2194189 |
| 3,195,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.643% (SOFR + 114 bps), 5/7/28 | &nbsp;&nbsp; 3217725 |
| 5,700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.786% (SOFR + 87 bps), 3/4/29 | &nbsp;&nbsp; 5780578 |
| 5,100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank NA, 4.575% (SOFR + 200 bps), 8/9/28 | &nbsp;&nbsp; 5136312 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.886% (SOFR + 71 bps), 3/5/27 | &nbsp;&nbsp; 3274366 |
| 1,960,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank NA, 4.967% (SOFR + 81 bps), 1/28/28 | &nbsp;&nbsp; 1977646 |
| 1,650,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA/New York NY, 5.283% (SOFR + 78 bps), 3/18/27 | &nbsp;&nbsp; 1655250 |
| 1,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA/New York NY, 5.414% (SOFR + 75 bps), 5/21/27 | &nbsp;&nbsp; 1307858 |
| 4,600,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.13% (SOFR + 104 bps), 11/19/28 | &nbsp;&nbsp; 4684886 |
| 1,500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.21% (SOFR + 261 bps), 8/11/28 | &nbsp;&nbsp; 1524133 |
| 2,500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 6.083% (SOFR + 156 bps), 9/11/27 | &nbsp;&nbsp; 2535648 |
| 1,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.96% (3 Month Term SOFR + 151 bps), 1/29/27 | &nbsp;&nbsp; 1299172 |
| 3,670,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.915% (SOFR + 80 bps), 1/24/29 | &nbsp;&nbsp; 3740197 |
| 3,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.974% (SOFR + 86 bps), 10/22/28 | &nbsp;&nbsp; 3415904 |
| 1,255,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.979% (SOFR + 93 bps), 7/22/28 | &nbsp;&nbsp; 1273798 |
| 1,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.034% (SOFR + 92 bps), 4/22/28 | &nbsp;&nbsp; 1529901 |
| 500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.04% (SOFR + 119 bps), 1/23/28 | &nbsp;&nbsp; 505128 |
| 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA, 5.11%, 12/8/26 | &nbsp;&nbsp; 1142508 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank NA, 4.70%, 1/26/26 | &nbsp;&nbsp; 1500359 |
| 2,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.087% (1 Year CMT Index + 85 bps), 11/26/28 | &nbsp;&nbsp; 2036015 |

---

35Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 1,380,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.462% (1 Year CMT Index + 138 bps), 1/5/28 | $1399248 |
| 2,030,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.985% (1 Year CMT Index + 148 bps), 8/7/27 | &nbsp;&nbsp; 2054467 |
| 1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank, Ltd., 5.391%, 12/7/26 (144A) | &nbsp;&nbsp; 1360253 |
| 2,800,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.017% (1 Year CMT Index + 195 bps), 7/20/28 | &nbsp;&nbsp; 2840398 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.14% (SOFR + 102 bps), 4/13/28 | &nbsp;&nbsp; 3516835 |
| 1,400,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.952% (SOFR + 108 bps), 1/14/28 | &nbsp;&nbsp; 1412289 |
| 1,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.968% (SOFR + 93 bps), 7/14/28 | &nbsp;&nbsp; 1014067 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.005% (SOFR + 87 bps), 5/26/28 | &nbsp;&nbsp; 1002832 |
| 2,500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.016% (SOFR + 91 bps), 1/12/29 | &nbsp;&nbsp; 2547246 |
| 2,780,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.504% (SOFR + 87 bps), 5/26/28 | &nbsp;&nbsp; 2837273 |
| 4,100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada, 5.60% (SOFR + 104 bps), 7/2/27 | &nbsp;&nbsp; 4134134 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 5.381% (SOFR + 125 bps), 3/1/28 | &nbsp;&nbsp; 1006175 |
| 2,140,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 5.847% (1 Year CMT Index + 135 bps), 3/2/27 | &nbsp;&nbsp; 2148119 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.416%, 5/17/27 (144A) | &nbsp;&nbsp; 2346303 |
| 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp, 5.00%, 3/19/27 (144A) | &nbsp;&nbsp; 2638354 |
| 1,610,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 4.758% (SOFR + 109 bps), 1/26/27 | &nbsp;&nbsp; 1610803 |
| 3,700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 5.102% (SOFR + 80 bps), 7/23/27 | &nbsp;&nbsp; 3720418 |
| 400,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 5.30% (SOFR + 134 bps), 1/21/28 | &nbsp;&nbsp; 405441 |
| 2,800,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.51% (SOFR + 72 bps), 10/18/27 | &nbsp;&nbsp; 2811227 |
| 1,610,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 2.49% (SOFR + 125 bps), 1/6/28 | &nbsp;&nbsp; 1577178 |
| 1,560,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 123 bps), 5/31/27 | &nbsp;&nbsp; 1572451 |
| 4,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 5.50% (1 Year CMT Index + 120 bps), 4/13/29 (144A) | &nbsp;&nbsp; 4403931 |
| 3,700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.545% (1 Year CMT Index + 105 bps), 1/21/29 (144A) | &nbsp;&nbsp; 3797623 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2536

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 1,225,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.688% (1 Year CMT Index + 105 bps), 5/14/28 (144A) | $1249679 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.754% (SOFR + 64 bps), 10/22/27 | &nbsp;&nbsp; 1004232 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, 6.136%, 9/12/26 (144A) | &nbsp;&nbsp; 1828981 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.574%, 6/2/28 | &nbsp;&nbsp; 4052310 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.532%, 7/17/26 | &nbsp;&nbsp; 2119953 |
| 2,800,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 6.047% (SOFR + 205 bps), 6/8/27 | &nbsp;&nbsp; 2825439 |
| 1,240,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 4.864% (SOFR + 72 bps), 1/10/28 | &nbsp;&nbsp; 1250258 |
| 2,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 5.711% (1 Year CMT Index + 155 bps), 1/12/27 (144A) | &nbsp;&nbsp; 2002763 |
| 3,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 6.787% (SOFR + 188 bps), 10/26/27 | &nbsp;&nbsp; 3377345 |
| 3,150,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 4.73% (SOFR + 91 bps), 5/15/28 | &nbsp;&nbsp; 3178514 |
| 2,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 4.804% (SOFR + 69 bps), 10/22/27 | &nbsp;&nbsp; 2787551 |
| 1,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.184% (SOFR + 107 bps), 4/22/28 | &nbsp;&nbsp; 1398132 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.254%, 12/11/26 | &nbsp;&nbsp; 911669 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.45%, 8/7/26 | &nbsp;&nbsp; 1613933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; **$** **187566152** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.4%** |  |
| 2810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amrize Finance US LLC, 4.70%, 4/7/28 (144A) | $2844752 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning, 3.40%, 8/15/26 | &nbsp;&nbsp; 1789830 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4634582** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.2%** |  |
| 1666000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LYB Finance Co. BV, 8.10%, 3/15/27 (144A) | $1741720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1741720** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.5%** |  |
| 3215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 5.643%, 3/13/27 (144A) | $3271588 |
| 2857000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271%, 6/26/26 (144A) | &nbsp;&nbsp; 2883455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **6155043** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers — 0.1%** |  |
| 1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell, Inc., 7.10%, 4/15/28 | $1697746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1697746** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 3.2%** |  |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | $2344089 |

---

37Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — (continued)** |  |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 3.75%, 6/1/26 | $1595643 |
| 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 5.30%, 6/25/26 | &nbsp;&nbsp; 1136737 |
| 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 4.75%, 6/9/27 | &nbsp;&nbsp; 2714279 |
| 3,130,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 5.737% (SOFR + 196 bps), 5/15/29 | &nbsp;&nbsp; 3200661 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 7.10%, 11/15/27 | &nbsp;&nbsp; 2199181 |
| 3,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.043% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 3050174 |
| 1,075,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.389% (SOFR + 97 bps), 7/28/27 | &nbsp;&nbsp; 1084532 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 4.25%, 4/15/26 (144A) | &nbsp;&nbsp; 1598649 |
| 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 4.375%, 5/1/26 (144A) | &nbsp;&nbsp; 3797295 |
| 1,800,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.927% (SOFR + 206 bps), 5/10/28 | &nbsp;&nbsp; 1818911 |
| 1,100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 7.149% (SOFR + 244 bps), 10/29/27 | &nbsp;&nbsp; 1127802 |
| 907618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA NewCo LLC, 7.432%, 11/22/55 (144A) | &nbsp;&nbsp; 22500 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp; 2112004 |
| 1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.45%, 6/8/27 | &nbsp;&nbsp; 1533717 |
| 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 5.70%, 5/20/27 | &nbsp;&nbsp; 1619792 |
| 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lseg US Fin Corp., 4.875%, 3/28/27 (144A) | &nbsp;&nbsp; 2728067 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 5.594%, 7/2/27 | &nbsp;&nbsp; 3368424 |
| 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 5.709%, 1/9/26 | &nbsp;&nbsp; 1016298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **38068755** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.5%** |  |
| 500,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | $502513 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp., 5.70%, 12/1/26 | &nbsp;&nbsp; 1776321 |
| 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co., 4.95%, 7/1/27 | &nbsp;&nbsp; 3643866 |
| 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 4.70%, 3/13/28 | &nbsp;&nbsp; 2174620 |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 4.685%, 9/1/27 | &nbsp;&nbsp; 2425402 |
| 4935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 3.70%, 1/30/27 (144A) | &nbsp;&nbsp; 4895668 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26 (144A) | &nbsp;&nbsp; 1512976 |
| 869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 5.60%, 9/12/26 | &nbsp;&nbsp; 878042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **17809408** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Control — 0.5%** |  |
| 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc., 4.50%, 3/15/28 | $5880524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Control** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5880524** |

---

Victory Pioneer Short Term Income Fund \| 11/30/2538

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.7%** |  |
| 2051000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407%, 3/10/26 (144A) | $2045924 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 4.632%, 8/5/27 (144A) | &nbsp;&nbsp; 3017403 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Co. of North Carolina, Inc., 6.99%, 1/15/26 | &nbsp;&nbsp; 3005987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8069314** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hand & Machine Tools — 0.1%** |  |
| 1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05%, 2/15/26 | $1623745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hand & Machine Tools** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1623745** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.6%** |  |
| 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 4.95%, 1/7/27 (144A) | $3628505 |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.349%, 7/9/27 (144A) | &nbsp;&nbsp; 1248267 |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.516%, 3/25/27 (144A) | &nbsp;&nbsp; 1318773 |
| 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.70%, 6/23/28 | &nbsp;&nbsp; 3836775 |
| 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 4.375%, 9/8/28 (144A) | &nbsp;&nbsp; 2607031 |
| 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 4.875%, 12/10/27 (144A) | &nbsp;&nbsp; 1016921 |
| 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 5.875%, 6/4/27 (144A) | &nbsp;&nbsp; 3174991 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding, 4.625%, 10/6/28 (144A) | &nbsp;&nbsp; 5003676 |
| 2,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.862% (SOFR + 74 bps), 4/9/27 (144A) | &nbsp;&nbsp; 2762532 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Met Tower Global Funding, 4.85%, 1/16/27 (144A) | &nbsp;&nbsp; 1916998 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 5.05%, 6/11/27 (144A) | &nbsp;&nbsp; 2031049 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricoa Global Funding I, 5.55%, 8/28/26 (144A) | &nbsp;&nbsp; 1011056 |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.00%, 1/16/27 (144A) | &nbsp;&nbsp; 2425659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **31982233** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.1%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc., 4.625%, 8/1/27 | $1006449 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1006449** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.4%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A) | $5088592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5088592** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 0.4%** |  |
| 5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., 5.05%, 3/30/28 | $5290617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5290617** |

---

39Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 0.2%** |  |
| 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp., 5.45%, 3/21/27 | $2633168 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2633168** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.5%** |  |
| 1303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital Plc, 4.75%, 4/10/27 (144A) | $1312883 |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore Funding LLC, 5.338%, 4/4/27 (144A) | &nbsp;&nbsp; 2438249 |
| 2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Plc, 4.50%, 3/14/28 | &nbsp;&nbsp; 2681622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **6432754** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office & Business Equipment — 0.1%** |  |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 2.67%, 12/1/26 | $1721547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office & Business Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1721547** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.2%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repsol E&P Capital Markets US LLC, 4.805%, 9/16/28 (144A) | $2016148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2016148** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.2%** |  |
| 2851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 3.625%, 4/1/27 | $2831238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2831238** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 1.6%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.75%, 1/15/26 | $2000218 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.05%, 12/1/26 | &nbsp;&nbsp; 2136525 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.125%, 3/1/27 | &nbsp;&nbsp; 1798260 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 4.25%, 9/24/27 | &nbsp;&nbsp; 4009409 |
| 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co. LLC, 7.00%, 3/15/27 | &nbsp;&nbsp; 2800127 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26 | &nbsp;&nbsp; 2000731 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP, 4.65%, 7/1/26 | &nbsp;&nbsp; 3303567 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 3.75%, 6/15/27 | &nbsp;&nbsp; 1589174 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **19638011** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 0.1%** |  |
| 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP, 3.50%, 8/1/26 | $1689432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1689432** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.4%** |  |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (144A) | $3175678 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 5.75%, 11/20/26 | &nbsp;&nbsp; 1827756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5003434** |

---

Victory Pioneer Short Term Income Fund \| 11/30/2540

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 1.4%** |  |
| 2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.05%, 7/12/27 | $2898493 |
| 2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc., 4.90%, 3/15/28 | &nbsp;&nbsp; 2484899 |
| 5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 8/19/28 | &nbsp;&nbsp; 5064729 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 6.25%, 1/17/26 (144A) | &nbsp;&nbsp; 3007077 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 6.375%, 1/17/28 (144A) | &nbsp;&nbsp; 3131240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **16586438** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |
| 1677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 3.40%, 6/27/26 | $1668933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1668933** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.6%** |  |
| 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBN Co., Ltd., 4.00%, 10/1/27 (144A) | $4189453 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.75%, 4/15/27 | &nbsp;&nbsp; 2986321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7175774** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.1%** |  |
| 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35%, 1/12/27 (144A) | $394456 |
| 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75%, 5/24/26 (144A) | &nbsp;&nbsp; 829937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1224393** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $436,051,434)** | &nbsp;&nbsp; **$** **439828774** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.1% of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 0.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.576%, (3 Month U.S. Treasury Bill + 578 bps), 12/8/25 (144A) | $249625 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.13%, (BRMMUSDF + 334 bps), 4/7/26 (144A) | &nbsp;&nbsp; 252075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $501700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.0%†** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 8.04%, (BRMMUSDF + 425 bps), 6/1/26 (144A) | $252250 |
| 146,591(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 5.29%, (BRMMUSDF + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp; 130569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $382819 |

---

41Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.0%†** |  |
| 154,720(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 4.28%, (FHMMUSTF + 50 bps), 6/6/30 (144A) | $77360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$961879** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 185,015(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | $6494 |
| 363,953(i)(j)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2022-2, 12/31/27 | &nbsp;&nbsp; 275512 |
| 500,000(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2020, 12/31/25 | &nbsp;&nbsp; 2250 |
| 250,000(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2021, 12/31/25 | &nbsp;&nbsp; 1200 |
| 250,000(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2022, 12/31/27 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $285456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **285456** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $1,345,710)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1247335** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 9.9% of Net Assets** |  |
| 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 3/1/44 | $6285 |
| 906734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/53 | &nbsp;&nbsp; 940801 |
| 1337728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 1380178 |
| 1109872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 1145430 |
| 76603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 78864 |
| 677(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.236%, (1 Year CMT Index + 225 bps), 11/1/31 | &nbsp;&nbsp;&nbsp; 691 |
| 35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.423%, (1 Year CMT Index + 236 bps), 1/1/28 | &nbsp;&nbsp;&nbsp; 35 |
| 1919349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/54 | &nbsp;&nbsp; 2002058 |
| 2623987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 2753774 |
| 2168428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 2270997 |
| 197740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 206250 |
| 499251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 520405 |
| 597249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 620716 |
| 754795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 785593 |

---

Victory Pioneer Short Term Income Fund \| 11/30/2542

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 197815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | $205006 |
| 554459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/54 | &nbsp;&nbsp; 584477 |
| 63413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/47 | &nbsp;&nbsp; 58415 |
| 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 12/1/55 (TBA) | &nbsp;&nbsp; 3818465 |
| 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 12/1/55 (TBA) | &nbsp;&nbsp; 3791867 |
| 3,795(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.893%, (ECOFC + 193 bps), 12/1/36 | &nbsp;&nbsp; 3763 |
| 5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 12/1/55 (TBA) | &nbsp;&nbsp; 5887468 |
| 5243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 12/1/35 | &nbsp;&nbsp; 5314 |
| 30975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/37 | &nbsp;&nbsp; 32247 |
| 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 12/1/40 (TBA) | &nbsp;&nbsp; 3786404 |
| 1326207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 1361540 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 12/1/55 (TBA) | &nbsp;&nbsp; 6075636 |
| 3655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 4/1/38 | &nbsp;&nbsp; 3860 |
| 725904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 5/1/53 | &nbsp;&nbsp; 750035 |
| 1833757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 1892509 |
| 1591244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 1641738 |
| 707905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 735522 |
| 4,777(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.473%, (1 year FTSE USD IBOR Consumer Cash Fallbacks + 176 bps), 7/1/36 | &nbsp;&nbsp; 4899 |
| 20694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/29 | &nbsp;&nbsp; 21049 |
| 666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 7/1/32 | &nbsp;&nbsp;&nbsp; 689 |
| 2214911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 12/1/53 | &nbsp;&nbsp; 2308627 |

---

43Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 1551495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 3/1/54 | $1607602 |
| 1136041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/54 | &nbsp;&nbsp; 1180843 |
| 2258800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 6/1/54 | &nbsp;&nbsp; 2344532 |
| 716(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.713%, (1 Year CMT Index + 246 bps), 4/1/28 | &nbsp;&nbsp;&nbsp; 721 |
| 7017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 7.000%, 1/1/36 | &nbsp;&nbsp; 7436 |
| 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.000%, 12/20/55 (TBA) | &nbsp;&nbsp; 3669121 |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.500%, 12/20/55 (TBA) | &nbsp;&nbsp; 3298622 |
| 11117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 12/15/31 | &nbsp;&nbsp; 11568 |
| 25332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 11/15/36 | &nbsp;&nbsp; 26658 |
| 2972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 5/15/31 | &nbsp;&nbsp; 3086 |
| 4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 7/15/35 | &nbsp;&nbsp; 4533 |
| 6689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 10/15/37 | &nbsp;&nbsp; 6959 |
| 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 6.375%, 8/15/27 | &nbsp;&nbsp; 7331133 |
| 41000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.125%, 1/31/27 | &nbsp;&nbsp; 41235430 |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.875%, 4/30/26 | &nbsp;&nbsp; 13057103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $118,819,097)** | &nbsp;&nbsp; **$** **119466954** |

---

Victory Pioneer Short Term Income Fund \| 11/30/2544

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 8.1% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — 1.6%** |  |
| 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 4.09%, dated 11/28/25,<br> to be purchased on 12/1/25 for $9,703,306, collateralized by the following:<br> $4,461,800, Federal Home Loan Mortgage Corporation, 4.82%, 11/1/53,<br> $3,487,377, Federal National Mortgage Association, 3.78%, 9/1/33,<br> $1,944,824, Government National Mortgage Association, 3.00%-6.50%, 1/15/45-4/20/75 | $9700000 |
| 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc., 4.09%, dated 11/28/25,<br> to be purchased on 12/1/25 for $9,703,306, collateralized by $9,897,382, U.S. Treasury Note, 3.75%, 6/30/27 | &nbsp;&nbsp; 9700000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $19400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — 6.5%** |  |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc., 4.083%, 12/1/25 | $5997981 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp., 4.002%, 12/1/25 | &nbsp;&nbsp; 5997993 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.012%, 12/1/25 | &nbsp;&nbsp; 5998017 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERAC USA Finance LLC, 4.101%, 12/1/25 | &nbsp;&nbsp; 5997946 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP Operating LP, 4.022%, 12/1/25 | &nbsp;&nbsp; 5997972 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 4.072%, 12/1/25 | &nbsp;&nbsp; 5997971 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 4.052%, 12/1/25 | &nbsp;&nbsp; 5997859 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., 4.043%, 12/1/25 | &nbsp;&nbsp; 5997973 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP, 4.052%, 12/1/25 | &nbsp;&nbsp; 5997973 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Treasury Services Plc, 4.032%, 12/1/25 | &nbsp;&nbsp; 5997953 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp., 4.051%, 12/1/25 | &nbsp;&nbsp; 5997928 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.052%, 12/1/25 | &nbsp;&nbsp; 5997973 |
| 6,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Power and Light Co., 4.002%, 12/1/25 | &nbsp;&nbsp; 5998043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $77973582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $97,400,000)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **97373582** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 102.6%<br> (Cost $1,242,983,349)** | **$1241066582** |

---

45Victory Pioneer Short Term Income Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TBA Sales Commitments — (1.9)% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (1.9)%** |  |
| (5600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 12/1/55 (TBA) | $(5733555) |
| (16450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 12/1/55 (TBA) | &nbsp;&nbsp;&nbsp; (17040644) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TBA SALES COMMITMENTS<br> (Proceeds $22,786,037)** | &nbsp;&nbsp;&nbsp; **$** **(22774199)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.7)%** | &nbsp;&nbsp;&nbsp;&nbsp; $(8228666) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$1210063717** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| BRMMUSDF | &nbsp;&nbsp;BlackRock Liquidity Fund Treasury Trust Fund Portfolio Fund Yield. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| ECOFC | &nbsp;&nbsp;Enterprise 11<sup>th</sup> District COFI Replacement Index. |
| FHMMUSTF | &nbsp;&nbsp;Federated Hermes US Treasury Cash Reserves Fund Yield. |
| FREMF | &nbsp;&nbsp;Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
| IBOR | &nbsp;&nbsp;Interbank Offered Rate. |
| PRIME | &nbsp;&nbsp;U.S. Federal Funds Rate. |
| REMICs | &nbsp;&nbsp;Real Estate Mortgage Investment Conduits. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal of Securities. |
| (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 November 30, 2025, the value of these securities amounted to $707,528,546, or 58.5% of net assets. |

---

(a) Floating rate note. Coupon rate, reference index and spread shown at November 30, 2025.

(b) All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.

(c) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.

(d) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at November 30, 2025.

(e) Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at November 30, 2025.

Victory Pioneer Short Term Income Fund \| 11/30/2546

------

(unaudited) (continued)

---

| | |
|:---|:---|
| (f) | &nbsp;&nbsp;Security is in default. |
| (g) | &nbsp;&nbsp;Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
| (h) | &nbsp;&nbsp;Issued as preference shares. |
| (i) | &nbsp;&nbsp;Non-income producing security. |
| (j) | &nbsp;&nbsp;Issued as participation notes. |
| (k) | &nbsp;&nbsp;Rate shown represents yield-to-maturity. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at November 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| # | &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;Alturas Re 2022-2 | 1/18/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6494 |
| &nbsp;&nbsp;Integrity Re | 5/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77360 |
| &nbsp;&nbsp;Long Point Re IV | 5/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252250 |
| &nbsp;&nbsp;Matterhorn Re | 1/29/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130569 |
| &nbsp;&nbsp;Merion Re 2022-2 | 3/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275512 |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249625 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252075 |
| &nbsp;&nbsp;Thopas Re 2020 | 12/30/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 |
| &nbsp;&nbsp;Thopas Re 2021 | 1/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 |
| &nbsp;&nbsp;Thopas Re 2022 | 2/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1247335 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |

---

47Victory Pioneer Short Term Income Fund \| 11/30/25

------

#### FUTURES CONTRACTS<br> FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 2225 | &nbsp;&nbsp;U.S. 2 Year Note (CBT) | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;$464891322 | &nbsp;&nbsp;$464712111 | &nbsp;&nbsp;$(179211) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Short** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;U.S. 5 Year Note (CBT) | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;$(12396768) | &nbsp;&nbsp;$(12403516) | &nbsp;&nbsp;&nbsp;&nbsp;$(6748) |
| &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;U.S. 10 Year Note (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4527605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4533750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6145) |
| &nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;(10765238) | &nbsp;&nbsp;&nbsp;&nbsp;(10806891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41653) |
| &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;U.S. Long Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6079260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6106750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27490) |
|  |  |  | &nbsp;&nbsp;$(33768871) | &nbsp;&nbsp;$(33850907) | &nbsp;&nbsp;$(82036) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$431122451** | &nbsp;&nbsp;**$430861204** | &nbsp;&nbsp;**$(261247)** |
| CBT | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. |

---

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

Victory Pioneer Short Term Income Fund \| 11/30/2548

------

### Schedule of Investments \| 11/30/25
(unaudited) (continued)

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 November 30, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3948356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3948356 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;365453406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;365453406 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93235804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93235804 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;120512371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;120512371 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;439828774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;439828774 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &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;285456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285456 |
| &nbsp;&nbsp;&nbsp;All Other Insurance-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961879 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;119466954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;119466954 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77973582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77973582 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1240781126** | &nbsp;&nbsp;**$285456** | &nbsp;&nbsp;**$1241066582** |
| **Liabilities** |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(22774199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(22774199) |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(22774199)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(22774199)** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | $(261247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(261247) |
| **Total Other Financial Instruments** | **$(261247)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(261247)** |

---

\* Securities valued at $0.

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

49Victory Pioneer Short Term Income Fund \| 11/30/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer Short Term Income Fund

- **b. EDGAR series identifier (if any):** S000089768

- **c. LEI of Series:** L04JWOQVRJHMZWLSTV93

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**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:** $1260819654.04

**Total Liabilities:** $55639611.02

**Net Assets:** $1205180043.02

**Delayed Delivery Securities:** $6040000.00

**Stand-by Commitments:** $30906914.33

**Cash Not Reported:** $3377709.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2855.00000000 | **1-Year:** -36291.00000000 | **5-Year:** -104166.00000000 | **10-Year:** -5343.00000000 | **30-Year:** -302.00000000

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

- **3-Month:** -839.00000000 | **1-Year:** -6101.00000000 | **5-Year:** -111770.00000000 | **10-Year:** 8546.00000000 | **30-Year:** 2317.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256531 | -0.29%               | 0.07%                | 0.49%                |
| Class ID C000256532 | -0.31%               | 0.05%                | 0.47%                |
| Class ID C000256533 | -0.22%               | -0.08%               | 0.44%                |
| Class ID C000256534 | -0.28%               | 0.08%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-266800.20              | $-7862505.24                               |
| Month 2  | $-882708.61              | $-3085966.29                               |
| Month 3  | $-1108566.81             | $1408988.04                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -40 | NC      | $-6144.80     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607L8C0<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   3300000 | PA      | $3364300.63   | 0.28%             | 2027-06-28      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2022-1                                        | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $579372.75    | 0.05%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AM3T2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18268 | PA      | $18200.67     | 0.00%             | 2042-02-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R03                                     | CUSIP: 20753ACJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    282466 | PA      | $285082.60    | 0.02%             | 2043-04-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2022-N1                                           | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109081 | PA      | $108108.15    | 0.01%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | FISERV INC                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997970.80   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2024-1                                                  | CUSIP: 349941AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    681086 | PA      | $697251.92    | 0.06%             | 2049-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQZV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1833757 | PA      | $1892509.32   | 0.16%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                         | HINNT 2024-A LLC                                                                 | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610576 | PA      | $622588.67    | 0.05%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2024-1 LLC                                           | CUSIP: 737473AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $719225.81    | 0.06%             | 2030-10-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-3                                                      | CUSIP: 69547XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1215538 | PA      | $1221482.14   | 0.10%             | 2031-10-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                                      | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   3800000 | PA      | $3797294.86   | 0.32%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2025-SL1                                     | CUSIP: 362960AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2277367 | PA      | $2296413.98   | 0.19%             | 2067-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                                   | CUSIP: 05565AAR4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $2999244.09   | 0.25%             | 2026-05-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339LU24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6105 | PA      | $6105.92      | 0.00%             | 2028-04-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2024-1                                                  | CUSIP: 349941AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    799901 | PA      | $822186.25    | 0.07%             | 2049-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                 | HOMES 2023-NQM2 Trust                                                            | CUSIP: 43761KAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501351.80    | 0.04%             | 2068-02-25      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2021-2 Ltd                                                              | CUSIP: 26982AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    810000 | PA      | $830233.15    | 0.07%             | 2034-04-25      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    950000 | PA      | $959029.45    | 0.08%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chase Funding Mortgage Loan As              | Chase Funding Trust Series 2003-3                                                | CUSIP: 161546FM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21313 | PA      | $21228.20     | 0.00%             | 2033-04-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                 | VFI ABS 2025-1 LLC                                                               | CUSIP: 91824UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1375000 | PA      | $1386765.60   | 0.12%             | 2031-04-24      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2023-1 LLC                                                                  | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1017636 | PA      | $1043518.63   | 0.09%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                                          | CUSIP: 35564NGY3<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   1137500 | PA      | $1138612.82   | 0.09%             | 2045-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A              | Research-Driven Pagaya Motor Asset Trust 2023-4                                  | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    372390 | PA      | $373134.59    | 0.03%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2136525.07   | 0.18%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PJX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31581 | PA      | $31167.66     | 0.00%             | 2037-02-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    143009 | PA      | $143677.47    | 0.01%             | 2031-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                                                | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2140000 | PA      | $2148119.20   | 0.18%             | 2027-03-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                      | Philip Morris International Inc                                                  | CUSIP: 718172DM8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   5800000 | PA      | $5850930.84   | 0.49%             | 2027-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                            | LAMAR MEDIA CORP                                                                 | CUSIP: 513076BE8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.04%             | 2032-09-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                                    | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1260000 | PA      | $1263573.99   | 0.10%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA1                                          | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |    326652 | PA      | $327057.04    | 0.03%             | 2044-02-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1790000 | PA      | $1814005.15   | 0.15%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-5                                       | CUSIP: 30165BAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1360000 | PA      | $1366620.62   | 0.11%             | 2031-02-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| CenterStone SBA Trust                       | Centerstone SBA Trust 2023-1                                                     | CUSIP: 15202XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    544003 | PA      | $543240.43    | 0.05%             | 2050-12-27      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| VStrong Auto Receivables Trust              | VStrong Auto Receivables Trust 2023-A                                            | CUSIP: 92920CAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $598831.26    | 0.05%             | 2030-02-15      | Fixed         | 9.31%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853AY6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1665944.98   | 0.14%             | 2027-09-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NBN CO LTD                                  | NBN Co Ltd                                                                       | CUSIP: 62878U2H4<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |   4200000 | PA      | $4189453.46   | 0.35%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2024-1                                           | CUSIP: 74113QAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1967000 | PA      | $1979204.25   | 0.16%             | 2030-02-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                           | Expedia Group Inc                                                                | CUSIP: 30212PBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006449.45   | 0.08%             | 2027-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2025-2                           | CUSIP: 44644NAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2636483 | PA      | $2640178.20   | 0.22%             | 2033-09-20      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31378VJQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       716 | PA      | $721.43       | 0.00%             | 2028-04-01      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-10                                             | CUSIP: 69544MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3216921 | PA      | $3237456.60   | 0.27%             | 2032-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASN87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    707905 | PA      | $735521.89    | 0.06%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-2                    | CUSIP: 35563PRE1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    796852 | PA      | $771531.43    | 0.06%             | 2059-11-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2024-2                                           | CUSIP: 74113SAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $968534.62    | 0.08%             | 2030-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392GRS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7817 | PA      | $7810.72      | 0.00%             | 2033-01-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2025-2                              | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1970000 | PA      | $1990972.42   | 0.17%             | 2031-07-14      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2023-5                                       | CUSIP: 30168DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1137011.37   | 0.09%             | 2030-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                               | DTE Energy Co                                                                    | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3643865.93   | 0.30%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396UR69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24991 | PA      | $24893.12     | 0.00%             | 2036-07-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQZW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1591244 | PA      | $1641737.67   | 0.14%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0526C1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6000000 | PA      | $6075636.18   | 0.50%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust                | Oxford Finance Funding 2022-1 LLC                                                | CUSIP: 69145BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    974626 | PA      | $947447.23    | 0.08%             | 2030-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                                  | CUSIP: 03881UAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4365000 | PA      | $4363754.67   | 0.36%             | 2041-01-20      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                           | CUSIP: 12433JAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    890000 | PA      | $886441.25    | 0.07%             | 2042-01-15      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| IMS Ecuadorian Mortagage Trust              | IMS ECUADORIAN MORTGAGE 2021-1 TRUST                                             | CUSIP: 44970EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    259807 | PA      | $251363.12    | 0.02%             | 2043-08-18      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Cre              | Continental Finance Credit Card ABS Master Trust                                 | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1268889.25   | 0.11%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36225BNA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2972 | PA      | $3085.66      | 0.00%             | 2031-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    991001 | PA      | $991000.98    | 0.08%             | 2037-02-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| BRE Grand Islander Timeshare I              | BRE Grand Islander Timeshare Issuer 2019-A LLC                                   | CUSIP: 05588UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255279 | PA      | $252723.82    | 0.02%             | 2033-09-26      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                  | CUSIP: 126650DH0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2851000 | PA      | $2831238.12   | 0.23%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WFR7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003151.92   | 0.25%             | 2026-05-11      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2024-1CON                                               | CUSIP: 08862HAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    620000 | PA      | $633463.42    | 0.05%             | 2035-04-17      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31397LF53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18703 | PA      | $18898.60     | 0.00%             | 2038-07-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-A                                                    | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1330000 | PA      | $1329977.79   | 0.11%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-2                                             | CUSIP: 525920AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1517130.15   | 0.13%             | 2029-07-16      | Fixed         | 6.52%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                     | National Bank of Canada                                                          | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   4100000 | PA      | $4134133.73   | 0.34%             | 2027-07-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                 | Ameren Corp                                                                      | CUSIP: 023608AP7<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1776320.96   | 0.15%             | 2026-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8153 | PA      | $8140.43      | 0.00%             | 2037-09-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                      | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBQ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1806805.58   | 0.15%             | 2027-04-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                                    | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   2857000 | PA      | $2883455.08   | 0.24%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEN2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3415903.77   | 0.28%             | 2028-10-22      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                         | ACREC 2021-FL1 Ltd                                                               | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    322729 | PA      | $322730.15    | 0.03%             | 2036-10-16      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owne              | NextGear Floorplan Master Owner Trust                                            | CUSIP: 65341KBY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1306547.97   | 0.11%             | 2029-03-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2024-1CON                                               | CUSIP: 08862HAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1438355 | PA      | $1479111.56   | 0.12%             | 2035-04-17      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XIV LLC                                       | CUSIP: 03238BAE3<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |   1360000 | PA      | $1392906.97   | 0.12%             | 2031-10-20      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1818911.48   | 0.15%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                           | State Street Corp                                                                | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004231.79   | 0.08%             | 2027-10-22      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                    | ELANCO ANIMAL HEALTH INC                                                         | CUSIP: 28414BAJ5<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |    257310 | PA      | $257470.76    | 0.02%             | 2032-10-29      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140NH3Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    725904 | PA      | $750035.24    | 0.06%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405441.16    | 0.03%             | 2028-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | Bayview Opportunity Master Fund VII Trust 2024-CAR1F                             | CUSIP: 07336MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201895 | PA      | $202219.09    | 0.02%             | 2032-07-29      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| Thopas Re 2020, 12/31/23                    | Thopas Re 2020, 12/31/23                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $2250.00      | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2020-2                                          | CUSIP: 92838TAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86067 | PA      | $83347.14     | 0.01%             | 2065-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Cre              | Continental Finance Credit Card ABS Master Trust                                 | CUSIP: 66981PAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $767386.35    | 0.06%             | 2030-10-15      | Fixed         | 9.33%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                              | MVW 2020-1 LLC                                                                   | CUSIP: 55400EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32872 | PA      | $32619.35     | 0.00%             | 2037-10-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R06                                     | CUSIP: 20754YAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1005140 | PA      | $1005179.33   | 0.08%             | 2045-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2023-1 Ltd                                                             | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    271317 | PA      | $272408.96    | 0.02%             | 2033-07-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities,               | Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-4 | CUSIP: 172973W88<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         0 | PA      | $0.17         | 0.00%             | 2020-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R06                                     | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91579 | PA      | $91922.02     | 0.01%             | 2043-07-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2021-FL7 LLC                                    | CUSIP: 75575WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    875000 | PA      | $874001.54    | 0.07%             | 2036-11-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2420000 | PA      | $2426061.86   | 0.20%             | 2029-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                 | CHNGE Mortgage Trust 2022-1                                                      | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    556732 | PA      | $539066.66    | 0.04%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-HQA2                                          | CUSIP: 35564K2F5<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    145852 | PA      | $146282.23    | 0.01%             | 2043-06-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1273798.27   | 0.11%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr              | Avid Automobile Receivables Trust 2021-1                                         | CUSIP: 05369LAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1002792.84   | 0.08%             | 2028-10-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0506C5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5900000 | PA      | $5887467.81   | 0.49%             | 2055-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2024-HE1                                     | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1691022 | PA      | $1694549.05   | 0.14%             | 2054-08-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1230000 | PA      | $1245151.02   | 0.10%             | 2039-06-12      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XGEA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63413 | PA      | $58414.67     | 0.00%             | 2047-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                       | Brooklyn Union Gas Co/The                                                        | CUSIP: 114259AV6<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3017402.64   | 0.25%             | 2027-08-05      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R06                                     | CUSIP: 20754YAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1104077 | PA      | $1102756.93   | 0.09%             | 2045-09-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393YFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       784 | PA      | $784.19       | 0.00%             | 2034-03-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2540000 | PA      | $2557292.60   | 0.21%             | 2027-05-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2023-2                                         | CUSIP: 36269EAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1429000 | PA      | $1497868.65   | 0.12%             | 2030-01-15      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE8                                                             | CUSIP: 30191WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1230000 | PA      | $1232481.16   | 0.10%             | 2055-11-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                        | TARGA RESOURCES CORP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997927.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                                               | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252075.00    | 0.02%             | 2026-04-07      | Floating      | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0626C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        | -16850000 | PA      | $-17455005.82 | -1.45%            | 2055-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -52 | NC      | $-27490.32    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE3                                                             | CUSIP: 31684GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1619133 | PA      | $1646622.95   | 0.14%             | 2054-07-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5                 | CUSIP: 46654PAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1907208 | PA      | $1908390.49   | 0.16%             | 2038-11-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2025-FL6 Issuer Ltd                                                         | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3120000 | PA      | $3122556.84   | 0.26%             | 2042-09-18      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TMJ1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1320688.62   | 0.11%             | 2026-08-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2023-1                                    | CUSIP: 92259VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    358513 | PA      | $357446.96    | 0.03%             | 2053-01-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Credit Fund III              | Oxford Finance Credit Fund III 2024-A LP                                         | CUSIP: 69145DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $764540.55    | 0.06%             | 2032-01-14      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 472319AE2<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1533717.51   | 0.13%             | 2027-06-08      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                                                | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1006174.75   | 0.08%             | 2028-03-01      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                                   | CUSIP: 05581KAC5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2100000 | PA      | $2106480.58   | 0.17%             | 2027-03-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339WXS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15898 | PA      | $16068.14     | 0.00%             | 2032-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1027000 | PA      | $1028304.91   | 0.09%             | 2028-03-01      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2004325.40   | 0.17%             | 2041-06-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA6                                          | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |   2110550 | PA      | $2118609.92   | 0.18%             | 2041-10-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Achieve Mortgage                            | ACHM Trust 2024-HE2                                                              | CUSIP: 00112DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    686223 | PA      | $689649.61    | 0.06%             | 2039-10-25      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-3                                                  | CUSIP: 67571CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965000 | PA      | $1006020.22   | 0.08%             | 2029-09-20      | Fixed         | 7.58%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                                            | CUSIP: 60510MBK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1420000 | PA      | $1434891.97   | 0.12%             | 2030-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    630000 | PA      | $647432.35    | 0.05%             | 2033-09-26      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                    | Healthcare Realty Holdings LP                                                    | CUSIP: 42225UAD6<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1689432.32   | 0.14%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                                 | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    819746 | PA      | $819452.06    | 0.07%             | 2036-10-16      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DG1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1084532.19   | 0.09%             | 2027-07-28      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                          | CNO Global Funding                                                               | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3174991.45   | 0.26%             | 2027-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                        | Libra Solutions 2024-1 LLC                                                       | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1810000 | PA      | $1809241.79   | 0.15%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                               | Owens Corning                                                                    | CUSIP: 690742AF8<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1789829.86   | 0.15%             | 2026-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3T6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1318772.56   | 0.11%             | 2027-03-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                          | Tricon Residential 2025-SFR1 Trust                                               | CUSIP: 895974AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $832545.36    | 0.07%             | 2042-03-17      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust                | Blue Owl Asset Leasing Trust 2024-1 LLC                                          | CUSIP: 095921AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1098235.58   | 0.09%             | 2031-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432000 | PA      | $433254.18    | 0.04%             | 2028-03-01      | Floating      | 11.51%                | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                                              | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2620000 | PA      | $2691276.31   | 0.22%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Capital Four US CLO                         | Capital Four US CLO II Ltd                                                       | CUSIP: 14016CAL0<br>LEI: 2138009KMDCX6G3MTA10 | Long             | ABS-CBDO         | CORP              | JE        |     45714 | PA      | $45713.49     | 0.00%             | 2037-01-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                                    | CUSIP: 58003MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4911614 | PA      | $4925661.22   | 0.41%             | 2041-08-18      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000218.06   | 0.17%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2024-2                           | CUSIP: 44644NAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    434216 | PA      | $434776.10    | 0.04%             | 2032-10-20      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2021-1                                                  | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    100787 | PA      | $95987.06     | 0.01%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31416BM70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30975 | PA      | $32246.80     | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                     | SOTERA HEALTH HLDGS LLC                                                          | CUSIP: 83600VAH4<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    235702 | PA      | $237764.83    | 0.02%             | 2031-05-30      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                           | CUSIP: 12433JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1870000 | PA      | $1868832.37   | 0.16%             | 2042-01-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H0606C0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3600000 | PA      | $3669120.90   | 0.30%             | 2055-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395LVP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5898 | PA      | $5871.62      | 0.00%             | 2035-01-15      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL16                                                                    | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3430000 | PA      | $3439600.57   | 0.29%             | 2039-11-18      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397PBG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47395 | PA      | $47032.83     | 0.00%             | 2037-11-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2024-RVM1                                               | CUSIP: 67579FAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1410000 | PA      | $1433187.45   | 0.12%             | 2046-01-22      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2024-HE3                                         | CUSIP: 46658JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1758335 | PA      | $1758328.48   | 0.15%             | 2055-02-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W4                                                         | CUSIP: 31394VQB9<br>LEI: 549300DT3ZN0G36OPC94 | Long             | ABS-MBS          | USGSE             | US        |     21488 | PA      | $21963.46     | 0.00%             | 2045-06-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CV55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23169 | PA      | $22960.13     | 0.00%             | 2036-11-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-CES1                                | CUSIP: 79581VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1984006 | PA      | $2007950.26   | 0.17%             | 2054-03-25      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                         | Citizens Bank NA/Providence RI                                                   | CUSIP: 75524KPG3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |   5100000 | PA      | $5136312.31   | 0.43%             | 2028-08-09      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                       | ELEMENT SOLUTIONS INC                                                            | CUSIP: 72766TAH2<br>LEI: 549300FLGN6P5CU20J91 | Long             | LON              | CORP              | US        |    244530 | PA      | $246440.57    | 0.02%             | 2030-12-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                        | WEC ENERGY GROUP INC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997972.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2025-1                                                            | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    219985 | PA      | $219766.76    | 0.02%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2024-CES3                                       | CUSIP: 92841WAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $911468.97    | 0.08%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                 | VFI ABS 2023-1 LLC                                                               | CUSIP: 92555QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    327000 | PA      | $334183.05    | 0.03%             | 2029-12-24      | Fixed         | 9.26%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                | CaixaBank SA                                                                     | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   3000000 | PA      | $3057116.16   | 0.25%             | 2027-09-13      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31408YMG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5243 | PA      | $5314.40      | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2023-FL11 LLC                                   | CUSIP: 75575RAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    590000 | PA      | $590587.17    | 0.05%             | 2039-10-25      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                                             | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2438249.14   | 0.20%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XEX0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2847817.36   | 0.24%             | 2027-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2024-6                                    | CUSIP: 92261BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1774610 | PA      | $1787864.19   | 0.15%             | 2054-12-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| LYB FINANCE CO BV                           | LYB Finance Co BV                                                                | CUSIP: 61238QAA6<br>LEI: 549300BBGA3CFHX0KS75 | Long             | DBT              | CORP              | NL        |   1666000 | PA      | $1741719.77   | 0.14%             | 2027-03-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392F6W2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32541 | PA      | $32458.85     | 0.00%             | 2032-12-18      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-3                                                          | CUSIP: 30339EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2272000 | PA      | $2143746.96   | 0.18%             | 2031-03-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2024-3                                                     | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $2304788.14   | 0.19%             | 2029-08-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-2                                              | CUSIP: 91679EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2970000 | PA      | $2995088.78   | 0.25%             | 2035-06-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2019-A                                                        | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    628557 | PA      | $617104.84    | 0.05%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| BROADRIDGE FINANCIAL SOL                    | Broadridge Financial Solutions Inc                                               | CUSIP: 11133TAC7<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |   1677000 | PA      | $1668933.06   | 0.14%             | 2026-06-27      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4991600.55   | 0.41%             | 2029-01-24      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Whole Loan                                                            | CUSIP: 31395D7H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61630 | PA      | $61130.23     | 0.01%             | 2046-11-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2023-P3                                           | CUSIP: 14688GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    810000 | PA      | $842779.49    | 0.07%             | 2029-09-10      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392T3F2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22994 | PA      | $23238.76     | 0.00%             | 2032-02-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAPITAL L                    | OUTFRONT MEDIA CAPITAL LLC                                                       | CUSIP: 000000000<br>LEI: 5493005WC7J0FDMW0610 | Long             | LON              | CORP              | US        |    213557 | PA      | $213957.42    | 0.02%             | 2032-09-24      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1529900.92   | 0.13%             | 2028-04-22      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R01                                     | CUSIP: 207932AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    544185 | PA      | $555744.11    | 0.05%             | 2042-12-25      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-RTL5                                | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $463947.49    | 0.04%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2024-N3                                           | CUSIP: 14687WAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1131000 | PA      | $1128217.63   | 0.09%             | 2030-12-10      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-3                                                          | CUSIP: 30339EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1219062.51   | 0.10%             | 2031-12-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-2                                              | CUSIP: 91679EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2010000 | PA      | $2030680.49   | 0.17%             | 2035-06-20      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                           | Hyatt Hotels Corp                                                                | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $5290616.86   | 0.44%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                      | Mosaic Solar Loan Trust 2019-2                                                   | CUSIP: 61945LAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71026 | PA      | $70300.47     | 0.01%             | 2040-09-20      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                                          | CUSIP: 35564NGZ0<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   2960280 | PA      | $2958453.61   | 0.25%             | 2045-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                    | Alimentation Couche-Tard Inc                                                     | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |   3200000 | PA      | $3175677.63   | 0.26%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PZL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10162 | PA      | $10026.44     | 0.00%             | 2037-03-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                                          | CUSIP: 35564KMA4<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |     59740 | PA      | $59703.95     | 0.00%             | 2041-11-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2022-2                                                  | CUSIP: 67578XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1659099.85   | 0.14%             | 2030-02-20      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| HOA FUNDING LLC - HOA                       | HOA FUNDING LLC - HOA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $0.00         | 0.00%             | 2051-08-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CV89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10189 | PA      | $10099.72     | 0.00%             | 2036-11-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets                          | Accelerated 2021-1H LLC                                                          | CUSIP: 00439KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226911 | PA      | $213458.20    | 0.02%             | 2040-10-20      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                                          | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1798259.35   | 0.15%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2025-2                                                           | CUSIP: 75525QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2031885.40   | 0.17%             | 2032-08-18      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point CLO V-R LTD                                                          | CUSIP: 83607EAC6<br>LEI: 549300UPX3H8ENJXHI23 | Long             | ABS-CBDO         | CORP              | KY        |   3970000 | PA      | $3964545.22   | 0.33%             | 2031-07-18      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R02                                     | CUSIP: 20754WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    920000 | PA      | $936247.20    | 0.08%             | 2040-01-25      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                   | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3160000 | PA      | $3161975.00   | 0.26%             | 2041-10-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                                            | CUSIP: 60510MBF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1240000 | PA      | $1248670.45   | 0.10%             | 2030-01-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-HQA1                                          | CUSIP: 35564KX79<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | CORP              | US        |    121726 | PA      | $124815.54    | 0.01%             | 2043-05-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                                            | CUSIP: 60510MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1913340.28   | 0.16%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2022-1                                                  | CUSIP: 67571EAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1510918.80   | 0.13%             | 2029-02-20      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| HOA FUNDING LLC - HOA                       | HOA FUNDING LLC - HOA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $0.00         | 0.00%             | 2051-08-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Z Capital Credit Partners CLO               | Z Capital Credit Partners CLO 2021-1 Ltd                                         | CUSIP: 98878FAW9<br>LEI: 254900E49C9UO1DXFA65 | Long             | ABS-CBDO         | CORP              | KY        |    990000 | PA      | $990921.69    | 0.08%             | 2033-07-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    817778 | PA      | $817777.31    | 0.07%             | 2037-02-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE2                                                             | CUSIP: 316927AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1247109 | PA      | $1280083.10   | 0.11%             | 2054-05-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu              | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2310000 | PA      | $2330813.10   | 0.19%             | 2060-06-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36295ADH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6689 | PA      | $6958.81      | 0.00%             | 2037-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011280.56   | 0.08%             | 2027-01-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables I LLC                                                  | CUSIP: 88576NAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18002 | PA      | $17836.19     | 0.00%             | 2041-06-15      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB15 LLC                                                               | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |   1140000 | PA      | $1097629.62   | 0.09%             | 2034-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    172827 | PA      | $173114.78    | 0.01%             | 2033-09-26      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                     | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688ABE1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   3250000 | PA      | $3274366.13   | 0.27%             | 2027-03-05      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2030000 | PA      | $2054467.29   | 0.17%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2024-CES1                                       | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    720886 | PA      | $729055.20    | 0.06%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust                | Blue Owl Asset Leasing Trust 2024-1 LLC                                          | CUSIP: 095921AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1112685.42   | 0.09%             | 2030-03-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                          | Visio 2019-2 Trust                                                               | CUSIP: 92837DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1964272.80   | 0.16%             | 2054-11-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017FZQ9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2800000 | PA      | $2811227.47   | 0.23%             | 2027-10-18      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -93 | NC      | $-41652.84    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2024-HE2                                     | CUSIP: 36271AAA1<br>LEI: 254900W4Z6DJOVCWAH28 | Long             | ABS-O            | CORP              | US        |    904062 | PA      | $905512.38    | 0.08%             | 2055-01-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1127801.74   | 0.09%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                                     | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2898493.09   | 0.24%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                         | MidOcean Credit CLO XI Ltd                                                       | CUSIP: 59801ABA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    710000 | PA      | $708867.55    | 0.06%             | 2036-01-18      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                                     | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2500000 | PA      | $2535648.43   | 0.21%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137A6NJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31587 | PA      | $31450.75     | 0.00%             | 2041-02-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2023-1                                        | CUSIP: 89616KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    606202 | PA      | $590848.42    | 0.05%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3132DSC67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6100 | PA      | $6284.78      | 0.00%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-1                                              | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999915 | PA      | $1008464.09   | 0.08%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36200WAH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11117 | PA      | $11567.89     | 0.00%             | 2031-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Stonepeak                                   | Stonepeak 2021-1 ABS                                                             | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144650 | PA      | $140804.17    | 0.01%             | 2033-02-28      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                   | Acrec 2025 Fl 3 LLC                                                              | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2170000 | PA      | $2169991.32   | 0.18%             | 2042-08-18      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R09                                     | CUSIP: 20753DAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $838119.13    | 0.07%             | 2042-09-25      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                                              | CUSIP: 92512WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1038066.50   | 0.09%             | 2031-05-15      | Fixed         | 9.87%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital Mml Clo XII Ltd                                                   | CUSIP: 61034VAC7<br>LEI: 549300015LLKJVT5UL74 | Long             | ABS-CBDO         | CORP              | KY        |   1540000 | PA      | $1543226.30   | 0.13%             | 2033-09-14      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-EDU1 LLC                                | CUSIP: 07336PAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2620455 | PA      | $2620449.49   | 0.22%             | 2047-06-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H0626C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3600000 | PA      | $3710949.34   | 0.31%             | 2055-12-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T              | Ellington Financial Mortgage Trust 2020-1                                        | CUSIP: 31574PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $983352.00    | 0.08%             | 2065-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38374KXH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     32148 | PA      | $31816.39     | 0.00%             | 2035-02-20      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                        | CUSIP: 682680CB7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4009409.32   | 0.33%             | 2027-09-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                      | Harvest SBA Loan Trust 2023-1                                                    | CUSIP: 41757BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380435 | PA      | $393771.01    | 0.03%             | 2050-10-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2023-1 LLC                                                      | CUSIP: 96033EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249539 | PA      | $256027.45    | 0.02%             | 2037-12-20      | Fixed         | 10.14%                | No            |                  2 | On Loan: No      |
| RCKT Trust                                  | RCKT Trust 2025-PL1                                                              | CUSIP: 74939RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $844410.92    | 0.07%             | 2034-07-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R              | Foursight Capital Automobile Receivables Trust 2022-2                            | CUSIP: 34660DAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008554.30   | 0.08%             | 2029-10-15      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2024-1                           | CUSIP: 44644NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184115 | PA      | $185560.32    | 0.02%             | 2032-05-20      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2023-B                            | CUSIP: 80290CCE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    566324 | PA      | $577124.05    | 0.05%             | 2033-12-15      | Fixed         | 8.41%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                                         | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    876540 | PA      | $876536.05    | 0.07%             | 2039-02-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                   | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1684784 | PA      | $1688995.92   | 0.14%             | 2041-10-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XNY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30746 | PA      | $30704.63     | 0.00%             | 2037-09-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36290TXY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25332 | PA      | $26658.20     | 0.00%             | 2036-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393DRP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18049 | PA      | $18020.25     | 0.00%             | 2027-11-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| RMF Proprietary Issuance Trust              | RMF Proprietary Issuance Trust 2019-1                                            | CUSIP: 74968RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    541861 | PA      | $520960.80    | 0.04%             | 2063-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE2                                                | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    691082 | PA      | $693508.95    | 0.06%             | 2054-03-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AETW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        10 | PA      | $10.03        | 0.00%             | 2026-08-15      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL14 LLC                                                                | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3067000 | PA      | $3075688.81   | 0.26%             | 2039-03-19      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Wingspire Equipment Finance LL              | Wingspire Equipment Finance 2024-1 LLC                                           | CUSIP: 97415AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1630606.24   | 0.14%             | 2032-09-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                            | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1110000 | PA      | $1110345.65   | 0.09%             | 2037-05-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                | Pawneee Equipment Receivables Series 2021-1 LLC                                  | CUSIP: 704100AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    521217 | PA      | $519572.77    | 0.04%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVA95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    597249 | PA      | $620715.91    | 0.05%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DELOS AIRCRAFT LEASING D                    | DELOS AIRCRAFT LEASING DAC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    112941 | PA      | $113594.25    | 0.01%             | 2027-10-29      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                       | Tricon American Homes 2019-SFR1 Trust                                            | CUSIP: 89612LAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2240000 | PA      | $2229020.64   | 0.18%             | 2038-03-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                   | Upgrade Receivables Trust 2024-1                                                 | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    186978 | PA      | $187051.41    | 0.02%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                                     | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2000000 | PA      | $2002763.04   | 0.17%             | 2027-01-12      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                                                | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1524132.80   | 0.13%             | 2028-08-11      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                                     | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221874 | PA      | $221667.03    | 0.02%             | 2044-01-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2023-1                                         | CUSIP: 36267FAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1089000 | PA      | $1120731.72   | 0.09%             | 2029-08-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCL4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2450000 | PA      | $2464090.24   | 0.20%             | 2028-02-16      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2025-HE3                                                | CUSIP: 46660CAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3520000 | PA      | $3520000.00   | 0.29%             | 2056-03-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2022-2 LLC                                                 | CUSIP: 78397WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122034 | PA      | $122163.17    | 0.01%             | 2032-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LFT CRE LLC                                 | LMNT CRE 2025-FL3 LLC                                                            | CUSIP: 50208TAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3020000 | PA      | $3020000.00   | 0.25%             | 2043-07-21      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| LoanCore 2022-CRE7 Issuer Ltd.              | LoanCore 2022-CRE7 Issuer Ltd                                                    | CUSIP: 53946PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    552491 | PA      | $552489.06    | 0.05%             | 2037-01-17      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2300000 | PA      | $2344088.86   | 0.19%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL SERVICES                    | Hyundai Capital Services Inc                                                     | CUSIP: 44920UAU2<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |    550000 | PA      | $555332.99    | 0.05%             | 2027-02-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R              | Foursight Capital Automobile Receivables Trust 2024-1                            | CUSIP: 35105AAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1031464.00   | 0.09%             | 2030-03-15      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE6                                                             | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3544004 | PA      | $3535250.70   | 0.29%             | 2055-09-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                 | PRKCM 2023-AFC4 Trust                                                            | CUSIP: 69380GAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3820000 | PA      | $3877157.51   | 0.32%             | 2058-11-25      | Variable      | 7.85%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2025-A LLC                                                          | CUSIP: 62919VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2300194.80   | 0.19%             | 2032-07-15      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-DNA2                                          | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    490937 | PA      | $497571.32    | 0.04%             | 2043-04-25      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                  | BXG Receivables Note Trust 2020-A                                                | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94719 | PA      | $91991.32     | 0.01%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31385HJE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3795 | PA      | $3762.94      | 0.00%             | 2036-12-01      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVA87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    499251 | PA      | $520404.64    | 0.04%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396KYS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4900 | PA      | $4892.20      | 0.00%             | 2036-09-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013762.40   | 0.08%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31385JNG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       666 | PA      | $688.70       | 0.00%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115KAD2<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4052310.36   | 0.34%             | 2028-06-02      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Bayview Financing SBC Trust                 | Silver Hill Trust 2019-SBC1                                                      | CUSIP: 82773XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50401 | PA      | $50109.07     | 0.00%             | 2049-11-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396KM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15320 | PA      | $15195.97     | 0.00%             | 2036-09-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2023-1 LLC                                                      | CUSIP: 96033EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499079 | PA      | $509889.26    | 0.04%             | 2037-12-20      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505127.82    | 0.04%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R02                                     | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59108 | PA      | $60283.99     | 0.01%             | 2043-01-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                                      | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1600000 | PA      | $1598648.62   | 0.13%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                            | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $860267.80    | 0.07%             | 2037-05-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| LFT CRE LLC                                 | LMNT CRE 2025-FL3 LLC                                                            | CUSIP: 50208TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3020000 | PA      | $3020000.00   | 0.25%             | 2043-07-21      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB14 LLC                                                               | CUSIP: 12530XAB7<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $677694.85    | 0.06%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2018-KF45 Mortgage Trust                                                   | CUSIP: 30296TAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    495017 | PA      | $509588.07    | 0.04%             | 2025-03-25      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2024-3                                                     | CUSIP: 68377NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $653357.58    | 0.05%             | 2029-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust 2024-2                                              | CUSIP: 26207AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1830000 | PA      | $1845054.13   | 0.15%             | 2032-05-17      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395DVV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21623 | PA      | $21520.49     | 0.00%             | 2036-06-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2022-1 LLC                                                 | CUSIP: 784033AL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1424000 | PA      | $1416509.90   | 0.12%             | 2032-07-20      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6020000 | PA      | $6030655.40   | 0.50%             | 2029-12-17      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Oceanview Mortgage Loan Trust 2020-1                                             | CUSIP: 676477AD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $399367.62    | 0.03%             | 2050-05-28      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| REALPAGE INC                                | RealPage Inc                                                                     | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |    240000 | PA      | $240150.00    | 0.02%             | 2028-04-24      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1707000 | PA      | $1705941.66   | 0.14%             | 2036-10-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                         | Fifth Third Bank NA                                                              | CUSIP: 31677QBU2<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1977645.76   | 0.16%             | 2028-01-28      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2019-R06                                     | CUSIP: 20754JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    553999 | PA      | $563761.04    | 0.05%             | 2039-09-25      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2021-1                                           | CUSIP: 74113XAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1299646.08   | 0.11%             | 2029-03-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                          | CNO Global Funding                                                               | CUSIP: 18977W2H2<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2607031.44   | 0.22%             | 2028-09-08      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-1                                         | CUSIP: 37988XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $235199.93    | 0.02%             | 2030-03-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                                       | CUSIP: 58940BBB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2710000 | PA      | $2734749.08   | 0.23%             | 2029-07-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mor              | Credit Suisse First Boston Mortgage Securities Corp                              | CUSIP: 22540VQ47<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74847 | PA      | $76337.74     | 0.01%             | 2032-05-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2021-B                                                  | CUSIP: 08862BAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2340000 | PA      | $2251562.74   | 0.19%             | 2034-10-17      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AME 12/01/2025                   | PLAINS ALL AME 12/01/2025                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997972.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                                    | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1276499 | PA      | $1277693.98   | 0.11%             | 2045-01-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2025-FL7 Issuer Ltd                                                         | CUSIP: 87277LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2390000 | PA      | $2389988.05   | 0.20%             | 2043-06-18      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Achieve Mortgage                            | ACHM Mortgage Trust 2024-HE1                                                     | CUSIP: 00449TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    789346 | PA      | $810198.95    | 0.07%             | 2039-05-25      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                          | CNO Global Funding                                                               | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $1016921.25   | 0.08%             | 2027-12-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Securiti              | Bear Stearns Mortgage Securities Inc                                             | CUSIP: 073914WE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1244 | PA      | $1241.64      | 0.00%             | 2030-06-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Thopas Re 2021, 12/31/24                    | Thopas Re 2021, 12/31/24                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $1200.00      | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H                        | CUSIP: 5899296M5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48313 | PA      | $42271.86     | 0.00%             | 2029-01-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass Through               | Freddie Mac Structured Pass-Through Certificates                                 | CUSIP: 3133TMG26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61317 | PA      | $59740.89     | 0.00%             | 2029-12-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2024-A                                                        | CUSIP: 03837DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2548553 | PA      | $2578709.69   | 0.21%             | 2050-04-18      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607QFD9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1300000 | PA      | $1303213.34   | 0.11%             | 2028-09-08      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-2                                         | CUSIP: 379924AJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $2386824.08   | 0.20%             | 2031-08-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062614<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $207290.45    | 0.02%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                                    | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1525465 | PA      | $1526421.40   | 0.13%             | 2045-01-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables LLC                                                    | CUSIP: 88576PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27720 | PA      | $27182.97     | 0.00%             | 2040-11-15      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397KUH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43343 | PA      | $43282.43     | 0.00%             | 2037-10-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL8 Ltd                                                                 | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1997711 | PA      | $1997703.18   | 0.17%             | 2037-02-19      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133W9R86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1919349 | PA      | $2002057.76   | 0.17%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2021-4                                         | CUSIP: 36263DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1214864.41   | 0.10%             | 2028-10-16      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      2225 | NC      | $-179210.40   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| NORDEA BANK ABP                             | Nordea Bank Abp                                                                  | CUSIP: 65558RAG4<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   2600000 | PA      | $2638353.67   | 0.22%             | 2027-03-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                                                   | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3303567.20   | 0.27%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust 2024-2                                              | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2512852.50   | 0.21%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-1                                         | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1349469.16   | 0.11%             | 2031-01-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2022-2                              | CUSIP: 04047JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $549082.28    | 0.05%             | 2029-03-15      | Fixed         | 9.84%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr              | Avid Automobile Receivables Trust 2023-1                                         | CUSIP: 05368QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    356424 | PA      | $357693.22    | 0.03%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| RVR DEALERSHIP HOLDINGS                     | RVR DEALERSHIP HOLDINGS                                                          | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    239553 | PA      | $232665.40    | 0.02%             | 2028-02-08      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-2                                         | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    790000 | PA      | $801388.56    | 0.07%             | 2031-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XV LLC                                        | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |   2180000 | PA      | $2222652.79   | 0.18%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | Cascade Funding Mortgage Trust                                                   | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1440000 | PA      | $1370311.78   | 0.11%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                       | ELEMENT SOLUTIONS INC                                                            | CUSIP: 000000000<br>LEI: 549300FLGN6P5CU20J91 | Long             | LON              | CORP              | US        |    280377 | PA      | $282538.71    | 0.02%             | 2030-12-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAY7<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |   1750000 | PA      | $1751004.50   | 0.15%             | 2033-07-25      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                     | United Airlines 2020-1 Class B Pass Through Trust                                | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1020064 | PA      | $1020141.92   | 0.08%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2023-1                                         | CUSIP: 36267FAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1062341.90   | 0.09%             | 2030-07-15      | Fixed         | 7.93%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2025-FIX2                                              | CUSIP: 89183RAA0<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |   3498616 | PA      | $3509497.67   | 0.29%             | 2065-10-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CAL Receivables LLC                         | CAL Receivables 2022-1 LLC                                                       | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |    235151 | PA      | $235040.50    | 0.02%             | 2026-10-15      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BNE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3906 | PA      | $3913.89      | 0.00%             | 2032-01-18      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2024-1                                                | CUSIP: 501689AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1031235.40   | 0.09%             | 2031-06-16      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2025-1                              | CUSIP: 039962AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2499222.25   | 0.21%             | 2032-01-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                   | RMF Buyout Issuance Trust 2021-HB1                                               | CUSIP: 74969TAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $958371.10    | 0.08%             | 2031-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB13 LLC                                                               | CUSIP: 12530VAD7<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |   2230000 | PA      | $2125825.33   | 0.18%             | 2034-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAU1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   5510000 | PA      | $5502814.41   | 0.46%             | 2028-09-15      | Fixed         | 4.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396V5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27953 | PA      | $27640.40     | 0.00%             | 2037-06-25      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Onity Loan Investment Trust 2024-HB2                                             | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $392120.24    | 0.03%             | 2037-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4                    | CUSIP: 35563PHQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2570000 | PA      | $2494644.52   | 0.21%             | 2058-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECX1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1935904.11   | 0.16%             | 2029-02-25      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                | Dell Equipment Finance Trust 2024-2                                              | CUSIP: 24704EAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504138.50    | 0.04%             | 2031-02-24      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2024-2                                    | CUSIP: 92259PAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    768673 | PA      | $778851.48    | 0.06%             | 2054-04-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER                  | Elara Hgv Timeshare Issuer 2025-A LLC                                            | CUSIP: 28416VAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    946008 | PA      | $946301.35    | 0.08%             | 2040-01-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   5000000 | PA      | $5088591.75   | 0.42%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                   | PRM Trust 2025-PRM6                                                              | CUSIP: 74277DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $700711.13    | 0.06%             | 2033-07-05      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.                | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |   9700000 | PA      | $9700000.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2023-1                                           | CUSIP: 74113GAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2360900.75   | 0.20%             | 2030-05-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0606C4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -5600000 | PA      | $-5733555.24  | -0.48%            | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XII LLC                                       | CUSIP: 03236YAE5<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $677003.93    | 0.06%             | 2030-07-22      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                                        | CUSIP: 31295MYW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       677 | PA      | $691.29       | 0.00%             | 2031-11-01      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58694 | PA      | $59319.11     | 0.00%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2025-1                                    | CUSIP: 922955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2340510 | PA      | $2368135.96   | 0.20%             | 2055-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2024-FL11 Issuer LLC                                                       | CUSIP: 05613RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1630000 | PA      | $1632038.15   | 0.14%             | 2039-07-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                     | JPMorgan Chase Bank NA                                                           | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1142507.52   | 0.09%             | 2026-12-08      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust              | Home Partners of America 2019-2 Trust                                            | CUSIP: 43732TAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5495108 | PA      | $5329987.41   | 0.44%             | 2039-10-19      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2025-HE2                                     | CUSIP: 362934AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3473724 | PA      | $3480601.33   | 0.29%             | 2065-12-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |    352362 | PA      | $353117.25    | 0.03%             | 2034-01-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3628505.41   | 0.30%             | 2027-01-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                  | RCKT Trust 2025-PL1                                                              | CUSIP: 74939RAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3180000 | PA      | $3210928.36   | 0.27%             | 2034-07-25      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394FUL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18383 | PA      | $18236.25     | 0.00%             | 2035-10-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-2                                        | CUSIP: 89616PAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1850000 | PA      | $811686.39    | 0.07%             | 2028-08-15      | Fixed         | 7.61%                 | No            |                  2 | On Loan: No      |
| KREF 2022-Fl3 Ltd                           | KREF 2022-FL3 Ltd                                                                | CUSIP: 48275EAA4<br>LEI: 549300DG0FGL1EU1CT79 | Long             | ABS-CBDO         | CORP              | KY        |   1385136 | PA      | $1385200.83   | 0.11%             | 2039-02-17      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                    | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4486958.42   | 0.37%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                          | A&D Mortgage Trust 2024-NQM3                                                     | CUSIP: 00039HAD9<br>LEI: 9845009E581BS7E85066 | Long             | ABS-MBS          | CORP              | US        |   1428438 | PA      | $1451101.60   | 0.12%             | 2069-07-25      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31397MXL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18275 | PA      | $18638.24     | 0.00%             | 2038-10-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-2                                        | CUSIP: 89616PAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $804477.10    | 0.07%             | 2028-02-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2023-2                                                          | CUSIP: 30333LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388000 | PA      | $393197.96    | 0.03%             | 2029-12-17      | Fixed         | 7.97%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES2                                              | CUSIP: 89182JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2082708 | PA      | $2101911.33   | 0.17%             | 2064-02-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                   | PRM Trust 2025-PRM6                                                              | CUSIP: 74277DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1810000 | PA      | $1816683.79   | 0.15%             | 2033-07-05      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2025-FL10 Issuer LLC                                                   | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2250000 | PA      | $2249308.58   | 0.19%             | 2042-08-19      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3050174.34   | 0.25%             | 2028-07-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2023-3                                             | CUSIP: 525931AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370655 | PA      | $377444.68    | 0.03%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2024-3                              | CUSIP: 02490BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2040966.40   | 0.17%             | 2030-07-12      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WGK1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1251702.15   | 0.10%             | 2028-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                                     | CUSIP: 20754XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1823119 | PA      | $1823117.18   | 0.15%             | 2044-07-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BFS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6393 | PA      | $6442.42      | 0.00%             | 2031-12-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2054371.28   | 0.17%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                          | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |    605125 | PA      | $605719.60    | 0.05%             | 2045-01-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2024-SIF4 LLC                                                           | CUSIP: 85573YAE3<br>LEI: 254900SH4Z0BDGW60S70 | Long             | ABS-CBDO         | CORP              | US        |   1610000 | PA      | $1613807.65   | 0.13%             | 2036-10-17      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38374KPM9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     31922 | PA      | $31607.89     | 0.00%             | 2035-01-16      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| CPF IV, LLC, CP EF ASSET SECUR              | CP EF Asset Securitization II LLC                                                | CUSIP: 224092AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199729 | PA      | $201303.46    | 0.02%             | 2032-03-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31408E7G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7017 | PA      | $7436.20      | 0.00%             | 2036-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point Clo XVI Ltd                                                          | CUSIP: 83610KAG8<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500458.00    | 0.04%             | 2030-07-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-1                                         | CUSIP: 36266XAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $771640.43    | 0.06%             | 2030-03-15      | Fixed         | 11.42%                | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                             | CUSIP: 96949LAD7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1589173.87   | 0.13%             | 2027-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2023-2                                                          | CUSIP: 30333LAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1662000 | PA      | $1695081.94   | 0.14%             | 2029-11-15      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                          | CUSIP: 35564NFZ1<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |   1598504 | PA      | $1599763.55   | 0.13%             | 2045-01-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Ascent Career Funding Trust                 | Ascent Career Funding Trust 2024-1                                               | CUSIP: 04363LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1233221 | PA      | $1241278.40   | 0.10%             | 2032-10-25      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AAED1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9514 | PA      | $9439.95      | 0.00%             | 2041-05-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                                     | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    972972 | PA      | $972421.39    | 0.08%             | 2044-07-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                 | Merchants Fleet Funding LLC                                                      | CUSIP: 588926AE5<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1016510.60   | 0.08%             | 2036-05-20      | Fixed         | 10.80%                | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2025-1                                           | CUSIP: 74113UAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2580000 | PA      | $2562400.79   | 0.21%             | 2030-02-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2023-FIG4                                | CUSIP: 79581UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    764621 | PA      | $795055.59    | 0.07%             | 2053-11-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                                                 | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   1300000 | PA      | $1321766.34   | 0.11%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    900000 | PA      | $912554.48    | 0.08%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                            | Societe Generale SA                                                              | CUSIP: 83368RCC4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4300000 | PA      | $4403931.00   | 0.37%             | 2029-04-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNA Trust                                   | FNA 8 LLC                                                                        | CUSIP: 30340WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3180667 | PA      | $3205362.88   | 0.27%             | 2045-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                       | LEVEL 3 FINANCING INC                                                            | CUSIP: 52729KAU0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |     75128 | PA      | $75409.73     | 0.01%             | 2032-03-29      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE3                                                | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |    466533 | PA      | $467959.76    | 0.04%             | 2054-05-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HBF4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   5050000 | PA      | $5064728.73   | 0.42%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                                   | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1595642.69   | 0.13%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB14 LLC                                                               | CUSIP: 12530XAC5<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $491164.53    | 0.04%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                            | LPL Holdings Inc                                                                 | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1619792.35   | 0.13%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                                              | CUSIP: 94988J6D4<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1613933.36   | 0.13%             | 2026-08-07      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                     | WISCONSIN POWER AND LIGHT CO                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5998043.40   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                 | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1398131.50   | 0.12%             | 2028-04-22      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1230000 | PA      | $1228590.17   | 0.10%             | 2036-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2025-2CON                                               | CUSIP: 05494LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2420000 | PA      | $2429321.84   | 0.20%             | 2036-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL                      | MONDELEZ INTERNATIONAL INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997972.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W3                                                         | CUSIP: 31394FSD8<br>LEI: 549300RF7M92JUSGM340 | Long             | ABS-MBS          | USGSE             | US        |     33869 | PA      | $34508.17     | 0.00%             | 2045-04-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                       | AVALONBAY COMMUNITIES INC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997981.00   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1466047.60   | 0.12%             | 2026-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                     | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2780000 | PA      | $2832681.83   | 0.24%             | 2042-01-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38375PKW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24280 | PA      | $24266.59     | 0.00%             | 2038-02-20      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                         | Nomura Holdings Inc                                                              | CUSIP: 65535HBG3<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1015000 | PA      | $1016298.03   | 0.08%             | 2026-01-09      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                               | CUSIP: 02005NBR0<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2199181.43   | 0.18%             | 2027-11-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                                        | CUSIP: 31348S4G6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        35 | PA      | $35.40        | 0.00%             | 2028-01-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2023-1 Ltd                                                               | CUSIP: 43731BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    254636 | PA      | $261111.49    | 0.02%             | 2033-10-25      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5780577.77   | 0.48%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| HYT Commercial Mortgage Trust               | HYT Commercial Mortgage Trust 2024-RGCY                                          | CUSIP: 449173AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1151666.93   | 0.10%             | 2041-09-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2024-B                            | CUSIP: 80280BAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    858130 | PA      | $861211.66    | 0.07%             | 2033-01-18      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| MATTERHORN RE LTD                           | Matterhorn Re Ltd                                                                | CUSIP: 577092AD1<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    146591 | PA      | $130568.73    | 0.01%             | 2027-01-08      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVEM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76603 | PA      | $78863.62     | 0.01%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                      | Crossroads Asset Trust 2024-A                                                    | CUSIP: 227927AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $2114776.31   | 0.18%             | 2030-08-20      | Fixed         | 6.52%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -113 | NC      | $-6748.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ERAC USA FINANCE LLC                        | ERAC USA FINANCE LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997945.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                           | CUSIP: 85325C2D3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   3700000 | PA      | $3797623.32   | 0.32%             | 2029-01-21      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC              | PEAC Solutions Receivables 2024-1 LLC                                            | CUSIP: 69433BAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2068565.60   | 0.17%             | 2031-01-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2019-MILE                           | CUSIP: 63875FAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $293351.81    | 0.02%             | 2036-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Alturas Re 2022-2, 12/31/2027               | Alturas Re 2022-2, 12/31/2027                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    185015 | PA      | $6142.50      | 0.00%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Thopas Re 2022                              | Thopas Re 2022                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $0.00         | 0.00%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2025-HE2                                     | CUSIP: 362934AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2504170.25   | 0.21%             | 2065-12-25      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392RMJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24509 | PA      | $24761.88     | 0.00%             | 2032-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $394455.60    | 0.03%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA2                                          | CUSIP: 35564NDY6<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |   2439500 | PA      | $2452482.75   | 0.20%             | 2044-08-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1512976.50   | 0.13%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1219513.30   | 0.10%             | 2027-06-24      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                                              | CUSIP: 94988J6F9<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    900000 | PA      | $911669.33    | 0.08%             | 2026-12-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2023-2                                           | CUSIP: 74113VAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1880000 | PA      | $1882102.97   | 0.16%             | 2029-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                               | CUSIP: 02005NBQ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2714279.25   | 0.23%             | 2027-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2025-HE1                                         | CUSIP: 46593PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2314657 | PA      | $2311348.10   | 0.19%             | 2055-07-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                              | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1970000 | PA      | $2015973.10   | 0.17%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| UBS AG STAMFORD CT                          | UBS AG/Stamford CT                                                               | CUSIP: 90261AAD4<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |   1240000 | PA      | $1250258.15   | 0.10%             | 2028-01-10      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2023-1                                     | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1265000 | PA      | $1293826.95   | 0.11%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP                  | CUSIP: 46651MAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    496781 | PA      | $381279.72    | 0.03%             | 2036-07-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA2                                          | CUSIP: 35564NDZ3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |    707268 | PA      | $708205.61    | 0.06%             | 2044-08-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XT53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6137 | PA      | $6136.90      | 0.00%             | 2037-12-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31371HM62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20694 | PA      | $21049.43     | 0.00%             | 2029-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                        | Waste Management Inc                                                             | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |   5800000 | PA      | $5880523.66   | 0.49%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W3                                                         | CUSIP: 31394FSB2<br>LEI: 549300RF7M92JUSGM340 | Long             | ABS-MBS          | USGSE             | US        |     96321 | PA      | $95499.00     | 0.01%             | 2045-03-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31410KDK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3655 | PA      | $3859.99      | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CM97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8630 | PA      | $8549.29      | 0.00%             | 2036-11-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RJS4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $1032011.13   | 0.09%             | 2029-06-20      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                       | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   2650000 | PA      | $2681622.29   | 0.22%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA3                                          | CUSIP: 35564KJP5<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |   1340000 | PA      | $1346654.04   | 0.11%             | 2041-09-25      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAA3<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2250328.50   | 0.19%             | 2034-01-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Funding Auto Loan Trus              | Western Funding Auto Loan Trust 2025-1                                           | CUSIP: 958250AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2535820.50   | 0.21%             | 2035-11-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                    | Purchasing Power Funding 2024-A LLC                                              | CUSIP: 745935AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $701626.80    | 0.06%             | 2028-08-15      | Fixed         | 10.18%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    754795 | PA      | $785593.55    | 0.07%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust               | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1105000 | PA      | $1129895.32   | 0.09%             | 2039-05-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                 | KeyBank NA/Cleveland OH                                                          | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500359.13   | 0.12%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2023-B                                                  | CUSIP: 08862GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1184178 | PA      | $1241541.35   | 0.10%             | 2036-12-17      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru              | THPT 2023-THL Mortgage Trust                                                     | CUSIP: 87252LAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $706920.69    | 0.06%             | 2034-12-10      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                           | CUSIP: 853254DB3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1225000 | PA      | $1249678.59   | 0.10%             | 2028-05-14      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES1                                              | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2493775 | PA      | $2509010.86   | 0.21%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396VZF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4936 | PA      | $4907.71      | 0.00%             | 2037-05-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2020-DUNE                                      | CUSIP: 36258BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1843876 | PA      | $1843266.09   | 0.15%             | 2036-12-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                                                | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $196231.58    | 0.02%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137A96V3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44442 | PA      | $44133.22     | 0.00%             | 2041-04-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2021-FL7 LLC                                    | CUSIP: 75575WAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1125000 | PA      | $1124671.50   | 0.09%             | 2036-11-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   4935000 | PA      | $4895668.05   | 0.41%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Blue Bridge Funding LLC                     | Blue Bridge Funding 2023-1 LLC                                                   | CUSIP: 09531MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    587270 | PA      | $592291.18    | 0.05%             | 2030-11-15      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F070617<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -200000 | PA      | $-209923.93   | -0.02%            | 2056-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368L8K5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   4400000 | PA      | $4415557.74   | 0.37%             | 2027-09-10      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE1                                                | CUSIP: 46656UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360651 | PA      | $361762.24    | 0.03%             | 2053-11-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASNX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1326207 | PA      | $1361540.35   | 0.11%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                       | CUSIP: 233636AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2520000 | PA      | $2532519.36   | 0.21%             | 2042-06-18      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $829937.18    | 0.07%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2100000 | PA      | $2119953.44   | 0.18%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $160003.06    | 0.01%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3720417.86   | 0.31%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GLOBAL FUNDING                    | Fortitude Global Funding                                                         | CUSIP: 34967GAA2<br>LEI: 635400TKBOGEHNO5RT68 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5003676.35   | 0.42%             | 2028-10-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $464971.44    | 0.04%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi              | Countrywide Asset-Backed Certificates                                            | CUSIP: 126673FK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120500 | PA      | $117292.97    | 0.01%             | 2034-09-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-2 Ltd                                                             | CUSIP: 75049GAB5<br>LEI: 254900JO0CMUL2VM8206 | Long             | ABS-MBS          | CORP              | BM        |    588358 | PA      | $595305.78    | 0.05%             | 2031-11-25      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2025-1                                              | CUSIP: 92511BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2320000 | PA      | $2358209.01   | 0.20%             | 2029-12-17      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2020-1                                    | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    433512 | PA      | $403752.01    | 0.03%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust              | Bayview Commercial Asset Trust 2007-2                                            | CUSIP: 07325XAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    337852 | PA      | $0.00         | 0.00%             | 2037-07-25      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                                        | CUSIP: 89617CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    892000 | PA      | $132829.50    | 0.01%             | 2031-04-15      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394AER3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15467 | PA      | $15405.28     | 0.00%             | 2034-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                    | Dext ABS 2023-2 LLC                                                              | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181403 | PA      | $182559.23    | 0.02%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                          | BMW US Capital LLC                                                               | CUSIP: 05565ECQ6<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3635306.39   | 0.30%             | 2027-08-13      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-11                                             | CUSIP: 69544AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1305383 | PA      | $1311767.21   | 0.11%             | 2032-07-15      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3910000 | PA      | $3933213.67   | 0.33%             | 2039-10-19      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1923706.40   | 0.16%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan              | Trafigura Securitisation Finance PLC                                             | CUSIP: 892725AZ5<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   1610000 | PA      | $1636201.14   | 0.14%             | 2027-11-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2024-1 LLC                                                      | CUSIP: 96034KAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1928017 | PA      | $1963891.32   | 0.16%             | 2038-01-20      | Fixed         | 9.26%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                    | Purchasing Power Funding 2024-A LLC                                              | CUSIP: 745935AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670000 | PA      | $670383.98    | 0.06%             | 2028-08-15      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-1                                                  | CUSIP: 67571BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1036685.20   | 0.09%             | 2030-03-20      | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                      | CENTERPOINT ENERGY RESOURCES CORP                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997993.00   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-1                                         | CUSIP: 36266XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $764929.28    | 0.06%             | 2029-01-16      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re Ltd                                                                | CUSIP: 078915AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1170203 | PA      | $1172637.82   | 0.10%             | 2034-08-25      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                  | SKY Trust 2025-LINE                                                              | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3210088 | PA      | $3224831.97   | 0.27%             | 2042-04-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R09                                     | CUSIP: 20753DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183184 | PA      | $185478.24    | 0.02%             | 2042-09-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    725000 | PA      | $726563.83    | 0.06%             | 2039-09-19      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3195000 | PA      | $3217725.36   | 0.27%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                         | NatWest Markets PLC                                                              | CUSIP: 63906YAH1<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2346303.26   | 0.19%             | 2027-05-17      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                     | Fannie Mae Grantor Trust 2004-T2                                                 | CUSIP: 31393X7K7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     94767 | PA      | $96382.63     | 0.01%             | 2043-07-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CXY79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    554459 | PA      | $584476.68    | 0.05%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2023-N4                                           | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2110000 | PA      | $2162923.02   | 0.18%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru              | THPT 2023-THL Mortgage Trust                                                     | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1184107 | PA      | $1199545.59   | 0.10%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust               | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $964206.59    | 0.08%             | 2039-05-10      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3X7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1248266.68   | 0.10%             | 2027-07-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                      | Tennessee Gas Pipeline Co LLC                                                    | CUSIP: 880451AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2800126.99   | 0.23%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVJ59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13245 | PA      | $13152.60     | 0.00%             | 2036-05-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya Ai Debt Trust 2025-R1                                                     | CUSIP: 69547CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $915295.38    | 0.08%             | 2032-06-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                 | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | RA               | CORP              | US        |   9700000 | PA      | $9700000.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| New Century Home Equity Loan T              | New Century Home Equity Loan Trust 2004-A                                        | CUSIP: 64352VGW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1079 | PA      | $2144.61      | 0.00%             | 2034-08-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XQJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28874 | PA      | $28847.00     | 0.00%             | 2037-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-1                                                            | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    426092 | PA      | $431191.62    | 0.04%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                    | HILTON DOMESTIC OPERATING CO INC                                                 | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    247249 | PA      | $248343.66    | 0.02%             | 2030-11-08      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| ReadyCap lending                            | ReadyCap Lending Small Business Loan Trust 2019-2                                | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76400 | PA      | $76344.75     | 0.01%             | 2044-12-27      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan              | Trafigura Securitisation Finance PLC                                             | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   3000000 | PA      | $3035010.60   | 0.25%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PZS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10567 | PA      | $10466.27     | 0.00%             | 2037-03-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900476 | PA      | $1902847.88   | 0.16%             | 2041-08-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                                                    | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027324.91   | 0.09%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA2                                          | CUSIP: 35564NEC3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |   1220000 | PA      | $1226736.35   | 0.10%             | 2044-08-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31398LMJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35001 | PA      | $35090.76     | 0.00%             | 2039-12-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G                        | CUSIP: 5899295X2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       482 | PA      | $477.13       | 0.00%             | 2029-01-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVEU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    197816 | PA      | $205006.03    | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                     | Algonquin Power & Utilities Corp                                                 | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $502513.09    | 0.04%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Tidewater Auto Receivables Tru              | Tidewater Auto Receivables Trust 2020-A                                          | CUSIP: 88641WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    628125 | PA      | $625033.06    | 0.05%             | 2028-07-17      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2025-1 LLC                                    | CUSIP: 38411WAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001738.80   | 0.08%             | 2028-08-15      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133TTEV9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1628 | PA      | $1628.33      | 0.00%             | 2027-04-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                               | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3200661.03   | 0.27%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-2                                                            | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    366114 | PA      | $365968.83    | 0.03%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Trust 2023-1                                                                 | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124712 | PA      | $125346.95    | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust               | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3175000 | PA      | $3224078.83   | 0.27%             | 2039-05-10      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                               | CUSIP: 592179KL8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2031048.66   | 0.17%             | 2027-06-11      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAE7<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |     82333 | PA      | $81114.80     | 0.01%             | 2033-05-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | CORP              | US        |   1835000 | PA      | $1857937.50   | 0.15%             | 2042-01-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                 | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  41000000 | PA      | $41235429.79  | 3.42%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-3                                       | CUSIP: 30166YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370739 | PA      | $374910.46    | 0.03%             | 2028-09-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                                                | CUSIP: 12530QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $247665.80    | 0.02%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAG0<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1997196.00   | 0.17%             | 2034-01-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36291Q2R4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4341 | PA      | $4532.73      | 0.00%             | 2035-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                                                | CUSIP: 12530QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $739620.00    | 0.06%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                                | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    535987 | PA      | $534662.40    | 0.04%             | 2038-08-19      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                           | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    650700 | PA      | $650723.61    | 0.05%             | 2037-01-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| VStrong Auto Receivables Trust              | VStrong Auto Receivables Trust 2024-A                                            | CUSIP: 92891PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1122821 | PA      | $1127153.07   | 0.09%             | 2028-12-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVZR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31705 | PA      | $31453.71     | 0.00%             | 2036-08-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| MET TOWER GLOBAL FUNDING                    | Met Tower Global Funding                                                         | CUSIP: 58989V2G8<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1916997.46   | 0.16%             | 2027-01-16      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2025-1 LLC                                    | CUSIP: 38411WAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $650064.55    | 0.05%             | 2028-08-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AA7F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1136041 | PA      | $1180843.46   | 0.10%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                     | BPCE SA                                                                          | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1600000 | PA      | $1603035.95   | 0.13%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XNJV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2214911 | PA      | $2308626.72   | 0.19%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                      | Harvest SBA Loan Trust 2024-1                                                    | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1155321 | PA      | $1162800.28   | 0.10%             | 2051-12-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA6                                          | CUSIP: 35564KH36<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |     55632 | PA      | $55910.27     | 0.00%             | 2042-09-25      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA3                                          | CUSIP: 35564NEY5<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |   1024400 | PA      | $1026664.85   | 0.09%             | 2044-10-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    763923 | PA      | $766613.70    | 0.06%             | 2031-08-15      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2022-1 LLC                                                                  | CUSIP: 70472XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    622856 | PA      | $631419.95    | 0.05%             | 2034-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-1                                                      | CUSIP: 69548AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1037244 | PA      | $1042419.03   | 0.09%             | 2031-07-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0326C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4100000 | PA      | $3791867.58   | 0.31%             | 2055-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Resi Finance Limited Partnersh              | RESI Finance LP 2003-CB1                                                         | CUSIP: 74951PBH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    153724 | PA      | $129091.83    | 0.01%             | 2035-06-10      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PBG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1363218 | PA      | $1359734.13   | 0.11%             | 2032-02-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFA 2024-RTL1 Trust                                                              | CUSIP: 59319NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $612466.60    | 0.05%             | 2029-02-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru              | IndyMac INDX Mortgage Loan Trust 2004-AR6                                        | CUSIP: 45660NY25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15532 | PA      | $14678.91     | 0.00%             | 2034-10-25      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1035833 | PA      | $1039210.87   | 0.09%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393BVE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9507 | PA      | $9497.54      | 0.00%             | 2033-05-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor Re 2024-1 Ltd                                                             | CUSIP: 75049AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    710000 | PA      | $714848.59    | 0.06%             | 2034-09-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2025-CES3                                       | CUSIP: 92842MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4340000 | PA      | $4345278.74   | 0.36%             | 2055-11-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                                   | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1136737.39   | 0.09%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-3                                        | CUSIP: 89617AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $1189107.30   | 0.10%             | 2029-04-16      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                     | Transcontinental Gas Pipe Line Co LLC                                            | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000730.64   | 0.17%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-1                    | CUSIP: 35563PAT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1523780 | PA      | $1476636.98   | 0.12%             | 2056-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Z Capital Credit Partners CLO               | Z Capital Credit Partners CLO 2019-1 Ltd                                         | CUSIP: 98877GAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000843.00   | 0.08%             | 2031-07-16      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 313398NZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41497 | PA      | $41500.73     | 0.00%             | 2031-07-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                   | ACRES 2025-FL3 LLC                                                               | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1910000 | PA      | $1914761.63   | 0.16%             | 2040-08-18      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                      | Santander Holdings USA Inc                                                       | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1577177.67   | 0.13%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities IX CLO Ltd                                         | CUSIP: 34961JAY0<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1098688.80   | 0.09%             | 2033-10-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-SBT1                                    | CUSIP: 20753VBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $1072122.06   | 0.09%             | 2040-02-25      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-HB2                                                | CUSIP: 034648AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4378000 | PA      | $4378000.00   | 0.36%             | 2055-12-25      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Deerpath Capital CLO LTD                    | Deerpath Capital CLO 2021-1 Ltd                                                  | CUSIP: 24460EAU6<br>LEI: 984500P76C2D11B3FA56 | Long             | ABS-CBDO         | CORP              | KY        |   1910000 | PA      | $1901615.10   | 0.16%             | 2036-07-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| x-caliber funding llc                       | XCALI 2020-5 Mortgage Trust                                                      | CUSIP: 98401JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94358 | PA      | $94096.34     | 0.01%             | 2023-10-15      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2425401.84   | 0.20%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                       | US Bank NA/Cincinnati OH                                                         | CUSIP: 90331HPQ0<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2787550.62   | 0.23%             | 2027-10-22      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                           | Brown & Brown Inc                                                                | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3836775.34   | 0.32%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat              | United Auto Credit Securitization Trust 2024-1                                   | CUSIP: 90945DAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $867332.35    | 0.07%             | 2029-11-12      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                            | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2825439.01   | 0.23%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PRICOA GLOBAL FUNDING 1                     | Pricoa Global Funding I                                                          | CUSIP: 74153WCT4<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011056.09   | 0.08%             | 2026-08-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2021-FL3                                                               | CUSIP: 30323CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1387366 | PA      | $1387646.06   | 0.12%             | 2036-11-16      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PSN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22457 | PA      | $22154.88     | 0.00%             | 2037-02-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Cre              | Continental Finance Credit Card ABS Master Trust                                 | CUSIP: 66981PAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    574446 | PA      | $575648.03    | 0.05%             | 2030-10-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668CE0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003558.55   | 0.08%             | 2026-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                | Commercial Equipment Finance 2024-1 LLC                                          | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    454194 | PA      | $458852.13    | 0.04%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1600000 | PA      | $1627346.42   | 0.14%             | 2027-09-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WIRECO WORLDGROUP INC                       | WIRECO WORLDGROUP INC                                                            | CUSIP: 000000000<br>LEI: 5493008NQ1Q5T2GZOJ37 | Long             | LON              | CORP              | US        |    128789 | PA      | $128708.88    | 0.01%             | 2028-11-13      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2023-4                              | CUSIP: 02530CAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2830000 | PA      | $2990070.46   | 0.25%             | 2031-08-12      | Fixed         | 9.79%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-6                                       | CUSIP: 30168AAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    895000 | PA      | $961287.64    | 0.08%             | 2030-06-17      | Fixed         | 11.61%                | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                        | Mercedes-Benz Finance North America LLC                                          | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3240489.28   | 0.27%             | 2027-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| XCAL 2019-IL-1 Mortgage Trust               | XCAL 2019-IL-1 MORTGAGE TRUST                                                    | CUSIP: 98370LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    996028 | PA      | $69721.99     | 0.01%             | 2023-11-06      | Floating      | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3132E0DH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    906734 | PA      | $940801.29    | 0.08%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1109872 | PA      | $1145429.66   | 0.10%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2021-NQM2                                           | CUSIP: 452761AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $302614.96    | 0.03%             | 2056-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2020-NQM1                                        | CUSIP: 105699AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57668 | PA      | $56678.05     | 0.00%             | 2060-05-25      | Variable      | 2.41%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                | SK hynix Inc                                                                     | CUSIP: 78392BAE7<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   3000000 | PA      | $3131240.13   | 0.26%             | 2028-01-17      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach Abs Trust 2024-1                                                           | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2377280 | PA      | $2394053.07   | 0.20%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                        | WEC Energy Group Inc                                                             | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    869000 | PA      | $878041.98    | 0.07%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                    | MassMutual Global Funding II                                                     | CUSIP: 57629TBS5<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2762531.81   | 0.23%             | 2027-04-09      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                         | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1721547.43   | 0.14%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2023-2                                     | CUSIP: 959926AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $356275.01    | 0.03%             | 2028-11-15      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HWJT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11632 | PA      | $11537.25     | 0.00%             | 2036-12-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | Pear 2024-1 LLC                                                                  | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704491 | PA      | $712022.07    | 0.06%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607PHT4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2005554.54   | 0.17%             | 2027-09-11      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                                        | CUSIP: 89617CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2680000 | PA      | $517714.09    | 0.04%             | 2029-10-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    561309 | PA      | $566945.69    | 0.05%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2020-A                                                        | CUSIP: 038413AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    421270 | PA      | $408701.23    | 0.03%             | 2046-07-17      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                | SK hynix Inc                                                                     | CUSIP: 78392BAD9<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   3000000 | PA      | $3007077.00   | 0.25%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-A                                 | CUSIP: 02007GZ71<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148457 | PA      | $150716.65    | 0.01%             | 2032-05-17      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                       | US Bank NA/Cincinnati OH                                                         | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3178514.24   | 0.26%             | 2028-05-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                           | KINDER MORGAN INC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997859.20   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396RS81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9025 | PA      | $8968.46      | 0.00%             | 2036-06-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                      | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   2800000 | PA      | $2840397.67   | 0.24%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31403DQ77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4777 | PA      | $4899.35      | 0.00%             | 2036-07-01      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA3                                          | CUSIP: 35564NEZ2<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |     93521 | PA      | $93492.56     | 0.01%             | 2044-10-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PBC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586184 | PA      | $587423.91    | 0.05%             | 2032-02-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                                     | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1264987 | PA      | $1269179.83   | 0.11%             | 2044-09-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                 | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2986320.51   | 0.25%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1147000 | PA      | $1151941.62   | 0.10%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Zais CLO 13, Limited                        | Zais Clo 13 Ltd                                                                  | CUSIP: 98876NAW4<br>LEI: 549300GODB02F7ODZK39 | Long             | ABS-CBDO         | CORP              | KY        |    154116 | PA      | $154160.19    | 0.01%             | 2032-07-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140QUV45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2258800 | PA      | $2344531.83   | 0.19%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                      | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBX4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3452875.07   | 0.29%             | 2028-07-21      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE2                                                             | CUSIP: 31684KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2107078 | PA      | $2132350.88   | 0.18%             | 2055-03-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-A                                 | CUSIP: 02007GZ89<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    123714 | PA      | $126089.69    | 0.01%             | 2032-05-17      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| UPSTREAM NEWCO INC                          | Upstream Newco Inc                                                               | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    239375 | PA      | $209453.13    | 0.02%             | 2026-11-20      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAZ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1380000 | PA      | $1399247.66   | 0.12%             | 2028-01-05      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1299171.63   | 0.11%             | 2027-01-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-2                                    | CUSIP: 80286YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1120000 | PA      | $1152469.70   | 0.10%             | 2031-08-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| PFP III                                     | PFP 2024-11 Ltd                                                                  | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    285911 | PA      | $286559.74    | 0.02%             | 2039-09-17      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-4                                         | CUSIP: 36271BAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    887000 | PA      | $901340.48    | 0.07%             | 2031-10-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CO 12/01/2025                   | DUKE ENERGY CO 12/01/2025                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5998017.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0306C7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4300000 | PA      | $3818464.84   | 0.32%             | 2055-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2024-1                                              | CUSIP: 78637EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504191.95    | 0.04%             | 2030-01-18      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WFT3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2519928.33   | 0.21%             | 2027-10-22      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                                     | CUSIP: 20755RAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161645 | PA      | $161645.61    | 0.01%             | 2044-09-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-1                                        | CUSIP: 89616LAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3755000 | PA      | $1871036.14   | 0.16%             | 2028-04-17      | Fixed         | 8.61%                 | No            |                  2 | On Loan: No      |
| PUB SERV NC INC                             | Public Service Co of North Carolina Inc                                          | CUSIP: 744516AA3<br>LEI: R79SLLFVSC5Z3QOTN804 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3005987.31   | 0.25%             | 2026-01-15      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-3                                             | CUSIP: 52609YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550000 | PA      | $1534889.21   | 0.13%             | 2030-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-4                                       | CUSIP: 30166UAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1520000 | PA      | $1599743.00   | 0.13%             | 2032-02-17      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL6 Ltd                                                                 | CUSIP: 55283TAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1720000 | PA      | $1715754.87   | 0.14%             | 2036-07-16      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-1                                        | CUSIP: 89616LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $795293.30    | 0.07%             | 2027-12-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL1                                                   | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $622973.58    | 0.05%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                      | Anglo American Capital PLC                                                       | CUSIP: 034863AR1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   1303000 | PA      | $1312882.75   | 0.11%             | 2027-04-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA2                                          | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1030874.30   | 0.09%             | 2042-02-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2024-1                                                  | CUSIP: 67571FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1025922.00   | 0.09%             | 2030-10-21      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                                     | CUSIP: 20755RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1210000 | PA      | $1210357.68   | 0.10%             | 2044-09-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| LGENERGYSOLUTION                            | LG Energy Solution Ltd                                                           | CUSIP: 50205MAF6<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |   3200000 | PA      | $3261086.66   | 0.27%             | 2028-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1655249.97   | 0.14%             | 2027-03-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HT86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4465 | PA      | $4460.06      | 0.00%             | 2033-02-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                         | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4735000 | PA      | $4430589.22   | 0.37%             | 2033-03-10      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2025-1                                                           | CUSIP: 75525PAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2255000 | PA      | $2288673.69   | 0.19%             | 2032-08-16      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2021-A                                                        | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210357 | PA      | $193715.02    | 0.02%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1610802.59   | 0.13%             | 2027-01-26      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                     | O'Reilly Automotive Inc                                                          | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1827755.87   | 0.15%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                    | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2108536.71   | 0.17%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| DELL INC                                    | Dell Inc                                                                         | CUSIP: 247025AE9<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1697745.75   | 0.14%             | 2028-04-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    715000 | PA      | $716564.06    | 0.06%             | 2041-12-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133WBYU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2623987 | PA      | $2753774.10   | 0.23%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F0524C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3700000 | PA      | $3786403.73   | 0.31%             | 2040-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1337728 | PA      | $1380177.98   | 0.11%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA4                                          | CUSIP: 35564UBQ9<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |   1405250 | PA      | $1405242.27   | 0.12%             | 2045-10-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                                     | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    446036 | PA      | $446571.36    | 0.04%             | 2044-02-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Merion Re 2022-2                            | Merion Re 2022-2                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    363953 | PA      | $275512.42    | 0.02%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FCCU Auto Receivables Trust                 | FCCU Auto Receivables Trust 2025-1                                               | CUSIP: 31424YAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2360000 | PA      | $2409335.09   | 0.20%             | 2033-07-15      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1639000 | PA      | $1640602.45   | 0.14%             | 2027-01-20      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                 | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $13057103.54  | 1.08%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-HB2                                                | CUSIP: 034648AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1930000 | PA      | $1929605.10   | 0.16%             | 2055-12-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Novastar Home Equity Loan                   | NovaStar Mortgage Funding Trust Series 2003-1                                    | CUSIP: 66987XCE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50785 | PA      | $50138.59     | 0.00%             | 2033-05-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-2                                                  | CUSIP: 67571QAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3423000 | PA      | $3696251.24   | 0.31%             | 2031-06-20      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2837273.20   | 0.24%             | 2028-05-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XI LLC                                        | CUSIP: 03236XAE7<br>LEI: 549300IFG1NMINYRYF89 | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $810813.20    | 0.07%             | 2029-05-21      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LFS 2023A, LLC                              | LFS 2023A LLC                                                                    | CUSIP: 50205FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210684 | PA      | $211189.77    | 0.02%             | 2035-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                      | Santander Holdings USA Inc                                                       | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1572451.31   | 0.13%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                | CUSIP: 07336QAB8<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    724538 | PA      | $727344.28    | 0.06%             | 2031-12-26      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                         | Nomura Holdings Inc                                                              | CUSIP: 65535HBR9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   3300000 | PA      | $3368423.52   | 0.28%             | 2027-07-02      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA4                                          | CUSIP: 35564UBR7<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |   2901373 | PA      | $2899531.09   | 0.24%             | 2045-10-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                       | Residential Reinsurance 2021 Ltd                                                 | CUSIP: 76114NAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $249625.00    | 0.02%             | 2025-12-08      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R02                                     | CUSIP: 20754TAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    854261 | PA      | $855313.31    | 0.07%             | 2045-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T              | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1850000 | PA      | $1868177.36   | 0.16%             | 2033-12-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                       | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    890000 | PA      | $890121.93    | 0.07%             | 2042-08-17      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                              | Woodmont 2023-12 Trust                                                           | CUSIP: 979926AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2243059 | PA      | $2246083.03   | 0.19%             | 2032-10-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor Re 2024-1 Ltd                                                             | CUSIP: 75049AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234934 | PA      | $235148.51    | 0.02%             | 2034-09-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXIX CLO Ltd                                       | CUSIP: 34990EAE0<br>LEI: 254900314MCCPONEEQ30 | Long             | ABS-CBDO         | CORP              | KY        |   1370000 | PA      | $1370013.70   | 0.11%             | 2033-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-1 Ltd                                                             | CUSIP: 75279YAD3<br>LEI: 254900PS93C2BX29OQ80 | Long             | ABS-MBS          | CORP              | BM        |    461591 | PA      | $465054.99    | 0.04%             | 2033-12-27      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                 | CUSIP: 912810FA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7331132.83   | 0.61%             | 2027-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                       | Amrize Finance US LLC                                                            | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   2810000 | PA      | $2844751.97   | 0.24%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                      | Repsol E&P Capital Markets US LLC                                                | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016148.36   | 0.17%             | 2028-09-16      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-2 Trust                                          | CUSIP: 83407HAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1199957.58   | 0.10%             | 2034-06-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES4                                              | CUSIP: 89182QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2890000 | PA      | $2889776.89   | 0.24%             | 2064-09-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8A1<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1412289.48   | 0.12%             | 2028-01-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC                    | Virgin Media Bristol LLC                                                         | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    235662 | PA      | $231626.29    | 0.02%             | 2031-03-31      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| AVOLON TLB BORROWER 1 US                    | AVOLON TLB BORROWER 1 US                                                         | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |    240695 | PA      | $241833.04    | 0.02%             | 2030-06-24      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38378MSV8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37655 | PA      | $37052.99     | 0.00%             | 2040-08-20      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                           | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1149149 | PA      | $1149157.39   | 0.10%             | 2036-11-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1307858.15   | 0.11%             | 2027-05-21      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                          | Regal Rexnord Corp                                                               | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1623745.26   | 0.13%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Equify ABS, LLC                             | Equify ABS 2024-1 LLC                                                            | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    697370 | PA      | $698024.18    | 0.06%             | 2033-04-18      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2194189.43   | 0.18%             | 2028-01-10      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2112003.64   | 0.18%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Regatta IX Funding Ltd                      | Regatta IX Funding Ltd                                                           | CUSIP: 75887VAJ0<br>LEI: 254900JVS76S6N8G1I74 | Long             | ABS-CBDO         | CORP              | KY        |    142857 | PA      | $142783.00    | 0.01%             | 2037-04-17      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-RTL4                                | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505000 | PA      | $506343.40    | 0.04%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization T              | Willis Engine Structured Trust VI                                                | CUSIP: 97064GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $589299.65    | 0.05%             | 2046-05-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2017-B-GS                                          | CUSIP: 20268KAD2<br>LEI: 549300KDXV3I7WKXA522 | Long             | ABS-O            | CORP              | US        |     17628 | PA      | $15210.16     | 0.00%             | 2042-09-25      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2023-A LLC                                                          | CUSIP: 62890QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $334097.09    | 0.03%             | 2030-06-17      | Fixed         | 8.04%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                | CUSIP: 07336QAD4<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    414022 | PA      | $416512.97    | 0.03%             | 2031-12-26      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2021896.58   | 0.17%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                                 | CUSIP: 39810MAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2410000 | PA      | $2414740.47   | 0.20%             | 2043-01-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002832.27   | 0.08%             | 2028-05-26      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| LSEG US FIN CORP                            | Lseg US Fin Corp                                                                 | CUSIP: 50222CAA8<br>LEI: 2138007FV67QQ13CGJ43 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2728066.53   | 0.23%             | 2027-03-28      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SETANTA AIRCRAFT LEASING                    | SETANTA AIRCRAFT LEASING                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |     94500 | PA      | $95051.22     | 0.01%             | 2028-11-06      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R04                                     | CUSIP: 20753GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    985534 | PA      | $987069.71    | 0.08%             | 2044-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394FG66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12304 | PA      | $12273.93     | 0.00%             | 2035-02-25      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PTZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29055 | PA      | $28774.82     | 0.00%             | 2037-03-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| PHOENIX GUARANTOR INC                       | PHOENIX GUARANTOR INC                                                            | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    235230 | PA      | $236567.69    | 0.02%             | 2031-02-21      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                            | ERP OPERATING LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5997972.60   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                 | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3118661.32   | 0.26%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    971194 | PA      | $950681.52    | 0.08%             | 2050-02-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T              | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1263080.00   | 0.10%             | 2033-12-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                                       | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3377345.17   | 0.28%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396HUS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22354 | PA      | $22162.75     | 0.00%             | 2036-02-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Chase Funding Mortgage Loan As              | Chase Funding Trust Series 2003-6                                                | CUSIP: 161546HC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30811 | PA      | $30679.24     | 0.00%             | 2034-11-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                | Hilton Grand Vacations Trust 2024-2                                              | CUSIP: 43283JAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560980 | PA      | $577332.13    | 0.05%             | 2038-03-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140QUSF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1551495 | PA      | $1607601.87   | 0.13%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1                    | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1167004 | PA      | $1144878.94   | 0.09%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ReadyCap lending                            | ReadyCap Lending Small Business Loan Trust 2023-3                                | CUSIP: 75576AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    556314 | PA      | $563117.49    | 0.05%             | 2048-04-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1602790.10   | 0.13%             | 2027-09-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                        | Libra Solutions 2025-1 LLC                                                       | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $604927.62    | 0.05%             | 2039-08-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                    | CUSIP: 35563PLU1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1698501 | PA      | $1671999.26   | 0.14%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-5                                    | CUSIP: 802920AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1007632.90   | 0.08%             | 2031-01-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-4                                    | CUSIP: 802919AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1980000 | PA      | $2000092.84   | 0.17%             | 2031-12-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                                     | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    282900 | PA      | $282929.38    | 0.02%             | 2044-03-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECT0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2900000 | PA      | $2932332.39   | 0.24%             | 2028-09-10      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1815000 | PA      | $1822854.23   | 0.15%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage              | Deephaven Residential Mortgage Trust 2025-CES1                                   | CUSIP: 24380WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2526417 | PA      | $2525926.43   | 0.21%             | 2055-10-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Enact Mortgage Insurance Corpo              | Triangle Re 2023-1 Ltd                                                           | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    608816 | PA      | $614044.99    | 0.05%             | 2033-11-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                    | Principal Life Global Funding II                                                 | CUSIP: 74256LEX3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2425658.54   | 0.20%             | 2027-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AGCO CORP                                   | AGCO Corp                                                                        | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2633168.07   | 0.22%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CTHR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    197740 | PA      | $206250.10    | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                   | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3516835.00   | 0.29%             | 2028-04-13      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER TSY                       | RECKITT BENCKISER TREASURY SERVICES PLC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   6000000 | PA      | $5997953.40   | 0.50%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2025-A                                 | CUSIP: 02007G5H2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2409391 | PA      | $2420665.28   | 0.20%             | 2033-06-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853BC3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2486510.78   | 0.21%             | 2028-01-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014066.82   | 0.08%             | 2028-07-14      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Exeter Select Automobile Recei              | Exeter Select Automobile Receivables Trust 2025-2                                | CUSIP: 30185EAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $606462.60    | 0.05%             | 2032-01-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-3                                         | CUSIP: 37989AAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2670000 | PA      | $2702129.18   | 0.22%             | 2031-02-18      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                                     | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490000 | PA      | $493337.98    | 0.04%             | 2044-03-25      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                           | CUSIP: 03880RAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1580000 | PA      | $1580591.08   | 0.13%             | 2036-11-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| HOA NEWCO LLC                               | HOA NewCo LLC                                                                    | CUSIP: 43370DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    907618 | PA      | $22499.84     | 0.00%             | 2055-11-22      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-1                                                          | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    722658 | PA      | $726709.55    | 0.06%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2024-1 LLC                                                 | CUSIP: 783896AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $502791.50    | 0.04%             | 2033-06-21      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392VBT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35015 | PA      | $35055.81     | 0.00%             | 2032-03-15      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2036014.64   | 0.17%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                       | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2174619.87   | 0.18%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                                                | CUSIP: 404280EM7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4600000 | PA      | $4684885.50   | 0.39%             | 2028-11-19      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB                                 | Swedbank AB                                                                      | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   1800000 | PA      | $1828980.56   | 0.15%             | 2026-09-12      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Enact Mortgage Insurance Corpo              | Triangle Re 2021-3 Ltd                                                           | CUSIP: 89600HAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    131706 | PA      | $131996.74    | 0.01%             | 2034-02-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-1                                       | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4060000 | PA      | $3967018.29   | 0.33%             | 2029-10-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                        | Libra Solutions 2025-1 LLC                                                       | CUSIP: 53161AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002475.60   | 0.08%             | 2039-08-15      | Fixed         | 9.90%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                     | Verdant Receivables 2023-1 LLC                                                   | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410363 | PA      | $417500.73    | 0.03%             | 2031-01-13      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                        | Cross 2025-CES1 Mortgage Trust                                                   | CUSIP: 22757WAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1466785 | PA      | $1470913.76   | 0.12%             | 2060-11-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited               | Lunar 2021-1 Structured Aircraft Portfolio Notes                                 | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    330198 | PA      | $314573.75    | 0.03%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Eastern Power LLC                           | EASTERN POWER LLC                                                                | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |    124342 | PA      | $125321.32    | 0.01%             | 2028-04-03      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAU5<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |   1622530 | PA      | $1611714.22   | 0.13%             | 2033-07-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                          | A&D Mortgage Trust 2023-NQM2                                                     | CUSIP: 00002DAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $503610.10    | 0.04%             | 2068-05-25      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396V4E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34851 | PA      | $34409.27     | 0.00%             | 2037-06-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396H5Q8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2455 | PA      | $2437.05      | 0.00%             | 2036-01-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2024-HE2                                                | CUSIP: 46593HAA6<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |   2020462 | PA      | $2020454.62   | 0.17%             | 2054-10-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-X2                                        | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148004 | PA      | $148086.86    | 0.01%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396A5E0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4364 | PA      | $4343.10      | 0.00%             | 2035-08-15      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital II Aircraft Lease Ltd                                          | CUSIP: 09229CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    417535 | PA      | $400722.80    | 0.03%             | 2046-07-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-3                                                | CUSIP: 92540MAD7<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |   3284000 | PA      | $3330932.30   | 0.28%             | 2069-04-25      | Variable      | 6.89%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                    | Microchip Technology Inc                                                         | CUSIP: 595017BK9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2484898.95   | 0.21%             | 2028-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                          | Macquarie Bank Ltd                                                               | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1340000 | PA      | $1360252.75   | 0.11%             | 2026-12-07      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES6                                              | CUSIP: 891947AB9<br>LEI: 25490024AP9UCHO22G82 | Long             | ABS-MBS          | CORP              | US        |   4932000 | PA      | $5015280.27   | 0.42%             | 2064-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2024-A LLC                                                          | CUSIP: 62919UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550000 | PA      | $1588119.15   | 0.13%             | 2031-12-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| RED VENTURES LLC                            | RED VENTURES LLC                                                                 | CUSIP: 75703UAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36844 | PA      | $34648.88     | 0.00%             | 2030-03-04      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                        | Long Point Re IV Ltd                                                             | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252250.00    | 0.02%             | 2026-06-01      | Floating      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2024-1 LLC                                           | CUSIP: 737473AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $409611.44    | 0.03%             | 2031-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA3                                          | CUSIP: 35564KVE6<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1563814.95   | 0.13%             | 2042-04-25      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31359VU27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5976 | PA      | $6074.72      | 0.00%             | 2029-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INTEGRITY RE LTD                            | Integrity Re Ltd                                                                 | CUSIP: 45833UAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    154720 | PA      | $77359.78     | 0.01%             | 2030-06-06      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                       | Brooklyn Union Gas Co/The                                                        | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |   2051000 | PA      | $2045924.41   | 0.17%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1349605 | PA      | $1349808.89   | 0.11%             | 2041-05-17      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2023-1 Ltd                                                             | CUSIP: 75050KAB2<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    460000 | PA      | $473427.08    | 0.04%             | 2033-07-25      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC              | PEAC Solutions Receivables 2024-2 LLC                                            | CUSIP: 69392BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3110000 | PA      | $3135224.28   | 0.26%             | 2031-10-20      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3740197.34   | 0.31%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2547245.63   | 0.21%             | 2029-01-12      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                                    | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   3215000 | PA      | $3271587.41   | 0.27%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133WDKC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2168428 | PA      | $2270996.64   | 0.19%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1                    | CUSIP: 35563PPH6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4940000 | PA      | $4795786.58   | 0.40%             | 2059-08-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Ellington CLO LTD                           | Ellington Clo III Ltd                                                            | CUSIP: 28852LAJ2<br>LEI: 254900V20GCNJI0I7591 | Long             | ABS-CBDO         | CORP              | KY        |    914968 | PA      | $914281.34    | 0.08%             | 2030-07-20      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1                    | CUSIP: 35563PES4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1483630 | PA      | $1459504.21   | 0.12%             | 2057-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XEQ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3201810.92   | 0.27%             | 2027-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2022-C                                                  | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1175707 | PA      | $1179120.12   | 0.10%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer