# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0001752724-25-209148
**Filing Date:** 2025-8
**Character Count:** 775181
**Document Hash:** 237811b8ceeb1cb9cbf0bca0095cf827
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209148.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209148

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**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:** 251264055

**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 Multi-Asset Ultrashort Income Fund (Series ID: S000089770)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256538 | Class Y      | MYFRX           |
| C000256539 | Class A      | MAFRX           |
| C000256540 | Class C      | MAUCX           |
| C000256541 | Class R6     | MAUKX           |

## Nport-Ex

## Victory Pioneer Multi-Asset Ultrashort Income Fund
(successor to Pioneer Multi-Asset Ultrashort Income Fund)

Schedule of Investments \| June 30, 2025

------

### Schedule of Investments \| 6/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 101.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 2.0% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.0%†** |  |
| 245481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.441% (Term SOFR + 400 bps), 8/21/28 | $244484 |
| 1156732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC (Outfront Media Capital Corp.), Extended Term Loan, 6.077% (Term SOFR + 175 bps), 11/18/26 | &nbsp;&nbsp; 1157455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1401939** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Services — 0.0%†** |  |
| 544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc., Term B-2 Loan, 7.824% (Term SOFR + 350 bps), 6/17/32 | $543320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **543320** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 1029167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines), 2025 Replacement Term Loan, 6.522% (Term SOFR + 225 bps), 4/20/28 | $1024664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1024664** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Manufacturers — 0.0%†** |  |
| 1960995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc., Initial Tranche B Term Loan, 7.077% (Term SOFR + 275 bps), 3/7/32 | $1967123 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1967123** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 0.0%†** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, Initial Term Loan, 6.519% (Term SOFR + 225 bps), 4/21/32 | $1002500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1002500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.0%†** |  |
| 1989610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.541% (Term SOFR + 500 bps), 3/30/27 | $1885156 |
| 476754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IXS Holdings, Inc., Initial Term Loan, 8.646% (Term SOFR + 425 bps), 3/5/27 | &nbsp;&nbsp; 466027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2351183** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Repair Centers — 0.0%†** |  |
| 1,000,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc., Term Loan B, 6.319% (Term SOFR + 200 bps), 3/19/32 | $1004375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Repair Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1004375** |

---

1Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto-Truck Trailers — 0.0%†** |  |
| 1451250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novae LLC, Tranche B Term Loan, 9.452% (Term SOFR + 500 bps), 12/22/28 | $1349663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto-Truck Trailers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1349663** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Batteries/Battery Systems — 0.0%†** |  |
| 1971250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., Initial Term Loan, 6.321% (Term SOFR + 200 bps), 3/19/32 | $1979874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Batteries/Battery Systems** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1979874** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%†** |  |
| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., Term Loan, 7.548% (Term SOFR + 325 bps), 4/1/32 | $1376977 |
| 985050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp., First Lien 2025 Refinancing Term Loan, 6.546% (Term SOFR + 225 bps), 3/31/28 | &nbsp;&nbsp; 989564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2366541** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction — 0.1%** |  |
| 3600173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Logic Acquisition, Inc., Amendment No. 8 Refinancing Term Loan, 7.28% (Term SOFR + 300 bps), 10/29/27 | $3609174 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3609174** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building & Construction Products — 0.0%†** |  |
| 478750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche B Term Loan, 7.662% (Term SOFR + 325 bps), 4/12/28 | $428781 |
| 483570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHS Borrower LLC, Initial Term Loan, 9.177% (Term SOFR + 475 bps), 2/16/29 | &nbsp;&nbsp; 450526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building & Construction Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **879307** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Production — 0.1%** |  |
| 1492260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp., Initial Tranche B Term Loan, 6.31% (Term SOFR + 200 bps), 3/8/32 | $1497856 |
| 490072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.83% (Term SOFR + 250 bps), 4/10/30 | &nbsp;&nbsp; 492114 |
| 1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 6.577% (Term SOFR + 225 bps), 2/10/32 | &nbsp;&nbsp; 1994643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Production** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3984613** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building-Heavy Construction — 0.0%†** |  |
| 1745614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc., 2025 Refinancing Term Loan, 6.327% (Term SOFR + 200 bps), 8/12/31 | $1752160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building-Heavy Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1752160** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 0.1%** |  |
| 2878934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, Term B-5 Loan, 6.548% (Term SOFR + 225 bps), 12/15/31 | $2886647 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — (continued)** |  |
| 687676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.791% (Term SOFR + 525 bps), 8/2/29 | $683132 |
| 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q, 7.676% (Term SOFR + 325 bps), 1/31/29 | &nbsp;&nbsp; 1017392 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4587171** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.0%†** |  |
| 1009225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., Incremental Term B-1 Loan, 6.577% (Term SOFR + 225 bps), 2/6/31 | $1009856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1009856** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 0.1%** |  |
| 814687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.677% (Term SOFR + 425 bps), 4/2/29 | $753586 |
| 352730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2031 Tranche B Dollar Term Loan, 8.577% (Term SOFR + 425 bps), 10/7/31 | &nbsp;&nbsp; 321866 |
| 1732533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC, 2031 Dollar Term Loan, 7.327% (Term SOFR + 300 bps), 2/7/31 | &nbsp;&nbsp; 1655651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2731103** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 0.1%** |  |
| 1793131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 8.191% (Term SOFR + 375 bps), 4/20/28 | $1786407 |
| 1085545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., Term B Loan, 6.327% (Term SOFR + 200 bps), 11/26/31 | &nbsp;&nbsp; 1088259 |
| 1710784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox Finance LLC, 2024-B Term Loan, 6.827% (Term SOFR + 250 bps), 9/30/31 | &nbsp;&nbsp; 1675854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4550520** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.1%** |  |
| 510651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Buyer, Inc., Initial Term Loan, 9.046% (Term SOFR + 475 bps), 11/1/31 | $515012 |
| 2714855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans Union LLC, 2024 Refinancing Term B-8 Loan, 6.077% (Term SOFR + 175 bps), 6/24/31 | &nbsp;&nbsp; 2722774 |
| 623438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp., Term B-1 Loan, 6.58% (Term SOFR + 225 bps), 2/22/31 | &nbsp;&nbsp; 599019 |
| 2692252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc., Term B-3 Loan, 6.077% (Term SOFR + 175 bps), 3/5/32 | &nbsp;&nbsp; 2691693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **6528498** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 0.1%** |  |
| 1732522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC, First Lien Term B-4 Loan, 7.296% (Term SOFR + 300 bps), 2/1/31 | $1734688 |

---

3Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — (continued)** |  |
| 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Tranche B Term Loan, 6.074% (Term SOFR + 175 bps), 10/30/31 | $1993108 |
| 1367572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smartronix LLC, Term Loan, 8.796% (Term SOFR + 450 bps), 2/6/32 | &nbsp;&nbsp; 1371846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5099642** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Software — 0.0%†** |  |
| 241875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 8.191% (Term SOFR + 375 bps), 10/16/28 | $227262 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **227262** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Memory Devices — 0.1%** |  |
| 3,410,500(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SanDisk Corp., Term B Loan, 7.321% (Term SOFR + 300 bps), 2/20/32 | $3392383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Memory Devices** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3392383** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consulting Services — 0.0%†** |  |
| 1765312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Advantage Holdings LLC, First Lien Term B-2 Loan, 7.577% (Term SOFR + 325 bps), 10/31/31 | $1768622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consulting Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1768622** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.0%†** |  |
| 202765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 2027 Repricing Term Loan, 6.312% (Term SOFR + 200 bps), 8/8/27 | $203145 |
| 1741228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 7.327% (Term SOFR + 300 bps), 5/1/31 | &nbsp;&nbsp; 1739052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1942197** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Disposable Medical Products — 0.0%†** |  |
| 881538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, Third Amendment Incremental Term Loan, 6.577% (Term SOFR + 225 bps), 10/23/28 | $882572 |
| 893250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2024 Refinancing Term Loan, 7.546% (Term SOFR + 325 bps), 5/30/31 | &nbsp;&nbsp; 897716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Disposable Medical Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1780288** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — 0.1%** |  |
| 2136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc., Initial Term Loan, 8.321% (Term SOFR + 400 bps), 5/21/32 | $2095059 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — (continued)** |  |
| 1262813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 Dollar Loan, 7.296% (Term SOFR + 300 bps), 6/20/31 | $1250777 |
| 1807766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 7.072% (Term SOFR + 275 bps), 8/1/30 | &nbsp;&nbsp; 1809650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution & Wholesale** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5155486** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.1%** |  |
| 1,373,620(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, (0), 9/30/31 | $1375337 |
| 857261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.577% (Term SOFR + 525 bps), 4/3/28 | &nbsp;&nbsp; 859850 |
| 1128172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, Term B Advance, 8.796% (Term SOFR + 450 bps), 2/19/32 | &nbsp;&nbsp; 1116891 |
| 538804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Company LLC, 2018 Incremental Term Loan, 6.077% (Term SOFR + 175 bps), 12/20/30 | &nbsp;&nbsp; 540803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3892881** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 0.0%†** |  |
| 2079052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc., First Amendment Refinancing Term Loan, 6.28% (Term SOFR + 200 bps), 3/1/31 | $2079053 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2079053** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment Software — 0.0%†** |  |
| 1309988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp., Term B-1 Loan, 7.191% (Term SOFR + 275 bps), 3/13/28 | $1291430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1291430** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — 0.1%** |  |
| 1428668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, 2024-1 Term Loan, 6.327% (Term SOFR + 200 bps), 10/31/31 | $1434248 |
| 1902374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 Loan, 7.314% (Term SOFR + 300 bps), 3/18/30 | &nbsp;&nbsp; 1909904 |
| 3386804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group LLC, Seventh Amendment Extended Term Loan, 6.333% (Term SOFR + 200 bps), 12/15/31 | &nbsp;&nbsp; 3386594 |
| 1719360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC, Initial Term Loan, 7.322% (Term SOFR + 300 bps), 10/21/31 | &nbsp;&nbsp; 1717211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Investment Banker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8447957** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Leasing Company — 0.0%†** |  |
| 1204095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US) LLC, Term B-6 Loan, 6.071% (Term SOFR + 175 bps), 6/22/30 | $1206776 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Leasing Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1206776** |

---

5Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.0%†** |  |
| 1354375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 6.046% (Term SOFR + 175 bps), 11/30/30 | $1350354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1350354** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 0.0%†** |  |
| 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loan, 6.327% (Term SOFR + 200 bps), 1/17/31 | $990000 |
| 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, 6.577% (Term SOFR + 225 bps), 4/1/31 | &nbsp;&nbsp; 992475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1982475** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer — 0.1%** |  |
| 2412220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFS Cogen Holdings I LLC, Term B Advance, 7.796% (Term SOFR + 350 bps), 10/3/31 | $2423980 |
| 2984962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, Initial Term B Loan, 6.546% (Term SOFR + 225 bps), 8/18/31 | &nbsp;&nbsp; 2994290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power Producer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5418270** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers — 0.0%†** |  |
| 2394778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Ltd., 2024-3 Dollar Refinancing Term Loan, 7.327% (Term SOFR + 300 bps), 2/15/31 | $2403759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance Brokers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2403759** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 0.0%†** |  |
| 1217776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2023 May Incremental Term Loan, 8.577% (Term SOFR + 425 bps), 5/3/28 | $1141817 |
| 824211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC, First Lien 2024 December New Term Loan, 8.577% (Term SOFR + 425 bps), 12/31/31 | &nbsp;&nbsp; 718609 |
| 554061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-5 Loan, 7.077% (Term SOFR + 275 bps), 3/4/30 | &nbsp;&nbsp; 470952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2331378** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Gambling — 0.1%** |  |
| 2601480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc., Term Loan B, 6.066% (Term SOFR + 175 bps), 3/4/32 | $2596602 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Gambling** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2596602** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Security — 0.0%†** |  |
| 1496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Second Amendment Incremental Term B Loan, 6.077% (Term SOFR + 175 bps), 4/16/32 | $1501610 |
| 641667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Tranche B-1 Term Loan, 6.077% (Term SOFR + 175 bps), 9/12/29 | &nbsp;&nbsp; 641724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Security** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2143334** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory Services —<br> 0.0%†** |  |
| 965218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 7.327% (Term SOFR + 300 bps), 4/7/28 | $967459 |
| 1529642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 9.28% (Term SOFR + 500 bps), 5/30/27 | &nbsp;&nbsp; 1451247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2418706** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Diagnostic Imaging — 0.0%†** |  |
| 1234295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Amendment No. 3 Replacement Term Loan, 9.046% (Term SOFR + 475 bps), 12/15/27 | $1238539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Diagnostic Imaging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1238539** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Information Systems — 0.0%†** |  |
| 650270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., Initial Term Loan, 7.077% (Term SOFR + 275 bps), 2/15/29 | $649376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Information Systems** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **649376** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 0.1%** |  |
| 2945573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.827% (Term SOFR + 250 bps), 2/21/31 | $2957028 |
| 1299375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 8.689% (Term SOFR + 425 bps), 10/1/28 | &nbsp;&nbsp; 1285336 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4242364** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.1%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co., 2024 Refinancing Dollar Term Loan Facility, 6.571% (Term SOFR + 225 bps), 5/19/31 | $1972500 |
| 790780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Padagis LLC, Term B Loan, 9.271% (Term SOFR + 475 bps), 7/6/28 | &nbsp;&nbsp; 741356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2713856** |

---

7Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Generic Drugs — 0.0%†** |  |
| 1233788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co., Plc, 2024 Refinancing Term B Loan, 6.327% (Term SOFR + 200 bps), 4/20/29 | $1236872 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Generic Drugs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1236872** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 0.0%†** |  |
| 925076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EyeCare Partners LLC, Tranche B Term Loan, 5.227% (Term SOFR + 100 bps), 11/30/28 | $734279 |
| 964488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight Health Holdings LLC, Term B Loan, 9.691% (Term SOFR + 525 bps), 12/23/28 | &nbsp;&nbsp; 407496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1141775** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal-Aluminum — 0.1%** |  |
| 2931652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis, Inc., Initial Term Loan, 6.296% (Term SOFR + 200 bps), 3/11/32 | $2937516 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal-Aluminum** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2937516** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Automation & Equipment — 0.0%†** |  |
| 2346120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Tranche B Term Loan, 8.077% (Term SOFR + 375 bps), 3/19/32 | $2347586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Automation & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2347586** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil Comp-Explor & Production — 0.0%†** |  |
| 2021932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP, Initial Loan, 6.314% (Term SOFR + 200 bps), 2/11/30 | $2026144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil Comp-Explor & Production** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2026144** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.1%** |  |
| 2072428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP, 2025 Tranche B-6 Term Loan, 6.077% (Term SOFR + 175 bps), 11/22/30 | $2077350 |
| 1226760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater DBR Holdco LLC, Term B-1 Loan, 6.592% (Term SOFR + 225 bps), 3/3/31 | &nbsp;&nbsp; 1228869 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3306219** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Printing-Commercial — 0.0%†** |  |
| 2319158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser LLC, Initial Term Loan, 8.296% (Term SOFR + 400 bps), 11/30/30 | $2330030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Printing-Commercial** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2330030** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 0.1%** |  |
| 2588796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-11 Term Loan, 8.677% (Term SOFR + 425 bps), 8/19/28 | $2565820 |
| 1146770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-12 Term Loan, 8.577% (Term SOFR + 425 bps), 9/19/30 | &nbsp;&nbsp; 1119391 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — (continued)** |  |
| 2237449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-9 Term Loan, 7.691% (Term SOFR + 325 bps), 7/31/27 | $2237216 |
| 997487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 7.327% (Term SOFR + 300 bps), 7/31/31 | &nbsp;&nbsp; 1002059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Property & Casualty Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **6924486** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection-Safety — 0.0%†** |  |
| 1742455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.32% (Term SOFR + 200 bps), 10/13/30 | $1745450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Protection-Safety** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1745450** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — 0.0%†** |  |
| 972500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.63% (Term SOFR + 525 bps), 4/9/29 | $959736 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **959736** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Racetracks — 0.0%†** |  |
| 478750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Inc., 2021 Incremental Term B Loan, 6.077% (Term SOFR + 175 bps), 3/17/28 | $479348 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Racetracks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **479348** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 0.0%†** |  |
| 2192535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 9.577% (Term SOFR + 525 bps), 2/12/29 | $2203497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2203497** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS-Storage — 0.0%†** |  |
| 1018490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 6.327% (Term SOFR + 200 bps), 1/31/31 | $1018915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS-Storage** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1018915** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.1%** |  |
| 2078555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term B-3 Loan, 7.577% (Term SOFR + 325 bps), 1/23/32 | $2072839 |
| 1117491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition LLC, First Lien 2025-1 Term Loan, 7.827% (Term SOFR + 350 bps), 2/19/30 | &nbsp;&nbsp; 1125872 |
| 575891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak BP LLC, Initial Term Loan, 8.035% (Term SOFR + 375 bps), 12/4/31 | &nbsp;&nbsp; 555014 |
| 938382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.807% (Term SOFR + 325 bps), 3/3/28 | &nbsp;&nbsp; 868004 |

---

9Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — (continued)** |  |
| 721875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC, Initial Term Loan, 8.177% (Term SOFR + 375 bps), 2/11/28 | $717363 |
| 720524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 8.177% (Term SOFR + 375 bps), 2/8/28 | &nbsp;&nbsp; 662282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **6001374** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Security Services — 0.1%** |  |
| 3116424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (f/k/a USAGM Holdco LLC), Initial U.S. Dollar Term Loan, 8.177% (Term SOFR + 375 bps), 5/12/28 | $3133661 |
| 1481212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 7.314% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp; 1481674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Security Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4615335** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.0%†** |  |
| 1139156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-3 Refinancing Loan, 8.577% (Term SOFR + 425 bps), 3/29/32 | $1151972 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1151972** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — 0.0%†** |  |
| 1444087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., Term B Loan, 8.327% (Term SOFR + 400 bps), 10/2/28 | $1450631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1450631** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $153,069,819)** | &nbsp;&nbsp; **$** **152273460** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 26.0% of Net<br> Assets** |  |
| 158,611(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 4.626% (1 Month Term SOFR + 31 bps), 6/15/41 (144A) | $156628 |
| 304,701(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 4.626% (1 Month Term SOFR + 31 bps), 9/15/41 (144A) | &nbsp;&nbsp; 299019 |
| 515,541(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables LLC, Series 2005-1A, Class A1, 4.656% (1 Month Term SOFR + 34 bps), 11/15/40 (144A) | &nbsp;&nbsp; 503351 |
| 1,900,002(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 Funding CLO, Ltd., Series 2020-6A, Class XR, 5.229% (3 Month Term SOFR + 95 bps), 10/23/34 (144A) | &nbsp;&nbsp; 1899939 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO V Ltd., Series 2019-5A, Class CRR, 10.019% (3 Month Term SOFR + 575 bps), 1/20/36 (144A) | &nbsp;&nbsp; 4047336 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI Ltd., Series 2019-6A, Class A2RR, 5.883% (3 Month Term SOFR + 160 bps), 1/27/37 (144A) | $4200789 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACC Auto Trust, Series 2022-A, Class D, 10.07%, 3/15/29 (144A) | &nbsp;&nbsp; 2000000 |
| 5997405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Mortgage Trust, Series 2024-HE1, Class A, 6.55%, 5/25/39 (144A) | &nbsp;&nbsp; 6125151 |
| 4567934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2024-HE2, Class A, 5.35%, 10/25/39 (144A) | &nbsp;&nbsp; 4561103 |
| 4567422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS TRUST, Series 2024-2PL, Class A, 5.07%, 10/27/31 (144A) | &nbsp;&nbsp; 4582297 |
| 4352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | &nbsp;&nbsp; 4424089 |
| 4639575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29 (144A) | &nbsp;&nbsp; 4651865 |
| 8949080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 6/20/29 (144A) | &nbsp;&nbsp; 8957056 |
| 26842722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-2A, Class A, 5.55%, 6/20/28 (144A) | &nbsp;&nbsp; 26876205 |
| 10580000 | &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; 10628121 |
| 1764207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X1, Class A, 6.27%, 5/15/29 (144A) | &nbsp;&nbsp; 1765656 |
| 3500344 | &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; 3502088 |
| 8808883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X1, Class A, 5.08%, 4/15/30 (144A) | &nbsp;&nbsp; 8817128 |
| 6,820,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 14, Ltd., Series 2021-14A, Class AR, 5.399% (3 Month Term SOFR + 113 bps), 12/2/34 (144A) | &nbsp;&nbsp; 6834063 |
| 3,670,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3 LTD, Series 2020-3A, Class XR, 5.206% (3 Month Term SOFR + 95 bps), 4/15/38 (144A) | &nbsp;&nbsp; 3670437 |
| 923,611(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XIII, Ltd., Series 2021-1A, Class X, 5.531% (3 Month Term SOFR + 126 bps), 7/20/34 (144A) | &nbsp;&nbsp; 922433 |
| 1,025,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XIV, Ltd., Series 2021-2A, Class X, 5.518% (3 Month Term SOFR + 126 bps), 10/15/34 (144A) | &nbsp;&nbsp; 1024933 |
| 14769085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterna Funding III LLC, Series 2024-1A, Class A, 6.26%, 5/16/39 (144A) | &nbsp;&nbsp; 14908590 |
| 1188783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.46%, 3/13/28 (144A) | &nbsp;&nbsp; 1187097 |
| 1660888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2022-2, Class D, 4.85%, 6/13/28 (144A) | &nbsp;&nbsp; 1660227 |

---

11Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 13080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-3, Class D, 6.82%, 10/12/29 (144A) | $13351067 |
| 5230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-4, Class C, 6.99%, 9/12/30 (144A) | &nbsp;&nbsp; 5295277 |
| 1777837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 3/15/28 (144A) | &nbsp;&nbsp; 1779125 |
| 1044000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust, Series 2015-SFR2, Class E, 6.07%, 10/17/52 (144A) | &nbsp;&nbsp; 1041856 |
| 11,851,230(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2B, 4.902% (SOFR30A + 60 bps), 2/18/28 | &nbsp;&nbsp; 11857043 |
| 6642797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2, 5.19%, 7/21/31 (144A) | &nbsp;&nbsp; 6702056 |
| 8,973,079(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB1, Class A1, 6.106% (SOFR30A + 180 bps), 2/25/55 (144A) | &nbsp;&nbsp; 9028031 |
| 1231277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A, Class A, 3.14%, 7/16/40 (144A) | &nbsp;&nbsp; 1195377 |
| 1334487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA, Class A, 1.90%, 7/17/46 (144A) | &nbsp;&nbsp; 1249145 |
| 2332371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 7/17/46 (144A) | &nbsp;&nbsp; 2146239 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LVII CLO, Ltd., Series 2020-57A, Class XR, 5.543% (3 Month Term SOFR + 126 bps), 1/25/35 (144A) | &nbsp;&nbsp; 1999900 |
| 418541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class A, 3.93%, 5/15/28 (144A) | &nbsp;&nbsp; 417777 |
| 4462524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A, 6.46%, 4/17/28 (144A) | &nbsp;&nbsp; 4493635 |
| 7183496 | &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; 7196760 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant CLO Ltd., Series 2018-2A, Class D, 7.381% (3 Month Term SOFR + 311 bps), 4/20/31 (144A) | &nbsp;&nbsp; 250271 |
| 1532181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.18%, 12/15/28 (144A) | &nbsp;&nbsp; 1544528 |
| 1600000 | &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; 1596260 |
| 422493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2023-1, Class B, 7.12%, 3/15/27 (144A) | &nbsp;&nbsp; 422788 |
| 3285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class D, 4.08%, 2/20/28 (144A) | &nbsp;&nbsp; 3174599 |
| 5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class D, 7.26%, 10/20/27 (144A) | &nbsp;&nbsp; 5784731 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2720000 | &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) | $2743262 |
| 6240000 | &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; 6277984 |
| 5,500,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2R Mortgage Trust, Series 2015-2, Class E, 5.885%, 11/15/48 (144A) | &nbsp;&nbsp; 5489232 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2021-7A, Class A2R, 5.522% (3 Month Term SOFR + 125 bps), 1/22/35 (144A) | &nbsp;&nbsp; 6465966 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-4A, Class XR, 5.361% (3 Month Term SOFR + 110 bps), 10/16/37 (144A) | &nbsp;&nbsp; 4504293 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-6A, Class XR, 5.422% (3 Month Term SOFR + 115 bps), 1/22/38 (144A) | &nbsp;&nbsp; 4749606 |
| 6,903,180(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardot CLO, Ltd., Series 2019-2A, Class ARR, 5.252% (3 Month Term SOFR + 98 bps), 10/22/32 (144A) | &nbsp;&nbsp; 6889657 |
| 4,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battery Park CLO, Ltd., Series 2019-1A, Class XR, 5.206% (3 Month Term SOFR + 95 bps), 7/15/36 (144A) | &nbsp;&nbsp; 4350757 |
| 4,595,466(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, 5.405% (SOFR30A + 110 bps), 12/26/31 (144A) | &nbsp;&nbsp; 4609133 |
| 1,081,286(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class C, 5.805% (SOFR30A + 150 bps), 12/26/31 (144A) | &nbsp;&nbsp; 1085565 |
| 4,452,395(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class A, 5.755% (SOFR30A + 145 bps), 6/25/47 (144A) | &nbsp;&nbsp; 4467460 |
| 1545660 | &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; 1552872 |
| 6,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCRED BSL Static CLO, Ltd., Series 2025-1A, Class AR, 5.541% (3 Month Term SOFR + 125 bps), 7/24/35 (144A) | &nbsp;&nbsp; 6625041 |
| 35,431(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Series 2001-3, Class A1, 5.334% (1 Month Term SOFR + 101 bps), 10/27/32 | &nbsp;&nbsp; 35364 |
| 9,166,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class XR2, 5.406% (3 Month Term SOFR + 115 bps), 10/15/37 (144A) | &nbsp;&nbsp; 9166447 |
| 1977577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B, Class A, 6.92%, 12/17/36 (144A) | &nbsp;&nbsp; 2050095 |

---

13Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3506501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2024-1CON, Class A, 5.81%, 4/17/35 (144A) | $3591431 |
| 2656002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital II Aircraft Lease, Ltd., Series 2021-1A, Class A, 2.443%, 7/15/46 (144A) | &nbsp;&nbsp; 2490510 |
| 16,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock Rainier CLO VI, Ltd., Series 2021-6A, Class XR, 5.519% (3 Month Term SOFR + 125 bps), 4/20/37 (144A) | &nbsp;&nbsp; 16187951 |
| 4924022 | &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; 4968650 |
| 3,700,011(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 5.598% (3 Month Term SOFR + 134 bps), 7/15/31 (144A) | &nbsp;&nbsp; 3702161 |
| 341273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 342738 |
| 739189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 742361 |
| 4773752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.291%, 7/26/32 (144A) | &nbsp;&nbsp; 4852723 |
| 6134000 | &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; 6180963 |
| 17595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class A2, 4.84%, 1/18/28 | &nbsp;&nbsp; 17593735 |
| 18,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2019-1A, Class A1R, 5.936% (3 Month Term SOFR + 168 bps), 10/15/34 (144A) | &nbsp;&nbsp; 18477689 |
| 3,804,787(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2020-1A, Class B1R, 8.006% (3 Month Term SOFR + 375 bps), 1/15/31 (144A) | &nbsp;&nbsp; 3803406 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2020-1A, Class C1R, 9.756% (3 Month Term SOFR + 550 bps), 1/15/31 (144A) | &nbsp;&nbsp; 1497051 |
| 5,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2020-1A, Class DR, 10.506% (3 Month Term SOFR + 625 bps), 1/15/31 (144A) | &nbsp;&nbsp; 5882902 |
| 1,391,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2023-1A, Class X, 6.506% (3 Month Term SOFR + 225 bps), 10/15/35 (144A) | &nbsp;&nbsp; 1390853 |
| 180487 | &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; 173630 |
| 3,958,273(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.654% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 3951073 |
| 1,577,141(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO II, Ltd., Series 2022-1A, Class X, 5.569% (3 Month Term SOFR + 130 bps), 1/20/37 (144A) | &nbsp;&nbsp; 1577182 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3380310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarNow Auto Receivables Trust, Series 2023-2A, Class B, 8.53%, 1/15/27 (144A) | $3391517 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2021-P2, Class D, 2.02%, 5/10/28 | &nbsp;&nbsp; 956417 |
| 1321273 | &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; 1307696 |
| 286862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41%, 9/10/27 (144A) | &nbsp;&nbsp; 287366 |
| 11,138,738(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAM, Ltd., Series 2018-5A, Class A, 5.561% (3 Month Term SOFR + 128 bps), 4/17/31 (144A) | &nbsp;&nbsp; 11155391 |
| 1,457,143(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO, Ltd., Series 2021-14A, Class X, 5.306% (3 Month Term SOFR + 105 bps), 10/15/37 (144A) | &nbsp;&nbsp; 1456149 |
| 4,465,602(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerstone SBA Trust, Series 2023-1, Class A, 8.35% (PRIME + 85 bps), 12/27/50 (144A) | &nbsp;&nbsp; 4456603 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class A, 5.606% (3 Month Term SOFR + 135 bps), 1/15/34 (144A) | &nbsp;&nbsp; 4752935 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class B, 6.006% (3 Month Term SOFR + 175 bps), 1/15/34 (144A) | &nbsp;&nbsp; 5993622 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class C, 6.356% (3 Month Term SOFR + 210 bps), 1/15/34 (144A) | &nbsp;&nbsp; 2994876 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XXXVII LP, Series 2022-1A, Class A2, 4.02%, 4/15/34 (144A) | &nbsp;&nbsp; 3930448 |
| 2,482,739(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class A, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 2459022 |
| 4,424,863(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB13, Class A, 3.00%, 5/25/34 (144A) | &nbsp;&nbsp; 4347836 |
| 1,705,198(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A, Class A2, 5.554% (SOFR30A + 125 bps), 5/15/35 (144A) | &nbsp;&nbsp; 1712562 |
| 2181202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A1, 6.16%, 10/15/35 (144A) | &nbsp;&nbsp; 2210283 |
| 3,295,633(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A2, 5.404% (SOFR30A + 110 bps), 10/15/35 (144A) | &nbsp;&nbsp; 3309969 |
| 1,816,317(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2024-1A, Class A2, 5.074% (SOFR30A + 77 bps), 5/15/36 (144A) | &nbsp;&nbsp; 1814642 |
| 2,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding, Ltd., Series 2021-7A, Class X, 5.441% (3 Month Term SOFR + 116 bps), 1/23/35 (144A) | &nbsp;&nbsp; 2099849 |

---

15Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,298,613(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A, Class A1, 5.834% (1 Month Term SOFR + 151 bps), 12/28/48 (144A) | $3295734 |
| 2328409 | &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; 2351006 |
| 121435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A1, 2.73%, 10/25/40 (144A) | &nbsp;&nbsp; 118381 |
| 31,005(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A2, 5.884% (1 Month Term SOFR + 156 bps), 10/25/40 (144A) | &nbsp;&nbsp; 30902 |
| 412,270(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-AGS, Class A2, 5.284% (1 Month Term SOFR + 96 bps), 5/25/41 (144A) | &nbsp;&nbsp; 408176 |
| 449,567(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class A2, 5.084% (1 Month Term SOFR + 76 bps), 9/25/42 (144A) | &nbsp;&nbsp; 442271 |
| 70511 | &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; 60777 |
| 378,364(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-AGS, Class A2, 4.934% (1 Month Term SOFR + 61 bps), 2/25/44 (144A) | &nbsp;&nbsp; 373750 |
| 711,091(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-BGS, Class A2, 5.004% (1 Month Term SOFR + 68 bps), 9/25/45 (144A) | &nbsp;&nbsp; 700649 |
| 294,805(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-CGS, Class A2, 5.234% (1 Month Term SOFR + 91 bps), 2/25/46 (144A) | &nbsp;&nbsp; 291726 |
| 604,370(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A2, 5.334% (1 Month Term SOFR + 101 bps), 1/25/47 (144A) | &nbsp;&nbsp; 595604 |
| 3000000 | &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; 3009358 |
| 3543000 | &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; 3587590 |
| 4372439 | &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; 4417991 |
| 15812331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2024-A, Class A2, 5.90%, 8/20/30 (144A) | &nbsp;&nbsp; 16004126 |
| 1,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Point CLO IV, Ltd., Series 2018-4A, Class C, 6.431% (3 Month Term SOFR + 216 bps), 4/20/31 (144A) | &nbsp;&nbsp; 1441928 |
| 4740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A, Class A, 5.63%, 6/25/28 (144A) | &nbsp;&nbsp; 4773560 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2516

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 10,675,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerpath Capital CLO, Ltd., Series 2021-1A, Class A1R, 6.056% (3 Month Term SOFR + 180 bps), 7/15/36 (144A) | $10691012 |
| 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Funding Home Equity Loan Trust, Series 1997-2, Class A6, 7.04%, 6/25/27 | &nbsp;&nbsp;&nbsp; 32 |
| 683074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-1, Class A2, 5.99%, 3/15/32 (144A) | &nbsp;&nbsp; 685400 |
| 4147299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2, Class A2, 6.56%, 5/15/34 (144A) | &nbsp;&nbsp; 4181733 |
| 10250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 8/15/28 | &nbsp;&nbsp; 10264523 |
| 2,808,642(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 53 CLO, Ltd., Series 2017-53A, Class A, 5.638% (3 Month Term SOFR + 138 bps), 1/15/31 (144A) | &nbsp;&nbsp; 2807939 |
| 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2022-2A, Class D, 5.46%, 3/15/28 (144A) | &nbsp;&nbsp; 1356838 |
| 5250441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-1A, Class C, 5.55%, 10/16/28 (144A) | &nbsp;&nbsp; 5264807 |
| 3,536,842(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO, Ltd., Series 2021-12A, Class XR, 5.369% (3 Month Term SOFR + 110 bps), 4/20/37 (144A) | &nbsp;&nbsp; 3536078 |
| 4,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class B, 6.531% (3 Month Term SOFR + 226 bps), 7/20/30 (144A) | &nbsp;&nbsp; 4898094 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class C, 6.781% (3 Month Term SOFR + 251 bps), 7/20/30 (144A) | &nbsp;&nbsp; 6502112 |
| 5687839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equify ABS LLC, Series 2024-1A, Class A, 5.43%, 4/18/33 (144A) | &nbsp;&nbsp; 5690511 |
| 6830000 | &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; 6679784 |
| 1382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-6A, Class D, 8.03%, 4/6/29 | &nbsp;&nbsp; 1429701 |
| 3588507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2024-4A, Class A2, 5.60%, 5/17/27 | &nbsp;&nbsp; 3590678 |
| 11250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2025-3A, Class A2, 4.83%, 1/18/28 | &nbsp;&nbsp; 11256445 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCCU Auto Receivables Trust, Series 2025-1A, Class A3, 4.85%, 6/17/30 (144A) | &nbsp;&nbsp; 10083017 |
| 2630457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2023-2A, Class A2, 6.79%, 10/15/29 (144A) | &nbsp;&nbsp; 2667819 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class B, 5.04%, 2/17/31 (144A) | &nbsp;&nbsp; 2244104 |

---

17Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1867115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A, Class A2, 6.57%, 6/15/28 (144A) | $1882738 |
| 7,195,827(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE2, Class A, 6.38%, 5/25/54 (144A) | &nbsp;&nbsp; 7346534 |
| 4,340,106(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE3, Class A, 5.937%, 7/25/54 (144A) | &nbsp;&nbsp; 4399572 |
| 6,747,848(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class A, 5.56%, 5/25/55 (144A) | &nbsp;&nbsp; 6792531 |
| 3,790,000(c)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class A, 5.408%, 7/25/55 (144A) | &nbsp;&nbsp; 3789951 |
| 13460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/28 (144A) | &nbsp;&nbsp; 13466085 |
| 413222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 7/15/27 (144A) | &nbsp;&nbsp; 414105 |
| 2817967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2024-1, Class A2, 5.64%, 3/15/28 (144A) | &nbsp;&nbsp; 2825014 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flatiron CLO 21, Ltd., Series 2021-1A, Class XR, 5.369% (3 Month Term SOFR + 110 bps), 10/19/37 (144A) | &nbsp;&nbsp; 3590975 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class B, 5.31%, 5/15/28 (144A) | &nbsp;&nbsp; 1004704 |
| 10,920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities IX CLO, Ltd., Series 2017-9A, Class A1TR, 6.068% (3 Month Term SOFR + 181 bps), 10/15/33 (144A) | &nbsp;&nbsp; 10924870 |
| 14,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class A1, 5.574% (3 Month Term SOFR + 125 bps), 4/20/33 (144A) | &nbsp;&nbsp; 14580452 |
| 8,180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class B, 5.974% (3 Month Term SOFR + 165 bps), 4/20/33 (144A) | &nbsp;&nbsp; 8184082 |
| 11,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXI CLO, Ltd., Series 2025-31A, Class A1, 5.817% (3 Month Term SOFR + 150 bps), 7/20/33 (144A) | &nbsp;&nbsp; 11799920 |
| 13,340,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class A1, 5.742% (3 Month Term SOFR + 140 bps), 7/20/33 (144A) | &nbsp;&nbsp; 13340000 |
| 3,980,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class B1, 6.192% (3 Month Term SOFR + 185 bps), 7/20/33 (144A) | &nbsp;&nbsp; 3980000 |
| 3,960,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class C1, 6.942% (3 Month Term SOFR + 260 bps), 7/20/33 (144A) | &nbsp;&nbsp; 3960000 |
| 2547623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A, Class A, 1.27%, 5/15/41 (144A) | &nbsp;&nbsp; 2404602 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2518

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1390867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 1/15/42 (144A) | $1321541 |
| 151722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freed ABS Trust, Series 2021-3FP, Class D, 2.37%, 11/20/28 (144A) | &nbsp;&nbsp; 151073 |
| 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2022-3A, Class D, 6.42%, 6/15/28 (144A) | &nbsp;&nbsp; 4360050 |
| 2695000 | &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; 2757475 |
| 5540000 | &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; 6140866 |
| 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-4A, Class C, 6.65%, 8/15/29 (144A) | &nbsp;&nbsp; 3249222 |
| 611799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-1A, Class A3, 5.40%, 9/15/27 (144A) | &nbsp;&nbsp; 612810 |
| 8183493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-4A, Class A2, 4.76%, 10/15/27 (144A) | &nbsp;&nbsp; 8183430 |
| 10174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.68%, 12/15/27 (144A) | &nbsp;&nbsp; 10170959 |
| 374482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A, Class A2, 6.27%, 8/16/27 (144A) | &nbsp;&nbsp; 374981 |
| 2227316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A, Class A2, 6.37%, 6/15/28 (144A) | &nbsp;&nbsp; 2244323 |
| 2520000 | &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; 2574297 |
| 1935000 | &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; 1998554 |
| 8608924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71%, 4/15/30 (144A) | &nbsp;&nbsp; 8628129 |
| 2,625,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 10, Ltd., Series 2021-10A, Class XR, 5.319% (3 Month Term SOFR + 105 bps), 10/20/37 (144A) | &nbsp;&nbsp; 2624787 |
| 11,385,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 54M L.P, Series 2021-54A, Class A, 6.051% (3 Month Term SOFR + 179 bps), 8/5/33 (144A) | &nbsp;&nbsp; 11379307 |
| 20,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 61M, Series 2022-61A, Class A1AR, 5.513% (3 Month Term SOFR + 123 bps), 7/25/35 (144A) | &nbsp;&nbsp; 20444614 |
| 5,321,988(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class A1R, 5.732% (3 Month Term SOFR + 145 bps), 7/25/33 (144A) | &nbsp;&nbsp; 5309886 |
| 9,377,470(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class BR, 6.282% (3 Month Term SOFR + 200 bps), 7/25/33 (144A) | &nbsp;&nbsp; 9358546 |

---

19Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 11,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class CR, 7.032% (3 Month Term SOFR + 275 bps), 7/25/33 (144A) | $11992398 |
| 13,985,745(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-1A, Class A, 6.298% (SOFR90A + 195 bps), 9/1/26 (144A) | &nbsp;&nbsp; 14008497 |
| 5,163,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-1A, Class C, 7.448% (SOFR90A + 310 bps), 9/1/26 (144A) | &nbsp;&nbsp; 5165800 |
| 3,163,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-1A, Class D, 8.848% (SOFR90A + 450 bps), 9/1/26 (144A) | &nbsp;&nbsp; 3162663 |
| 1,293,202(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-2A, Class A, 6.598% (SOFR90A + 225 bps), 3/1/27 (144A) | &nbsp;&nbsp; 1295266 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2024-1A, Class A, 6.122% (SOFR90A + 170 bps), 3/1/28 (144A) | &nbsp;&nbsp; 5009281 |
| 5,880,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO VI LLC, Series 2021-6A, Class XR, 5.383% (3 Month Term SOFR + 110 bps), 7/15/37 (144A) | &nbsp;&nbsp; 5892795 |
| 4,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO, Ltd., Series 2019-1A, Class X, 5.362% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 4189074 |
| 18,990,918(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, 5.905% (SOFR30A + 160 bps), 8/25/54 (144A) | &nbsp;&nbsp; 18990854 |
| 13,519,106(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE2, Class A1, 5.805% (SOFR30A + 150 bps), 1/25/55 (144A) | &nbsp;&nbsp; 13530966 |
| 10,246,376(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847%, 11/25/67 (144A) | &nbsp;&nbsp; 10302970 |
| 5,088,968(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2023-1, Class A, 7.689% (SOFR30A + 325 bps), 10/25/50 (144A) | &nbsp;&nbsp; 5178031 |
| 7,108,376(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1, Class A, 6.689% (SOFR30A + 225 bps), 12/25/51 (144A) | &nbsp;&nbsp; 7146616 |
| 5,137,705(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class A2, 4.723%, 8/20/51 (144A) | &nbsp;&nbsp; 1181672 |
| 2,050,000(e) | &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; 112750 |
| 1,071,429(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 10-2016, Ltd., Series 10A-16, Class XR3, 5.219% (3 Month Term SOFR + 95 bps), 4/20/34 (144A) | &nbsp;&nbsp; 1071542 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2520

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,665,281(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class C, 6.902% (SOFR30A + 260 bps), 10/20/32 (144A) | $4681817 |
| 9864146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.957%, 3/21/33 (144A) | &nbsp;&nbsp; 9903170 |
| 843,750(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Hill Middle Market Credit Fund IX, Ltd., Series 9A, Class XRR, 5.472% (3 Month Term SOFR + 120 bps), 4/23/34 (144A) | &nbsp;&nbsp; 843299 |
| 4,613,758(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 6.052% (SOFR30A + 175 bps), 11/25/53 (144A) | &nbsp;&nbsp; 4634369 |
| 9,257,721(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 6.002% (SOFR30A + 170 bps), 3/20/54 (144A) | &nbsp;&nbsp; 9295399 |
| 6,159,573(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE3, Class A1, 5.902% (SOFR30A + 160 bps), 5/20/54 (144A) | &nbsp;&nbsp; 6189517 |
| 7,920,577(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, 5.502% (SOFR30A + 120 bps), 10/20/54 (144A) | &nbsp;&nbsp; 7912825 |
| 13,360,558(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.502% (SOFR30A + 120 bps), 2/25/55 (144A) | &nbsp;&nbsp; 13333411 |
| 20,171,577(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-HE1, Class A1, 5.452% (SOFR30A + 115 bps), 7/20/55 (144A) | &nbsp;&nbsp; 20129497 |
| 20,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A, 6.954% (SOFR30A + 265 bps), 11/15/27 (144A) | &nbsp;&nbsp; 20345667 |
| 165234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2023-4A, Class A3, 6.10%, 12/15/27 (144A) | &nbsp;&nbsp; 165952 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2025-1A, Class A2, 4.60%, 12/15/27 (144A) | &nbsp;&nbsp; 7999833 |
| 1,357,031(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Shore MM CLO IV, Ltd., Series 2021-1A, Class XR, 5.556% (3 Month Term SOFR + 130 bps), 1/15/37 (144A) | &nbsp;&nbsp; 1356657 |
| 3,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 35, Ltd., Series 35A, Class BR, 5.906% (3 Month Term SOFR + 165 bps), 10/15/34 (144A) | &nbsp;&nbsp; 3448175 |
| 1,327,728(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVIII LP, Series 18A, Class A1R, 5.551% (3 Month Term SOFR + 128 bps), 4/20/31 (144A) | &nbsp;&nbsp; 1327551 |
| 215014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.22%, 5/17/27 (144A) | &nbsp;&nbsp; 214463 |
| 5864320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2023-3A, Class A2, 7.50%, 12/15/28 (144A) | &nbsp;&nbsp; 5989421 |

---

21Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 6689493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-1A, Class A2, 6.19%, 8/15/29 (144A) | $6744587 |
| 6721613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-2A, Class A2, 5.99%, 5/15/29 (144A) | &nbsp;&nbsp; 6778388 |
| 2725689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2025-1A, Class A1, 4.576%, 2/15/26 (144A) | &nbsp;&nbsp; 2725738 |
| 10276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, 10/15/30 (144A) | &nbsp;&nbsp; 10309837 |
| 88914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST1, Class A, 2.50%, 3/15/28 (144A) | &nbsp;&nbsp; 87701 |
| 2899321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS LLC, Series 2023-A, Class A, 7.173%, 7/15/35 (144A) | &nbsp;&nbsp; 2916702 |
| 303296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2, Class A, 7.59%, 4/16/29 (144A) | &nbsp;&nbsp; 303773 |
| 9744254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/27 (144A) | &nbsp;&nbsp; 9750044 |
| 1180144 | &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; 1099575 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXII, Ltd., Series 2019-22A, Class X, 5.256% (3 Month Term SOFR + 100 bps), 7/15/36 (144A) | &nbsp;&nbsp; 4999635 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXXV, Ltd., Series 2022-35A, Class XR, 5.482% (3 Month Term SOFR + 120 bps), 10/25/36 (144A) | &nbsp;&nbsp; 2502967 |
| 333,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marble Point Clo XXV, Ltd., Series 2022-2A, Class X, 5.819% (3 Month Term SOFR + 155 bps), 10/20/36 (144A) | &nbsp;&nbsp; 333321 |
| 1618929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2024-1A, Class A, 5.95%, 7/17/34 (144A) | &nbsp;&nbsp; 1621300 |
| 5,225,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO 10, Ltd., Series 2023-1A, Class XR, 5.256% (3 Month Term SOFR + 100 bps), 4/15/37 (144A) | &nbsp;&nbsp; 5234264 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Series 2017-3A, Class ER, 13.681% (3 Month Term SOFR + 941 bps), 7/20/33 (144A) | &nbsp;&nbsp; 2481600 |
| 5990308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2023-1A, Class A, 7.21%, 5/20/36 (144A) | &nbsp;&nbsp; 6039419 |
| 10660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29 (144A) | &nbsp;&nbsp; 10753877 |
| 9680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class C, 10.42%, 7/20/29 (144A) | &nbsp;&nbsp; 9825392 |
| 8,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class A1R2, 5.479% (3 Month Term SOFR + 121 bps), 1/18/36 (144A) | &nbsp;&nbsp; 8284719 |
| 19710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2023-B, Class A, 7.69%, 11/15/28 (144A) | &nbsp;&nbsp; 19728590 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2522

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5300000 | &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) | $5342130 |
| 8580000 | &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; 8598264 |
| 10,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XII, Ltd., Series 2021-2A, Class A1, 6.08% (3 Month Term SOFR + 176 bps), 9/14/33 (144A) | &nbsp;&nbsp; 10971146 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class A1N, 6.01% (3 Month Term SOFR + 168 bps), 2/24/34 (144A) | &nbsp;&nbsp; 5001535 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class B, 6.38% (3 Month Term SOFR + 205 bps), 2/24/34 (144A) | &nbsp;&nbsp; 2992146 |
| 375,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain View CLO XVII, Ltd., Series 2023-1A, Class X, 5.956% (3 Month Term SOFR + 170 bps), 9/14/36 (144A) | &nbsp;&nbsp; 374970 |
| 841694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41 (144A) | &nbsp;&nbsp; 806332 |
| 727,736(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Trust, Series 2007-A, Class A, 4.576% (1 Month USD LIBOR + 30 bps), 5/25/31 (144A) | &nbsp;&nbsp; 711609 |
| 525410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69 (144A) | &nbsp;&nbsp; 472775 |
| 2,379,693(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2021-1A, Class A1B, 5.02% (SOFR30A + 71 bps), 12/26/69 (144A) | &nbsp;&nbsp; 2337143 |
| 1,988,082(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2005-2, Class A5, 4.704% (SOFR90A + 36 bps), 3/23/37 | &nbsp;&nbsp; 1968232 |
| 545899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.36%, 4/20/62 (144A) | &nbsp;&nbsp; 513429 |
| 2,788,754(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-DA, Class AFL, 5.122% (1 Month Term SOFR + 80 bps), 4/20/62 (144A) | &nbsp;&nbsp; 2735250 |
| 1,833,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain CLO 1, Ltd., Series CLO-1A, Class X, 5.206% (3 Month Term SOFR + 95 bps), 1/15/38 (144A) | &nbsp;&nbsp; 1829852 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newday Funding Master Issuer Plc, Series 2023-1A, Class A2, 6.092% (SOFR + 175 bps), 11/15/31 (144A) | &nbsp;&nbsp; 5757585 |
| 1,528,440(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2021-1, Class A, 7.25% (PRIME - 25 bps), 12/25/48 (144A) | &nbsp;&nbsp; 1526831 |
| 2,903,432(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2023-1, Class A, 7.00% (PRIME - 50 bps), 7/25/50 (144A) | &nbsp;&nbsp; 2931279 |

---

23Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 9,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2024-2A, Class A1, 5.184% (SOFR30A + 88 bps), 9/15/29 (144A) | $9246737 |
| 2493195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A, Class A2, 6.57%, 6/17/30 (144A) | &nbsp;&nbsp; 2509384 |
| 2,684,210(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwoods Capital XI-B, Ltd., Series 2018-11BA, Class XR, 5.469% (3 Month Term SOFR + 120 bps), 7/19/37 (144A) | &nbsp;&nbsp; 2675621 |
| 31,929(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaStar Mortgage Funding Trust, Series 2003-1, Class A2, 5.214% (1 Month Term SOFR + 89 bps), 5/25/33 | &nbsp;&nbsp; 31365 |
| 11,782,880(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2025-HE1, Class A1, 5.905% (SOFR30A + 160 bps), 2/25/55 (144A) | &nbsp;&nbsp; 11810849 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO, Ltd., Series 2017-14A, Class XR, 5.369% (3 Month Term SOFR + 110 bps), 7/20/37 (144A) | &nbsp;&nbsp; 2499797 |
| 3,957,895(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 49, Ltd., Series 2020-5A, Class X, 5.306% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 3958706 |
| 2451661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2021-1A, Class C, 2.23%, 11/20/28 (144A) | &nbsp;&nbsp; 2440898 |
| 2813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-1A, Class D, 5.54%, 2/20/29 (144A) | &nbsp;&nbsp; 2820318 |
| 604703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (144A) | &nbsp;&nbsp; 605995 |
| 1561393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-2A, Class A2, 5.88%, 6/20/31 (144A) | &nbsp;&nbsp; 1564211 |
| 2805931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/29 (144A) | &nbsp;&nbsp; 2826033 |
| 3481188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class A, 5.26%, 8/15/29 (144A) | &nbsp;&nbsp; 3482234 |
| 5218541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2025-1, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 5210324 |
| 5752845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C, Class A, 2.18%, 10/8/31 (144A) | &nbsp;&nbsp; 5619644 |
| 2390224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-1A, Class B, 6.546%, 4/8/31 (144A) | &nbsp;&nbsp; 2394664 |
| 1101200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class A, 5.86%, 2/9/32 (144A) | &nbsp;&nbsp; 1102501 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class B, 5.83%, 2/9/32 (144A) | &nbsp;&nbsp; 3250364 |
| 19670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-A, Class A, 5.01%, 2/8/33 (144A) | &nbsp;&nbsp; 19659815 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class A, 4.88%, 5/9/33 (144A) | &nbsp;&nbsp; 8038934 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2524

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class B, 5.28%, 5/9/33 (144A) | $8039949 |
| 154274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/27 (144A) | &nbsp;&nbsp; 154053 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO II, Ltd., Series 2019-2A, Class ALR, 6.081% (3 Month Term SOFR + 181 bps), 4/20/33 (144A) | &nbsp;&nbsp; 11010054 |
| 2,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO IV, Ltd., Series 2020-4A, Class A1R, 6.184% (3 Month Term SOFR + 186 bps), 8/20/33 (144A) | &nbsp;&nbsp; 2604194 |
| 5,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock CLO XXI LLC, Series 2025-21A, Class A, 5.716% (3 Month Term SOFR + 140 bps), 7/24/34 (144A) | &nbsp;&nbsp; 5580000 |
| 3,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock CLO XXI LLC, Series 2025-21A, Class B, 6.216% (3 Month Term SOFR + 190 bps), 7/24/34 (144A) | &nbsp;&nbsp; 3290000 |
| 8250000 | &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; 8365361 |
| 4262101 | &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; 4176703 |
| 789430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Grantor Trust, Series 2024-9, Class A, 5.065%, 3/15/32 (144A) | &nbsp;&nbsp; 789318 |
| 3240313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class A, 5.183%, 6/15/32 (144A) | &nbsp;&nbsp; 3251971 |
| 5723000 | &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; 5749380 |
| 5572885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class A, 5.092%, 7/15/32 (144A) | &nbsp;&nbsp; 5581030 |
| 5,482,814(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class AB, 5.369%, 7/15/32 (144A) | &nbsp;&nbsp; 5493467 |
| 1849240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-5, Class A, 6.278%, 10/15/31 (144A) | &nbsp;&nbsp; 1866969 |
| 3,499,370(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A, 4.991%, 7/15/32 (144A) | &nbsp;&nbsp; 3502482 |
| 2082955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A1, 4.708%, 2/17/26 (144A) | &nbsp;&nbsp; 2082859 |
| 1532073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2, 5.156%, 7/15/32 (144A) | &nbsp;&nbsp; 1536151 |
| 936993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2022-5, Class A, 8.096%, 6/17/30 (144A) | &nbsp;&nbsp; 940183 |
| 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-3, Class A, 7.60%, 12/16/30 (144A) | &nbsp;&nbsp;&nbsp; 0 |
| 693086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-7, Class B, 7.549%, 7/15/31 (144A) | &nbsp;&nbsp; 693753 |

---

25Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4348701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class A, 6.66%, 7/15/31 (144A) | $4376583 |
| 7421106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B, 7.109%, 7/15/31 (144A) | &nbsp;&nbsp; 7482270 |
| 4005020 | &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; 4035252 |
| 1,223,974(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class AB, 6.449%, 8/15/31 (144A) | &nbsp;&nbsp; 1230488 |
| 7202598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class B, 6.611%, 8/15/31 (144A) | &nbsp;&nbsp; 7267894 |
| 5727945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class A, 6.258%, 10/15/31 (144A) | &nbsp;&nbsp; 5766176 |
| 10747233 | &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; 10832661 |
| 5480000 | &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; 5485599 |
| 1,473,684(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd., Series 2020-3A, Class X, 5.526% (3 Month Term SOFR + 120 bps), 11/15/36 (144A) | &nbsp;&nbsp; 1475859 |
| 2,961,834(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square Loan Funding, Ltd., Series 2022-1A, Class A1, 5.306% (3 Month Term SOFR + 105 bps), 4/15/30 (144A) | &nbsp;&nbsp; 2959489 |
| 3250000 | &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; 3229747 |
| 1582080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2022-1, Class A3, 5.17%, 2/15/28 (144A) | &nbsp;&nbsp; 1582388 |
| 1609113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class A, 2.60%, 1/15/34 (144A) | &nbsp;&nbsp; 1596063 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class B, 0.000%, 1/15/34 (144A) | &nbsp;&nbsp; 2626050 |
| 2790105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2022-1, Class A2, 7.25%, 10/15/34 (144A) | &nbsp;&nbsp; 2819709 |
| 10174748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class A, 7.42%, 7/15/35 (144A) | &nbsp;&nbsp; 10387109 |
| 5595209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2024-1, Class A, 6.95%, 2/15/36 (144A) | &nbsp;&nbsp; 5640650 |
| 4,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A1RN, 5.622% (3 Month Term SOFR + 135 bps), 4/20/34 (144A) | &nbsp;&nbsp; 4875780 |
| 4,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A2R, 5.722% (3 Month Term SOFR + 145 bps), 4/20/34 (144A) | &nbsp;&nbsp; 4398407 |
| 15,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2025-A, Class A, 4.954% (SOFR30A + 65 bps), 1/15/29 (144A) | &nbsp;&nbsp; 15242436 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2526

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 14,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pikes Peak CLO 6, Series 2020-6A, Class ARR, 5.264% (3 Month Term SOFR + 94 bps), 5/18/34 (144A) | $14285700 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post CLO, Ltd., Series 2021-1A, Class AR, 5.336% (3 Month Term SOFR + 108 bps), 10/15/34 (144A) | &nbsp;&nbsp; 13017914 |
| 3502446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2024-1A, Class A2, 5.59%, 11/15/29 (144A) | &nbsp;&nbsp; 3519306 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2025-1A, Class A2, 4.90%, 5/15/31 (144A) | &nbsp;&nbsp; 3519308 |
| 3240000 | &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; 3153082 |
| 1,725,970(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance CMDAC, Series 2021-1A, Class A, 5.684% (1 Month Term SOFR + 136 bps), 7/25/51 (144A) | &nbsp;&nbsp; 1724315 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class A, 5.89%, 8/15/28 (144A) | &nbsp;&nbsp; 7774902 |
| 3,211,111(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 3, Ltd., Series 2019-3A, Class XR2, 5.306% (3 Month Term SOFR + 105 bps), 7/15/37 (144A) | &nbsp;&nbsp; 3212033 |
| 2447596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach Abs Trust, Series 2024-1A, Class A, 6.30%, 2/18/31 (144A) | &nbsp;&nbsp; 2453370 |
| 12300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach AbS Trust, Series 2024-1A, Class B, 6.29%, 2/18/31 (144A) | &nbsp;&nbsp; 12434457 |
| 3006451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-2A, Class A, 5.88%, 7/15/31 (144A) | &nbsp;&nbsp; 3013790 |
| 13556487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-1A, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 13556421 |
| 1,441,058(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A, 7.00% (PRIME - 50 bps), 12/27/44 (144A) | &nbsp;&nbsp; 1440084 |
| 7,884,576(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2023-3, Class A, 7.57% (PRIME + 7 bps), 4/25/48 (144A) | &nbsp;&nbsp; 7960542 |
| 2,228,571(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta IX Funding, Ltd., Series 2017-1A, Class XR, 5.33% (3 Month Term SOFR + 105 bps), 4/17/37 (144A) | &nbsp;&nbsp; 2226818 |
| 632,157(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta VI Funding, Ltd., Series 2016-1A, Class XR, 5.331% (3 Month Term SOFR + 106 bps), 4/20/34 (144A) | &nbsp;&nbsp; 632110 |
| 1,058,824(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta VII Funding, Ltd., Series 2016-1A, Class X, 5.431% (3 Month Term SOFR + 111 bps), 6/20/34 (144A) | &nbsp;&nbsp; 1057488 |
| 4,416,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta X Funding, Ltd., Series 2017-3A, Class X, 5.28% (3 Month Term SOFR + 100 bps), 7/17/37 (144A) | &nbsp;&nbsp; 4407484 |

---

27Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XXIII Funding, Ltd., Series 2021-4A, Class X, 5.481% (3 Month Term SOFR + 121 bps), 1/20/35 (144A) | $1749912 |
| 6240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2024-2, Class A, 5.11%, 12/15/33 (144A) | &nbsp;&nbsp; 6274142 |
| 5910500 | &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; 5953691 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosy Blue Carat SCS, Series 2018-1, Class A2R, 8.429% (1 Month Term SOFR + 411 bps), 3/15/30 (144A) | &nbsp;&nbsp; 7560000 |
| 2573071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class A, 6.51%, 3/20/28 (144A) | &nbsp;&nbsp; 2579179 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/28 (144A) | &nbsp;&nbsp; 1507890 |
| 7549834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A, Class A, 5.46%, 9/10/29 (144A) | &nbsp;&nbsp; 7552427 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A, Class B, 5.63%, 10/10/30 (144A) | &nbsp;&nbsp; 2006184 |
| 997336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class F, 11.91%, 8/16/32 (144A) | &nbsp;&nbsp; 1005071 |
| 5320000 | &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; 5313313 |
| 215972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Series 2021-CA, Class C, 2.97%, 6/15/28 (144A) | &nbsp;&nbsp; 214456 |
| 185699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.44%, 9/15/27 | &nbsp;&nbsp; 185578 |
| 1766520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-2, Class B, 5.24%, 5/15/28 | &nbsp;&nbsp; 1769746 |
| 2270447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, 9/15/27 | &nbsp;&nbsp; 2271122 |
| 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Trust LLC, Series 2025-1A, Class A2, 4.82%, 7/22/30 (144A) | &nbsp;&nbsp; 4759958 |
| 1,666,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVII, Ltd., Series 27A, Class XR, 5.119% (3 Month Term SOFR + 85 bps), 7/20/34 (144A) | &nbsp;&nbsp; 1666868 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXX, Ltd., Series 30A, Class XR, 5.317% (3 Month Term SOFR + 105 bps), 7/20/38 (144A) | &nbsp;&nbsp; 3000000 |
| 2412859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038%, 7/25/31 (144A) | &nbsp;&nbsp; 2430266 |
| 172803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class A, 0.99%, 11/20/37 (144A) | &nbsp;&nbsp; 169729 |
| 800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO II, Ltd., Series 2021-2A, Class X, 5.581% (3 Month Term SOFR + 131 bps), 1/20/35 (144A) | &nbsp;&nbsp; 799942 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2528

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO IV, Ltd., Series 2024-4A, Class X, 5.469% (3 Month Term SOFR + 120 bps), 10/20/37 (144A) | $3999668 |
| 3,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO IX, Ltd., Series 2017-9A, Class X, 5.219% (3 Month Term SOFR + 95 bps), 7/21/37 (144A) | &nbsp;&nbsp; 3200035 |
| 2,240,312(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Private Credit Student Loan Trust, Series 2007-A, Class A4A, 4.82% (3 Month Term SOFR + 50 bps), 12/16/41 | &nbsp;&nbsp; 2185479 |
| 1,106,030(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2018-B, Class A2B, 5.146% (1 Month Term SOFR + 83 bps), 1/15/37 (144A) | &nbsp;&nbsp; 1103712 |
| 3,883,834(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-B, Class A1B, 6.104% (SOFR30A + 180 bps), 10/16/56 (144A) | &nbsp;&nbsp; 3959216 |
| 5,191,638(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-C, Class A1B, 5.853% (SOFR30A + 155 bps), 11/15/52 (144A) | &nbsp;&nbsp; 5241690 |
| 10710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 6/25/34 (144A) | &nbsp;&nbsp; 10724435 |
| 6,284,687(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO V-R LTD, Series 2014-1RA, Class A, 5.681% (3 Month Term SOFR + 141 bps), 7/18/31 (144A) | &nbsp;&nbsp; 6289859 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XVI, Ltd., Series 2017-2A, Class D, 8.143% (3 Month Term SOFR + 386 bps), 7/25/30 (144A) | &nbsp;&nbsp; 3011982 |
| 2,442,575(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XX, Ltd., Series 2018-2A, Class A, 5.644% (3 Month Term SOFR + 136 bps), 7/26/31 (144A) | &nbsp;&nbsp; 2443847 |
| 1080755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37 (144A) | &nbsp;&nbsp; 1017329 |
| 6,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2021-SFR2, Class E, 6.426% (1 Month Term SOFR + 211 bps), 1/17/39 (144A) | &nbsp;&nbsp; 6223283 |
| 993,765(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2022-SFR3, Class A, 5.962% (1 Month Term SOFR + 165 bps), 5/17/39 (144A) | &nbsp;&nbsp; 997668 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class A, 5.98% (3 Month Term SOFR + 170 bps), 10/17/36 (144A) | &nbsp;&nbsp; 14032186 |
| 2,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class C, 6.78% (3 Month Term SOFR + 250 bps), 10/17/36 (144A) | &nbsp;&nbsp; 2400526 |
| 10,110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class A, 5.799% (3 Month Term SOFR + 155 bps), 4/15/37 (144A) | &nbsp;&nbsp; 10132121 |
| 2,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class D, 7.849% (3 Month Term SOFR + 360 bps), 4/15/37 (144A) | &nbsp;&nbsp; 2144458 |

---

29Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1097435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak ABS, Series 2021-1A, Class AA, 2.301%, 2/28/33 (144A) | $1050819 |
| 2117682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A, Class A, 6.27%, 7/15/44 (144A) | &nbsp;&nbsp; 2198627 |
| 1,206,971(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XIX, Ltd., Series 2018-19A, Class A, 5.482% (3 Month Term SOFR + 122 bps), 4/16/31 (144A) | &nbsp;&nbsp; 1207619 |
| 4866839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.13%, 9/21/26 (144A) | &nbsp;&nbsp; 4882337 |
| 2,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiaa CLO III, Ltd., Series 2017-2A, Class B, 6.022% (3 Month Term SOFR + 176 bps), 1/16/31 (144A) | &nbsp;&nbsp; 2931292 |
| 2108032 | &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; 2089416 |
| 4,551,792(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2018-SL1, Class B, 5.484% (1 Month Term SOFR + 116 bps), 1/25/46 (144A) | &nbsp;&nbsp; 4537889 |
| 15,708,243(c) | &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; 15765861 |
| 7,351,244(c) | &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; 7414217 |
| 9,950,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Plc, Series 2024-1A, Class A1, 5.74% (SOFR + 140 bps), 11/15/27 (144A) | &nbsp;&nbsp; 9937443 |
| 2174128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2022-1A, Class E, 7.79%, 8/16/27 (144A) | &nbsp;&nbsp; 2182470 |
| 2278456 | &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; 2296877 |
| 2614658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class A, 6.61%, 10/15/27 (144A) | &nbsp;&nbsp; 2626645 |
| 3750000 | &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; 3785198 |
| 3627943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27 (144A) | &nbsp;&nbsp; 3639160 |
| 6436406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-3A, Class A, 5.22%, 6/15/28 (144A) | &nbsp;&nbsp; 6445319 |
| 26290623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class A, 4.94%, 2/15/29 (144A) | &nbsp;&nbsp; 26316908 |
| 5320000 | &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; 5347746 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-2A, Class A, 5.12%, 1/16/29 (144A) | &nbsp;&nbsp; 20021512 |
| 11369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020-SFR1, Class F, 4.882%, 7/17/38 (144A) | &nbsp;&nbsp; 11287874 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2530

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran CAVU, Ltd., Series 2022-2A, Class XR, 5.231% (3 Month Term SOFR + 95 bps), 3/27/38 (144A) | $1000001 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO VII, Ltd., Series 2017-7A, Class A1R2, 5.342% (3 Month Term SOFR + 106 bps), 1/25/35 (144A) | &nbsp;&nbsp; 11919780 |
| 1,725,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XI, Ltd., Series 2019-11A, Class X, 5.448% (3 Month Term SOFR + 119 bps), 7/15/34 (144A) | &nbsp;&nbsp; 1724886 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSTAT, Ltd., Series 2022-1A, Class A2RR, 5.669% (3 Month Term SOFR + 140 bps), 7/20/37 (144A) | &nbsp;&nbsp; 5992122 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class C, 6.869% (3 Month Term SOFR + 260 bps), 10/20/35 (144A) | &nbsp;&nbsp; 7969696 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class D, 8.519% (3 Month Term SOFR + 425 bps), 10/20/35 (144A) | &nbsp;&nbsp; 4959245 |
| 3150000 | &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; 3221999 |
| 4851837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class A, 6.11%, 6/15/32 (144A) | &nbsp;&nbsp; 4893277 |
| 5933205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A, Class A, 5.37%, 2/18/31 (144A) | &nbsp;&nbsp; 5937189 |
| 53777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4, Class A, 2.00%, 7/20/27 (144A) | &nbsp;&nbsp; 53429 |
| 211837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST5, Class A, 2.00%, 7/20/27 (144A) | &nbsp;&nbsp; 210390 |
| 357490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2022-ST2, Class A, 3.80%, 4/20/30 (144A) | &nbsp;&nbsp; 356335 |
| 2993049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34 (144A) | &nbsp;&nbsp; 2997582 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-2, Class A2, 5.22%, 6/20/35 (144A) | &nbsp;&nbsp; 5008796 |
| 624681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2023-1, Class B, 6.789%, 8/25/32 (144A) | &nbsp;&nbsp; 632068 |
| 4504191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class B, 5.582%, 2/25/32 (144A) | &nbsp;&nbsp; 4497457 |
| 740016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAA Auto Owner Trust, Series 2023-A, Class A3, 5.58%, 5/15/28 (144A) | &nbsp;&nbsp; 744195 |
| 9,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture 41 CLO, Ltd., Series 2021-41A, Class A1NR, 5.699% (3 Month Term SOFR + 143 bps), 1/20/34 (144A) | &nbsp;&nbsp; 9350732 |
| 2936305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A, Class A2, 6.24%, 1/13/31 (144A) | &nbsp;&nbsp; 2983853 |

---

31Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3431611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veridian Auto Receivables Trust, Series 2023-1A, Class A3, 5.56%, 3/15/28 (144A) | $3442112 |
| 5697206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2022-1, Class C, 5.03%, 8/16/27 (144A) | &nbsp;&nbsp; 5689175 |
| 255358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1, Class A, 7.12%, 11/15/28 (144A) | &nbsp;&nbsp; 255690 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1, Class C, 8.32%, 11/15/28 (144A) | &nbsp;&nbsp; 3076696 |
| 1868967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class A, 6.28%, 11/15/27 (144A) | &nbsp;&nbsp; 1877203 |
| 9647241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1, Class A, 5.31%, 9/15/28 (144A) | &nbsp;&nbsp; 9658950 |
| 3068107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2023-1A, Class A, 7.27%, 3/26/29 (144A) | &nbsp;&nbsp; 3084199 |
| 3,318,521(f) | &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; 3360394 |
| 973,088(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2018-1A, Class A1, 5.481% (3 Month Term SOFR + 121 bps), 4/19/31 (144A) | &nbsp;&nbsp; 973182 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2019-1A, Class X, 5.456% (3 Month Term SOFR + 120 bps), 10/15/37 (144A) | &nbsp;&nbsp; 4000872 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2024-6A, Class X, 5.369% (3 Month Term SOFR + 110 bps), 1/20/38 (144A) | &nbsp;&nbsp; 3999676 |
| 4,473,684(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO, Ltd., Series 2022-1A, Class XR, 5.456% (3 Month Term SOFR + 120 bps), 7/15/37 (144A) | &nbsp;&nbsp; 4477321 |
| 726785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class A, 1.788%, 8/20/36 (144A) | &nbsp;&nbsp; 721235 |
| 1232141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class C, 2.488%, 8/20/36 (144A) | &nbsp;&nbsp; 1224693 |
| 2856321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/37 (144A) | &nbsp;&nbsp; 2915781 |
| 6323480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2024-1A, Class C, 7.06%, 1/20/38 (144A) | &nbsp;&nbsp; 6413111 |
| 5286853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2023-1A, Class B, 5.41%, 1/18/28 (144A) | &nbsp;&nbsp; 5291438 |
| 6927361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2024-3A, Class A2A, 4.82%, 9/15/27 (144A) | &nbsp;&nbsp; 6929786 |
| 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65%, 2/15/28 (144A) | &nbsp;&nbsp; 6261955 |
| 3,672,834(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2024-1A, Class A2, 5.145% (1 Month Term SOFR + 83 bps), 2/18/39 (144A) | &nbsp;&nbsp; 3678391 |
| 6035079 | &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; 5692283 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2532

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Mortgage Loan Trust, Series 1997-2, Class A6, 4.714% (1 Month Term SOFR + 39 bps), 5/25/28 | $4140 |
| 14,639,528(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodmont Trust, Series 2023-12A, Class A1R, 5.682% (3 Month Term SOFR + 140 bps), 10/25/32 (144A) | &nbsp;&nbsp; 14668675 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class BR, 6.522% (3 Month Term SOFR + 226 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6512473 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class DR, 9.522% (3 Month Term SOFR + 526 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6002142 |
| 12,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class A2AR, 6.056% (3 Month Term SOFR + 180 bps), 7/15/33 (144A) | &nbsp;&nbsp; 12020221 |
| 1,053,043(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 13, Ltd., Series 2019-13A, Class A1AR, 5.556% (3 Month Term SOFR + 130 bps), 7/15/32 (144A) | &nbsp;&nbsp; 1053392 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16, Ltd., Series 2020-16A, Class A1R2, 5.399% (3 Month Term SOFR + 113 bps), 10/20/34 (144A) | &nbsp;&nbsp; 7964920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $2,032,750,089)** | **$2030239608** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—8.4% of Net Assets** |  |
| 10,945(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 3B1, 5.895%, 6/25/30 | $10956 |
| 33,146,342(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2021-3A, Class M1C, 5.855% (SOFR30A + 155 bps), 9/25/31 (144A) | &nbsp;&nbsp; 33301885 |
| 15,964,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2022-1, Class M1C, 8.005% (SOFR30A + 370 bps), 1/26/32 (144A) | &nbsp;&nbsp; 16430099 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2024-1, Class M1A, 6.455% (SOFR30A + 215 bps), 8/25/34 (144A) | &nbsp;&nbsp; 3005940 |
| 8,548,756(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class A, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 8361798 |
| 2,900,000(c) | &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; 2693712 |
| 11,552,559(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB14, Class A, 3.00%, 6/25/34 (144A) | &nbsp;&nbsp; 11332345 |
| 4,532,465(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB15, Class A, 4.00%, 8/25/34 (144A) | &nbsp;&nbsp; 4490101 |

---

33Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 6,473,148(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, 5.505% (SOFR30A + 120 bps), 2/25/50 (144A) | $6355888 |
| 1,675,403(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.655% (SOFR30A + 135 bps), 2/25/50 (144A) | &nbsp;&nbsp; 1630080 |
| 964,626(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M3, 5.855% (SOFR30A + 155 bps), 2/25/50 (144A) | &nbsp;&nbsp; 940182 |
| 13,174,555(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1A1, 5.256% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 13154002 |
| 14,619,905(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1M1, 5.406% (SOFR30A + 110 bps), 1/25/45 (144A) | &nbsp;&nbsp; 14629124 |
| 2,071,898(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-HRP1, Class M2, 6.57% (SOFR30A + 226 bps), 11/25/39 (144A) | &nbsp;&nbsp; 2071899 |
| 1,910,573(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1, 5.155% (SOFR30A + 85 bps), 12/25/41 (144A) | &nbsp;&nbsp; 1906859 |
| 3,834,813(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1, 5.305% (SOFR30A + 100 bps), 12/25/41 (144A) | &nbsp;&nbsp; 3832436 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, 6.205% (SOFR30A + 190 bps), 12/25/41 (144A) | &nbsp;&nbsp; 7056571 |
| 1,539,906(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M1, 5.505% (SOFR30A + 120 bps), 1/25/42 (144A) | &nbsp;&nbsp; 1539902 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, 7.305% (SOFR30A + 300 bps), 1/25/42 (144A) | &nbsp;&nbsp; 14319284 |
| 1,630,336(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M1, 6.806% (SOFR30A + 250 bps), 9/25/42 (144A) | &nbsp;&nbsp; 1655988 |
| 6,377,122(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, 6.706% (SOFR30A + 240 bps), 12/25/42 (144A) | &nbsp;&nbsp; 6541419 |
| 3,132,275(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, 6.605% (SOFR30A + 230 bps), 1/25/43 (144A) | &nbsp;&nbsp; 3196728 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2534

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,911,591(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M1, 6.805% (SOFR30A + 250 bps), 4/25/43 (144A) | $1939266 |
| 2,954,173(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, 6.005% (SOFR30A + 170 bps), 7/25/43 (144A) | &nbsp;&nbsp; 2970805 |
| 919,747(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M1, 6.256% (SOFR30A + 195 bps), 9/25/43 (144A) | &nbsp;&nbsp; 927224 |
| 2,947,099(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 5.355% (SOFR30A + 105 bps), 1/25/44 (144A) | &nbsp;&nbsp; 2945272 |
| 2,942,589(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, 5.405% (SOFR30A + 110 bps), 2/25/44 (144A) | &nbsp;&nbsp; 2941650 |
| 8,363,483(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, 5.456% (SOFR30A + 115 bps), 3/25/44 (144A) | &nbsp;&nbsp; 8363459 |
| 10,370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2, 6.256% (SOFR30A + 195 bps), 3/25/44 (144A) | &nbsp;&nbsp; 10453947 |
| 23,899,702(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1A1, 5.305% (SOFR30A + 100 bps), 5/25/44 (144A) | &nbsp;&nbsp; 23877363 |
| 2,835,197(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, 5.405% (SOFR30A + 110 bps), 5/25/44 (144A) | &nbsp;&nbsp; 2834318 |
| 17,157,978(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2A1, 5.305% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 17126035 |
| 13,822,441(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1, 5.305% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 13809573 |
| 9,663,224(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1, 5.455% (SOFR30A + 115 bps), 9/25/44 (144A) | &nbsp;&nbsp; 9696209 |
| 2,201,435(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, 5.355% (SOFR30A + 105 bps), 9/25/44 (144A) | &nbsp;&nbsp; 2201436 |
| 6,601,654(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, 5.456% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 6605781 |

---

35Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 5,766,750(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.755% (SOFR30A + 145 bps), 3/25/45 (144A) | $5801682 |
| 5,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, 5.505% (SOFR30A + 120 bps), 5/25/45 (144A) | &nbsp;&nbsp; 5640396 |
| 2,242,701(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2021-2, Class M1C, 7.755% (SOFR30A + 345 bps), 4/25/34 (144A) | &nbsp;&nbsp; 2260599 |
| 3,523,787(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1A, 6.305% (SOFR30A + 200 bps), 9/26/33 (144A) | &nbsp;&nbsp; 3532529 |
| 6,770,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1B, 8.255% (SOFR30A + 395 bps), 9/26/33 (144A) | &nbsp;&nbsp; 6942944 |
| 34,578(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2106, Class F, 4.868% (SOFR30A + 56 bps), 12/15/28 | &nbsp;&nbsp; 34484 |
| 19,668(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2122, Class FD, 4.768% (SOFR30A + 46 bps), 2/15/29 | &nbsp;&nbsp; 19630 |
| 17,307(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2186, Class FY, 5.018% (SOFR30A + 71 bps), 4/15/28 | &nbsp;&nbsp; 17313 |
| 13,526(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2368, Class AF, 5.368% (SOFR30A + 106 bps), 10/15/31 | &nbsp;&nbsp; 13083 |
| 13,417(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2377, Class FE, 5.018% (SOFR30A + 71 bps), 11/15/31 | &nbsp;&nbsp; 13397 |
| 31,463(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2411, Class FR, 5.018% (SOFR30A + 71 bps), 6/15/31 | &nbsp;&nbsp; 31423 |
| 35,429(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2432, Class FH, 5.118% (SOFR30A + 81 bps), 3/15/32 | &nbsp;&nbsp; 35520 |
| 74,241(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2439, Class F, 5.418% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 74938 |
| 96,227(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2470, Class AF, 5.418% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 97111 |
| 62,725(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2471, Class FD, 5.418% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 63314 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2536

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 22,935(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2498, Class FQ, 5.018% (SOFR30A + 71 bps), 9/15/32 | $22887 |
| 21,050(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2543, Class EF, 4.768% (SOFR30A + 46 bps), 12/15/32 | &nbsp;&nbsp; 20948 |
| 120,294(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2551, Class FD, 4.818% (SOFR30A + 51 bps), 1/15/33 | &nbsp;&nbsp; 119955 |
| 77,851(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2567, Class FJ, 4.818% (SOFR30A + 51 bps), 2/15/33 | &nbsp;&nbsp; 77519 |
| 33,366(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2577, Class FA, 4.968% (SOFR30A + 66 bps), 2/15/33 | &nbsp;&nbsp; 33258 |
| 2,810(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2585, Class FD, 4.918% (SOFR30A + 61 bps), 12/15/32 | &nbsp;&nbsp; 2796 |
| 43,085(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2614, Class FV, 5.927% (SOFR30A + 161 bps), 5/15/33 | &nbsp;&nbsp; 43888 |
| 57,264(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2631, Class FC, 4.818% (SOFR30A + 51 bps), 6/15/33 | &nbsp;&nbsp; 57062 |
| 28,144(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2711, Class FA, 5.418% (SOFR30A + 111 bps), 11/15/33 | &nbsp;&nbsp; 28496 |
| 27,942(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2916, Class NF, 4.668% (SOFR30A + 36 bps), 1/15/35 | &nbsp;&nbsp; 27782 |
| 136,126(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2976, Class LF, 4.758% (SOFR30A + 45 bps), 5/15/35 | &nbsp;&nbsp; 134756 |
| 11,104(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3012, Class FE, 4.668% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 11078 |
| 24,629(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3042, Class PF, 4.668% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 24478 |
| 26,157(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3067, Class FA, 4.768% (SOFR30A + 46 bps), 11/15/35 | &nbsp;&nbsp; 25885 |

---

37Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 13,013(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3102, Class FG, 4.718% (SOFR30A + 41 bps), 1/15/36 | $12864 |
| 54,504(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class EF, 4.768% (SOFR30A + 46 bps), 2/15/36 | &nbsp;&nbsp; 54028 |
| 109,234(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class FE, 4.718% (SOFR30A + 41 bps), 2/15/36 | &nbsp;&nbsp; 108156 |
| 41,716(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3122, Class FP, 4.718% (SOFR30A + 41 bps), 3/15/36 | &nbsp;&nbsp; 41353 |
| 25,464(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3147, Class PF, 4.718% (SOFR30A + 41 bps), 4/15/36 | &nbsp;&nbsp; 25241 |
| 79,254(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3173, Class FC, 4.838% (SOFR30A + 53 bps), 6/15/36 | &nbsp;&nbsp; 78301 |
| 221,249(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3175, Class FE, 4.728% (SOFR30A + 42 bps), 6/15/36 | &nbsp;&nbsp; 218599 |
| 129,522(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3181, Class HF, 4.918% (SOFR30A + 61 bps), 7/15/36 | &nbsp;&nbsp; 128669 |
| 10,476(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3191, Class FE, 4.818% (SOFR30A + 51 bps), 7/15/36 | &nbsp;&nbsp; 10396 |
| 98,353(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3221, Class FW, 4.838% (SOFR30A + 53 bps), 9/15/36 | &nbsp;&nbsp; 97454 |
| 32,389(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3222, Class FN, 4.818% (SOFR30A + 51 bps), 9/15/36 | &nbsp;&nbsp; 32075 |
| 104,372(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class EF, 4.768% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 103154 |
| 53,042(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class FB, 4.768% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 52444 |
| 88,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3247, Class FA, 4.668% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 86655 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2538

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 155,973(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3266, Class F, 4.718% (SOFR30A + 41 bps), 1/15/37 | $153242 |
| 68,651(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3307, Class FT, 4.658% (SOFR30A + 35 bps), 7/15/34 | &nbsp;&nbsp; 67691 |
| 4,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3315, Class F, 4.758% (SOFR30A + 45 bps), 5/15/37 | &nbsp;&nbsp; 4197 |
| 210,533(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3373, Class FB, 4.998% (SOFR30A + 69 bps), 10/15/37 | &nbsp;&nbsp; 209557 |
| 22,285(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3376, Class FM, 5.038% (SOFR30A + 73 bps), 10/15/37 | &nbsp;&nbsp; 22216 |
| 83,136(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3560, Class FA, 5.668% (SOFR30A + 136 bps), 5/15/37 | &nbsp;&nbsp; 84615 |
| 127,198(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3610, Class FA, 5.118% (SOFR30A + 81 bps), 12/15/39 | &nbsp;&nbsp; 127209 |
| 27,182(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3708, Class PF, 4.768% (SOFR30A + 46 bps), 7/15/40 | &nbsp;&nbsp; 27093 |
| 10,462(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3867, Class FD, 4.768% (SOFR30A + 46 bps), 5/15/41 | &nbsp;&nbsp; 10381 |
| 624(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3914, Class LF, 4.618% (SOFR30A + 31 bps), 8/15/26 | &nbsp;&nbsp;&nbsp; 624 |
| 17,461(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4056, Class QF, 4.768% (SOFR30A + 46 bps), 12/15/41 | &nbsp;&nbsp; 17330 |
| 2,652,587(c) | &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; 2590359 |
| 2,321,832(c) | &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; 2262620 |
| 2,934,695(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M2, 5.955% (SOFR30A + 165 bps), 1/25/34 (144A) | &nbsp;&nbsp; 2947687 |

---

39Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 3,056,630(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA6, Class M2, 5.805% (SOFR30A + 150 bps), 10/25/41 (144A) | $3068188 |
| 2,815,397(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M1, 5.155% (SOFR30A + 85 bps), 11/25/41 (144A) | &nbsp;&nbsp; 2808359 |
| 21,089,061(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA4, Class M1, 5.255% (SOFR30A + 95 bps), 12/25/41 (144A) | &nbsp;&nbsp; 21049625 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class M2, 6.805% (SOFR30A + 250 bps), 1/25/42 (144A) | &nbsp;&nbsp; 13235690 |
| 939,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA6, Class M1A, 6.455% (SOFR30A + 215 bps), 9/25/42 (144A) | &nbsp;&nbsp; 946774 |
| 1,745,588(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA1, Class M1A, 6.405% (SOFR30A + 210 bps), 3/25/42 (144A) | &nbsp;&nbsp; 1756045 |
| 1,942,707(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA3, Class M1A, 6.605% (SOFR30A + 230 bps), 8/25/42 (144A) | &nbsp;&nbsp; 1978288 |
| 6,239,699(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-DNA1, Class M1A, 6.406% (SOFR30A + 210 bps), 3/25/43 (144A) | &nbsp;&nbsp; 6331360 |
| 1,557,918(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA1, Class M1A, 6.305% (SOFR30A + 200 bps), 5/25/43 (144A) | &nbsp;&nbsp; 1574004 |
| 2,749,044(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA2, Class M1A, 6.305% (SOFR30A + 200 bps), 6/25/43 (144A) | &nbsp;&nbsp; 2764215 |
| 1,467,966(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class A1, 5.655% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 1475248 |
| 2,441,014(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class M1, 5.655% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 2445707 |
| 11,573,459(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class A1, 5.555% (SOFR30A + 125 bps), 5/25/44 (144A) | &nbsp;&nbsp; 11622262 |
| 12,338,874(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class M1, 5.505% (SOFR30A + 120 bps), 5/25/44 (144A) | &nbsp;&nbsp; 12357892 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2540

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 17,564,863(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class A1, 5.355% (SOFR30A + 105 bps), 10/25/44 (144A) | $17564813 |
| 2,427,112(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class M1, 5.305% (SOFR30A + 100 bps), 10/25/44 (144A) | &nbsp;&nbsp; 2426404 |
| 22,954,507(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA1, Class A1, 5.555% (SOFR30A + 125 bps), 3/25/44 (144A) | &nbsp;&nbsp; 23011588 |
| 16,435,833(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class A1, 5.555% (SOFR30A + 125 bps), 8/25/44 (144A) | &nbsp;&nbsp; 16495324 |
| 10,891,171(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class M1, 5.505% (SOFR30A + 120 bps), 8/25/44 (144A) | &nbsp;&nbsp; 10894548 |
| 14,117,178(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class A1, 5.255% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 14095155 |
| 14,095,076(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class M1, 5.355% (SOFR30A + 105 bps), 1/25/45 (144A) | &nbsp;&nbsp; 14101626 |
| 12,861,875(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class A1, 5.255% (SOFR30A + 95 bps), 2/25/45 (144A) | &nbsp;&nbsp; 12841810 |
| 24,542,906(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class M1, 5.455% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 24527689 |
| 51,762(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 237, Class F14, 4.818% (SOFR30A + 51 bps), 5/15/36 | &nbsp;&nbsp; 51281 |
| 48,811(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F29, 4.668% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 48301 |
| 211,012(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F30, 4.718% (SOFR30A + 41 bps), 8/15/36 | &nbsp;&nbsp; 209148 |
| 59,168(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 244, Class F22, 4.768% (SOFR30A + 46 bps), 12/15/36 | &nbsp;&nbsp; 58621 |
| 4,607,949(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HQA2, Class M2B, 7.07% (SOFR30A + 276 bps), 12/25/29 | &nbsp;&nbsp; 4724838 |

---

41Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,519,014(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HRP1, Class M2, 6.87% (SOFR30A + 256 bps), 12/25/42 | $1535113 |
| 6,244,799(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C04, Class 2M2C, 7.27% (SOFR30A + 296 bps), 11/25/29 | &nbsp;&nbsp; 6447497 |
| 2,198,700(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C06, Class 2M2C, 7.22% (SOFR30A + 291 bps), 2/25/30 | &nbsp;&nbsp; 2238048 |
| 3,621,390(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2018-C04, Class 2M2, 6.97% (SOFR30A + 266 bps), 12/25/30 | &nbsp;&nbsp; 3730046 |
| 1,353(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 1997-46, Class FA, 4.916% (SOFR30A + 61 bps), 7/18/27 | &nbsp;&nbsp; 1346 |
| 11,662(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2000-47, Class FD, 4.97% (SOFR30A + 66 bps), 12/25/30 | &nbsp;&nbsp; 11640 |
| 50,564(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-35, Class F, 5.02% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 50493 |
| 12,357(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-37, Class F, 4.92% (SOFR30A + 61 bps), 8/25/31 | &nbsp;&nbsp; 12328 |
| 104,492(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-50, Class FQ, 5.02% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 104345 |
| 45,977(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-65, Class F, 5.02% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 46005 |
| 30,510(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-69, Class FA, 5.02% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 30465 |
| 51,292(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-72, Class FB, 5.32% (SOFR30A + 101 bps), 12/25/31 | &nbsp;&nbsp; 51563 |
| 16,487(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-81, Class FL, 5.066% (SOFR30A + 76 bps), 1/18/32 | &nbsp;&nbsp; 16485 |
| 38,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-1, Class FC, 5.12% (SOFR30A + 81 bps), 1/25/32 | &nbsp;&nbsp; 38602 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2542

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 75,806(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-13, Class FD, 5.32% (SOFR30A + 101 bps), 3/25/32 | $76084 |
| 40,892(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-34, Class FA, 4.916% (SOFR30A + 61 bps), 5/18/32 | &nbsp;&nbsp; 40873 |
| 55,677(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-56, Class FN, 5.42% (SOFR30A + 111 bps), 7/25/32 | &nbsp;&nbsp; 56203 |
| 21,570(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-58, Class FD, 5.02% (SOFR30A + 71 bps), 8/25/32 | &nbsp;&nbsp; 21575 |
| 39,945(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-77, Class F, 5.02% (SOFR30A + 71 bps), 12/25/32 | &nbsp;&nbsp; 40011 |
| 28,458(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-82, Class FB, 4.92% (SOFR30A + 61 bps), 12/25/32 | &nbsp;&nbsp; 28394 |
| 38,481(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-90, Class FH, 4.92% (SOFR30A + 61 bps), 9/25/32 | &nbsp;&nbsp; 38319 |
| 19,894(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-92, Class FB, 5.07% (SOFR30A + 76 bps), 4/25/30 | &nbsp;&nbsp; 19928 |
| 40,535(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-93, Class FH, 4.92% (SOFR30A + 61 bps), 1/25/33 | &nbsp;&nbsp; 40501 |
| 70,663(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-107, Class FD, 4.92% (SOFR30A + 61 bps), 11/25/33 | &nbsp;&nbsp; 70559 |
| 108,647(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-31, Class FM, 4.92% (SOFR30A + 61 bps), 4/25/33 | &nbsp;&nbsp; 108536 |
| 39,759(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-42, Class JF, 4.92% (SOFR30A + 61 bps), 5/25/33 | &nbsp;&nbsp; 39583 |
| 33,088(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-7, Class FA, 5.17% (SOFR30A + 86 bps), 2/25/33 | &nbsp;&nbsp; 33211 |
| 23,299(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-8, Class FJ, 4.77% (SOFR30A + 46 bps), 2/25/33 | &nbsp;&nbsp; 23262 |

---

43Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 75,607(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-52, Class FW, 4.82% (SOFR30A + 51 bps), 7/25/34 | $75282 |
| 18,633(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-54, Class FN, 4.87% (SOFR30A + 56 bps), 7/25/34 | &nbsp;&nbsp; 18581 |
| 70,358(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class KT, 4.72% (SOFR30A + 41 bps), 10/25/35 | &nbsp;&nbsp; 69692 |
| 63,935(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class LF, 4.73% (SOFR30A + 42 bps), 2/25/35 | &nbsp;&nbsp; 63599 |
| 46,458(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-104, Class GF, 4.74% (SOFR30A + 43 bps), 11/25/36 | &nbsp;&nbsp; 45984 |
| 11,517(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-11, Class FB, 4.72% (SOFR30A + 41 bps), 3/25/36 | &nbsp;&nbsp; 11394 |
| 21,295(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-115, Class BF, 4.66% (SOFR30A + 35 bps), 12/25/36 | &nbsp;&nbsp; 21011 |
| 55,335(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-34, Class FA, 4.73% (SOFR30A + 42 bps), 5/25/36 | &nbsp;&nbsp; 54759 |
| 85,636(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-42, Class CF, 4.87% (SOFR30A + 56 bps), 6/25/36 | &nbsp;&nbsp; 85089 |
| 31,136(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-56, Class FC, 4.71% (SOFR30A + 40 bps), 7/25/36 | &nbsp;&nbsp; 30923 |
| 6,230(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-70, Class BF, 4.97% (SOFR30A + 66 bps), 8/25/36 | &nbsp;&nbsp; 6177 |
| 19,217(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-82, Class F, 4.99% (SOFR30A + 68 bps), 9/25/36 | &nbsp;&nbsp; 19134 |
| 17,947(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-100, Class YF, 4.97% (SOFR30A + 66 bps), 10/25/37 | &nbsp;&nbsp; 17843 |
| 26,736(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-103, Class AF, 5.42% (SOFR30A + 111 bps), 3/25/37 | &nbsp;&nbsp; 27061 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2544

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 25,705(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-110, Class FA, 5.04% (SOFR30A + 73 bps), 12/25/37 | $25567 |
| 36,951(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-13, Class FA, 4.67% (SOFR30A + 36 bps), 3/25/37 | &nbsp;&nbsp; 36211 |
| 179,025(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-2, Class FT, 4.67% (SOFR30A + 36 bps), 2/25/37 | &nbsp;&nbsp; 175768 |
| 25,614(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-41, Class FA, 4.82% (SOFR30A + 51 bps), 5/25/37 | &nbsp;&nbsp; 25346 |
| 105,684(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-50, Class FN, 4.66% (SOFR30A + 35 bps), 6/25/37 | &nbsp;&nbsp; 104308 |
| 8,746(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-57, Class FA, 4.65% (SOFR30A + 34 bps), 6/25/37 | &nbsp;&nbsp; 8653 |
| 31,290(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-58, Class FA, 4.67% (SOFR30A + 36 bps), 6/25/37 | &nbsp;&nbsp; 30790 |
| 13,488(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-66, Class FB, 4.82% (SOFR30A + 51 bps), 7/25/37 | &nbsp;&nbsp; 13442 |
| 61,593(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-7, Class FJ, 4.62% (SOFR30A + 31 bps), 2/25/37 | &nbsp;&nbsp; 60692 |
| 102,591(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-85, Class FG, 4.92% (SOFR30A + 61 bps), 9/25/37 | &nbsp;&nbsp; 100978 |
| 127,849(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-91, Class FB, 5.02% (SOFR30A + 71 bps), 10/25/37 | &nbsp;&nbsp; 127721 |
| 41,261(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-92, Class OF, 4.99% (SOFR30A + 68 bps), 9/25/37 | &nbsp;&nbsp; 40937 |
| 24,579(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-93, Class FD, 4.97% (SOFR30A + 66 bps), 9/25/37 | &nbsp;&nbsp; 24383 |
| 11,637(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-98, Class FD, 4.87% (SOFR30A + 56 bps), 6/25/37 | &nbsp;&nbsp; 11532 |

---

45Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 14,862(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-6, Class FA, 5.12% (SOFR30A + 81 bps), 2/25/38 | $14852 |
| 69,522(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-88, Class FA, 5.64% (SOFR30A + 133 bps), 10/25/38 | &nbsp;&nbsp; 70686 |
| 43,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2009-113, Class FB, 4.97% (SOFR30A + 66 bps), 1/25/40 | &nbsp;&nbsp; 43008 |
| 18,769(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class FD, 5.02% (SOFR30A + 71 bps), 5/25/40 | &nbsp;&nbsp; 18684 |
| 75,647(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class IF, 4.92% (SOFR30A + 61 bps), 5/25/40 | &nbsp;&nbsp; 75154 |
| 69,082(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2012-40, Class PF, 4.92% (SOFR30A + 61 bps), 4/25/42 | &nbsp;&nbsp; 68359 |
| 712,015(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2003-W6, Class F, 4.77% (SOFR30A + 46 bps), 9/25/42 | &nbsp;&nbsp; 708923 |
| 221,899(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 2AF, 4.64% (SOFR30A + 33 bps), 3/25/45 | &nbsp;&nbsp; 219940 |
| 21,428(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 3A, 4.885%, 4/25/45 | &nbsp;&nbsp; 21098 |
| 22,234(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W4, Class 3A, 5.164%, 6/25/45 | &nbsp;&nbsp; 22665 |
| 204,332(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, 4.68% (SOFR30A + 37 bps), 11/25/46 | &nbsp;&nbsp; 202674 |
| 2,924(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2003-7, Class FB, 4.626% (1 Month Term SOFR + 31 bps), 1/16/33 | &nbsp;&nbsp; 2916 |
| 151,787(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-16, Class FA, 4.682% (1 Month Term SOFR + 36 bps), 2/20/35 | &nbsp;&nbsp; 150089 |
| 152,719(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-3, Class FC, 4.676% (1 Month Term SOFR + 36 bps), 1/16/35 | &nbsp;&nbsp; 151190 |
| 57,800(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2008-69, Class FA, 4.932% (1 Month Term SOFR + 61 bps), 8/20/38 | &nbsp;&nbsp; 57792 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2546

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 57,399(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-66, Class UF, 5.426% (1 Month Term SOFR + 111 bps), 8/16/39 | $57865 |
| 40,075(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-92, Class FJ, 5.106% (1 Month Term SOFR + 79 bps), 10/16/39 | &nbsp;&nbsp; 40122 |
| 8,279,847(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Backed Securities Trust, Series 2025-CES1, Class A1A, 5.568%, 5/25/55 (144A) | &nbsp;&nbsp; 8315800 |
| 3,240,687(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2021-1, Class M2, 7.27% (SOFR30A + 296 bps), 7/25/33 (144A) | &nbsp;&nbsp; 3262029 |
| 221,689(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2023-1, Class M1A, 6.455% (SOFR30A + 215 bps), 10/25/33 (144A) | &nbsp;&nbsp; 221783 |
| 2930951 | &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; 2821041 |
| 1,705,585(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2014-IVR3, Class B4, 6.487%, 9/25/44 (144A) | &nbsp;&nbsp; 1697090 |
| 5,044,384(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 5.184% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 4959922 |
| 826,694(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A3, 5.184% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 799769 |
| 5,972,604(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B1, 5.769%, 4/25/46 (144A) | &nbsp;&nbsp; 5849740 |
| 5,649,031(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B2, 5.769%, 4/25/46 (144A) | &nbsp;&nbsp; 5511923 |
| 515,642(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class AM, 4.934% (1 Month Term SOFR + 61 bps), 5/25/33 (144A) | &nbsp;&nbsp; 505375 |
| 1,106,431(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B1, 4.946%, 5/25/33 (144A) | &nbsp;&nbsp; 1091951 |
| 1,031,369(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B2, 4.946%, 5/25/33 (144A) | &nbsp;&nbsp; 1016798 |
| 795,095(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B3, 4.946%, 5/25/33 (144A) | &nbsp;&nbsp; 778051 |
| 75,019(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Trust, Series 2015-1, Class 1A14, 5.761%, 12/25/44 (144A) | &nbsp;&nbsp; 74170 |
| 2,676,184(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - CHASE, Series 2019-CL1, Class M1, 5.784% (1 Month Term SOFR + 146 bps), 4/25/47 (144A) | &nbsp;&nbsp; 2661121 |
| 4,841,876(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, Class M1, 5.605% (SOFR30A + 130 bps), 3/25/51 (144A) | &nbsp;&nbsp; 4832376 |

---

47Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 4,490,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1, 7.128%, 3/25/29 (144A) | $4538017 |
| 2,551(c) | &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; 2526 |
| 245,984(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-H, Class A1, 5.074% (1 Month Term SOFR + 75 bps), 1/25/29 | &nbsp;&nbsp; 214834 |
| 75,502(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-B, Class A2, 5.241% (6 Month Term SOFR + 97 bps), 5/25/29 | &nbsp;&nbsp; 74039 |
| 5,003(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-C, Class A2B, 5.655% (6 Month Term SOFR + 143 bps), 7/25/29 | &nbsp;&nbsp; 4966 |
| 14,656(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-D, Class A3, 6.24%, 9/25/29 | &nbsp;&nbsp; 14230 |
| 1,390,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2024-RTL1, Class A1, 7.093%, 2/25/29 (144A) | &nbsp;&nbsp; 1394637 |
| 2,564,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2014-1A, Class B4, 5.962%, 6/25/44 (144A) | &nbsp;&nbsp; 2501300 |
| 4,876,109(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 5.934% (1 Month Term SOFR + 161 bps), 6/25/57 (144A) | &nbsp;&nbsp; 4941994 |
| 2,673,551(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktown Re VII, Ltd., Series 2021-2, Class M1B, 7.205% (SOFR30A + 290 bps), 4/25/34 (144A) | &nbsp;&nbsp; 2697630 |
| 1868399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class A, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 1823999 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M1, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 2181891 |
| 1020000 | &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; 958600 |
| 4,455,694(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onity Loan Investment Trust, Series 2024-HB2, Class A, 5.00%, 8/25/37 (144A) | &nbsp;&nbsp; 4445363 |
| 1,605,741(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M1C, 7.005% (SOFR30A + 270 bps), 12/27/33 (144A) | &nbsp;&nbsp; 1607500 |
| 1,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M2, 7.455% (SOFR30A + 315 bps), 12/27/33 (144A) | &nbsp;&nbsp; 1805224 |
| 6,535,932(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-2, Class M1B, 8.005% (SOFR30A + 370 bps), 11/25/31 (144A) | &nbsp;&nbsp; 6636521 |
| 4,886,879(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2023-1, Class M1A, 7.005% (SOFR30A + 270 bps), 7/25/33 (144A) | &nbsp;&nbsp; 4911187 |
| 3,347,468(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1A, 6.305% (SOFR30A + 200 bps), 9/25/34 (144A) | &nbsp;&nbsp; 3350745 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2548

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 743,300(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESI Finance LP, Series 2003-CB1, Class B3, 5.876% (1 Month Term SOFR + 156 bps), 6/10/35 (144A) | $614981 |
| 5,578,166(c) | &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; 5646715 |
| 4,758,373(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP1, Class B1, 8.17% (SOFR30A + 386 bps), 4/25/43 (144A) | &nbsp;&nbsp; 4903683 |
| 774,526(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, 5.434% (1 Month Term SOFR + 111 bps), 10/25/48 (144A) | &nbsp;&nbsp; 775020 |
| 1467794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2020-4, Class XA, 3.25%, 10/25/60 (144A) | &nbsp;&nbsp; 1436992 |
| 5,528,628(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-3, Class M1B, 7.205% (SOFR30A + 290 bps), 2/25/34 (144A) | &nbsp;&nbsp; 5554868 |
| 9,657,436(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.705% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 9764067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $657,553,413)** | &nbsp;&nbsp; **$** **659808057** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—11.5% of Net Assets** |  |
| 12,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrec LLC, Series 2025-FL3, Class A, 5.625% (1 Month Term SOFR + 131 bps), 8/18/42 (144A) | $12413586 |
| 4,154,414(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class A, 5.579% (1 Month Term SOFR + 126 bps), 10/16/36 (144A) | &nbsp;&nbsp; 4144452 |
| 13,325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class AS, 5.929% (1 Month Term SOFR + 161 bps), 10/16/36 (144A) | &nbsp;&nbsp; 13299513 |
| 8,070,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class A, 6.246% (1 Month Term SOFR + 193 bps), 1/20/41 (144A) | &nbsp;&nbsp; 8049978 |
| 15,475,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class AS, 6.958% (1 Month Term SOFR + 264 bps), 1/20/41 (144A) | &nbsp;&nbsp; 15436285 |
| 8,563,874(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class A, 5.496% (1 Month Term SOFR + 118 bps), 8/15/34 (144A) | &nbsp;&nbsp; 8560440 |
| 7,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class D, 6.626% (1 Month Term SOFR + 231 bps), 8/15/34 (144A) | &nbsp;&nbsp; 7290771 |
| 28,976,769(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class A, 5.776% (1 Month Term SOFR + 146 bps), 11/15/36 (144A) | &nbsp;&nbsp; 28961759 |

---

49Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 9,386,647(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL1, Class A, 5.754% (SOFR30A + 145 bps), 1/15/37 (144A) | $9385634 |
| 13,874,779(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2024-CRE9, Class A, 5.998% (1 Month Term SOFR + 169 bps), 5/17/41 (144A) | &nbsp;&nbsp; 13827064 |
| 35,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2025-CRE10, Class A, 5.702% (1 Month Term SOFR + 139 bps), 12/17/29 (144A) | &nbsp;&nbsp; 34903565 |
| 14,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2024-NASH, Class A, 6.312% (1 Month Term SOFR + 200 bps), 5/15/39 (144A) | &nbsp;&nbsp; 14032381 |
| 1,333,434(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2022-FL11, Class ATS, 6.121% (1 Month Term SOFR + 180 bps), 3/19/39 (144A) | &nbsp;&nbsp; 1334268 |
| 4,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2024-FL13, Class A, 5.894% (1 Month Term SOFR + 158 bps), 9/19/39 (144A) | &nbsp;&nbsp; 4541157 |
| 10,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2025-FL14, Class A, 5.599% (1 Month Term SOFR + 128 bps), 10/21/42 (144A) | &nbsp;&nbsp; 10855854 |
| 5,375,883(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRSP, Ltd., Series 2021-FL1, Class A, 5.582% (1 Month Term SOFR + 126 bps), 8/19/38 (144A) | &nbsp;&nbsp; 5322888 |
| 9,920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2024-FL11, Class A, 5.95% (1 Month Term SOFR + 164 bps), 7/15/39 (144A) | &nbsp;&nbsp; 9951007 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2021-FL7, Class D, 7.176% (1 Month Term SOFR + 286 bps), 12/15/38 (144A) | &nbsp;&nbsp; 1973814 |
| 941,184(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class A, 5.804% (SOFR30A + 150 bps), 2/15/37 (144A) | &nbsp;&nbsp; 939430 |
| 10,555,741(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.697% (1 Month Term SOFR + 139 bps), 12/15/38 (144A) | &nbsp;&nbsp; 10549144 |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-XL2, Class D, 5.823% (1 Month Term SOFR + 151 bps), 10/15/38 (144A) | &nbsp;&nbsp; 3497812 |
| 13,201,786(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 6.003% (1 Month Term SOFR + 169 bps), 8/15/39 (144A) | &nbsp;&nbsp; 13251292 |
| 12,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, 5.635% (1 Month Term SOFR + 132 bps), 1/15/42 (144A) | &nbsp;&nbsp; 12891150 |
| 5,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class E, 7.702% (1 Month Term SOFR + 339 bps), 1/15/42 (144A) | &nbsp;&nbsp; 4961332 |
| 8,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class B, 5.723% (1 Month Term SOFR + 141 bps), 10/15/36 (144A) | &nbsp;&nbsp; 8179762 |
| 12,983,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class F, 7.02% (1 Month Term SOFR + 271 bps), 10/15/36 (144A) | &nbsp;&nbsp; 12918085 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2550

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 10,289,965(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXMT, Ltd., Series 2020-FL2, Class A, 5.578% (1 Month Term SOFR + 126 bps), 2/15/38 (144A) | $10264538 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, Series 2017-CQHP, Class B, 5.459% (1 Month Term SOFR + 115 bps), 11/15/34 (144A) | &nbsp;&nbsp; 7404495 |
| 2,171,167(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class B, 5.576% (1 Month Term SOFR + 126 bps), 6/15/31 (144A) | &nbsp;&nbsp; 2077850 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNY Trust, Series 2019-IKPR, Class B, 6.154% (1 Month Term SOFR + 184 bps), 11/15/38 (144A) | &nbsp;&nbsp; 7293750 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2024-WCL1, Class A, 6.153% (1 Month Term SOFR + 184 bps), 6/15/41 (144A) | &nbsp;&nbsp; 13995619 |
| 7,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class A, 5.962% (1 Month Term SOFR + 166 bps), 9/18/42 (144A) | &nbsp;&nbsp; 7785375 |
| 15,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class B, 6.992% (1 Month Term SOFR + 279 bps), 9/18/42 (144A) | &nbsp;&nbsp; 15540284 |
| 6,861,822(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2021-ESH, Class E, 7.276% (1 Month Term SOFR + 296 bps), 7/15/38 (144A) | &nbsp;&nbsp; 6878976 |
| 411,422(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class M1, 6.305% (SOFR30A + 200 bps), 1/25/51 (144A) | &nbsp;&nbsp; 409536 |
| 13,938,848(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto, Series 2021-FL3, Class A, 5.676% (1 Month Term SOFR + 136 bps), 11/16/36 (144A) | &nbsp;&nbsp; 13916483 |
| 4,102,064(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2022-FL4, Class A, 6.202% (SOFR30A + 190 bps), 1/19/39 (144A) | &nbsp;&nbsp; 4102065 |
| 23,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2024-FL9, Class A, 5.948% (1 Month Term SOFR + 163 bps), 10/19/39 (144A) | &nbsp;&nbsp; 22981637 |
| 13,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.703% (1 Month Term SOFR + 139 bps), 8/19/42 (144A) | &nbsp;&nbsp; 13216866 |
| 17,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.793% (1 Month Term SOFR + 148 bps), 1/15/43 (144A) | &nbsp;&nbsp; 17672455 |
| 4,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class AS, 6.45% (1 Month Term SOFR + 214 bps), 1/15/43 (144A) | &nbsp;&nbsp; 4020812 |
| 2,420,392(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes, Ltd., Series 2021-FL3, Class A, 5.446% (1 Month Term SOFR + 113 bps), 7/15/39 (144A) | &nbsp;&nbsp; 2415810 |

---

51Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 7,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes, Ltd., Series 2021-FL3, Class D, 6.626% (1 Month Term SOFR + 231 bps), 7/15/39 (144A) | $7531532 |
| 8,720,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2018-TWR, Class A, 5.509% (1 Month Term SOFR + 120 bps), 7/15/31 (144A) | &nbsp;&nbsp; 6704721 |
| 9,236,076(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 5.68% (1 Month Term SOFR + 136 bps), 12/15/36 (144A) | &nbsp;&nbsp; 9218611 |
| 4,618,142(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class E, 7.08% (1 Month Term SOFR + 276 bps), 12/15/36 (144A) | &nbsp;&nbsp; 4448835 |
| 1,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E, 7.976% (1 Month Term SOFR + 366 bps), 10/15/36 (144A) | &nbsp;&nbsp; 1080876 |
| 4,317,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, 5.38% (1 Month Term SOFR + 106 bps), 12/15/36 (144A) | &nbsp;&nbsp; 4295415 |
| 1,482,938(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGI CRE CLO, Ltd., Series 2021-FL2, Class A, 5.426% (1 Month Term SOFR + 111 bps), 9/17/36 (144A) | &nbsp;&nbsp; 1478132 |
| 10,039,736(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIH Trust, Series 2024-61P, Class A, 6.154% (1 Month Term SOFR + 184 bps), 10/15/41 (144A) | &nbsp;&nbsp; 10046011 |
| 3,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 5.853% (1 Month Term SOFR + 154 bps), 5/15/37 (144A) | &nbsp;&nbsp; 3982487 |
| 5,470,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 6.252% (1 Month Term SOFR + 194 bps), 5/15/37 (144A) | &nbsp;&nbsp; 5468291 |
| 1,000,000(c) | &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; 1011666 |
| 4,515,000(c) | &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; 4597063 |
| 7,255,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A, 6.153% (1 Month Term SOFR + 184 bps), 9/15/41 (144A) | &nbsp;&nbsp; 7259523 |
| 3,041,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class D, 6.019% (1 Month Term SOFR + 171 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3004870 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class E, 6.519% (1 Month Term SOFR + 221 bps), 7/15/36 (144A) | &nbsp;&nbsp; 5422172 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2552

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 6,735,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2020-609M, Class A, 6.046% (1 Month Term SOFR + 173 bps), 10/15/33 (144A) | $6701325 |
| 6,788,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class A, 5.691% (1 Month Term SOFR + 138 bps), 11/15/38 (144A) | &nbsp;&nbsp; 6754060 |
| 5,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class B, 6.091% (1 Month Term SOFR + 178 bps), 11/15/38 (144A) | &nbsp;&nbsp; 5709600 |
| 2,200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class B, 5.99%, 10/5/39 (144A) | &nbsp;&nbsp; 2221289 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class CFL, 6.205% (1 Month Term SOFR + 189 bps), 7/5/33 (144A) | &nbsp;&nbsp; 3290000 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C, 6.526% (1 Month Term SOFR + 221 bps), 9/15/29 (144A) | &nbsp;&nbsp; 3060000 |
| 9,917,199(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KIND Trust, Series 2021-KIND, Class A, 5.38% (1 Month Term SOFR + 106 bps), 8/15/38 (144A) | &nbsp;&nbsp; 9805631 |
| 22,829,063(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF, Ltd., Series 2022-FL3, Class A, 5.768% (1 Month Term SOFR + 145 bps), 2/17/39 (144A) | &nbsp;&nbsp; 22821849 |
| 6,740,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.699% (1 Month Term SOFR + 139 bps), 8/17/42 (144A) | &nbsp;&nbsp; 6666143 |
| 2,203,234(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE5, Class A, 5.726% (1 Month Term SOFR + 141 bps), 7/15/36 (144A) | &nbsp;&nbsp; 2202534 |
| 3,529,552(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class A, 5.726% (1 Month Term SOFR + 141 bps), 11/15/38 (144A) | &nbsp;&nbsp; 3527253 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class AS, 6.076% (1 Month Term SOFR + 176 bps), 11/15/38 (144A) | &nbsp;&nbsp; 4996681 |
| 14,241,784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2022-CRE7, Class A, 5.853% (SOFR30A + 155 bps), 1/17/37 (144A) | &nbsp;&nbsp; 14241780 |
| 4,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HF1, Class A, 6.105% (1 Month Term SOFR + 179 bps), 12/15/41 (144A) | &nbsp;&nbsp; 4082550 |
| 5,581,835(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HTL, Class B, 6.72% (1 Month Term SOFR + 241 bps), 2/15/37 (144A) | &nbsp;&nbsp; 5573114 |

---

53Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class A, 5.924%, 6/12/39 (144A) | $4382301 |
| 13,801,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2024-FL14, Class A, 6.055% (1 Month Term SOFR + 174 bps), 3/19/39 (144A) | &nbsp;&nbsp; 13813945 |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2025-FL19, Class A, 5.803% (1 Month Term SOFR + 149 bps), 5/18/42 (144A) | &nbsp;&nbsp; 19324096 |
| 1,322,428(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2020-FL4, Class A, 6.128% (1 Month Term SOFR + 181 bps), 12/15/35 (144A) | &nbsp;&nbsp; 1323530 |
| 17,828,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL6, Class AS, 5.879% (1 Month Term SOFR + 156 bps), 7/16/36 (144A) | &nbsp;&nbsp; 17793827 |
| 7,294,438(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class A, 5.509% (1 Month Term SOFR + 119 bps), 10/16/36 (144A) | &nbsp;&nbsp; 7287340 |
| 6,378,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class AS, 5.879% (1 Month Term SOFR + 156 bps), 10/16/36 (144A) | &nbsp;&nbsp; 6340491 |
| 21,270,819(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2022-FL8, Class A, 5.668% (1 Month Term SOFR + 135 bps), 2/19/37 (144A) | &nbsp;&nbsp; 21270713 |
| 13,870,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL15, Class A, 6.003% (1 Month Term SOFR + 169 bps), 8/18/41 (144A) | &nbsp;&nbsp; 13871761 |
| 18,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL16, Class A, 5.856% (1 Month Term SOFR + 154 bps), 11/18/39 (144A) | &nbsp;&nbsp; 18767607 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2017-ASHF, Class B, 5.859% (1 Month Term SOFR + 155 bps), 11/15/34 (144A) | &nbsp;&nbsp; 8248029 |
| 7,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-BOP, Class B, 5.609% (1 Month Term SOFR + 130 bps), 8/15/33 (144A) | &nbsp;&nbsp; 5301274 |
| 3,490,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class B, 6.191% (1 Month Term SOFR + 188 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3199472 |
| 2,494,211(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFP, Ltd., Series 2024-11, Class A, 6.144% (1 Month Term SOFR + 183 bps), 9/17/39 (144A) | &nbsp;&nbsp; 2499993 |
| 4,350,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Trust, Series 2025-PRM6, Class E, 6.583%, 7/5/33 (144A) | &nbsp;&nbsp; 4316992 |
| 1,606,321(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 5.634% (1 Month Term SOFR + 131 bps), 11/25/36 (144A) | &nbsp;&nbsp; 1605758 |
| 4,825,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 7.384% (1 Month Term SOFR + 306 bps), 11/25/36 (144A) | &nbsp;&nbsp; 4796982 |
| 2,182,858(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, 6.693% (1 Month Term SOFR + 237 bps), 10/25/39 (144A) | &nbsp;&nbsp; 2182175 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2554

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 18,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHR Trust, Series 2024-LXRY, Class A, 6.262% (1 Month Term SOFR + 195 bps), 10/15/41 (144A) | $18828225 |
| 19,680,702(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, Series 2025-LINE, Class A, 6.90% (1 Month Term SOFR + 259 bps), 4/15/42 (144A) | &nbsp;&nbsp; 19631589 |
| 15,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SREIT Trust, Series 2021-MFP2, Class A, 5.248% (1 Month Term SOFR + 94 bps), 11/15/36 (144A) | &nbsp;&nbsp; 15890062 |
| 4,141,641(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2021-FL2, Class A, 5.629% (1 Month Term SOFR + 131 bps), 4/18/38 (144A) | &nbsp;&nbsp; 4125302 |
| 3,800,713(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2022-FL3, Class A, 5.654% (SOFR30A + 135 bps), 11/15/38 (144A) | &nbsp;&nbsp; 3787035 |
| 5,757,060(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 7.227%, 12/10/34 (144A) | &nbsp;&nbsp; 5855678 |
| 4,150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class B, 7.924%, 12/10/34 (144A) | &nbsp;&nbsp; 4192736 |
| 19,265,435(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class A, 5.964% (1 Month Term SOFR + 165 bps), 2/15/39 (144A) | &nbsp;&nbsp; 19265319 |
| 13,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class AS, 6.464% (1 Month Term SOFR + 215 bps), 2/15/39 (144A) | &nbsp;&nbsp; 13453463 |
| 18,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2025-FL6, Class A, 5.851% (1 Month Term SOFR + 154 bps), 9/18/42 (144A) | &nbsp;&nbsp; 18661662 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TX Trust, Series 2024-HOU, Class A, 5.903% (1 Month Term SOFR + 159 bps), 6/15/39 (144A) | &nbsp;&nbsp; 5962500 |
| 1,658,775(c) | &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; 1659194 |
| 3,703,961(c) | &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; 3748310 |
| 3,211,888(c) | &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; 3258974 |
| 8,725,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class C, 5.683% (1 Month Term SOFR + 137 bps), 12/15/34 (144A) | &nbsp;&nbsp; 5244607 |
| 8,715,248(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2019-1, Class A, 8.189% (1 Month Term SOFR + 386 bps), 11/6/23 (144A) | &nbsp;&nbsp; 610067 |
| 825,633(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2020-5, Class A, 7.694% (1 Month Term SOFR + 337 bps), 10/15/23 (144A) | &nbsp;&nbsp; 823255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $919,001,713)** | &nbsp;&nbsp; **$** **899977252** |

---

55Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 33.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |
| 8,431,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co., 4.902% (3 Month Term SOFR + 64 bps), 5/5/26 | $8432793 |
| 18126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.40%, 1/15/27 | &nbsp;&nbsp; 18426348 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **26859141** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — 0.2%** |  |
| 1436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40%, 2/14/26 | $1434804 |
| 3092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., 3.215%, 9/6/26 | &nbsp;&nbsp; 3049059 |
| 15,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc., 4.972% (SOFR + 61 bps), 2/11/28 (144A) | &nbsp;&nbsp; 15114169 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agriculture** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **19598032** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.3%** |  |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc., 7.375%, 1/15/26 | $17236708 |
| 3253986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.30%, 8/15/25 | &nbsp;&nbsp; 3250048 |
| 2659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.875%, 1/15/26 | &nbsp;&nbsp; 2655304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **23142060** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 3.0%** |  |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.912% (SOFR + 55 bps), 5/11/26 | $16003201 |
| 15,670,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 5.167% (SOFR + 77 bps), 3/12/27 | &nbsp;&nbsp; 15686096 |
| 7,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 5.185% (SOFR + 78 bps), 3/19/27 (144A) | &nbsp;&nbsp; 7905887 |
| 11,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 5.286% (SOFR + 92 bps), 8/13/27 (144A) | &nbsp;&nbsp; 11919119 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.185% (SOFR + 84 bps), 1/13/28 (144A) | &nbsp;&nbsp; 9964228 |
| 6,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.366% (SOFR + 96 bps), 9/25/27 (144A) | &nbsp;&nbsp; 6406845 |
| 14,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.395% (SOFR + 105 bps), 7/15/27 | &nbsp;&nbsp; 14038910 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.525% (SOFR + 117 bps), 4/4/28 | &nbsp;&nbsp; 15289166 |
| 10,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.711% (SOFR + 135 bps), 5/8/27 | &nbsp;&nbsp; 10187295 |
| 12,570,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.439% (SOFR + 103 bps), 9/24/27 (144A) | &nbsp;&nbsp; 12527874 |
| 5,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.449% (SOFR + 104 bps), 6/24/27 (144A) | &nbsp;&nbsp; 5645954 |
| 21,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.527% (SOFR + 112 bps), 6/23/27 (144A) | &nbsp;&nbsp; 21985913 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2556

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 8,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.847% (SOFR + 150 bps), 1/8/27 (144A) | $8138459 |
| 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 6.00%, 7/11/25 (144A) | &nbsp;&nbsp; 9502840 |
| 13,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.795% (SOFR + 45 bps), 4/10/26 | &nbsp;&nbsp; 13724899 |
| 10,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.819% (SOFR + 45 bps), 5/15/26 | &nbsp;&nbsp; 10864205 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 5.046% (SOFR + 65 bps), 9/11/25 | &nbsp;&nbsp; 8005556 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 5.055% (SOFR + 65 bps), 3/19/27 | &nbsp;&nbsp; 10514400 |
| 11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.625%, 11/13/25 (144A) | &nbsp;&nbsp; 11489931 |
| 9,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.327% (SOFR + 93 bps), 9/12/25 (144A) | &nbsp;&nbsp; 9006624 |
| 4,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.428% (SOFR + 106 bps), 8/14/26 (144A) | &nbsp;&nbsp; 4564518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp; **$** **233371920** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 16.6%** |  |
| 23,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 6.185% (SOFR + 178 bps), 9/18/27 (144A) | $23577037 |
| 6,765,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group, Ltd., 4.983% (SOFR + 64 bps), 10/3/25 (144A) | &nbsp;&nbsp; 6771765 |
| 16,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.465% (SOFR + 112 bps), 7/15/28 | &nbsp;&nbsp; 16444646 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.776% (SOFR + 138 bps), 3/14/28 | &nbsp;&nbsp; 12069924 |
| 10417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.45%, 3/3/26 | &nbsp;&nbsp; 10405926 |
| 14,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.183% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 14060851 |
| 8,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.409% (SOFR + 105 bps), 2/4/28 | &nbsp;&nbsp; 8372829 |
| 14,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.754% (SOFR + 135 bps), 9/15/27 | &nbsp;&nbsp; 15116318 |
| 15,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA, 5.39% (SOFR + 102 bps), 8/18/26 | &nbsp;&nbsp; 15547391 |
| 8,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.019% (SOFR + 62 bps), 9/15/26 | &nbsp;&nbsp; 8105780 |
| 16,723,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.215% (SOFR + 86 bps), 1/27/29 | &nbsp;&nbsp; 16628655 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.72% (SOFR + 133 bps), 6/5/26 | &nbsp;&nbsp; 7560803 |
| 7,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 5.072% (SOFR + 68 bps), 6/9/28 | &nbsp;&nbsp; 7086868 |
| 17,665,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 5.179% (SOFR + 83 bps), 7/21/28 | &nbsp;&nbsp; 17731860 |

---

57Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 11,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 5.169% (SOFR + 78 bps), 6/4/27 | $11157513 |
| 14,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 5.258% (SOFR + 89 bps), 2/14/29 | &nbsp;&nbsp; 14412216 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.44% (SOFR + 107 bps), 2/16/28 (144A) | &nbsp;&nbsp; 5726816 |
| 3,220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.482% (SOFR + 113 bps), 1/23/27 (144A) | &nbsp;&nbsp; 3239277 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.745% (SOFR + 140 bps), 7/13/26 (144A) | &nbsp;&nbsp; 7063398 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 4.375%, 1/12/26 | &nbsp;&nbsp; 16987306 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.887% (SOFR + 149 bps), 3/12/28 | &nbsp;&nbsp; 12597538 |
| 12,316,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 6.278% (SOFR + 188 bps), 9/13/27 | &nbsp;&nbsp; 12495739 |
| 16,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE S.A., 6.329% (SOFR + 198 bps), 10/19/27 (144A) | &nbsp;&nbsp; 16301799 |
| 17,830,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.065% (SOFR + 72 bps), 1/13/28 | &nbsp;&nbsp; 17814163 |
| 6,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.326% (SOFR + 93 bps), 9/11/27 | &nbsp;&nbsp; 6924982 |
| 17,160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 5.354% (SOFR + 94 bps), 6/28/27 | &nbsp;&nbsp; 17239871 |
| 9,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 4.948% (SOFR + 59 bps), 4/30/26 | &nbsp;&nbsp; 9101939 |
| 9,239,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 5.219% (SOFR + 81 bps), 9/29/25 | &nbsp;&nbsp; 9248074 |
| 12,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 5.449% (SOFR + 106 bps), 12/4/26 | &nbsp;&nbsp; 12540902 |
| 3,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.162% (SOFR + 77 bps), 6/9/27 | &nbsp;&nbsp; 3762629 |
| 21,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.261% (SOFR + 87 bps), 3/4/29 | &nbsp;&nbsp; 21264642 |
| 15,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.505% (SOFR + 114 bps), 5/7/28 | &nbsp;&nbsp; 15343383 |
| 4,005,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.658% (SOFR + 128 bps), 2/24/28 | &nbsp;&nbsp; 4034406 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 5.039% (SOFR + 64 bps), 3/14/28 (144A) | &nbsp;&nbsp; 5015734 |
| 17,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.949% (SOFR + 60 bps), 1/21/28 | &nbsp;&nbsp; 17633350 |
| 15,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 5.242% (SOFR + 90 bps), 10/5/26 | &nbsp;&nbsp; 15885972 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole S.A., 5.606% (SOFR + 121 bps), 9/11/28 (144A) | &nbsp;&nbsp; 12069170 |
| 12036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27 (144A) | &nbsp;&nbsp; 12095845 |
| 23,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.985% (SOFR + 63 bps), 1/27/27 (144A) | &nbsp;&nbsp; 23295464 |
| 9,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA, 5.175% (SOFR + 77 bps), 3/18/27 | &nbsp;&nbsp; 9041935 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2558

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 7,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA/New York NY, 5.125% (SOFR + 75 bps), 5/21/27 | $7501144 |
| 1,576,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.182% (SOFR + 79 bps), 12/9/26 | &nbsp;&nbsp; 1577993 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.202% (SOFR + 81 bps), 3/9/27 | &nbsp;&nbsp; 18023940 |
| 4,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.214% (SOFR + 82 bps), 9/10/27 | &nbsp;&nbsp; 4104959 |
| 3,174,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.269% (SOFR + 92 bps), 10/21/27 | &nbsp;&nbsp; 3180131 |
| 3,369,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.498% (SOFR + 112 bps), 2/24/28 | &nbsp;&nbsp; 3379366 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 6.294% (3 Month Term SOFR + 201 bps), 10/28/27 | &nbsp;&nbsp; 10673546 |
| 8,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.932% (SOFR + 157 bps), 8/14/27 | &nbsp;&nbsp; 8778383 |
| 8,309,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.423% (SOFR + 101 bps), 4/1/27 | &nbsp;&nbsp; 8331548 |
| 20,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.956% (SOFR + 156 bps), 9/11/27 | &nbsp;&nbsp; 20347632 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 7.00%, 11/21/25 (144A) | &nbsp;&nbsp; 18141922 |
| 7,015,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.979% (SOFR + 93 bps), 7/22/28 | &nbsp;&nbsp; 7104955 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.153% (SOFR + 80 bps), 1/24/29 | &nbsp;&nbsp; 17573507 |
| 14,055,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.171% (SOFR + 77 bps), 9/22/27 | &nbsp;&nbsp; 14087608 |
| 7,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.27% (SOFR + 92 bps), 4/22/28 | &nbsp;&nbsp; 7800891 |
| 4,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.552% (SOFR + 120 bps), 1/23/28 | &nbsp;&nbsp; 5020836 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A., 5.391% (SOFR + 100 bps), 12/8/26 | &nbsp;&nbsp; 10081929 |
| 17034000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank N.A., 4.15%, 8/8/25 | &nbsp;&nbsp; 17021405 |
| 9338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp, 4.15%, 10/29/25 | &nbsp;&nbsp; 9316392 |
| 10,245,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.434% (SOFR + 106 bps), 11/26/28 | &nbsp;&nbsp; 10266497 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.92% (SOFR + 156 bps), 8/7/27 | &nbsp;&nbsp; 10077639 |
| 13,841,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.92% (SOFR + 158 bps), 1/5/28 | &nbsp;&nbsp; 13983054 |
| 11,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank, Ltd., 5.137% (SOFR + 74 bps), 6/12/28 (144A) | &nbsp;&nbsp; 11465458 |
| 13,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.367% (SOFR + 102 bps), 4/13/28 | &nbsp;&nbsp; 13555217 |

---

59Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 6,320,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.968% (SOFR + 93 bps), 7/14/28 | $6395705 |
| 6,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.245% (SOFR + 90 bps), 1/12/29 | &nbsp;&nbsp; 6311610 |
| 19,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.25% (SOFR + 87 bps), 5/26/28 | &nbsp;&nbsp; 19051539 |
| 10,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.427% (SOFR + 108 bps), 1/14/28 | &nbsp;&nbsp; 10299709 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.524% (SOFR + 117 bps), 10/30/26 | &nbsp;&nbsp; 12582705 |
| 7,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank, Ltd., 4.955% (SOFR + 60 bps), 10/26/27 (144A) | &nbsp;&nbsp; 7452959 |
| 8,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada, 5.373% (SOFR + 103 bps), 7/2/27 | &nbsp;&nbsp; 8207803 |
| 15,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Securities Clearing Corp., 4.943% (SOFR + 57 bps), 5/20/27 (144A) | &nbsp;&nbsp; 15332073 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 5.631% (SOFR + 125 bps), 3/1/28 | &nbsp;&nbsp; 6029163 |
| 13,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.27% (SOFR + 90 bps), 5/17/27 (144A) | &nbsp;&nbsp; 13639179 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 5.356% (SOFR + 95 bps), 3/21/28 (144A) | &nbsp;&nbsp; 15406929 |
| 16,360,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.543% (SOFR + 63 bps), 5/13/27 | &nbsp;&nbsp; 16368222 |
| 16,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.845% (SOFR + 50 bps), 1/15/27 | &nbsp;&nbsp; 16524449 |
| 14,600,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 5.102% (SOFR + 80 bps), 7/23/27 | &nbsp;&nbsp; 14709893 |
| 4,620,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.925% (SOFR + 57 bps), 4/27/26 | &nbsp;&nbsp; 4629055 |
| 4,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.95% (SOFR + 59 bps), 11/2/26 | &nbsp;&nbsp; 4808211 |
| 6,956,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.068% (SOFR + 72 bps), 10/18/27 | &nbsp;&nbsp; 6962678 |
| 4,621,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.183% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 4612692 |
| 20,320,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.234% (SOFR + 82 bps), 3/27/28 | &nbsp;&nbsp; 20381048 |
| 15,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.299% (SOFR + 95 bps), 1/19/27 | &nbsp;&nbsp; 15378445 |
| 4,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 123 bps), 5/31/27 | &nbsp;&nbsp; 4044981 |
| 17,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 5.755% (SOFR + 141 bps), 4/13/29 (144A) | &nbsp;&nbsp; 17448894 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.589% (SOFR + 124 bps), 1/21/29 (144A) | &nbsp;&nbsp; 17610062 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2560

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 8,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 6.272% (SOFR + 193 bps), 7/6/27 (144A) | $8697053 |
| 5,380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.99% (SOFR + 64 bps), 10/22/27 | &nbsp;&nbsp; 5372809 |
| 10,995,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 5.303% (SOFR + 95 bps), 4/24/28 | &nbsp;&nbsp; 11046169 |
| 8,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.645% (SOFR + 130 bps), 7/13/26 | &nbsp;&nbsp; 8996370 |
| 9,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.509% (SOFR + 112 bps), 3/9/26 (144A) | &nbsp;&nbsp; 9753456 |
| 3,835,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 5.546% (SOFR + 115 bps), 9/14/26 (144A) | &nbsp;&nbsp; 3864723 |
| 8,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, 5.779% (SOFR + 138 bps), 6/15/26 (144A) | &nbsp;&nbsp; 8925451 |
| 26600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Bank, 5.40%, 8/22/25 | &nbsp;&nbsp; 26594602 |
| 11,667,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.984% (SOFR + 59 bps), 9/10/26 | &nbsp;&nbsp; 11677820 |
| 13,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.073% (SOFR + 73 bps), 4/5/27 | &nbsp;&nbsp; 13277437 |
| 5,985,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.179% (SOFR + 82 bps), 1/31/28 | &nbsp;&nbsp; 5993835 |
| 11,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.297% (SOFR + 91 bps), 6/2/28 | &nbsp;&nbsp; 11876041 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.428% (SOFR + 108 bps), 7/17/26 | &nbsp;&nbsp; 4026758 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 3.30%, 5/15/26 | &nbsp;&nbsp; 9902667 |
| 19,350,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 4.671% (SOFR + 59 bps), 5/20/27 | &nbsp;&nbsp; 19378835 |
| 11,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.90% (SOFR + 163 bps), 10/28/26 | &nbsp;&nbsp; 11045254 |
| 12,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 6.047% (SOFR + 205 bps), 6/8/27 | &nbsp;&nbsp; 12161218 |
| 18,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 5.326% (SOFR + 93 bps), 9/11/25 | &nbsp;&nbsp; 18730668 |
| 12,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 5.727% (SOFR + 143 bps), 10/21/26 | &nbsp;&nbsp; 12040236 |
| 20,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 5.04% (SOFR + 69 bps), 10/22/27 | &nbsp;&nbsp; 20937956 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 5.279% (SOFR + 91 bps), 5/15/28 | &nbsp;&nbsp; 12031440 |
| 8,575,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.133% (SOFR + 78 bps), 1/24/28 | &nbsp;&nbsp; 8579891 |
| 23,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.42% (SOFR + 107 bps), 4/22/28 | &nbsp;&nbsp; 23163937 |
| 12,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.421% (SOFR + 106 bps), 8/7/26 | &nbsp;&nbsp; 12843664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$1298276962** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.2%** |  |
| 19600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amrize Finance US LLC, 3.50%, 9/22/26 (144A) | $19342434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **19342434** |

---

61Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.3%** |  |
| 23888000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271%, 6/26/26 (144A) | $24226369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **24226369** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 3.1%** |  |
| 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | $11244108 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25 | &nbsp;&nbsp; 17010848 |
| 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 3.375%, 7/1/25 | &nbsp;&nbsp; 13500000 |
| 6320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 5.30%, 6/25/26 | &nbsp;&nbsp; 6361987 |
| 13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 7.10%, 11/15/27 | &nbsp;&nbsp; 14436405 |
| 10,100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.043% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 10237953 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.285% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 8538760 |
| 11,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.708% (SOFR + 135 bps), 10/30/26 | &nbsp;&nbsp; 11835282 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 4.375%, 5/1/26 (144A) | &nbsp;&nbsp; 16897531 |
| 6072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 3.75%, 7/28/26 | &nbsp;&nbsp; 6012540 |
| 11,700,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.927% (SOFR + 206 bps), 5/10/28 | &nbsp;&nbsp; 11785650 |
| 17,000,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.985% (SOFR + 216 bps), 7/24/26 | &nbsp;&nbsp; 16999235 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., 5.437% (SOFR + 105 bps), 3/3/27 | &nbsp;&nbsp; 18141207 |
| 8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp; 8865906 |
| 13940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 5.00%, 2/10/26 | &nbsp;&nbsp; 13941394 |
| 13270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 5.03%, 3/16/26 | &nbsp;&nbsp; 13294683 |
| 9,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.942% (SOFR + 60 bps), 10/6/25 (144A) | &nbsp;&nbsp; 9137681 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.987% (SOFR + 60 bps), 11/28/25 | &nbsp;&nbsp; 11009676 |
| 20,260,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 5.664% (SOFR + 125 bps), 7/2/27 | &nbsp;&nbsp; 20399003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp; **$** **239649849** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.4%** |  |
| 5167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas, Inc., 3.85%, 10/1/25 (144A) | $5151306 |
| 17,018,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | &nbsp;&nbsp; 17108612 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 5.00%, 12/8/25 | &nbsp;&nbsp; 19039881 |
| 8982000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France S.A., 3.625%, 10/13/25 (144A) | &nbsp;&nbsp; 8945767 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp., 3.40%, 4/15/26 | &nbsp;&nbsp; 19823893 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2562

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — (continued)** |  |
| 6,645,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.159% (SOFR + 80 bps), 2/4/28 | $6677412 |
| 9090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.749%, 9/1/25 | &nbsp;&nbsp; 9103328 |
| 1778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 3.10%, 5/15/26 | &nbsp;&nbsp; 1756870 |
| 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26 (144A) | &nbsp;&nbsp; 8541557 |
| 12950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.75%, 1/9/26 | &nbsp;&nbsp; 12952895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp; **$** **109101521** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 0.0%†** |  |
| 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV, 4.25%, 9/15/25 (144A) | $3797253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3797253** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.2%** |  |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | $17035998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **17035998** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.3%** |  |
| 12335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.50%, 10/30/26 | $12375082 |
| 5408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.25%, 6/15/26 | &nbsp;&nbsp; 5415507 |
| 7,615,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.257% (SOFR + 87 bps), 3/1/28 | &nbsp;&nbsp; 7658768 |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 3.70%, 5/15/27 | &nbsp;&nbsp; 1189065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **26638422** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.3%** |  |
| 18,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.172% (SOFR + 83 bps), 1/7/27 (144A) | $18318233 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.211% (SOFR + 85 bps), 5/8/26 (144A) | &nbsp;&nbsp; 6018239 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.622% (SOFR + 121 bps), 3/25/27 (144A) | &nbsp;&nbsp; 4030382 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.684%, 2/23/26 (144A) | &nbsp;&nbsp; 7803515 |
| 10450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.60%, 12/23/26 | &nbsp;&nbsp; 10498792 |
| 9026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corp., 4.50%, 3/1/26 | &nbsp;&nbsp; 9017029 |
| 11455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 5.875%, 6/4/27 (144A) | &nbsp;&nbsp; 11764676 |
| 21,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 5.085% (SOFR + 74 bps), 4/9/27 (144A) | &nbsp;&nbsp; 21297944 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 5.126% (SOFR + 77 bps), 1/29/27 (144A) | &nbsp;&nbsp; 3010163 |
| 10102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 3.45%, 12/18/26 (144A) | &nbsp;&nbsp; 9990997 |
| 9,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 5.096% (SOFR + 70 bps), 6/11/27 (144A) | &nbsp;&nbsp; 9909869 |

---

63Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — (continued)** |  |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.927% (SOFR + 58 bps), 1/16/26 (144A) | $11021420 |
| 13,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.986% (SOFR + 58 bps), 12/20/27 (144A) | &nbsp;&nbsp; 13610200 |
| 16,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 5.21% (SOFR + 85 bps), 2/5/27 (144A) | &nbsp;&nbsp; 16305414 |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.045% (SOFR + 70 bps), 4/10/26 (144A) | &nbsp;&nbsp; 19350700 |
| 5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.209%, 4/14/26 (144A) | &nbsp;&nbsp; 5077289 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp; **$** **177024862** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.1%** |  |
| 8439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc., 5.00%, 2/15/26 | $8447112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8447112** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.2%** |  |
| 19200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 4.25%, 7/1/26 (144A) | $19103411 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **19103411** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Construction & Mining — 0.2%** |  |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., 4.907% (SOFR + 52 bps), 3/3/28 | $13013436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Construction & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **13013436** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 0.2%** |  |
| 14,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corp., 5.025% (SOFR + 68 bps), 7/15/27 | $14482402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **14482402** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.2%** |  |
| 12,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Plc, 5.239% (SOFR + 84 bps), 3/14/28 | $12416579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **12416579** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.2%** |  |
| 12,512,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., 4.849% (SOFR + 47 bps), 2/26/28 | $12565575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **12565575** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.3%** |  |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 3.875%, 7/20/25 | $17986243 |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 5.00%, 2/20/26 | &nbsp;&nbsp; 4530927 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **22517170** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2564

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 2.0%** |  |
| 10339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.90%, 7/15/26 | $10271319 |
| 20020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.75%, 1/15/26 | &nbsp;&nbsp; 20019781 |
| 7463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.05%, 12/1/26 | &nbsp;&nbsp; 7620168 |
| 5476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.00%, 3/1/26 | &nbsp;&nbsp; 5480264 |
| 4210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.55%, 11/1/26 | &nbsp;&nbsp; 4267918 |
| 15976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.85%, 1/15/26 | &nbsp;&nbsp; 16057500 |
| 22543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | &nbsp;&nbsp; 22665681 |
| 16804000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd., 4.875%, 1/15/26 | &nbsp;&nbsp; 16806354 |
| 15600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26 | &nbsp;&nbsp; 15759920 |
| 16080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP, 4.65%, 7/1/26 | &nbsp;&nbsp; 16046179 |
| 19844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.40%, 3/2/26 | &nbsp;&nbsp; 19957095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp; **$** **154952179** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.5%** |  |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95%, 2/10/26 (144A) | $17602401 |
| 8033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 4.50%, 10/1/25 | &nbsp;&nbsp; 8029272 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 3.55%, 3/15/26 | &nbsp;&nbsp; 4968976 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp., 4.75%, 2/15/26 | &nbsp;&nbsp; 6003984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **36604633** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.4%** |  |
| 3931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 1.50%, 1/19/26 (144A) | $3867103 |
| 24862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 6.25%, 1/17/26 (144A) | &nbsp;&nbsp; 25074073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **28941176** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.4%** |  |
| 1528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.20%, 7/1/26 | $1510504 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.12% (SOFR + 76 bps), 8/3/28 | &nbsp;&nbsp; 12051960 |
| 16145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc., 5.00%, 3/28/26 | &nbsp;&nbsp; 16183497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **29745961** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.2%** |  |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint LLC, 7.625%, 3/1/26 | $13124710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **13124710** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.2%** |  |
| 4460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (144A) | $4391370 |

---

65Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — (continued)** |  |
| 4110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 4.00%, 7/15/25 (144A) | $4109054 |
| 5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75%, 5/24/26 (144A) | &nbsp;&nbsp; 5692610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **14193034** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $2,593,391,284)** | **$2598172201** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.5%# of<br> Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 0.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.294%, (1 Month U.S. Treasury Bill + 600 bps), 6/7/27 (144A) | $515700 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 11.544%, (1 Month U.S. Treasury Bill + 725 bps), 6/7/27 (144A) | &nbsp;&nbsp;&nbsp; 260575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $776275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.1%** |  |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.344%, (3 Month U.S. Treasury Bill + 605 bps), 12/6/25 (144A) | $4871500 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.704%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | &nbsp;&nbsp; 2954100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7825600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.0%†** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 10.145%, (SOFR + 575 bps), 12/8/25 (144A) | $239900 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 11.294%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/25 (144A) | &nbsp;&nbsp;&nbsp; 999500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1239400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.1%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 8.544%, (3 Month U.S. Treasury Bill + 425 bps), 6/1/26 (144A) | $3529750 |
| 234,532(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 1.50%, (3 Month U.S. Treasury Bill + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp;&nbsp; 208898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3738648 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2566

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.1%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 11.124%, (3 Month U.S. Treasury Bill + 683 bps), 6/6/30 (144A) | $240000 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.784%, (3 Month U.S. Treasury Bill + 749 bps), 7/7/25 (144A) | &nbsp;&nbsp; 5744250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5984250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Texas — 0.2%** |  |
| 14,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.824%, (3 Month U.S. Treasury Bill + 753 bps), 7/7/25 (144A) | $14685300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 0.0%†** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Re, 8.057%, (3 Month U.S. Treasury Bill + 376 bps), 7/8/25 (144A) | $999500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **$35248973** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 0.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%** |  |
| 2,088,182(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballybunion Re 2022, 12/31/27 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 2,000,000(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2018, 12/31/25 | $2000 |
| 4,000,000(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 4,000,000(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2021-3, 7/31/25 | $179600 |
| 421,041(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | &nbsp;&nbsp; 20547 |
| 3,000,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gleneagles Re 2022, 12/31/27 | &nbsp;&nbsp; 450000 |
| 2,744,544(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/26 | &nbsp;&nbsp; 19760 |
| 4,000,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2022-2, 12/31/27 | &nbsp;&nbsp; 3070800 |
| 4,000,000(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pangaea Re 2021-3, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,500,000(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2022, 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,000,000(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2021, 7/31/25 | &nbsp;&nbsp; 6400 |
| 4,000,000(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2022, 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

67Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — (continued)** |  |
| 750,000(h)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/25 | $— |
| 2,500,000(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/25 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3747107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **3749107** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $42,690,256)** | &nbsp;&nbsp; **$** **38998080** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 3.6% of Net Assets** |  |
| 7484754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/53 | $7676792 |
| 3391807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 3454562 |
| 4211198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 4291708 |
| 202875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 206847 |
| 11008009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/54 | &nbsp;&nbsp; 11419656 |
| 16397163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 17069659 |
| 12934974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 13464097 |
| 694866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 721319 |
| 1633636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1687302 |
| 1870328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1932485 |
| 2259812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 2335456 |
| 556135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 575523 |
| 1117127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/54 | &nbsp;&nbsp; 1169916 |
| 1761424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/47 | &nbsp;&nbsp; 1582464 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 7/1/55 (TBA) | &nbsp;&nbsp; 15572530 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 7/1/55 (TBA) | &nbsp;&nbsp; 17103902 |
| 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 7/1/55 (TBA) | &nbsp;&nbsp; 25477404 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 7/1/40 (TBA) | &nbsp;&nbsp; 16289959 |
| 6423618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 6489879 |
| 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 7/1/55 (TBA) | &nbsp;&nbsp; 26993823 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2568

------

(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)** |  |
| 5681984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 5/1/53 | $5786456 |
| 5224303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 5324186 |
| 4757004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 4845016 |
| 3033287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 3118231 |
| 968(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.230%, (1 Year CMT Index + 211 bps), 10/1/32 | &nbsp;&nbsp;&nbsp; 971 |
| 4,352(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.420%, (1 Year CMT Index + 217 bps), 2/1/34 | &nbsp;&nbsp; 4455 |
| 14747798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 12/1/53 | &nbsp;&nbsp; 15324154 |
| 9389325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 3/1/54 | &nbsp;&nbsp; 9715333 |
| 6700963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/54 | &nbsp;&nbsp; 6943669 |
| 14706495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 6/1/54 | &nbsp;&nbsp; 15216425 |
| 2695673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/54 | &nbsp;&nbsp; 2813780 |
| 2225932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/54 | &nbsp;&nbsp; 2339099 |
| 1687505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 10/1/54 | &nbsp;&nbsp; 1743651 |
| 1,987(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.503%, (1 Year CMT Index + 210 bps), 9/1/32 | &nbsp;&nbsp; 2025 |
| 2,976(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.635%, (1 year FTSE USD IBOR Consumer Cash Fallbacks + 167 bps), 1/1/48 | &nbsp;&nbsp; 3053 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.000%, 7/15/55 (TBA) | &nbsp;&nbsp; 16233716 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.500%, 7/15/55 (TBA) | &nbsp;&nbsp; 16424474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $278,692,479)** | &nbsp;&nbsp; **$** **281353977** |

---

69Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 16.6% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — 7.0%** |  |
| 175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 4.40%, dated 6/30/25,<br> to be purchased on 7/1/25 for $175,021,389, collateralized by the following:<br> $4,074,888, Federal National Mortgage Association, 4.98%, 6/1/32,<br> $174,425,113, Government National Mortgage Association, 3.50%-7.50%, 10/15/38-6/20/55 | $175000000 |
| 177420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.40%, dated 6/30/25,<br> to be purchased on 7/1/25 for $177,441,660, collateralized by $180,968,401, Government National Mortgage Association, 6.00%, 5/20/55 | &nbsp;&nbsp; 177420000 |
| 57420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital Inc., 4.40%, dated 6/30/25,<br> to be purchased on 7/1/25 for $57,427,018, collateralized by the following:<br> $22,066,258, Federal National Mortgage Association, 6.50%, 7/1/54,<br> $13,318,522, U.S. Treasury Bill, 7/3/25-6/11/26,<br> $23,190,868, U.S. Treasury Bond, 3.88%, 2/15/43 | &nbsp;&nbsp; 57420000 |
| 57420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc., 4.41%, dated 6/30/25,<br> to be purchased on 7/1/25 for $57,427,034, collateralized by the following:<br> $1,591,251, U.S. Treasury Bill, 7/17/25-8/26/25,<br> $30,300,911, U.S. Treasury Bond, 2.75%-3.63%, 11/15/42-5/15/53,<br> $26,683,479, U.S. Treasury Note, 0.50%-4.38%, 12/31/26-2/28/30 | &nbsp;&nbsp; 57420000 |
| 38710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.39%, dated 6/30/25,<br> to be purchased on 7/1/25 for $38,714,720, collateralized by $39,484,202, U.S. Treasury Note, 2.63%-2.75%, 1/31/26-8/15/32 | &nbsp;&nbsp; 38710000 |
| 38710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.40%, dated 6/30/25,<br> to be purchased on 7/1/25 for $38,714,731, collateralized by $39,484,200, Federal Home Loan Mortgage Corporation, 5.00%, 8/1/52 | &nbsp;&nbsp; 38710000 |
|  |  | &nbsp;&nbsp; $544680000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — 7.4%** |  |
| 7,465,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Ta, 4.507%, 7/9/25 | $7456292 |
| 14,600,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autozone, Inc. Disc Coml, 4.484%, 7/3/25 | &nbsp;&nbsp; 14594503 |
| 11,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autozone, Inc. Disc Coml, 4.494%, 7/7/25 | &nbsp;&nbsp; 11489871 |
| 8,200,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autozone, Inc. Disc Coml, 4.505%, 7/9/25 | &nbsp;&nbsp; 8190700 |
| 36,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalonbay Cmntys, Inc. D, 4.588%, 7/10/25 | &nbsp;&nbsp; 36453371 |
| 13,800,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp., 4.517%, 7/1/25 | &nbsp;&nbsp; 13798252 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2570

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — (continued)** |  |
| 9,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp., 4.516%, 7/8/25 | $8990833 |
| 36,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerpoint Energy, Inc., 4.494%, 7/3/25 | &nbsp;&nbsp; 36486316 |
| 36,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc., 4.517%, 7/8/25 | &nbsp;&nbsp; 36462821 |
| 14,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. Va, 4.473%, 7/1/25 | &nbsp;&nbsp; 13998233 |
| 17,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp Disc C, 4.441%, 7/1/25 | &nbsp;&nbsp; 17497806 |
| 11,087,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge US, Inc., 4.576%, 7/1/25 | &nbsp;&nbsp; 11085595 |
| 16,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.551%, 7/1/25 | &nbsp;&nbsp; 16497909 |
| 36,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erp Operating Lp, 4.501%, 7/1/25 | &nbsp;&nbsp; 36495376 |
| 19,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. Disc Coml Pa, 4.534%, 7/7/25 | &nbsp;&nbsp; 19482520 |
| 17,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. Disc Coml Pa, 4.548%, 7/8/25 | &nbsp;&nbsp; 16982573 |
| 24,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 4.821%, 7/1/25 | &nbsp;&nbsp; 23996786 |
| 33,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. , 4.628%, 7/1/25 | &nbsp;&nbsp; 32995750 |
| 13,300,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. Disc Com, 4.801%, 7/1/25 | &nbsp;&nbsp; 13298110 |
| 6,400,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV, 4.431%, 7/1/25 | &nbsp;&nbsp; 6399189 |
| 40,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Funding LLC, 4.334%, 7/2/25 | &nbsp;&nbsp; 39990416 |
| 33,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Treas, 4.504%, 7/7/25 | &nbsp;&nbsp; 32971574 |
| 26,400,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin Williams Co Dis, 4.451%, 7/1/25 | &nbsp;&nbsp; 26396758 |
| 36,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Res Corp Dis, 4.561%, 7/1/25 | &nbsp;&nbsp; 36495065 |
| 24,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Pwr + Lt Co D, 4.461%, 7/1/25 | &nbsp;&nbsp; 23997038 |
| 36,500,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Pwr + Lt Co D, 4.541%, 7/1/25 | &nbsp;&nbsp; 36495620 |
|  |  | &nbsp;&nbsp; $578999277 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 2.2%** |  |
| 171,674,851(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.21% | $171674851 |
|  |  | &nbsp;&nbsp;&nbsp; $171674851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $1,295,428,857)** | **$1295354128** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 101.9%<br> (Cost $7,972,577,910)** | **$7956176763** |

---

71Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TBA Sales Commitments — (1.5)% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (1.5)%** |  |
| (18000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 7/1/55 (TBA) | $(18290211) |
| (93000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 7/1/55 (TBA) | &nbsp;&nbsp;&nbsp; (96020325) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TBA SALES COMMITMENTS<br> (Proceeds $113,773,398)** | **$** **(114310536)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.4)%** | &nbsp;&nbsp;&nbsp; $(30624703) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$7811241524** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| IBOR | &nbsp;&nbsp;Interbank Offered Rate. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| PRIME | &nbsp;&nbsp;U.S. Federal Funds Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| 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 June 30, 2025, the value of these securities amounted to $4,259,048,923, or 54.5% of net assets. |

---

(a) Floating rate note. Coupon rate, reference index and spread shown at June 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) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at June 30, 2025.

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

(e) Security is in default.

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

(g) Issued as participation notes.

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2572

------

(unaudited) (continued)

---

| | |
|:---|:---|
| (h) | &nbsp;&nbsp;Non-income producing security. |
| (i) | &nbsp;&nbsp;Issued as preference shares. |
| (j) | &nbsp;&nbsp;Rate shown represents yield-to-maturity. |
| (k) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at June 30, 2025. |
| \* | &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 June 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Alturas Re 2021-3 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;$383732 | &nbsp;&nbsp;&nbsp;&nbsp;$179600 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 1/6/2022 | &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;20547 |
| &nbsp;&nbsp;Ballybunion Re 2022 | 3/9/2022 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Commonwealth Re | 6/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999500 |
| &nbsp;&nbsp;Gleneagles Re 2022 | 1/18/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 |
| &nbsp;&nbsp;Harambee Re 2018 | 12/19/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
| &nbsp;&nbsp;Harambee Re 2019 | 12/20/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Integrity Re | 5/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 |
| &nbsp;&nbsp;Long Point Re IV | 5/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529750 |
| &nbsp;&nbsp;Lorenz Re 2019 | 6/26/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760 |
| &nbsp;&nbsp;Matterhorn Re | 6/5/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208898 |
| &nbsp;&nbsp;Matterhorn Re | 12/15/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239900 |
| &nbsp;&nbsp;Merion Re 2022-2 | 2/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070800 |
| &nbsp;&nbsp;Merna Re II | 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14808125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685300 |
| &nbsp;&nbsp;Merna Re II | 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5744250 |
| &nbsp;&nbsp;Mona Lisa Re | 6/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999500 |
| &nbsp;&nbsp;Pangaea Re 2021-3 | 6/17/2021 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871500 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954100 |
| &nbsp;&nbsp;Thopas Re 2022 | 2/7/2022 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515700 |
| &nbsp;&nbsp;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260575 |
| &nbsp;&nbsp;Torricelli Re 2021 | 7/1/2021 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 |
| &nbsp;&nbsp;Torricelli Re 2022 | 7/26/2022 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Viribus Re 2019 | 12/27/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$38998080 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5% |

---

73Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

------

#### 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> Appreciation** |
| 1 | &nbsp;&nbsp;U.S. 2 Year Note (CBT) | &nbsp;&nbsp;9/30/25 | &nbsp;&nbsp;$207994 | &nbsp;&nbsp;$208023 | &nbsp;&nbsp;$29 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;163 | &nbsp;&nbsp;U.S. 5 Year Note (CBT) | &nbsp;&nbsp;9/30/25 | &nbsp;&nbsp;$(17630207) | &nbsp;&nbsp;$(17767000) | &nbsp;&nbsp;$(136793) |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;(14977830) | &nbsp;&nbsp;&nbsp;&nbsp;(15197329) | &nbsp;&nbsp;&nbsp;&nbsp;(219499) |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;U.S. Long Bond (CBT) | &nbsp;&nbsp;9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;(12767740) | &nbsp;&nbsp;&nbsp;&nbsp;(13047968) | &nbsp;&nbsp;&nbsp;&nbsp;(280228) |
|  |  |  | &nbsp;&nbsp;$(45375777) | &nbsp;&nbsp;$(46012297) | &nbsp;&nbsp;$(636520) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(45167783)** | &nbsp;&nbsp;**$(45804274)** | &nbsp;&nbsp;**$(636491)** |
| 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.

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). |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/2574

------

### Schedule of Investments \| 6/30/25
(unaudited) (continued)

The following is a summary of the inputs used as of June 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;$— | &nbsp;&nbsp;$152273460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$152273460 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2026449657 | &nbsp;&nbsp;&nbsp;3789951 | &nbsp;&nbsp;&nbsp;2030239608 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659808057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659808057 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899977252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899977252 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2598172201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2598172201 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Event Linked Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3747107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747107 |
| &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;&nbsp;35248973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35248973 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281353977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281353977 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544680000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578999277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578999277 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;171674851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171674851 |
| **Total Investments in Securities** | **$171674851** | &nbsp;&nbsp;**$7776962854** | &nbsp;&nbsp;**$7539058** | &nbsp;&nbsp;**$7956176763** |
| **Liabilities** |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(114310536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(114310536) |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(114310536)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(114310536)** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(636491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(636491) |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;**$(636491)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(636491)** |

---

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

75Victory Pioneer Multi-Asset Ultrashort Income Fund \| 6/30/25

## 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 Multi-Asset Ultrashort Income Fund

- **b. EDGAR series identifier (if any):** S000089770

- **c. LEI of Series:** IC2ZQHJKYFJZRN7PPX71

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $8001035660.34

**Total Liabilities:** $199590051.26

**Net Assets:** $7801445609.08

**Delayed Delivery Securities:** $25092155.46

**Stand-by Commitments:** $104699659.69

**Cash Not Reported:** $37351508.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -24696.00000000 | **1-Year:** -182701.00000000 | **5-Year:** -620622.00000000 | **10-Year:** -39543.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -4305.00000000 | **1-Year:** -40084.00000000 | **5-Year:** -125029.00000000 | **10-Year:** 11760.00000000 | **30-Year:** -23300.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256538 | 0.21%                | 0.42%                | 0.51%                |
| Class ID C000256539 | 0.20%                | 0.51%                | 0.50%                |
| Class ID C000256541 | 0.22%                | 0.53%                | 0.52%                |
| Class ID C000256540 | 0.18%                | 0.48%                | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-63382.09               | $-16555896.54                              |
| Month 2  | $-488152.70              | $6803612.46                                |
| Month 3  | $-865403.00              | $7902268.04                                |

**Designated Index Information**

- **Index Name:** 20% ICE BofA US High Yield, 40% ICE BofA 0-1 Year US Corp, 40% ICE BofA AA-BBB Asset Backed

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TRUIST BANK                                 | Truist Bank                                                                      | CUSIP: 86787GAJ1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9902667.30   | 0.13%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2025-1                                              | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7549834 | PA      | $7552427.42   | 0.10%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUS              | Stream Innovations 2024-1 Issuer Trust                                           | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2117682 | PA      | $2198626.88   | 0.03%             | 2044-07-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2023-1                                              | CUSIP: 924933AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255358 | PA      | $255689.55    | 0.00%             | 2028-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2021-FL3                                                               | CUSIP: 30323CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13938848 | PA      | $13916482.90  | 0.18%             | 2036-11-16      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ACK1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9502840.03   | 0.12%             | 2025-07-11      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    826694 | PA      | $799768.89    | 0.01%             | 2046-04-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BFS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51292 | PA      | $51562.96     | 0.00%             | 2031-12-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393RTT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57264 | PA      | $57062.19     | 0.00%             | 2033-06-15      | Floating      | 4.82%                 | 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        |   2321832 | PA      | $2262619.57   | 0.03%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5581835 | PA      | $5573113.79   | 0.07%             | 2037-02-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                  | ARCOSA INC                                                                       | CUSIP: 000000000<br>LEI: 549300WFHLTCZV7D6V29 | Long             | LON              | CORP              | US        |   1745614 | PA      | $1752160.09   | 0.02%             | 2031-10-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| PERRIGO INVESTMENTS LLC                     | PERRIGO INVESTMENTS LLC                                                          | CUSIP: 71429TAF7<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | US        |   1233788 | PA      | $1236872.16   | 0.02%             | 2029-04-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7803515.15   | 0.10%             | 2026-02-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31398JHK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83136 | PA      | $84614.51     | 0.00%             | 2037-05-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital MML CLO XIII Ltd                                                  | CUSIP: 61034JAE0<br>LEI: 5493004J0N9XX6VUDK62 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2992146.00   | 0.04%             | 2034-02-24      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032674<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  19000000 | PA      | $17103902.22  | 0.22%             | 2055-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD                   | CUSIP: 46591JAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3600000 | PA      | $3060000.00   | 0.04%             | 2029-09-15      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-EDU1 LLC                                | CUSIP: 07336PAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4480426 | PA      | $4495586.44   | 0.06%             | 2047-06-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2022-2                              | CUSIP: 02530BAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1660888 | PA      | $1660226.82   | 0.02%             | 2028-06-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-1                                        | CUSIP: 89616LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2614658 | PA      | $2626645.28   | 0.03%             | 2027-10-15      | Fixed         | 6.61%                 | 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        |   9236076 | PA      | $9218611.15   | 0.12%             | 2036-12-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BVY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38500 | PA      | $38602.00     | 0.00%             | 2032-01-25      | Floating      | 5.12%                 | 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        |   2278456 | PA      | $2296877.31   | 0.03%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3391807 | PA      | $3454561.94   | 0.04%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XJ88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11637 | PA      | $11532.04     | 0.00%             | 2037-06-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAY9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  13841000 | PA      | $13983054.47  | 0.18%             | 2028-01-05      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                             | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  19844000 | PA      | $19957095.32  | 0.26%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| DAYFORCE INC                                | DAYFORCE INC                                                                     | CUSIP: 23958CAD9<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |   2079052 | PA      | $2079052.50   | 0.03%             | 2031-03-03      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397BBG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98353 | PA      | $97453.99     | 0.00%             | 2036-09-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136A5AT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69082 | PA      | $68359.23     | 0.00%             | 2042-04-25      | Floating      | 4.92%                 | 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        |   2659000 | PA      | $2655303.99   | 0.03%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-3                                                      | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5727945 | PA      | $5766175.70   | 0.07%             | 2031-10-15      | Fixed         | 6.26%                 | 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        |  23030000 | PA      | $22981637.00  | 0.29%             | 2039-10-19      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2019              | Brightwood Capital MM CLO 2019-1 Ltd                                             | CUSIP: 109487AQ1<br>LEI: 2549001FP00M2YWJYD98 | Long             | ABS-CBDO         | CORP              | KY        |  18500000 | PA      | $18477689.00  | 0.24%             | 2034-10-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr              | Avid Automobile Receivables Trust 2023-1                                         | CUSIP: 05368QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422493 | PA      | $422788.17    | 0.01%             | 2027-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAA3<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4752935.50   | 0.06%             | 2034-01-15      | Floating      | 5.61%                 | 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        |   3132275 | PA      | $3196727.97   | 0.04%             | 2043-01-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R03                                     | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5766750 | PA      | $5801681.90   | 0.07%             | 2045-03-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd              | Golub Capital Partners CLO 54M L.P                                               | CUSIP: 381743AA1<br>LEI: 2549007JA1TZWEDGPD41 | Long             | ABS-CBDO         | CORP              | KY        |  11385000 | PA      | $11379307.50  | 0.15%             | 2033-08-05      | Floating      | 6.05%                 | 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        |   1630336 | PA      | $1655987.98   | 0.02%             | 2042-09-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BXP Trust 2017-CQHP                                                              | CUSIP: 12433QAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7404495.20   | 0.09%             | 2034-11-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                | CUSIP: 07336QAC6<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |   1081286 | PA      | $1085564.79   | 0.01%             | 2031-12-26      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAW1<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |  11990000 | PA      | $11992398.00  | 0.15%             | 2033-07-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                     | Algonquin Power & Utilities Corp                                                 | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |  17018000 | PA      | $17108611.83  | 0.22%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38373Y2N3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2924 | PA      | $2916.12      | 0.00%             | 2033-01-16      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Lorenz Re 2019, 6/30/22                     | Lorenz Re 2019, 6/30/22                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2744544 | PA      | $19760.72     | 0.00%             | 2026-06-30      | Floating      | 0.01%                 | Yes           |                  3 | 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        |   1935000 | PA      | $1998553.72   | 0.03%             | 2031-01-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                    | Dext ABS 2023-1 LLC                                                              | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    683074 | PA      | $685399.52    | 0.01%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   6770000 | PA      | $6942943.71   | 0.09%             | 2033-09-26      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392B4X1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75806 | PA      | $76084.03     | 0.00%             | 2032-03-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $18023940.00  | 0.23%             | 2027-03-09      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital II Aircraft Lease Ltd                                          | CUSIP: 09229CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2656002 | PA      | $2490510.38   | 0.03%             | 2046-07-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL2                                                   | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4490000 | PA      | $4538016.51   | 0.06%             | 2029-03-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                            | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12161217.96  | 0.16%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | Asurion LLC                                                                      | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2595416 | PA      | $2572382.14   | 0.03%             | 2028-08-21      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                     | KeyCorp                                                                          | CUSIP: 49326EEH2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   9338000 | PA      | $9316392.05   | 0.12%             | 2025-10-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva              | American Heritage Auto Receivables Trust 2024-1                                  | CUSIP: 026944AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1777837 | PA      | $1779124.87   | 0.02%             | 2028-03-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-1                                         | CUSIP: 36271KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10174000 | PA      | $10170958.99  | 0.13%             | 2027-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                        | GARDA WORLD SECURITY                                                             | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |   1481212 | PA      | $1481673.69   | 0.02%             | 2029-02-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-HB1                                                | CUSIP: 034936AA2<br>LEI: 254900ZFKOWCY24MSQ94 | Long             | ABS-O            | CORP              | US        |   8973079 | PA      | $9028030.62   | 0.12%             | 2055-02-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                             | GEN DIGITAL INC                                                                  | CUSIP: 66877AAF5<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |    641667 | PA      | $641723.78    | 0.01%             | 2029-09-12      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XXV Ltd                    | Marble Point Clo XXV Ltd                                                         | CUSIP: 565923AN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    333333 | PA      | $333320.63    | 0.00%             | 2036-10-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2021-FL3 Ltd                                                 | CUSIP: 39809PAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7600000 | PA      | $7531531.60   | 0.10%             | 2039-07-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                    | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   8910000 | PA      | $8996369.62   | 0.12%             | 2026-07-13      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183DJ0<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   1816317 | PA      | $1814641.86   | 0.02%             | 2036-05-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  35350000 | PA      | $34903564.85  | 0.45%             | 2029-12-17      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| RED VENTURES LLC                            | RED VENTURES LLC                                                                 | CUSIP: 75703UAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    555454 | PA      | $472135.54    | 0.01%             | 2030-03-04      | Floating      | 7.08%                 | 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        |   9663224 | PA      | $9696208.50   | 0.12%             | 2044-09-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | U.S. TREASURY BOND                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -73 | NC      | $-255122.59   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Wellfleet CLO Ltd                           | Wellfleet CLO 2022-1 Ltd                                                         | CUSIP: 94950TAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4473684 | PA      | $4477321.33   | 0.06%             | 2037-07-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PZL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36951 | PA      | $36210.73     | 0.00%             | 2037-03-25      | Floating      | 4.67%                 | 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        |   2934695 | PA      | $2947686.78   | 0.04%             | 2034-01-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2788754 | PA      | $2735249.51   | 0.04%             | 2062-04-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                 | VFI ABS 2023-1 LLC                                                               | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3068107 | PA      | $3084199.43   | 0.04%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                             | GEN DIGITAL INC                                                                  | CUSIP: 66877AAG3<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |   1496000 | PA      | $1501610.00   | 0.02%             | 2032-04-16      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BORROWER                   | HILTON GRAND VACATIONS BORROWER LLC                                              | CUSIP: 43283LAK7<br>LEI: 254900HF0EZ734FDVY79 | Long             | LON              | CORP              | US        |    990000 | PA      | $990000.00    | 0.01%             | 2031-01-17      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                                          | CUSIP: 404119CX5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   7615000 | PA      | $7658767.59   | 0.10%             | 2028-03-01      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                       | AHEAD DB HOLDINGS LLC                                                            | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |   1736875 | PA      | $1739046.09   | 0.02%             | 2031-02-03      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2025-2                                                            | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26842722 | PA      | $26876205.46  | 0.34%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                       | CAESARS ENTERTAIN INC                                                            | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |   1009225 | PA      | $1009855.77   | 0.01%             | 2031-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                        | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1293202 | PA      | $1295265.73   | 0.02%             | 2027-03-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                   | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | RA               | CORP              | US        |  38710000 | PA      | $38710000.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                                     | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2942589 | PA      | $2941650.13   | 0.04%             | 2044-02-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                    | Caterpillar Financial Services Corp                                              | CUSIP: 14913UAZ3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13013435.76  | 0.17%             | 2028-03-03      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | STACR Trust 2018-HRP1                                                            | CUSIP: 3137G0VA4<br>LEI: 549300D2VO9JVX6KU482 | Long             | ABS-MBS          | CORP              | US        |   4758373 | PA      | $4903683.18   | 0.06%             | 2043-04-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396YDZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14862 | PA      | $14851.95     | 0.00%             | 2038-02-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Regatta VI Funding Ltd.                     | Regatta VI Funding Ltd                                                           | CUSIP: 75887NAU3<br>LEI: 2549001NU08X5ZRD6A39 | Long             | ABS-CBDO         | CORP              | KY        |    632157 | PA      | $632110.22    | 0.01%             | 2034-04-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                 | Cargill Inc                                                                      | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |  15080000 | PA      | $15114168.57  | 0.19%             | 2028-02-11      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                      | Crossroads Asset Trust 2024-A                                                    | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15812332 | PA      | $16004125.60  | 0.21%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392ELD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21570 | PA      | $21574.57     | 0.00%             | 2032-08-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2023-4                                                | CUSIP: 50571AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165234 | PA      | $165952.39    | 0.00%             | 2027-12-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                    | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |  22543000 | PA      | $22665680.58  | 0.29%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER L P DIS 0.0 01JUL25         | ENERGY TRANSFER L P DIS 0.0 01JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16500000 | PA      | $16497909.45  | 0.21%             | 2025-07-01      | None          | 0.00%                 | 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        |   8250000 | PA      | $8365361.40   | 0.11%             | 2032-01-14      | Fixed         | 6.67%                 | 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        |   5088968 | PA      | $5178031.41   | 0.07%             | 2050-10-25      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL19 LLC                                                                | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  19300000 | PA      | $19324096.05  | 0.25%             | 2042-05-18      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DM8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  11800000 | PA      | $11835282.00  | 0.15%             | 2026-10-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                               | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  16400000 | PA      | $16444646.21  | 0.21%             | 2028-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                      | Oscar US Funding XVII LLC                                                        | CUSIP: 68784BAB0<br>LEI: 353800UI8625NXT7ND41 | Long             | ABS-O            | CORP              | US        |    154274 | PA      | $154052.94    | 0.00%             | 2027-12-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage Backed Securities Trust 2025 CES1                                    | CUSIP: 36271RAA4<br>LEI: 254900R6PO5A0PCKSU63 | Long             | ABS-MBS          | CORP              | US        |   8279847 | PA      | $8315799.62   | 0.11%             | 2055-05-25      | Variable      | 5.57%                 | 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        |   5470000 | PA      | $5468290.63   | 0.07%             | 2037-05-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                                                 | CUSIP: 00084DBB5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  23300000 | PA      | $23577037.00  | 0.30%             | 2027-09-18      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 47233WJG5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |  13270000 | PA      | $13294683.26  | 0.17%             | 2026-03-16      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                     | National Bank of Canada                                                          | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   8190000 | PA      | $8207803.26   | 0.11%             | 2027-07-02      | Floating      | 5.37%                 | 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        |   9377470 | PA      | $9358546.27   | 0.12%             | 2033-07-25      | Floating      | 6.28%                 | 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        |   4924022 | PA      | $4968650.38   | 0.06%             | 2030-11-15      | Fixed         | 7.37%                 | 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        |   2520000 | PA      | $2574297.43   | 0.03%             | 2030-03-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO Ltd.              | Brightwood Capital MM CLO 2020-1 Ltd                                             | CUSIP: 10948VAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1497051.00   | 0.02%             | 2031-01-15      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.                | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |  57420000 | PA      | $57420000.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| INEOS US FINANCE LLC                        | INEOS US FINANCE LLC                                                             | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   1732533 | PA      | $1655651.67   | 0.02%             | 2031-02-07      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAJ6<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |   1031369 | PA      | $1016798.13   | 0.01%             | 2033-05-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd                                                              | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $515700.00    | 0.01%             | 2027-06-07      | Floating      | 10.29%                | Yes           |                  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        |  20171577 | PA      | $20129496.98  | 0.26%             | 2055-07-20      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | GRACIE POINT INTERNATIONAL FUNDING 2023-1                                        | CUSIP: 383931AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3163000 | PA      | $3162662.82   | 0.04%             | 2026-09-01      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2021-FL2 Ltd                                                                | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4141641 | PA      | $4125301.76   | 0.05%             | 2038-04-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                    | Sumitomo Mitsui Trust Bank Ltd                                                   | CUSIP: 86563VBF5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   9700000 | PA      | $9753456.31   | 0.13%             | 2026-03-09      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities IX CLO Ltd                                         | CUSIP: 34961JAY0<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |  10920000 | PA      | $10924870.32  | 0.14%             | 2033-10-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| INEOS US PETROCHEM LLC                      | INEOS US PETROCHEM LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    352730 | PA      | $321865.86    | 0.00%             | 2031-10-07      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                         | Charles Schwab Corp/The                                                          | CUSIP: 808513BZ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $18141207.12  | 0.23%             | 2027-03-03      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                      | SLM Private Credit Student Loan Trust 2007-A                                     | CUSIP: 78443DAD4<br>LEI: 549300T563MF7L069881 | Long             | ABS-O            | CORP              | US        |   2240312 | PA      | $2185478.53   | 0.03%             | 2041-12-16      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31398LMJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    127198 | PA      | $127208.85    | 0.00%             | 2039-12-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2019-A-GS                                          | CUSIP: 20268CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    604370 | PA      | $595603.52    | 0.01%             | 2047-01-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust                                              | CUSIP: 30166XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11250000 | PA      | $11256445.13  | 0.14%             | 2028-01-18      | Fixed         | 4.83%                 | 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        |   1441058 | PA      | $1440083.79   | 0.02%             | 2044-12-27      | Floating      | 7.00%                 | 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        |    421041 | PA      | $20546.80     | 0.00%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | 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        |   5482814 | PA      | $5493467.36   | 0.07%             | 2032-07-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                        | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4267917.52   | 0.05%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                                         | CUSIP: 60700JDA0<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |  11000000 | PA      | $11009675.71  | 0.14%             | 2025-11-28      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393JAZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    120294 | PA      | $119955.37    | 0.00%             | 2033-01-15      | Floating      | 4.82%                 | 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        |   7884576 | PA      | $7960542.37   | 0.10%             | 2048-04-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-1                                              | CUSIP: 69544NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2082955 | PA      | $2082858.99   | 0.03%             | 2026-02-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339GXM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13417 | PA      | $13397.24     | 0.00%             | 2031-11-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5972604 | PA      | $5849740.21   | 0.07%             | 2046-04-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| DK CROWN HOLDINGS INC                       | DK CROWN HOLDINGS INC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2608000 | PA      | $2603110.00   | 0.03%             | 2032-03-04      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables I LLC                                                  | CUSIP: 88576NAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304701 | PA      | $299019.03    | 0.00%             | 2041-09-15      | Floating      | 4.63%                 | 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        |   3150000 | PA      | $3221998.92   | 0.04%             | 2029-11-12      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XES1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  10200000 | PA      | $10187294.98  | 0.13%             | 2027-05-08      | Floating      | 5.66%                 | 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        |   4665281 | PA      | $4681816.73   | 0.06%             | 2032-10-20      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                     | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688ABL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |  17630000 | PA      | $17633349.70  | 0.23%             | 2028-01-21      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| STAR 2022-SFR3 Trust                        | STAR 2022-SFR3 Trust                                                             | CUSIP: 78474PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    993765 | PA      | $997667.88    | 0.01%             | 2039-05-17      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Ivy Hill Middle Market Credit               | Ivy Hill Middle Market Credit Fund IX Ltd                                        | CUSIP: 46604EAA0<br>LEI: 549300UJCX58VC2FZI80 | Long             | ABS-CBDO         | CORP              | KY        |    843750 | PA      | $843298.59    | 0.01%             | 2034-04-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                      | Santander Holdings USA Inc                                                       | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4044981.20   | 0.05%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                     | O'Reilly Automotive Inc                                                          | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4968975.60   | 0.06%             | 2026-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                         | ASSURANT CLO II LTD                                                              | CUSIP: 04623TAG0<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250270.75    | 0.00%             | 2031-04-20      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2023-2                                         | CUSIP: 36269EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2227316 | PA      | $2244323.45   | 0.03%             | 2028-06-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2019-HY1                                               | CUSIP: 89177EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    774526 | PA      | $775020.45    | 0.01%             | 2048-10-25      | Floating      | 5.43%                 | 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        |       -94 | NC      | $-206601.66   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NextGear Floorplan Master Owne              | NextGear Floorplan Master Owner Trust                                            | CUSIP: 65341KCB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9280000 | PA      | $9246736.77   | 0.12%             | 2029-09-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| HUDSON RIVER TRADING LLC                    | HUDSON RIVER TRADING LLC                                                         | CUSIP: 44413EAJ7<br>LEI: 549300SMOBUC8O5UOE10 | Long             | LON              | CORP              | US        |   1902374 | PA      | $1909903.97   | 0.02%             | 2030-03-18      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVJ59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51762 | PA      | $51280.86     | 0.00%             | 2036-05-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO               | ABPCI DIRECT LENDING FUND CLO VI LTD                                             | CUSIP: 00086GBC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4250000 | PA      | $4200789.25   | 0.05%             | 2037-01-27      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                          | Mativ Holdings Inc                                                               | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |   1793131 | PA      | $1786407.15   | 0.02%             | 2028-04-20      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  12570000 | PA      | $12527873.66  | 0.16%             | 2027-09-24      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management               | JPMorgan Chase Bank NA - JPMWM                                                   | CUSIP: 46591HBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4841876 | PA      | $4832375.94   | 0.06%             | 2051-03-25      | Floating      | 5.61%                 | 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        |  23899702 | PA      | $23877363.39  | 0.31%             | 2044-05-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                                      | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |  17000000 | PA      | $16897531.14  | 0.22%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES INC                   | MINERALS TECHNOLOGIES INC                                                        | CUSIP: 60315GAH1<br>LEI: 549300D3I1QU67GP6403 | Long             | LON              | CORP              | US        |   1085545 | PA      | $1088258.86   | 0.01%             | 2031-11-26      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL14 LLC                                                                | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13801000 | PA      | $13813945.34  | 0.18%             | 2039-03-19      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 86765BAT6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  10339000 | PA      | $10271318.63  | 0.13%             | 2026-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVZR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    211012 | PA      | $209148.18    | 0.00%             | 2036-08-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                                 | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17710000 | PA      | $17672454.80  | 0.23%             | 2043-01-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                            | Duke Energy Corp                                                                 | CUSIP: 26441CBV6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  19000000 | PA      | $19039881.19  | 0.24%             | 2025-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-4                                         | CUSIP: 362929AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3190000 | PA      | $3249222.03   | 0.04%             | 2029-08-15      | Fixed         | 6.65%                 | 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        |   7421106 | PA      | $7482270.34   | 0.10%             | 2031-07-15      | Fixed         | 7.11%                 | 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        |   9257721 | PA      | $9295398.77   | 0.12%             | 2054-03-20      | Floating      | 6.00%                 | 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        |   1321273 | PA      | $1307695.74   | 0.02%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PSN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61593 | PA      | $60691.50     | 0.00%             | 2037-02-25      | Floating      | 4.62%                 | 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        |  14095076 | PA      | $14101625.73  | 0.18%             | 2045-01-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| USAA Auto Owner Trust                       | USAA Auto Owner Trust 2023-A                                                     | CUSIP: 90291VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740016 | PA      | $744195.13    | 0.01%             | 2028-05-15      | Fixed         | 5.58%                 | 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        |   1600000 | PA      | $1596260.48   | 0.02%             | 2028-10-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397KZH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22285 | PA      | $22215.84     | 0.00%             | 2037-10-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAS0<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |   5321988 | PA      | $5309885.51   | 0.07%             | 2033-07-25      | Floating      | 5.73%                 | 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        |   5320000 | PA      | $5313313.29   | 0.07%             | 2033-01-18      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2022-Fl4 Issuer LLC                                                    | CUSIP: 30326MAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4102064 | PA      | $4102064.67   | 0.05%             | 2039-01-19      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                    | Electricite de France SA                                                         | CUSIP: 268317AS3<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   8982000 | PA      | $8945767.06   | 0.11%             | 2025-10-13      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO 1 Ltd                      | New Mountain CLO 1 Ltd                                                           | CUSIP: 64755RAY9<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-CBDO         | CORP              | KY        |   1833333 | PA      | $1829851.83   | 0.02%             | 2038-01-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                                   | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   6320000 | PA      | $6361987.30   | 0.08%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                    | Dext ABS 2023-2 LLC                                                              | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4147299 | PA      | $4181732.54   | 0.05%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TMA0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $10514399.81  | 0.13%             | 2027-03-19      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38375XRG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57800 | PA      | $57792.49     | 0.00%             | 2038-08-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XGEA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1761424 | PA      | $1582464.51   | 0.02%             | 2047-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   6645000 | PA      | $6677411.98   | 0.09%             | 2028-02-04      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137A1K36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27182 | PA      | $27092.66     | 0.00%             | 2040-07-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQZW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4757004 | PA      | $4845015.96   | 0.06%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2025-1                                                           | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13556487 | PA      | $13556421.46  | 0.17%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| ERP OPER LTD PARTNERSHI 0.0 01JUL25         | ERP OPER LTD PARTNERSHI 0.0 01JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36500000 | PA      | $36495375.45  | 0.47%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2025-P1                                    | CUSIP: 96043LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6261955.00   | 0.08%             | 2028-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                           | Mountain View CLO XVII Ltd                                                       | CUSIP: 62431QAJ0<br>LEI: 2549000TWLB57V29ZR37 | Long             | ABS-CBDO         | CORP              | KY        |    375000 | PA      | $374970.38    | 0.00%             | 2036-09-14      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor Re 2024-1 Ltd                                                             | CUSIP: 75049AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3347468 | PA      | $3350745.05   | 0.04%             | 2034-09-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                       | US Bank NA/Cincinnati OH                                                         | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12031440.00  | 0.15%             | 2028-05-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XI Ltd                                                              | CUSIP: 89641HAN0<br>LEI: 549300T8V1JZG1WFK175 | Long             | ABS-CBDO         | CORP              | KY        |   1725000 | PA      | $1724886.15   | 0.02%             | 2034-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395LVP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27942 | PA      | $27782.09     | 0.00%             | 2035-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| AGL CLO 3 Ltd.                              | AGL CLO 3 LTD                                                                    | CUSIP: 00119MAL3<br>LEI: 549300LS0REDUXQSHW18 | Long             | ABS-CBDO         | CORP              | KY        |   3670000 | PA      | $3670436.73   | 0.05%             | 2038-04-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                 | Exelon Corp                                                                      | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19823893.20  | 0.25%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 313921A57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45976 | PA      | $46004.59     | 0.00%             | 2031-11-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                            | SpringCastle America Funding LLC                                                 | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080755 | PA      | $1017328.98   | 0.01%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                   | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  13480000 | PA      | $13555217.46  | 0.17%             | 2028-04-13      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Blackrock CLO                               | Blackrock Rainier CLO VI Ltd                                                     | CUSIP: 09261MAN6<br>LEI: 549300HF4E86WXQDUX86 | Long             | ABS-CBDO         | CORP              | KY        |  16240000 | PA      | $16187950.80  | 0.21%             | 2037-04-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                               | CUSIP: 02005NBR0<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $14436404.87  | 0.19%             | 2027-11-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2023-4                              | CUSIP: 02530CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5230000 | PA      | $5295276.68   | 0.07%             | 2030-09-12      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                 | Rad CLO 3 Ltd                                                                    | CUSIP: 749986AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3211111 | PA      | $3212032.70   | 0.04%             | 2037-07-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                                              | CUSIP: 94988J6E2<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |  12760000 | PA      | $12843663.62  | 0.16%             | 2026-08-07      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | Cascade Funding Mortgage Trust                                                   | CUSIP: 12531BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8548756 | PA      | $8361798.07   | 0.11%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398RCX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18769 | PA      | $18683.82     | 0.00%             | 2040-05-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2021-1                                                  | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   2547623 | PA      | $2404601.70   | 0.03%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF                    | Take-Two Interactive Software Inc                                                | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |  16145000 | PA      | $16183496.78  | 0.21%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| B2R Mortgage Trust                          | B2R Mortgage Trust 2015-2                                                        | CUSIP: 05605GAQ5<br>LEI: 549300JNS8TBD8XLZ117 | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5489231.55   | 0.07%             | 2048-11-15      | Variable      | 5.88%                 | 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        |   2695000 | PA      | $2757474.68   | 0.04%             | 2029-01-16      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6473148 | PA      | $6355888.00   | 0.08%             | 2050-02-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQZV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5224303 | PA      | $5324185.94   | 0.07%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIMO BRANDS CORP                           | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    987525 | PA      | $992050.83    | 0.01%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-2                                              | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5008795.80   | 0.06%             | 2035-06-20      | Fixed         | 5.22%                 | 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        |   4613758 | PA      | $4634368.62   | 0.06%             | 2053-11-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062671<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        | -80000000 | PA      | $-82598128.80 | -1.06%            | 2055-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                  | Upstart Pass-Through Trust Series 2020-ST5                                       | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    211837 | PA      | $210389.91    | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | 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        |  10370000 | PA      | $10453947.22  | 0.13%             | 2044-03-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 49              | Octagon Investment Partners 49 Ltd                                               | CUSIP: 67578FAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3957895 | PA      | $3958706.11   | 0.05%             | 2037-04-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2024-SIF4 LLC                                                           | CUSIP: 85573YAA1<br>LEI: 254900SH4Z0BDGW60S70 | Long             | ABS-CBDO         | CORP              | US        |  14000000 | PA      | $14032186.00  | 0.18%             | 2036-10-17      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                                         | CUSIP: 87277JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13500000 | PA      | $13453462.80  | 0.17%             | 2039-02-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                      | GE HealthCare Technologies Inc                                                   | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $17035998.35  | 0.22%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Torricelli Re 2021, 7/31/25                 | Torricelli Re 2021, 7/31/25                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $6400.00      | 0.00%             | 2025-07-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2023-N3                                           | CUSIP: 14686RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286862 | PA      | $287366.37    | 0.00%             | 2027-09-10      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| HIGHLINE AFTERMARKET ACQ                    | HIGHLINE AFTERMARKET ACQUISITION LLC                                             | CUSIP: 43110HAF6<br>LEI: 254900Q5W6G5KG3GHJ04 | Long             | LON              | CORP              | US        |   1117490 | PA      | $1125871.65   | 0.01%             | 2030-02-19      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                              | Starbucks Corp                                                                   | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6003984.12   | 0.08%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-10                                             | CUSIP: 69544MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3240313 | PA      | $3251971.20   | 0.04%             | 2032-06-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                                         | CUSIP: 59013MAG7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |  14700000 | PA      | $14685300.00  | 0.19%             | 2025-07-07      | Floating      | 11.82%                | Yes           |                  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        |   1020000 | PA      | $958600.18    | 0.01%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115KAA8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  11850000 | PA      | $11876041.20  | 0.15%             | 2028-06-02      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd              | LoanCore 2021-CRE5 Issuer Ltd                                                    | CUSIP: 53947XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2203234 | PA      | $2202533.79   | 0.03%             | 2036-07-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668CJ9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   4550000 | PA      | $4564518.00   | 0.06%             | 2026-08-14      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                         | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |  18000000 | PA      | $18141922.44  | 0.23%             | 2025-11-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397EHX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155973 | PA      | $153241.88    | 0.00%             | 2037-01-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                 | PNC Bank NA                                                                      | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  16360000 | PA      | $16368222.05  | 0.21%             | 2027-05-13      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2020-DUNE                                      | CUSIP: 36258BAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4618142 | PA      | $4448835.07   | 0.06%             | 2036-12-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB13 LLC                                                               | CUSIP: 12530VAA3<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |   4424863 | PA      | $4347835.86   | 0.06%             | 2034-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                  | Upstart Pass-Through Trust Series                                                | CUSIP: 91680UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    357490 | PA      | $356334.54    | 0.00%             | 2030-04-20      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva              | AmeriCredit Automobile Receivables Trust 2024-1                                  | CUSIP: 023947AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11851230 | PA      | $11857043.48  | 0.15%             | 2028-02-18      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| SHERWIN WILLIAMS CO DIS 0.0 01JUL25         | SHERWIN WILLIAMS CO DIS 0.0 01JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26400000 | PA      | $26396758.08  | 0.34%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 313920KG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12357 | PA      | $12328.31     | 0.00%             | 2031-08-25      | Floating      | 4.92%                 | 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        |     10945 | PA      | $10956.29     | 0.00%             | 2030-06-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2022-FL8 Issuer Ltd                                                        | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    941184 | PA      | $939430.44    | 0.01%             | 2037-02-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXIX CLO Ltd                                       | CUSIP: 34990EAE0<br>LEI: 254900314MCCPONEEQ30 | Long             | ABS-CBDO         | CORP              | KY        |   8180000 | PA      | $8184081.82   | 0.10%             | 2033-04-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQ2B7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2695673 | PA      | $2813780.40   | 0.04%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |  13940000 | PA      | $13941394.00  | 0.18%             | 2026-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XQM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    102591 | PA      | $100977.66    | 0.00%             | 2037-09-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2017-ASHF                                         | CUSIP: 61691KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8500000 | PA      | $8248028.55   | 0.11%             | 2034-11-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | Pear 2024-1 LLC                                                                  | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5595209 | PA      | $5640649.84   | 0.07%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F050676<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  18000000 | PA      | $17638202.88  | 0.23%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A4F5<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  18270000 | PA      | $18318232.80  | 0.23%             | 2027-01-07      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                      | Tesla Auto Lease Trust 2023-B                                                    | CUSIP: 88167QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4866839 | PA      | $4882337.03   | 0.06%             | 2026-09-21      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FUNDING LLC                      | PRUDENTIAL FUNDING LLC                                                           | CUSIP: 74433GU20<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40000000 | PA      | $39990416.00  | 0.51%             | 2025-07-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140QUV45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14706495 | PA      | $15216424.81  | 0.20%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust                                                     | CUSIP: 262102AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10250000 | PA      | $10264523.23  | 0.13%             | 2028-08-15      | Fixed         | 4.87%                 | 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        |  28976769 | PA      | $28961758.89  | 0.37%             | 2036-11-15      | Floating      | 5.78%                 | 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        |    180487 | PA      | $173630.09    | 0.00%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC 0 07/07/2025                   | AUTOZONE INC 0 07/07/2025                                                        | CUSIP: 05333TU76<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11489870.80  | 0.15%             | 2025-07-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392FP92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28458 | PA      | $28394.18     | 0.00%             | 2032-12-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XT53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25705 | PA      | $25566.77     | 0.00%             | 2037-12-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8541556.50   | 0.11%             | 2026-12-30      | Fixed         | 5.05%                 | 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        |      -118 | NC      | $-132113.98   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC                    | Virgin Media Bristol LLC                                                         | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   1025000 | PA      | $1017392.45   | 0.01%             | 2029-01-31      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4026757.60   | 0.05%             | 2026-07-17      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                     | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688AAZ5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |  15790000 | PA      | $15885971.62  | 0.20%             | 2026-10-05      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393MH61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2809 | PA      | $2796.17      | 0.00%             | 2032-12-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2021-1 LLC                                                                  | CUSIP: 70472TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2626050.00   | 0.03%             | 2034-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FCCU Auto Receivables Trust                 | FCCU Auto Receivables Trust 2025-1                                               | CUSIP: 31424YAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10083017.00  | 0.13%             | 2030-06-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                       | Playtika Holding Corp                                                            | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |   1309988 | PA      | $1291429.72   | 0.02%             | 2028-03-13      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd              | Palmer Square Loan Funding 2022-1 Ltd                                            | CUSIP: 69701CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2961834 | PA      | $2959488.70   | 0.04%             | 2030-04-15      | Floating      | 5.31%                 | 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        |   1000000 | PA      | $1011665.50   | 0.01%             | 2039-05-10      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T              | Lobel Automobile Receivables Trust 2025-1                                        | CUSIP: 53948RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9744254 | PA      | $9750043.57   | 0.12%             | 2027-11-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XIV LLC                                       | CUSIP: 03238BAB9<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |   6642797 | PA      | $6702056.21   | 0.09%             | 2031-07-21      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5009281.00   | 0.06%             | 2028-03-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL6 Ltd                                                                 | CUSIP: 55283TAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  17828000 | PA      | $17793827.29  | 0.23%             | 2036-07-16      | Floating      | 5.88%                 | 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        |  16435833 | PA      | $16495324.40  | 0.21%             | 2044-08-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  19200000 | PA      | $19103410.56  | 0.24%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                       | DIRECTV FINANCING LLC                                                            | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    687676 | PA      | $683132.03    | 0.01%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| NOVAE LLC                                   | Novae LLC                                                                        | CUSIP: 66988QAB5<br>LEI: 549300IO3D43N4TFUV08 | Long             | LON              | CORP              | US        |   1451250 | PA      | $1349662.50   | 0.02%             | 2028-12-22      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust                                               | CUSIP: 89617QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20000000 | PA      | $20021512.00  | 0.26%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KODIAK BP LLC                               | KODIAK BP LLC                                                                    | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |    575891 | PA      | $555014.63    | 0.01%             | 2031-12-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7202598 | PA      | $7267893.75   | 0.09%             | 2031-08-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                               | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   9900000 | PA      | $9909869.01   | 0.13%             | 2027-06-11      | Floating      | 5.00%                 | 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        |   5910500 | PA      | $5953690.67   | 0.08%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                         | Delta Air Lines Inc                                                              | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $17236708.00  | 0.22%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re Ltd                                                                | CUSIP: 078915AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   3000000 | PA      | $3005939.70   | 0.04%             | 2034-08-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Thopas Re 2022                              | Thopas Re 2022                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $0.00         | 0.00%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MCF CLO LLC                                 | MCF CLO VII LLC                                                                  | CUSIP: 55281FAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2481600.00   | 0.03%             | 2033-07-20      | Floating      | 13.68%                | No            |                  2 | On Loan: No      |
| KNIGHT HEALTH HOLDINGS L                    | Knight Health Holdings LLC                                                       | CUSIP: 49902TAB8<br>LEI: 2549008OACTDEJGJC870 | Long             | LON              | CORP              | US        |    964488 | PA      | $407496.17    | 0.01%             | 2028-12-26      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Alturas Re 2021-3, 7/31/25                  | Alturas Re 2021-3, 7/31/25                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $179600.00    | 0.00%             | 2025-07-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396WJU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8746 | PA      | $8652.64      | 0.00%             | 2037-06-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA1                                          | CUSIP: 35564NAW3<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1467966 | PA      | $1475248.30   | 0.02%             | 2044-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78016EZR1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4620000 | PA      | $4629055.20   | 0.06%             | 2026-04-27      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Regatta XXIII Funding Ltd                   | Regatta XXIII Funding Ltd                                                        | CUSIP: 75889FAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1749912.50   | 0.02%             | 2035-01-20      | Floating      | 5.48%                 | No            |                  2 | 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        |    245984 | PA      | $214833.76    | 0.00%             | 2029-01-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393T5M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70663 | PA      | $70559.26     | 0.00%             | 2033-11-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                   | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10039736 | PA      | $10046010.86  | 0.13%             | 2041-10-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                   | Acrec 2025 Fl 3 LLC                                                              | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12460000 | PA      | $12413586.50  | 0.16%             | 2042-08-18      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                     | SOTERA HEALTH HOLDINGS LLC                                                       | CUSIP: 83600VAG6<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    893250 | PA      | $897716.25    | 0.01%             | 2031-05-30      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                     | CUSIP: 20754BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1539906 | PA      | $1539901.86   | 0.02%             | 2042-01-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4104958.79   | 0.05%             | 2027-09-10      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Regatta IX Funding Ltd                      | Regatta IX Funding Ltd                                                           | CUSIP: 75887VAJ0<br>LEI: 254900JVS76S6N8G1I74 | Long             | ABS-CBDO         | CORP              | KY        |   2228571 | PA      | $2226817.53   | 0.03%             | 2037-04-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd                     | HPS Loan Management 10-2016 Ltd                                                  | CUSIP: 40436TBC9<br>LEI: 2549009NI8GVCM3ROT27 | Long             | ABS-CBDO         | CORP              | KY        |   1071429 | PA      | $1071542.15   | 0.01%             | 2034-04-20      | 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        |   9386647 | PA      | $9385633.58   | 0.12%             | 2037-01-15      | Floating      | 5.75%                 | 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        |   6159573 | PA      | $6189517.41   | 0.08%             | 2054-05-20      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2023-1 LLC                                                                  | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10174748 | PA      | $10387109.31  | 0.13%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394FG66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63935 | PA      | $63599.14     | 0.00%             | 2035-02-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya Ai Debt Grantor Trust 2024-9                                              | CUSIP: 69546QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    789430 | PA      | $789318.19    | 0.01%             | 2032-03-15      | Fixed         | 5.07%                 | 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        |   4150000 | PA      | $4192736.29   | 0.05%             | 2034-12-10      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur              | Bridgecrest Lending Auto Securitization Trust 2025-2                             | CUSIP: 10807HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17595000 | PA      | $17593734.92  | 0.23%             | 2028-01-18      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4330000 | PA      | $4382300.77   | 0.06%             | 2039-06-12      | Fixed         | 5.92%                 | 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        |   1180144 | PA      | $1099575.12   | 0.01%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-B                                                    | CUSIP: 68378QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8038933.60   | 0.10%             | 2033-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FISERV INC DIS 07/08/2021                   | FISERV INC DIS 07/08/2021                                                        | CUSIP: 33774KU81<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17000000 | PA      | $16982573.30  | 0.22%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                                       | CUSIP: 58940BBC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9680000 | PA      | $9825391.66   | 0.13%             | 2029-07-20      | Fixed         | 10.42%                | 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        |   3980000 | PA      | $3982487.50   | 0.05%             | 2037-05-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2022-FL11 LLC                                                                | CUSIP: 054980AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1333434 | PA      | $1334267.98   | 0.02%             | 2039-03-19      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                 | Citibank NA                                                                      | CUSIP: 17325FAZ1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   9239000 | PA      | $9248074.27   | 0.12%             | 2025-09-29      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                          | BMW US Capital LLC                                                               | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $7905887.08   | 0.10%             | 2027-03-19      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3285000 | PA      | $3174599.36   | 0.04%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XLX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   6244799 | PA      | $6447497.28   | 0.08%             | 2029-11-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2005-2                                                 | CUSIP: 64031QBX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1988082 | PA      | $1968232.29   | 0.03%             | 2037-03-23      | Floating      | 4.70%                 | 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        |   7920577 | PA      | $7912824.68   | 0.10%             | 2054-10-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XZJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127849 | PA      | $127720.90    | 0.00%             | 2037-10-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                                     | CUSIP: 20754AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1910573 | PA      | $1906858.52   | 0.02%             | 2041-12-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                        | LC AHAB US BIDCO LLC                                                             | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |   1741228 | PA      | $1739051.53   | 0.02%             | 2031-05-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point CLO V-R LTD                                                          | CUSIP: 83607EAA0<br>LEI: 549300UPX3H8ENJXHI23 | Long             | ABS-CBDO         | CORP              | KY        |   6284687 | PA      | $6289859.16   | 0.08%             | 2031-07-18      | Floating      | 5.68%                 | 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        |   8363483 | PA      | $8363459.04   | 0.11%             | 2044-03-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2025-1                                         | CUSIP: 36271FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8608924 | PA      | $8628129.03   | 0.11%             | 2030-04-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc                            | PITNEY BOWE 01/31/32                                                             | CUSIP: 72448FAW5<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |   2352000 | PA      | $2353470.00   | 0.03%             | 2032-03-19      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393ALV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    108647 | PA      | $108535.89    | 0.00%             | 2033-04-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O              | Ford Credit Floorplan Master Owner Trust A                                       | CUSIP: 34528QHX5<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004703.70   | 0.01%             | 2028-05-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395NXA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31136 | PA      | $30922.70     | 0.00%             | 2036-07-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   8090000 | PA      | $8138459.59   | 0.10%             | 2027-01-08      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust               | DLPY 2025-1A A                                                                   | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4740000 | PA      | $4773560.15   | 0.06%             | 2028-06-25      | Fixed         | 5.63%                 | 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        |  24542906 | PA      | $24527689.46  | 0.31%             | 2045-02-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396VZF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25614 | PA      | $25346.09     | 0.00%             | 2037-05-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2023-1                                         | CUSIP: 36267FAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374482 | PA      | $374981.18    | 0.00%             | 2027-08-16      | Fixed         | 6.27%                 | 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        |   5723000 | PA      | $5749379.70   | 0.07%             | 2032-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396H5Q8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13013 | PA      | $12863.65     | 0.00%             | 2036-01-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                  | Upstart Pass-Through Trust Series 2021-ST4                                       | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53777 | PA      | $53429.18     | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2022-1                              | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1188783 | PA      | $1187097.09   | 0.02%             | 2028-03-13      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31391BC39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1987 | PA      | $2025.03      | 0.00%             | 2032-09-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545899 | PA      | $513428.80    | 0.01%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2025-1                                             | CUSIP: 525938AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2725689 | PA      | $2725738.46   | 0.03%             | 2026-02-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL16                                                                    | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18850000 | PA      | $18767606.65  | 0.24%             | 2039-11-18      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXV CLO Ltd                                       | CUSIP: 34966YAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3980000 | PA      | $3980000.00   | 0.05%             | 2033-07-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        | 137567127 | NS      | $137567126.86 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2020-FL4 Ltd                                                                 | CUSIP: 58003UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1322428 | PA      | $1323530.03   | 0.02%             | 2035-12-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKG8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   5750000 | PA      | $5784731.15   | 0.07%             | 2027-10-20      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                       | US Bank NA/Cincinnati OH                                                         | CUSIP: 90331HPQ0<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |  20930000 | PA      | $20937955.70  | 0.27%             | 2027-10-22      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U7Z7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  10240000 | PA      | $10299709.44  | 0.13%             | 2028-01-14      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HT86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23299 | PA      | $23261.76     | 0.00%             | 2033-02-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                        | EYECARE PARTNERS LLC                                                             | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    925076 | PA      | $734278.81    | 0.01%             | 2028-11-30      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                                                | CUSIP: 404280DY2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   8700000 | PA      | $8778382.91   | 0.11%             | 2027-08-14      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  20020000 | PA      | $20019781.18  | 0.26%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                   | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | RA               | CORP              | US        |  38710000 | PA      | $38710000.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  20320000 | PA      | $20381047.78  | 0.26%             | 2028-03-27      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395U2S9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    136126 | PA      | $134756.31    | 0.00%             | 2035-05-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2022-1 LLC                                                                  | CUSIP: 70472XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2790105 | PA      | $2819709.29   | 0.04%             | 2034-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2018-1 Ltd                                                              | CUSIP: 92917AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    973088 | PA      | $973181.95    | 0.01%             | 2031-04-19      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAG2<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |   1106431 | PA      | $1091950.72   | 0.01%             | 2033-05-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                           | Magnetite XXXV Ltd                                                               | CUSIP: 55954TAN6<br>LEI: 549300WIDF28MGY5Q843 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2502967.50   | 0.03%             | 2036-10-25      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2024-1 LLC                                                      | CUSIP: 96034KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6323480 | PA      | $6413110.81   | 0.08%             | 2038-01-20      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2024-2                                                           | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3006451 | PA      | $3013789.76   | 0.04%             | 2031-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                       | Tricon American Homes 2020-SFR1                                                  | CUSIP: 89613GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11369000 | PA      | $11287874.23  | 0.14%             | 2038-07-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD MORTGAGE RESIDENTIAL               | STAR 2021-SFR2 Trust                                                             | CUSIP: 78474LAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6223283.13   | 0.08%             | 2039-01-17      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10580000 | PA      | $10628121.01  | 0.14%             | 2029-02-15      | Fixed         | 5.61%                 | 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        |  14241784 | PA      | $14241779.61  | 0.18%             | 2037-01-17      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                     | John Deere Capital Corp                                                          | CUSIP: 24422EXW4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |  14400000 | PA      | $14482401.70  | 0.19%             | 2027-07-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5649031 | PA      | $5511923.00   | 0.07%             | 2046-04-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396LS50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21295 | PA      | $21010.99     | 0.00%             | 2036-12-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2025-FL14 LLC                                                                | CUSIP: 072921AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10910000 | PA      | $10855853.67  | 0.14%             | 2042-10-21      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust                                                     | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2993049 | PA      | $2997582.24   | 0.04%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point Clo XX Ltd                                                           | CUSIP: 83611JAA3<br>LEI: 549300RTEBF0FW35D815 | Long             | ABS-CBDO         | CORP              | KY        |   2442575 | PA      | $2443847.50   | 0.03%             | 2031-07-26      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-5                                       | CUSIP: 64828NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4876109 | PA      | $4941993.98   | 0.06%             | 2057-06-25      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                | Pawneee Equipment Receivables Series 2022-1 LLC                                  | CUSIP: 70410DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1582080 | PA      | $1582387.80   | 0.02%             | 2028-02-15      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                           | CUSIP: 12433JAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5080000 | PA      | $4961331.71   | 0.06%             | 2042-01-15      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                     | Allied Universal Holdco LLC                                                      | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   3116424 | PA      | $3133660.94   | 0.04%             | 2028-05-15      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                                          | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |  12338874 | PA      | $12357892.19  | 0.16%             | 2044-05-25      | Floating      | 5.51%                 | 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        |   2720000 | PA      | $2743261.71   | 0.04%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                                       | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10660000 | PA      | $10753877.29  | 0.14%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                        | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |  15976000 | PA      | $16057500.13  | 0.21%             | 2026-01-15      | Fixed         | 5.85%                 | 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      | $0.02         | 0.00%             | 2020-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394AER3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75607 | PA      | $75281.69     | 0.00%             | 2034-07-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-4                                       | CUSIP: 30166UAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3588507 | PA      | $3590677.52   | 0.05%             | 2027-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trus              | LendingPoint Pass-Through Trust Series 2022-ST1                                  | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88914 | PA      | $87700.54     | 0.00%             | 2028-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395WUZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11104 | PA      | $11077.96     | 0.00%             | 2035-08-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC DISC COML 0.0 03JUL25          | AUTOZONE INC DISC COML 0.0 03JUL25                                               | CUSIP: 05333TU35<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14600000 | PA      | $14594503.10  | 0.19%             | 2025-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397H2N7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4250 | PA      | $4197.12      | 0.00%             | 2037-05-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183CV4<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   1705198 | PA      | $1712562.03   | 0.02%             | 2035-05-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| WISCONSIN PWR + LT CO D 0.0 01JUL25         | WISCONSIN PWR + LT CO D 0.0 01JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36500000 | PA      | $36495620.00  | 0.47%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   6320000 | PA      | $6395705.13   | 0.08%             | 2028-07-14      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2022-2                                    | CUSIP: 80286MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185699 | PA      | $185578.34    | 0.00%             | 2027-09-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8190000 | PA      | $8179762.50   | 0.10%             | 2036-10-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2023-3                                             | CUSIP: 525931AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5864320 | PA      | $5989421.40   | 0.08%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89114TZH8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  11667000 | PA      | $11677820.09  | 0.15%             | 2026-09-10      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-HQA3                                          | CUSIP: 35564KE39<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |   1942707 | PA      | $1978287.81   | 0.03%             | 2042-08-25      | Floating      | 6.61%                 | 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        |   2328409 | PA      | $2351006.17   | 0.03%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                    | Purchasing Power Funding 2024-A LLC                                              | CUSIP: 745935AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7750000 | PA      | $7774901.53   | 0.10%             | 2028-08-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-1                                              | CUSIP: 69544NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1532073 | PA      | $1536151.25   | 0.02%             | 2032-07-15      | Fixed         | 5.16%                 | 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        |   5645000 | PA      | $5692610.49   | 0.07%             | 2026-05-24      | Fixed         | 5.75%                 | 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        |    939632 | PA      | $946773.70    | 0.01%             | 2042-09-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396V3X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31289 | PA      | $30790.21     | 0.00%             | 2037-06-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | JPMorgan Chase Bank NA - CHASE                                                   | CUSIP: 46591HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2676184 | PA      | $2661121.17   | 0.03%             | 2047-04-25      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| HOA Funding LLC                             | HOA Funding LLC - HOA                                                            | CUSIP: 40390GAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5137705 | PA      | $1181672.15   | 0.02%             | 2051-08-20      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE3                                                             | CUSIP: 31684GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4340106 | PA      | $4399571.51   | 0.06%             | 2054-07-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14000000 | PA      | $13995619.40  | 0.18%             | 2041-06-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC VA 0.0 01JUL25          | DOMINION ENERGY INC VA 0.0 01JUL25                                               | CUSIP: 2574P0U10<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14000000 | PA      | $13998233.20  | 0.18%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                         | MidOcean Credit CLO XI Ltd                                                       | CUSIP: 59801ABA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8290000 | PA      | $8284719.27   | 0.11%             | 2036-01-18      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    624681 | PA      | $632067.86    | 0.01%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                                     | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  20100000 | PA      | $20347632.00  | 0.26%             | 2027-09-11      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                      | First Brands Group LLC                                                           | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1994805 | PA      | $1890077.74   | 0.02%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395DPE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55335 | PA      | $54759.16     | 0.00%             | 2036-05-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                            | Mona Lisa Re Ltd                                                                 | CUSIP: 608800AE8<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $999500.00    | 0.01%             | 2025-07-08      | Floating      | 11.29%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CTHR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    694866 | PA      | $721319.53    | 0.01%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                | MH SUB I LLC                                                                     | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1220882 | PA      | $1144729.59   | 0.01%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                 | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1436000 | PA      | $1434804.08   | 0.02%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-                        | ALIMENTATION COUCHE-                                                             | CUSIP: 01626UU94<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7465000 | PA      | $7456292.08   | 0.10%             | 2025-07-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                         | Crown Point CLO IV Ltd                                                           | CUSIP: 22845XAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1440000 | PA      | $1441928.16   | 0.02%             | 2031-04-20      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                     | BPCE SA                                                                          | CUSIP: 05571AAP0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |  16060000 | PA      | $16301799.36  | 0.21%             | 2027-10-19      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339NNP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35429 | PA      | $35520.14     | 0.00%             | 2032-03-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVA95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1870328 | PA      | $1932484.62   | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL8 Ltd                                                                 | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  21270819 | PA      | $21270712.63  | 0.27%             | 2037-02-19      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital MML CLO XIII Ltd                                                  | CUSIP: 61034JAA8<br>LEI: 5493004J0N9XX6VUDK62 | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5001535.00   | 0.06%             | 2034-02-24      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                | SK Hynix Inc                                                                     | CUSIP: 78392BAD9<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |  24862000 | PA      | $25074072.86  | 0.32%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-X2                                        | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500344 | PA      | $3502088.11   | 0.04%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LP                       | CITADEL SECURITIES LP                                                            | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   1428668 | PA      | $1434248.07   | 0.02%             | 2031-10-31      | Floating      | 6.33%                 | 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        |   7108376 | PA      | $7146615.52   | 0.09%             | 2051-12-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31394LYU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28144 | PA      | $28495.51     | 0.00%             | 2033-11-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                         | MEDLINE BORROWER LP                                                              | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    883759 | PA      | $884794.70    | 0.01%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | VISTRA OPERATIONS CO LLC                                                         | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |    538804 | PA      | $540803.04    | 0.01%             | 2030-12-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2019-A                                                        | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1231277 | PA      | $1195376.55   | 0.02%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAE5<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2994876.00   | 0.04%             | 2034-01-15      | Floating      | 6.36%                 | 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        |   5757060 | PA      | $5855678.08   | 0.08%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                                  | CUSIP: 03881UAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8070000 | PA      | $8049978.33   | 0.10%             | 2041-01-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  12500000 | PA      | $12597537.50  | 0.16%             | 2028-03-12      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                           | Magnetite XXII Ltd                                                               | CUSIP: 55954HAU6<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4999635.00   | 0.06%             | 2036-07-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                              | Woodmont 2023-12 Trust                                                           | CUSIP: 979926AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  14639528 | PA      | $14668675.44  | 0.19%             | 2032-10-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US               | Goldentree Loan Management US Clo 10 Ltd                                         | CUSIP: 38138TAL5<br>LEI: 5493007PBV0WMI12LF68 | Long             | ABS-CBDO         | CORP              | KY        |   2625000 | PA      | $2624787.38   | 0.03%             | 2037-10-20      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2022-1 LLC                                                      | CUSIP: 96034JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    726785 | PA      | $721234.95    | 0.01%             | 2036-08-20      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396HUM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54504 | PA      | $54027.65     | 0.00%             | 2036-02-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4391370.01   | 0.06%             | 2026-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31397MXL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69522 | PA      | $70685.73     | 0.00%             | 2038-10-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C                        | CUSIP: 59020UDW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5002 | PA      | $4966.44      | 0.00%             | 2029-07-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4800000 | PA      | $4808210.88   | 0.06%             | 2026-11-02      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TME2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  10850000 | PA      | $10864205.36  | 0.14%             | 2026-05-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                           | CUSIP: 12433JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12960000 | PA      | $12891150.00  | 0.17%             | 2042-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO                                | ORGANON & CO                                                                     | CUSIP: 68621XAG8<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |   2000000 | PA      | $1972500.00   | 0.03%             | 2031-05-19      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2017-B-GS                                          | CUSIP: 20268KAB6<br>LEI: 549300KDXV3I7WKXA522 | Long             | ABS-O            | CORP              | US        |    449567 | PA      | $442271.43    | 0.01%             | 2042-09-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach Abs Trust 2024-1                                                           | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2447596 | PA      | $2453370.03   | 0.03%             | 2031-02-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASNX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6423618 | PA      | $6489878.81   | 0.08%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                           | State Street Corp                                                                | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   5380000 | PA      | $5372808.66   | 0.07%             | 2027-10-22      | Floating      | 4.96%                 | 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        |   2749044 | PA      | $2764215.24   | 0.04%             | 2043-06-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO Ltd.              | Brightwood Capital MM CLO 2020-1 Ltd                                             | CUSIP: 10948VAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   5900000 | PA      | $5882901.80   | 0.08%             | 2031-01-15      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R04                                     | CUSIP: 20755TAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5630000 | PA      | $5640396.36   | 0.07%             | 2045-05-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2025-SIF5 LLC                                                           | CUSIP: 85573WAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2130000 | PA      | $2144458.44   | 0.03%             | 2037-04-15      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| Zais Matrix CDO I                           | Zais Clo 16 Ltd                                                                  | CUSIP: 98875JBJ2<br>LEI: 549300AH84CSK4XX3T86 | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $7964920.00   | 0.10%             | 2034-10-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                 | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15900000 | PA      | $15890062.50  | 0.20%             | 2036-11-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                               | CUSIP: 59217GBY4<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |  10102000 | PA      | $9990997.00   | 0.13%             | 2026-12-18      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| TRANS UNION LLC                             | TRANS UNION LLC6/06/2031                                                         | CUSIP: 89334GBF0<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |   2714855 | PA      | $2722774.47   | 0.03%             | 2031-06-24      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                      | Commonwealth Bank of Australia                                                   | CUSIP: 2027A0KW8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $5015734.00   | 0.06%             | 2028-03-14      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                 | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   3092000 | PA      | $3049059.54   | 0.04%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECM5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  12316000 | PA      | $12495738.72  | 0.16%             | 2027-09-13      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Alterna Funding LLC                         | Alterna Funding III LLC                                                          | CUSIP: 02157JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14769085 | PA      | $14908589.61  | 0.19%             | 2039-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2X9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  13230000 | PA      | $13277437.36  | 0.17%             | 2027-04-05      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2022-1                                              | CUSIP: 92512VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5697206 | PA      | $5689175.11   | 0.07%             | 2027-08-16      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                              | AutoNation Inc                                                                   | CUSIP: 05329WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8033000 | PA      | $8029272.53   | 0.10%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T              | Lobel Automobile Receivables Trust 2023-2                                        | CUSIP: 53949FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    303296 | PA      | $303772.80    | 0.00%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 17327CAX1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  21300000 | PA      | $21264642.00  | 0.27%             | 2029-03-04      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396F4J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26157 | PA      | $25885.02     | 0.00%             | 2035-11-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U7X2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12582705.25  | 0.16%             | 2026-10-30      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2022-1                                                  | CUSIP: 67571EAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2813000 | PA      | $2820318.30   | 0.04%             | 2029-02-20      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AQF52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17461 | PA      | $17329.63     | 0.00%             | 2041-12-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396KKH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6230 | PA      | $6176.95      | 0.00%             | 2036-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1675403 | PA      | $1630080.28   | 0.02%             | 2050-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | Fiserv Inc                                                                       | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   1528000 | PA      | $1510504.58   | 0.02%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-1                                         | CUSIP: 36269HAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    611799 | PA      | $612809.70    | 0.01%             | 2027-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396RS81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79254 | PA      | $78301.17     | 0.00%             | 2036-06-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC                       | LONG RIDGE ENERGY LLC                                                            | CUSIP: 000000000<br>LEI: 984500764EC9AZ2FC764 | Long             | LON              | CORP              | US        |   1128172 | PA      | $1116890.78   | 0.01%             | 2032-02-19      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2021-FL3 Ltd                                                 | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2420392 | PA      | $2415810.44   | 0.03%             | 2039-07-15      | Floating      | 5.45%                 | 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        |  14117178 | PA      | $14095154.78  | 0.18%             | 2045-01-25      | Floating      | 5.26%                 | 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        |   2108032 | PA      | $2089415.59   | 0.03%             | 2028-07-17      | Fixed         | 3.35%                 | 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        |  18650000 | PA      | $18661661.85  | 0.24%             | 2042-09-18      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                          | Pacific Life Global Funding II                                                   | CUSIP: 6944PL3D9<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  13600000 | PA      | $13610200.00  | 0.17%             | 2027-12-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-11                                             | CUSIP: 69544AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5572885 | PA      | $5581029.91   | 0.07%             | 2032-07-15      | Fixed         | 5.09%                 | 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        |  13822441 | PA      | $13809573.47  | 0.18%             | 2044-07-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| HCA INC DISC COML 0.0 01JUL25 144A          | HCA INC DISC COML 0.0 01JUL25 144A                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24000000 | PA      | $23996786.40  | 0.31%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TX Trust 24-HOU                             | TX Trust 2024-HOU                                                                | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5962500.00   | 0.08%             | 2039-06-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2023-FL11 LLC                                   | CUSIP: 75575RAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2182858 | PA      | $2182175.26   | 0.03%             | 2039-10-25      | Floating      | 6.69%                 | 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        |   6377647 | PA      | $6379623.88   | 0.08%             | 2044-08-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-2                                                  | CUSIP: 67571QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1561393 | PA      | $1564211.26   | 0.02%             | 2031-06-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Trust 2016-1 LLC                                                   | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4750000 | PA      | $4759958.38   | 0.06%             | 2030-07-22      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2023-2                                    | CUSIP: 80287JAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1766520 | PA      | $1769746.28   | 0.02%             | 2028-05-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA MORTGAGE SECURITIES, INC.   | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 549300RHSE13N47D3B98 | Long             | RA               | CORP              | US        | 175000000 | PA      | $175000000.00 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB15 LLC                                                               | CUSIP: 15723AAA9<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |   4532465 | PA      | $4490100.52   | 0.06%             | 2034-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2019-HRP1                                    | CUSIP: 20754PAC4<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | CORP              | US        |   2071898 | PA      | $2071899.32   | 0.03%             | 2039-11-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392R6E6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     62725 | PA      | $63313.95     | 0.00%             | 2032-03-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Achieve Mortgage                            | ACHM Trust 2024-HE2                                                              | CUSIP: 00112DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4567934 | PA      | $4561103.50   | 0.06%             | 2039-10-25      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2018-A-GS                                          | CUSIP: 20269DAB1<br>LEI: 5493005PJR3MYTKJFJ48 | Long             | ABS-O            | CORP              | US        |    378364 | PA      | $373750.39    | 0.00%             | 2044-02-25      | Floating      | 4.93%                 | 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        |   3250000 | PA      | $3229746.98   | 0.04%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WFC0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  15670000 | PA      | $15686096.22  | 0.20%             | 2027-03-12      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2022-1                              | CUSIP: 04047EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418541 | PA      | $417776.78    | 0.01%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| MCF CLO LLC                                 | MCF CLO 10 Ltd                                                                   | CUSIP: 55293LAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   5225000 | PA      | $5234263.93   | 0.07%             | 2037-04-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                             | FinBe USA Trust 2025-1                                                           | CUSIP: 317967AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13460000 | PA      | $13466085.27  | 0.17%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396A5E0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24629 | PA      | $24478.48     | 0.00%             | 2035-08-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Zais CLO 13, Limited                        | Zais Clo 13 Ltd                                                                  | CUSIP: 98876NAW4<br>LEI: 549300GODB02F7ODZK39 | Long             | ABS-CBDO         | CORP              | KY        |   1053043 | PA      | $1053392.39   | 0.01%             | 2032-07-15      | Floating      | 5.56%                 | 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        |  17157978 | PA      | $17126034.97  | 0.22%             | 2044-07-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2259812 | PA      | $2335455.70   | 0.03%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2025-1                                                | CUSIP: 505712AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $7999832.80   | 0.10%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2023-1                                              | CUSIP: 924933AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3076695.90   | 0.04%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Pangaea Re 2021-3, 7/1/25                   | Pangaea Re 2021-3, 7/1/25                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $0.00         | 0.00%             | 2026-07-01      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                                         | CUSIP: 60700JCW3<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |   9130000 | PA      | $9137680.52   | 0.12%             | 2025-10-06      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                         | Great Lakes CLO 2019-1 Ltd                                                       | CUSIP: 390578AR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4190000 | PA      | $4189074.01   | 0.05%             | 2037-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| CAL Receivables LLC                         | CAL Receivables 2022-1 LLC                                                       | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |   3958273 | PA      | $3951072.84   | 0.05%             | 2026-10-15      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9964227.70   | 0.13%             | 2028-01-13      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                      | Federation des Caisses Desjardins du Quebec                                      | CUSIP: 31429KAH6<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |  12036000 | PA      | $12095845.40  | 0.16%             | 2027-08-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corportation Trust 2021-IP                                | CUSIP: 36262MAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1080875.95   | 0.01%             | 2036-10-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-2                                                            | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4639575 | PA      | $4651864.75   | 0.06%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2024-HE2                                     | CUSIP: 36271AAA1<br>LEI: 254900W4Z6DJOVCWAH28 | Long             | ABS-O            | CORP              | US        |  13519106 | PA      | $13530966.04  | 0.17%             | 2055-01-25      | Floating      | 5.81%                 | 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        |  15708243 | PA      | $15765861.27  | 0.20%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Rosy Blue Carat S.A.                        | Rosy Blue Carat SCS                                                              | CUSIP: 77862UAD0<br>LEI: 222100OTGQJOXUS2K930 | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7560000.00   | 0.10%             | 2030-03-15      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| EFS COGEN HOLDINGS I LLC                    | EFS COGEN HOLDINGS I LLC                                                         | CUSIP: 26844HAJ6<br>LEI: 549300KDKPYR8NXXKI52 | Long             | LON              | CORP              | US        |   2412220 | PA      | $2423979.40   | 0.03%             | 2031-10-03      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396HUS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    109234 | PA      | $108155.96    | 0.00%             | 2036-02-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co               | Sierra Timeshare 2021-1 Receivables Funding LLC                                  | CUSIP: 82652QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172803 | PA      | $169728.93    | 0.00%             | 2037-11-20      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTL INC DISC 0.0 01JUL25          | MONDELEZ INTL INC DISC 0.0 01JUL25                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6400000 | PA      | $6399189.12   | 0.08%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MATTERHORN RE LTD                           | Matterhorn Re Ltd                                                                | CUSIP: 577092AD1<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    234532 | PA      | $208897.65    | 0.00%             | 2027-01-08      | Floating      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                                    | CUSIP: 58003MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13870000 | PA      | $13871761.49  | 0.18%             | 2041-08-18      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-A                                                    | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19670000 | PA      | $19659814.87  | 0.25%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2016-B                                             | CUSIP: 20267UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31005 | PA      | $30901.65     | 0.00%             | 2040-10-25      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Equify ABS, LLC                             | Equify ABS 2024-1 LLC                                                            | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5687839 | PA      | $5690511.12   | 0.07%             | 2033-04-18      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-HE1 Trust                                                               | CUSIP: 67121CAA4<br>LEI: 2549002GJHC7CO92J583 | Long             | ABS-O            | CORP              | US        |  11782880 | PA      | $11810848.72  | 0.15%             | 2055-02-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| TRONOX FINANCE LLC                          | TRONOX FINANCE LLC                                                               | CUSIP: 89705DAP7<br>LEI: 549300LMZ1DX1PWSP524 | Long             | LON              | CORP              | US        |   1710783 | PA      | $1675854.35   | 0.02%             | 2031-09-30      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| FISERV INC DISC COML PA 0.0 07JUL25         | FISERV INC DISC COML PA 0.0 07JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19500000 | PA      | $19482520.20  | 0.25%             | 2025-07-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                         | Nomura Holdings Inc                                                              | CUSIP: 65535HBQ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |  20260000 | PA      | $20399003.25  | 0.26%             | 2027-07-02      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2003-W6                                                         | CUSIP: 31393BX75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    712015 | PA      | $708922.67    | 0.01%             | 2042-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5                 | CUSIP: 46654PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6788000 | PA      | $6754060.00   | 0.09%             | 2038-11-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                           | Trimaran CAVU 2022-2 Ltd                                                         | CUSIP: 89625BAL7<br>LEI: 549300JHXVOIVLAKRV03 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000001.00   | 0.01%             | 2038-03-27      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Trust 2018-SL              | Towd Point Asset Trust 2018-SL1                                                  | CUSIP: 89174UAB2<br>LEI: 54930022FYEFQVX02P24 | Long             | ABS-O            | CORP              | US        |   4551792 | PA      | $4537888.84   | 0.06%             | 2046-01-25      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| SANDISK CORP                                | SANDISK CORP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3410500 | PA      | $3392383.15   | 0.04%             | 2032-02-23      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | GRACIE POINT INTERNATIONAL FUNDING 2023-1                                        | CUSIP: 383931AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13985745 | PA      | $14008496.93  | 0.18%             | 2026-09-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner              | Kinetic Advantage Master Owner Trust                                             | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20280000 | PA      | $20345666.64  | 0.26%             | 2027-11-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6861822 | PA      | $6878976.47   | 0.09%             | 2038-07-15      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2023-7                                                      | CUSIP: 69548RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    693086 | PA      | $693752.83    | 0.01%             | 2031-07-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CV55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    104372 | PA      | $103154.28    | 0.00%             | 2036-11-15      | Floating      | 4.77%                 | 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        |  19265435 | PA      | $19265319.45  | 0.25%             | 2039-02-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                 | KeyBank NA/Cleveland OH                                                          | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |  17034000 | PA      | $17021405.06  | 0.22%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE4                                                             | CUSIP: 31684PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3790000 | PA      | $3789951.11   | 0.05%             | 2055-07-01      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                              | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4462524 | PA      | $4493634.92   | 0.06%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| JABIL INC DISC COM 0.0 01JUL25 144A         | JABIL INC DISC COM 0.0 01JUL25 144A                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13300000 | PA      | $13298110.07  | 0.17%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                 | OCP CLO 2017-14 Ltd                                                              | CUSIP: 67097QAL9<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2499797.50   | 0.03%             | 2037-07-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1868399 | PA      | $1823999.07   | 0.02%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Regatta X Funding Ltd.                      | Regatta X Funding Ltd                                                            | CUSIP: 75884BAJ7<br>LEI: 549300E2FIIBY7XTJE98 | Long             | ABS-CBDO         | CORP              | KY        |   4416667 | PA      | $4407484.41   | 0.06%             | 2037-07-17      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCH3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   3220000 | PA      | $3239276.92   | 0.04%             | 2027-01-23      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38374KPM9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    152719 | PA      | $151189.82    | 0.00%             | 2035-01-16      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB                                 | Swedbank AB                                                                      | CUSIP: 870195AA2<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   8840000 | PA      | $8925451.42   | 0.11%             | 2026-06-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140QUSF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9389325 | PA      | $9715333.02   | 0.12%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                                          | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   5408000 | PA      | $5415507.33   | 0.07%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLUTTER ENTERTAINMENT PL                    | FLUTTER ENTERTAINMENT PLC                                                        | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |   1354375 | PA      | $1350353.86   | 0.02%             | 2030-11-29      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392GDP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38481 | PA      | $38318.99     | 0.00%             | 2032-09-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZL1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3369000 | PA      | $3379366.45   | 0.04%             | 2028-02-24      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAPITAL L                    | Outfront Media Capital LLC                                                       | CUSIP: 12505MAF3<br>LEI: 5493005WC7J0FDMW0610 | Long             | LON              | CORP              | US        |   1156732 | PA      | $1157454.73   | 0.01%             | 2026-11-18      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2025-SIF5 LLC                                                           | CUSIP: 85573WAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10110000 | PA      | $10132120.68  | 0.13%             | 2037-04-15      | Floating      | 5.80%                 | 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        |  10675000 | PA      | $10691012.50  | 0.14%             | 2036-07-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                      | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBY2<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |  17665000 | PA      | $17731860.44  | 0.23%             | 2028-07-21      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   9090000 | PA      | $9103327.67   | 0.12%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31402DHP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       968 | PA      | $970.60       | 0.00%             | 2032-10-01      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HBQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19894 | PA      | $19927.66     | 0.00%             | 2030-04-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XR63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   3621390 | PA      | $3730045.54   | 0.05%             | 2030-12-25      | Floating      | 6.97%                 | 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        |   2947099 | PA      | $2945272.17   | 0.04%             | 2044-01-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                     | Australia & New Zealand Banking Group Ltd                                        | CUSIP: 05252ADH1<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   6765000 | PA      | $6771765.00   | 0.09%             | 2025-10-03      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus              | Veridian Auto Receivables Trust 2023-1                                           | CUSIP: 92347BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3431612 | PA      | $3442111.89   | 0.04%             | 2028-03-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                        | WEC Energy Group Inc                                                             | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |  12950000 | PA      | $12952895.23  | 0.17%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HY23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33088 | PA      | $33211.28     | 0.00%             | 2033-02-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2025-1                                                            | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8949080 | PA      | $8957055.62   | 0.11%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396JKN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41716 | PA      | $41352.92     | 0.00%             | 2036-03-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSURANCE AND ANNUITY              | Tiaa Clo III Ltd                                                                 | CUSIP: 87272HAC4<br>LEI: 54930043TEPI4UKGHU90 | Long             | ABS-CBDO         | CORP              | KY        |   2930000 | PA      | $2931292.13   | 0.04%             | 2031-01-16      | Floating      | 6.02%                 | 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        |   1658775 | PA      | $1659193.52   | 0.02%             | 2053-01-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                          | CNO Global Funding                                                               | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |  11455000 | PA      | $11764675.73  | 0.15%             | 2027-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA4                                          | CUSIP: 35564KNK1<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |  21089061 | PA      | $21049624.74  | 0.27%             | 2041-12-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392AKD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104492 | PA      | $104344.68    | 0.00%             | 2031-11-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| AVOLON TLB BORROWER 1 US                    | AVOLON TLB BORROWER 1 US                                                         | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |   1207120 | PA      | $1209808.42   | 0.02%             | 2030-06-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                       | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |  12350000 | PA      | $12416578.85  | 0.16%             | 2028-03-14      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CV89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53042 | PA      | $52444.37     | 0.00%             | 2036-11-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| CG-CCRE Commercial Mortgage Tr              | CG-CCRE Commercial Mortgage Trust 2014-FL1                                       | CUSIP: 12528MAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2171167 | PA      | $2077850.26   | 0.03%             | 2031-06-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KTA7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |   1745588 | PA      | $1756044.68   | 0.02%             | 2042-03-25      | Floating      | 6.41%                 | 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        |   6500000 | PA      | $6512473.50   | 0.08%             | 2031-07-16      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2018-BGS                                           | CUSIP: 20268MAB2<br>LEI: 549300EJIXF1G1X7PN20 | Long             | ABS-O            | CORP              | US        |    711091 | PA      | $700648.70    | 0.01%             | 2045-09-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368FAD1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   8100000 | PA      | $8105779.51   | 0.10%             | 2026-09-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE3                                                             | CUSIP: 31684LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6747848 | PA      | $6792531.36   | 0.09%             | 2055-05-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Onity Loan Investment Trust 2024-HB2                                             | CUSIP: 68278DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4455694 | PA      | $4445363.45   | 0.06%             | 2037-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | BOF URSA VI Funding Trust I                                                      | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    739189 | PA      | $742361.41    | 0.01%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                       | Sixth Street CLO IX Ltd                                                          | CUSIP: 83012CAA3<br>LEI: 549300T5OQR4UD880D68 | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3200035.20   | 0.04%             | 2037-07-21      | Floating      | 5.22%                 | 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        |   1911591 | PA      | $1939266.02   | 0.02%             | 2043-04-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2023-B                                                  | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1977577 | PA      | $2050095.20   | 0.03%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397KUH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    210533 | PA      | $209557.28    | 0.00%             | 2037-10-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                      | ATHENAHEALTH GROUP INC                                                           | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    650270 | PA      | $649375.58    | 0.01%             | 2029-02-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                         | NatWest Markets PLC                                                              | CUSIP: 63906YAN8<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  15400000 | PA      | $15406928.92  | 0.20%             | 2028-03-21      | Floating      | 5.25%                 | 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        |  13174555 | PA      | $13154002.49  | 0.17%             | 2045-01-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASN87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3033287 | PA      | $3118230.80   | 0.04%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                            | Societe Generale SA                                                              | CUSIP: 83368RCB6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  17440000 | PA      | $17448894.40  | 0.22%             | 2029-04-13      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2019, 12/31/22                   | Viribus Re 2019, 12/31/22                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12983000 | PA      | $12918085.00  | 0.17%             | 2036-10-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Delta Funding Home Equity Loan              | Delta Funding Home Equity Loan Trust 1997-2                                      | CUSIP: 24763LBN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        78 | PA      | $32.28        | 0.00%             | 2027-06-25      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2021-1 Ltd                                                               | CUSIP: 437307AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   3240687 | PA      | $3262028.71   | 0.04%             | 2033-07-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                | Post CLO 2021-1 LTD                                                              | CUSIP: 73742FAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13000000 | PA      | $13017914.00  | 0.17%             | 2034-10-15      | Floating      | 5.34%                 | 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        |   2652587 | PA      | $2590359.44   | 0.03%             | 2057-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                        | Cornerstone Building Brands Inc                                                  | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    480000 | PA      | $429900.00    | 0.01%             | 2028-04-12      | Floating      | 7.66%                 | 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        |  17564862 | PA      | $17564813.32  | 0.23%             | 2044-10-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                            | GLOVES BUYER INC                                                                 | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |   2136000 | PA      | $2095059.29   | 0.03%             | 2032-05-24      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   7480000 | PA      | $7501144.02   | 0.10%             | 2027-05-21      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AA7F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6700963 | PA      | $6943668.77   | 0.09%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2017-HQA2                                           | CUSIP: 3137G0QG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4607949 | PA      | $4724837.69   | 0.06%             | 2029-12-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2022-1 LLC                                                      | CUSIP: 96034JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1232141 | PA      | $1224692.55   | 0.02%             | 2036-08-20      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                       | JANE STREET GROUP LLC                                                            | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |   3395670 | PA      | $3395459.57   | 0.04%             | 2031-12-15      | Floating      | 6.33%                 | 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        |   5760000 | PA      | $5709600.00   | 0.07%             | 2038-11-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2021-1                                                | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2379693 | PA      | $2337142.78   | 0.03%             | 2069-12-26      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXV CLO Ltd                                       | CUSIP: 34966YAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13340000 | PA      | $13340000.00  | 0.17%             | 2033-07-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4211198 | PA      | $4291707.58   | 0.06%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                                    | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  23888000 | PA      | $24226368.50  | 0.31%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan              | Trafigura Securitisation Finance PLC                                             | CUSIP: 892725AW2<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   9950000 | PA      | $9937443.10   | 0.13%             | 2027-11-15      | Floating      | 5.74%                 | 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        |  18990918 | PA      | $18990853.60  | 0.24%             | 2054-08-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                      | Northwoods Capital XI-B Ltd                                                      | CUSIP: 66860JAL2<br>LEI: 5493005SOJ8F7B634862 | Long             | ABS-CBDO         | CORP              | KY        |   2684210 | PA      | $2675620.53   | 0.03%             | 2037-07-19      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393QMP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43085 | PA      | $43888.46     | 0.00%             | 2033-05-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D                        | CUSIP: 59020UGH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14656 | PA      | $14229.73     | 0.00%             | 2029-09-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WFR7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  16000000 | PA      | $16003200.80  | 0.21%             | 2026-05-11      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  10245000 | PA      | $10266496.67  | 0.13%             | 2028-11-26      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Stonepeak                                   | Stonepeak 2021-1 ABS                                                             | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1097435 | PA      | $1050818.90   | 0.01%             | 2033-02-28      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                 | Citibank NA                                                                      | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   9090000 | PA      | $9101939.17   | 0.12%             | 2026-04-30      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC                       | JEFFERIES FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |   1719360 | PA      | $1717210.80   | 0.02%             | 2031-10-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CELSIUS HOLDINGS INC                        | CELSIUS HOLDINGS INC                                                             | CUSIP: 15118XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1368000 | PA      | $1376976.82   | 0.02%             | 2032-04-01      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R04                                     | CUSIP: 20753GAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2835197 | PA      | $2834317.77   | 0.04%             | 2044-05-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140NH3Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5681984 | PA      | $5786456.20   | 0.07%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   7780000 | PA      | $7800891.40   | 0.10%             | 2028-04-22      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                               | AEP Texas Inc                                                                    | CUSIP: 0010EPAN8<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |   5167000 | PA      | $5151306.22   | 0.07%             | 2025-10-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| WEX INC                                     | WEX INC                                                                          | CUSIP: 000000000<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |   2692252 | PA      | $2691692.51   | 0.03%             | 2032-03-05      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  17830000 | PA      | $17814162.50  | 0.23%             | 2028-01-13      | Floating      | 5.05%                 | 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        |      2551 | PA      | $2525.88      | 0.00%             | 2029-01-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2022-FL3 Ltd                                                                | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3800713 | PA      | $3787034.64   | 0.05%             | 2038-11-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| AGL CLO 14, LTD.                            | AGL CLO 14 Ltd                                                                   | CUSIP: 00851WAL3<br>LEI: 254900G6P36ERQHAIS15 | Long             | ABS-CBDO         | CORP              | KY        |   6820000 | PA      | $6834062.84   | 0.09%             | 2034-12-02      | Floating      | 5.40%                 | 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        |    825633 | PA      | $823254.90    | 0.01%             | 2023-10-15      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393HH21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21050 | PA      | $20947.67     | 0.00%             | 2032-12-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                      | Marlette Funding Trust 2024-1                                                    | CUSIP: 57108VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1618929 | PA      | $1621300.31   | 0.02%             | 2034-07-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2014-IVR3                                               | CUSIP: 46643BBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1705585 | PA      | $1697089.74   | 0.02%             | 2044-09-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38374KXH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    151787 | PA      | $150088.65    | 0.00%             | 2035-02-20      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORP 0.0 01JUL25          | BOSTON SCIENTIFIC CORP 0.0 01JUL25                                               | CUSIP: 10114AU15<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13800000 | PA      | $13798251.54  | 0.18%             | 2025-07-01      | None          | 0.00%                 | 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        |     70511 | PA      | $60776.74     | 0.00%             | 2042-09-25      | Fixed         | 4.44%                 | 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        |   6240000 | PA      | $6277983.56   | 0.08%             | 2029-06-20      | Fixed         | 7.31%                 | 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        |  10747233 | PA      | $10832660.64  | 0.14%             | 2031-10-15      | Fixed         | 6.57%                 | 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        |   5540000 | PA      | $6140866.18   | 0.08%             | 2030-03-15      | Fixed         | 11.42%                | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                             | Allegro CLO XIII Ltd                                                             | CUSIP: 01750WAA7<br>LEI: 254900E6QZJ305P65V74 | Long             | ABS-CBDO         | CORP              | KY        |    923611 | PA      | $922433.48    | 0.01%             | 2034-07-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1576000 | PA      | $1577993.21   | 0.02%             | 2026-12-09      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| National Collegiate Trust                   | National Collegiate Trust 2007-A/The                                             | CUSIP: 63543YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    727736 | PA      | $711608.68    | 0.01%             | 2031-05-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2021-2                                                  | CUSIP: 35042PAA8<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |   1390867 | PA      | $1321540.87   | 0.02%             | 2042-01-15      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Sculptor CLO Ltd                            | Sculptor CLO XXVII Ltd                                                           | CUSIP: 81124UAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1666667 | PA      | $1666868.33   | 0.02%             | 2034-07-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                  | SKY Trust 2025-LINE                                                              | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19680702 | PA      | $19631588.56  | 0.25%             | 2042-04-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point Clo XVI Ltd                                                          | CUSIP: 83610KAG8<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3011982.00   | 0.04%             | 2030-07-25      | Floating      | 8.14%                 | 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        |   8580000 | PA      | $8598264.25   | 0.11%             | 2030-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2021-1 LLC                                                                  | CUSIP: 70472TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1609113 | PA      | $1596062.54   | 0.02%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31410GX99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2976 | PA      | $3053.27      | 0.00%             | 2048-01-01      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                                 | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7294438 | PA      | $7287340.34   | 0.09%             | 2036-10-16      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| HYPERION REFINANCE SARL                     | HYPERION REFINANCE SARL                                                          | CUSIP: 000000000<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | LU        |   2400811 | PA      | $2409813.66   | 0.03%             | 2031-02-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  14600000 | PA      | $14709892.74  | 0.19%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133TLWG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17307 | PA      | $17312.77     | 0.00%             | 2028-04-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                    | New York Life Global Funding                                                     | CUSIP: 64953BBK3<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11021420.08  | 0.14%             | 2026-01-16      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt              | Benefit Street Partners CLO XVII Ltd                                             | CUSIP: 08182BAU2<br>LEI: 5493001ND55H5MJDIQ39 | Long             | ABS-CBDO         | CORP              | KY        |   9166667 | PA      | $9166446.67   | 0.12%             | 2037-10-15      | Floating      | 5.41%                 | 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        |   1545660 | PA      | $1552872.44   | 0.02%             | 2032-07-29      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38376CR84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40075 | PA      | $40122.03     | 0.00%             | 2039-10-16      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-X1                                        | CUSIP: 00834XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1764207 | PA      | $1765656.43   | 0.02%             | 2029-05-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2024-1                                                | CUSIP: 33843VAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2817967 | PA      | $2825013.67   | 0.04%             | 2028-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP                  | CUSIP: 46651MAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3041455 | PA      | $3004869.90   | 0.04%             | 2036-07-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Multifamily Structured Credit Risk                                   | CUSIP: 35563FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    411422 | PA      | $409536.15    | 0.01%             | 2051-01-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396UR69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129522 | PA      | $128668.85    | 0.00%             | 2036-07-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PBC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4504191 | PA      | $4497457.28   | 0.06%             | 2032-02-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                          | Credit Agricole SA                                                               | CUSIP: 22535WAM9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  12000000 | PA      | $12069170.16  | 0.15%             | 2028-09-11      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599BJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4110000 | PA      | $4109053.59   | 0.05%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                      | Federation des Caisses Desjardins du Quebec                                      | CUSIP: 31429KAN3<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |  23280000 | PA      | $23295463.97  | 0.30%             | 2027-01-27      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3760000 | PA      | $3762628.73   | 0.05%             | 2027-06-09      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-1 Ltd                                                             | CUSIP: 75279YAD3<br>LEI: 254900PS93C2BX29OQ80 | Long             | ABS-MBS          | CORP              | BM        |   1790000 | PA      | $1805223.77   | 0.02%             | 2033-12-27      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2020-4                                                 | CUSIP: 89179JAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1467794 | PA      | $1436992.28   | 0.02%             | 2060-10-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                         | ACREC 2021-FL1 Ltd                                                               | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4154414 | PA      | $4144451.79   | 0.05%             | 2036-10-16      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re 2022-1 Ltd                                                         | CUSIP: 078774AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |  15964000 | PA      | $16430099.31  | 0.21%             | 2032-01-26      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Wilshire Mortgage Loan Trust                | Wilshire Mortgage Loan Trust                                                     | CUSIP: 971885AK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4150 | PA      | $4139.82      | 0.00%             | 2028-05-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| US RADIOLOGY SPECIALISTS                    | US RADIOLOGY SPECIALISTS INC                                                     | CUSIP: 90372AAM0<br>LEI: 254900QCDFUYXJEFMY06 | Long             | LON              | CORP              | US        |   1237404 | PA      | $1241658.53   | 0.02%             | 2027-12-15      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| RVR DEALERSHIP HOLDINGS                     | RVR DEALERSHIP HOLDINGS                                                          | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    720524 | PA      | $662282.12    | 0.01%             | 2028-02-08      | Floating      | 8.18%                 | 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        |   3318521 | PA      | $3360393.94   | 0.04%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                                   | CUSIP: 00914AAH5<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $13500000.00  | 0.17%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13874779 | PA      | $13827063.99  | 0.18%             | 2041-05-17      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2024-1                                              | CUSIP: 78637EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2573071 | PA      | $2579178.77   | 0.03%             | 2028-03-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392VBS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22935 | PA      | $22886.61     | 0.00%             | 2032-09-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| PRIME SECURITY SERVICES BOR                 | PRIME SECURITY SERVICES BOR                                                      | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |   1742455 | PA      | $1745450.23   | 0.02%             | 2030-10-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398REQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75647 | PA      | $75153.98     | 0.00%             | 2040-05-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397EB38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     88250 | PA      | $86655.22     | 0.00%             | 2036-08-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2020-A                                                        | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1334487 | PA      | $1249145.10   | 0.02%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393K5F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77851 | PA      | $77518.60     | 0.00%             | 2033-02-15      | Floating      | 4.82%                 | 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        |  15550000 | PA      | $15540284.36  | 0.20%             | 2042-09-18      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| FIRST ADVANTAGE HOLDINGS                    | FIRST ADVANTAGE HOLDINGS LLC                                                     | CUSIP: 78477MAG6<br>LEI: 549300MRQE5MQEH3BI02 | Long             | LON              | CORP              | US        |   1765312 | PA      | $1768621.55   | 0.02%             | 2031-10-31      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4005000 | PA      | $4034405.95   | 0.05%             | 2028-02-24      | Floating      | 5.59%                 | 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        |   7183496 | PA      | $7196759.73   | 0.09%             | 2032-10-25      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| RUSSELL INVESTMENTS US                      | RUSSELL INVESTMENTS US INSTITUTIONAL HOLDCO INC                                  | CUSIP: 78249LAE0<br>LEI: 5493008YG7V0FQCJQI74 | Long             | LON              | CORP              | US        |   1535390 | PA      | $1456700.84   | 0.02%             | 2027-05-28      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060675<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -2000000 | PA      | $-2032245.68  | -0.03%            | 2055-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Z Capital Credit Partners CLO               | Z Capital Credit Partners CLO 2019-1 Ltd                                         | CUSIP: 98877GAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6002142.00   | 0.08%             | 2031-07-16      | Floating      | 9.52%                 | 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        |  10246376 | PA      | $10302969.51  | 0.13%             | 2067-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $10237953.07  | 0.13%             | 2028-07-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd              | LoanCore 2021-CRE6 Issuer Ltd                                                    | CUSIP: 53948HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3529552 | PA      | $3527253.50   | 0.05%             | 2038-11-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| KOPPERS INC                                 | KOPPERS INC                                                                      | CUSIP: 50060JAH3<br>LEI: LTO4ZL5EBDR1NE6FGJ36 | Long             | LON              | CORP              | US        |    491306 | PA      | $493353.36    | 0.01%             | 2030-04-10      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-2                                        | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3627943 | PA      | $3639159.95   | 0.05%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                            | OWL Rock Clo XXI LLC                                                             | CUSIP: 69120UAA1<br>LEI: 2549000CE1W4KBWC2X49 | Long             | ABS-CBDO         | CORP              | US        |   5580000 | PA      | $5580000.00   | 0.07%             | 2034-07-24      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XXXVII LP                                                  | CUSIP: 15672QAJ6<br>LEI: 635400N8FQLKT6GMFM47 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3930448.00   | 0.05%             | 2034-04-15      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  11130000 | PA      | $11157513.25  | 0.14%             | 2027-06-04      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H060671<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  25000000 | PA      | $25365181.75  | 0.33%             | 2055-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XR22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26736 | PA      | $27061.05     | 0.00%             | 2037-03-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                     | National Australia Bank Ltd                                                      | CUSIP: 632525BW0<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   7430000 | PA      | $7452958.70   | 0.10%             | 2027-10-26      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                               | UBS AG/London                                                                    | CUSIP: 902674ZX1<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |  18700000 | PA      | $18730668.00  | 0.24%             | 2025-09-11      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2023-C                                          | CUSIP: 83207DAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5191638 | PA      | $5241690.49   | 0.07%             | 2052-11-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Battery Park CLO Ltd.                       | Battery Park Clo Ltd                                                             | CUSIP: 07133YAJ9<br>LEI: 549300HAR0K520KW1A03 | Long             | ABS-CBDO         | CORP              | KY        |   4350000 | PA      | $4350756.90   | 0.06%             | 2036-07-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO               | ABPCI DIRECT LENDING FUND CLO V LTD                                              | CUSIP: 000807BC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $4047336.00   | 0.05%             | 2036-01-20      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31359PF50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1353 | PA      | $1345.59      | 0.00%             | 2027-07-18      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| SMARTRONIX LLC                              | SMARTRONIX LLC                                                                   | CUSIP: 89617EAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1367572 | PA      | $1371846.16   | 0.02%             | 2032-02-09      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  17000000 | PA      | $16987306.27  | 0.22%             | 2026-01-12      | Fixed         | 4.38%                 | 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        |   3240000 | PA      | $3153081.82   | 0.04%             | 2029-03-15      | Fixed         | 3.47%                 | 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        |  14000000 | PA      | $14319284.00  | 0.18%             | 2042-01-25      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2022-3                                         | CUSIP: 38014QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4300000 | PA      | $4360050.36   | 0.06%             | 2028-06-15      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                    | Sumitomo Mitsui Trust Bank Ltd                                                   | CUSIP: 86563VBL2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   3835000 | PA      | $3864723.13   | 0.05%             | 2026-09-14      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| COLONY MORTGAGE CAPITAL LTD                 | CLNY Trust 2019-IKPR                                                             | CUSIP: 12564NAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7293750.00   | 0.09%             | 2038-11-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| PETSMART INC                                | PetSmart LLC                                                                     | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    721875 | PA      | $717363.28    | 0.01%             | 2028-02-14      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2021-P2                                           | CUSIP: 14687TAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $956417.10    | 0.01%             | 2028-05-10      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396TZ89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10476 | PA      | $10396.07     | 0.00%             | 2036-07-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2024-SIF4 LLC                                                           | CUSIP: 85573YAE3<br>LEI: 254900SH4Z0BDGW60S70 | Long             | ABS-CBDO         | CORP              | US        |   2390000 | PA      | $2400525.56   | 0.03%             | 2036-10-17      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXIX CLO Ltd                                       | CUSIP: 34990EAA8<br>LEI: 254900314MCCPONEEQ30 | Long             | ABS-CBDO         | CORP              | KY        |  14580000 | PA      | $14580451.98  | 0.19%             | 2033-04-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                             | Chevron USA Inc                                                                  | CUSIP: 166756BC9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |  12512000 | PA      | $12565575.13  | 0.16%             | 2028-02-26      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Twin Brook CLO                              | Twin Brook Clo 2024-2 LLC                                                        | CUSIP: 901395AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4959245.00   | 0.06%             | 2035-10-20      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   6956000 | PA      | $6962677.76   | 0.09%             | 2027-10-18      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXV CLO Ltd                                       | CUSIP: 34966YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3960000 | PA      | $3960000.00   | 0.05%             | 2033-07-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  14080000 | PA      | $14060851.20  | 0.18%             | 2029-01-24      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | Asurion LLC                                                                      | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2237449 | PA      | $2237215.89   | 0.03%             | 2027-07-30      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                                     | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   8309000 | PA      | $8331548.05   | 0.11%             | 2027-04-01      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  15270000 | PA      | $15343383.19  | 0.20%             | 2028-05-07      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                            | Flatiron CLO 21 Ltd                                                              | CUSIP: 33883PAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3600000 | PA      | $3590974.80   | 0.05%             | 2037-10-19      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W4                                                         | CUSIP: 31394VQB9<br>LEI: 549300DT3ZN0G36OPC94 | Long             | ABS-MBS          | USGSE             | US        |     22234 | PA      | $22665.06     | 0.00%             | 2045-06-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2019-1 Ltd                                                              | CUSIP: 92917NAU2<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4000872.00   | 0.05%             | 2037-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent 2015-SFR2 Trust                                            | CUSIP: 02666BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044000 | PA      | $1041856.35   | 0.01%             | 2052-10-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| FITNESS & SPORTS CLUBS LLC                  | FITNESS & SPORTS CLUBS LLC                                                       | CUSIP: 33818XAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2192535 | PA      | $2203497.23   | 0.03%             | 2029-02-12      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                  | Sprint LLC                                                                       | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13124710.17  | 0.17%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                               | CUSIP: 05964HBC8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  12000000 | PA      | $12069924.00  | 0.15%             | 2028-03-14      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                              | Newday Funding Master Issuer PLC - Series 2023-1                                 | CUSIP: 65120LAL5<br>LEI: 213800GBPRAJHSB5YK19 | Long             | ABS-O            | CORP              | GB        |   5700000 | PA      | $5757585.39   | 0.07%             | 2031-11-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                          | BMW US Capital LLC                                                               | CUSIP: 05565ECT0<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |  11890000 | PA      | $11919118.61  | 0.15%             | 2027-08-13      | Floating      | 5.23%                 | 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        |  13360558 | PA      | $13333410.92  | 0.17%             | 2055-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC DISC COML 0.0 09JUL25          | AUTOZONE INC DISC COML 0.0 09JUL25                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8200000 | PA      | $8190699.56   | 0.10%             | 2025-07-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393LBU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33366 | PA      | $33258.11     | 0.00%             | 2033-02-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | GRACIE POINT INTERNATIONAL FUNDING 2023-1                                        | CUSIP: 383931AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5163000 | PA      | $5165799.89   | 0.07%             | 2026-09-01      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                 | Hertz Vehicle Financing III LLC                                                  | CUSIP: 42806MAK5<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   1068333 | PA      | $1068333.33   | 0.01%             | 2026-06-25      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| SERVICE LOGIC ACQUISITIO                    | SERVICE LOGIC ACQUISITION INC                                                    | CUSIP: 81759AAH3<br>LEI: 25490008CFAWEVHSQF88 | Long             | LON              | CORP              | US        |   3609219 | PA      | $3618242.13   | 0.05%             | 2027-10-29      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-1                                                            | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4352000 | PA      | $4424088.84   | 0.06%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                         | ACREC 2021-FL1 Ltd                                                               | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13325000 | PA      | $13299513.27  | 0.17%             | 2036-10-16      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2021-1                                                  | CUSIP: 67571AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2451661 | PA      | $2440897.65   | 0.03%             | 2028-11-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W3                                                         | CUSIP: 31394FSD8<br>LEI: 549300RF7M92JUSGM340 | Long             | ABS-MBS          | USGSE             | US        |     21428 | PA      | $21097.92     | 0.00%             | 2045-04-25      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2018-C-GS                                          | CUSIP: 20267XAB9<br>LEI: 549300O1CSZVJJTIR319 | Long             | ABS-O            | CORP              | US        |    294805 | PA      | $291726.04    | 0.00%             | 2046-02-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                                | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5375883 | PA      | $5322887.58   | 0.07%             | 2038-08-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESORTS                  | MARRIOTT OWNERSHIP RESORTS INC                                                   | CUSIP: 57163KAJ7<br>LEI: BW4532OH033VURR0IT68 | Long             | LON              | CORP              | US        |    990000 | PA      | $992475.00    | 0.01%             | 2031-04-01      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-3                                                          | CUSIP: 30339EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2244104.33   | 0.03%             | 2031-02-17      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   9020000 | PA      | $9041935.11   | 0.12%             | 2027-03-18      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                           | CUSIP: 853254CV0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   8600000 | PA      | $8697053.15   | 0.11%             | 2027-07-06      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd                                                              | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260575.00    | 0.00%             | 2027-06-07      | Floating      | 11.54%                | Yes           |                  2 | On Loan: No      |
| BCRED BSL Static CLO Ltd                    | BCRED BSL Static CLO 2025-1 Ltd                                                  | CUSIP: 05556KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6630000 | PA      | $6625040.76   | 0.08%             | 2035-07-24      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                 | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8575000 | PA      | $8579890.92   | 0.11%             | 2028-01-24      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                     | PPL Capital Funding Inc                                                          | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |   1778000 | PA      | $1756870.14   | 0.02%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                                    | CUSIP: 68377KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1101200 | PA      | $1102501.41   | 0.01%             | 2032-02-09      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                          | Macquarie Bank Ltd                                                               | CUSIP: 05252ADQ1<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |  11450000 | PA      | $11465457.50  | 0.15%             | 2028-06-12      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2022-B                            | CUSIP: 80290CBB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    997336 | PA      | $1005071.02   | 0.01%             | 2032-08-16      | Fixed         | 11.91%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Trust 2015-1                                                           | CUSIP: 46643UAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75019 | PA      | $74169.72     | 0.00%             | 2044-12-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                           | CUSIP: 03880KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8563874 | PA      | $8560440.22   | 0.11%             | 2034-08-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                                                | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   6000000 | PA      | $6029162.82   | 0.08%             | 2028-03-01      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                       | QUIKRETE HOLDING 01/30/32                                                        | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1995000 | PA      | $1994642.90   | 0.03%             | 2032-02-10      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                                         | CUSIP: 59013MAF9<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5744250.00   | 0.07%             | 2025-07-07      | Floating      | 11.78%                | 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        |  15600000 | PA      | $15759919.97  | 0.20%             | 2026-02-01      | Fixed         | 7.85%                 | 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        |   2201435 | PA      | $2201436.27   | 0.03%             | 2044-09-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2022-1                                        | CUSIP: 89616BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2174128 | PA      | $2182469.72   | 0.03%             | 2027-08-16      | Fixed         | 7.79%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2021-2 Ltd                                                              | CUSIP: 26982AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   2242701 | PA      | $2260599.49   | 0.03%             | 2034-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| ARCHKEY HOLDINGS INC                        | ARCHKEY HOLDINGS INC                                                             | CUSIP: 48205CAD7<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |     59069 | PA      | $59573.45     | 0.00%             | 2031-11-03      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-5                                              | CUSIP: 69544LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1849240 | PA      | $1866969.30   | 0.02%             | 2031-10-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397GBY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68651 | PA      | $67691.24     | 0.00%             | 2034-07-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XSV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   2198700 | PA      | $2238048.13   | 0.03%             | 2030-02-25      | Floating      | 7.22%                 | 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        |   3490000 | PA      | $3199471.81   | 0.04%             | 2036-07-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8538760.00   | 0.11%             | 2028-07-26      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust              | Upgrade Master Pass-Thru Trust Series 2025-ST2                                   | CUSIP: 91534JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4851837 | PA      | $4893276.55   | 0.06%             | 2032-06-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| Silver Rock CLO Ltd                         | Silver Rock CLO IV Ltd                                                           | CUSIP: 82811BAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3999668.00   | 0.05%             | 2037-10-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| KREF 2022-Fl3 Ltd                           | KREF 2022-FL3 Ltd                                                                | CUSIP: 48275EAA4<br>LEI: 549300DG0FGL1EU1CT79 | Long             | ABS-CBDO         | CORP              | KY        |  22829063 | PA      | $22821849.23  | 0.29%             | 2039-02-17      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CXY79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1117127 | PA      | $1169915.77   | 0.01%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XFF8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  15400000 | PA      | $15289166.20  | 0.20%             | 2028-04-04      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2017-SMP                                   | CUSIP: 95001CAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8725000 | PA      | $5244607.10   | 0.07%             | 2034-12-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                            | CUSIP: 89788MAJ1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11045254.44  | 0.14%             | 2026-10-28      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-1 Ltd                                                             | CUSIP: 75279YAC5<br>LEI: 254900PS93C2BX29OQ80 | Long             | ABS-MBS          | CORP              | BM        |   1605741 | PA      | $1607500.33   | 0.02%             | 2033-12-27      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78016HZU7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  15280000 | PA      | $15378444.91  | 0.20%             | 2027-01-19      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-CIP                                            | CUSIP: 12434FAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10555741 | PA      | $10549143.59  | 0.14%             | 2038-12-15      | Floating      | 5.70%                 | 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        |   7255000 | PA      | $7259523.49   | 0.09%             | 2041-09-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2020-FL2 LTD                                                                | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10289965 | PA      | $10264538.21  | 0.13%             | 2038-02-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052672<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  28000000 | PA      | $27993594.16  | 0.36%             | 2055-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH RE LTD                         | Commonwealth RE Ltd                                                              | CUSIP: 203235AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $999500.00    | 0.01%             | 2025-07-08      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| Capital Four US CLO                         | Capital Four US CLO II Ltd                                                       | CUSIP: 14016CAL0<br>LEI: 2138009KMDCX6G3MTA10 | Long             | ABS-CBDO         | CORP              | JE        |   1577141 | PA      | $1577182.29   | 0.02%             | 2037-01-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-1                                              | CUSIP: 69544NAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3499370 | PA      | $3502481.96   | 0.04%             | 2032-07-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                                        | CUSIP: 89617CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26290623 | PA      | $26316908.04  | 0.34%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   6400000 | PA      | $6406844.67   | 0.08%             | 2027-09-25      | Floating      | 5.25%                 | 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        |     31929 | PA      | $31364.53     | 0.00%             | 2033-05-25      | Floating      | 5.21%                 | 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        |  14619905 | PA      | $14629124.15  | 0.19%             | 2045-01-25      | Floating      | 5.41%                 | 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        |   3750000 | PA      | $3785197.88   | 0.05%             | 2027-12-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Harambee Re 2019, 12/31/22                  | Harambee Re 2019, 12/31/22                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BANK OF NY MELLON CORP                      | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   7080000 | PA      | $7086867.60   | 0.09%             | 2028-06-09      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAL1<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |    795095 | PA      | $778050.77    | 0.01%             | 2033-05-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                | 7-Eleven Inc                                                                     | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $17602400.70  | 0.23%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PJX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179025 | PA      | $175767.77    | 0.00%             | 2037-02-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  14055000 | PA      | $14087607.60  | 0.18%             | 2027-09-22      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  17580000 | PA      | $17573506.65  | 0.23%             | 2029-01-24      | Floating      | 5.12%                 | 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        |    158611 | PA      | $156627.70    | 0.00%             | 2041-06-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2013-1 A PTT                     | United Airlines 2013-1 Class A Pass Through Trust                                | CUSIP: 909319AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3253986 | PA      | $3250048.45   | 0.04%             | 2025-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | BOF URSA VI Funding Trust I                                                      | CUSIP: 05603KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    341273 | PA      | $342737.88    | 0.00%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB14 LLC                                                               | CUSIP: 12530XAA9<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |  11552559 | PA      | $11332345.10  | 0.15%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                         | Buckeye Partner 11/22/30                                                         | CUSIP: 11823LAQ8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |   2072428 | PA      | $2077350.40   | 0.03%             | 2030-11-22      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2025-1                           | CUSIP: 446438SX2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9864146 | PA      | $9903170.04   | 0.13%             | 2033-03-21      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                            | OWL Rock Clo XXI LLC                                                             | CUSIP: 69120UAB9<br>LEI: 2549000CE1W4KBWC2X49 | Long             | ABS-CBDO         | CORP              | US        |   3290000 | PA      | $3290000.00   | 0.04%             | 2034-07-24      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                       | LEVEL 3 FINANCING INC                                                            | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   1139156 | PA      | $1151971.51   | 0.01%             | 2032-03-29      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396LLX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46458 | PA      | $45984.05     | 0.00%             | 2036-11-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu              | Bear Stearns Asset Backed Securities Trust 2001-3                                | CUSIP: 07384YBL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35431 | PA      | $35363.58     | 0.00%             | 2032-10-27      | Floating      | 5.33%                 | 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        |   5700000 | PA      | $5422172.31   | 0.07%             | 2036-07-15      | Floating      | 6.52%                 | 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        |    743300 | PA      | $614981.03    | 0.01%             | 2035-06-10      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2021-A                                                        | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2332371 | PA      | $2146238.96   | 0.03%             | 2046-07-17      | Fixed         | 1.54%                 | 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        |   4262101 | PA      | $4176703.42   | 0.05%             | 2030-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust               | CarNow Auto Receivables Trust 2023-2                                             | CUSIP: 14367NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3380310 | PA      | $3391517.43   | 0.04%             | 2027-01-15      | Fixed         | 8.53%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                       | Amrize Finance US LLC                                                            | CUSIP: 43475RAL0<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |  19600000 | PA      | $19342433.85  | 0.25%             | 2026-09-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVEM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    202875 | PA      | $206846.64    | 0.00%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2021-7 Ltd                                               | CUSIP: 05682NAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6465966.00   | 0.08%             | 2035-01-22      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Eastern Power LLC                           | EASTERN POWER LLC                                                                | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |    857261 | PA      | $859850.63    | 0.01%             | 2028-04-03      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W3                                                         | CUSIP: 31394FSB2<br>LEI: 549300RF7M92JUSGM340 | Long             | ABS-MBS          | USGSE             | US        |    221898 | PA      | $219940.33    | 0.00%             | 2045-03-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2025-1                                                     | CUSIP: 68377PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5218541 | PA      | $5210324.02   | 0.07%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   8800000 | PA      | $8865905.58   | 0.11%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                           | CUSIP: 85325C2F8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  17580000 | PA      | $17610062.33  | 0.23%             | 2029-01-21      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                         | General Electric Co                                                              | CUSIP: 36962GW75<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   8431000 | PA      | $8432793.44   | 0.11%             | 2026-05-05      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                                 | CUSIP: 39810MAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4030000 | PA      | $4020811.60   | 0.05%             | 2043-01-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                   | College Ave Student Loans 2019-A LLC                                             | CUSIP: 19421UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3298613 | PA      | $3295734.23   | 0.04%             | 2048-12-28      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| AVALONBAY CMNTYS I 0.0 10JUL25 144A         | AVALONBAY CMNTYS I 0.0 10JUL25 144A                                              | CUSIP: 05348AUA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36500000 | PA      | $36453371.25  | 0.47%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LHS BORROWER LLC                            | LHS Borrower LLC                                                                 | CUSIP: 50204EAB4<br>LEI: 2549000R2CJY3YBDDU14 | Long             | LON              | CORP              | US        |    483570 | PA      | $450526.06    | 0.01%             | 2029-02-20      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED EDISON INC                     | CONSOLIDATED EDISON INC                                                          | CUSIP: 20911TU83<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36500000 | PA      | $36462821.10  | 0.47%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R07                                     | CUSIP: 20753BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    919747 | PA      | $927224.32    | 0.01%             | 2043-09-25      | Floating      | 6.26%                 | 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        |   2954173 | PA      | $2970805.30   | 0.04%             | 2043-07-25      | Floating      | 6.01%                 | 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        |  13000000 | PA      | $13235690.00  | 0.17%             | 2042-01-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397ASY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32389 | PA      | $32075.40     | 0.00%             | 2036-09-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2018-TWR                                       | CUSIP: 36251SAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8720000 | PA      | $6704720.80   | 0.09%             | 2031-07-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2024-1CON                                               | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3506501 | PA      | $3591431.33   | 0.05%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2018-B                                          | CUSIP: 78449LAC2<br>LEI: 549300INMCHM7L5O6M41 | Long             | ABS-O            | CORP              | US        |   1106030 | PA      | $1103712.26   | 0.01%             | 2037-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690DK64<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6311609.77   | 0.08%             | 2029-01-12      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| MATTERHORN RE LTD                           | Matterhorn Re Ltd                                                                | CUSIP: 577092AN9<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $239900.00    | 0.00%             | 2025-12-08      | Floating      | 10.06%                | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                        | CUSIP: 682680BR3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   5476000 | PA      | $5480264.49   | 0.07%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2024-1                                              | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1507889.70   | 0.02%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXI CLO Ltd                                       | CUSIP: 34990GAA3<br>LEI: 25490034R237Z9DZDO05 | Long             | ABS-CBDO         | CORP              | KY        |  11780000 | PA      | $11799919.98  | 0.15%             | 2033-07-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396WYY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13488 | PA      | $13441.78     | 0.00%             | 2037-07-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                 | Merchants Fleet Funding LLC                                                      | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   5990308 | PA      | $6039419.27   | 0.08%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2022-5                                                      | CUSIP: 69548HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    936993 | PA      | $940182.74    | 0.01%             | 2030-06-17      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                              | Pikes Peak CLO 6                                                                 | CUSIP: 72132YAY1<br>LEI: 635400BKNXKWEO3G2J74 | Long             | ABS-CBDO         | CORP              | KY        |  14300000 | PA      | $14285700.00  | 0.18%             | 2034-05-18      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                         | LCM XVIII LP                                                                     | CUSIP: 50188GAT0<br>LEI: 549300PYL1KC7BYM8G75 | Long             | ABS-CBDO         | CORP              | KY        |   1327728 | PA      | $1327551.20   | 0.02%             | 2031-04-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                           | Brown & Brown Inc                                                                | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |  10450000 | PA      | $10498792.30  | 0.13%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Veritiv Operating Co                        | VERITIV OPERATING CO                                                             | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |   2319158 | PA      | $2330030.50   | 0.03%             | 2030-11-29      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| TORRICELLI RE 2022                          | TORRICELLI RE 2022                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $0.00         | 0.00%             | 2028-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| EXPEDIA GROUP INC                           | Expedia Group Inc                                                                | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8439000 | PA      | $8447111.82   | 0.11%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                        | ALPHA GENERATION LLC                                                             | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |   1377080 | PA      | $1378801.35   | 0.02%             | 2031-09-30      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| TSTAT 2022-1 Ltd                            | TSTAT 2022-1 Ltd                                                                 | CUSIP: 872899BA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   6000000 | PA      | $5992122.00   | 0.08%             | 2037-07-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC 0.0 03JUL25          | CENTERPOINT ENERGY INC 0.0 03JUL25                                               | CUSIP: 1518T2U36<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36500000 | PA      | $36486316.15  | 0.47%             | 2025-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                         | LIGHTNING POWER LLC                                                              | CUSIP: 53229LAB3<br>LEI: 254900BWCHJ03XRL8K59 | Long             | LON              | CORP              | US        |   2992481 | PA      | $3001832.50   | 0.04%             | 2031-08-18      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                               | VALVOLINE INC                                                                    | CUSIP: 92048DAF9<br>LEI: 549300CMHPBEY6VPOT75 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1004375.00   | 0.01%             | 2032-03-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                   | Upgrade Receivables Trust 2024-1                                                 | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5933205 | PA      | $5937189.25   | 0.08%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                           | FREED ABS Trust 2021-3FP                                                         | CUSIP: 30322MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    151722 | PA      | $151072.66    | 0.00%             | 2028-11-20      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                      | Protective Life Global Funding                                                   | CUSIP: 743672AE7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |  19300000 | PA      | $19350699.75  | 0.25%             | 2026-04-10      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| CLEARWATER ANALYTICS LLC                    | CLEARWATER ANALYTICS LLC                                                         | CUSIP: 18512EAF9<br>LEI: 894500N8DN2JO5ZDRQ11 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1002500.00   | 0.01%             | 2032-04-21      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCG5<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   7000000 | PA      | $7063397.81   | 0.09%             | 2026-07-13      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                            | Owl Rock CLO IV Ltd                                                              | CUSIP: 691200AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2600000 | PA      | $2604193.80   | 0.03%             | 2033-08-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4530000 | PA      | $4541157.39   | 0.06%             | 2039-09-19      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31403YH97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4352 | PA      | $4454.94      | 0.00%             | 2034-02-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XWP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24579 | PA      | $24383.31     | 0.00%             | 2037-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394V7B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11517 | PA      | $11393.80     | 0.00%             | 2036-03-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                  | CUSIP: 126650CL2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $17986243.50  | 0.23%             | 2025-07-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO Ltd                         | 522 Funding CLO 2020-6 Ltd                                                       | CUSIP: 33835AAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1900002 | PA      | $1899939.50   | 0.02%             | 2034-10-23      | Floating      | 5.23%                 | 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        |   5300000 | PA      | $5342129.70   | 0.07%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                              | Oaktown Re VII Ltd                                                               | CUSIP: 67389JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   2673551 | PA      | $2697630.34   | 0.03%             | 2034-04-25      | Floating      | 7.21%                 | 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        |   3056630 | PA      | $3068188.23   | 0.04%             | 2041-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCL4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   5700000 | PA      | $5726816.33   | 0.07%             | 2028-02-16      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2024-FL11 Issuer LLC                                                       | CUSIP: 05613RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9920000 | PA      | $9951006.94   | 0.13%             | 2039-07-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2024-3                                                     | CUSIP: 68377NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3481188 | PA      | $3482233.86   | 0.04%             | 2029-08-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                                     | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3834813 | PA      | $3832435.72   | 0.05%             | 2041-12-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                                  | CUSIP: 03881UAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  15475000 | PA      | $15436284.65  | 0.20%             | 2041-01-20      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-2 Ltd                                                             | CUSIP: 75049GAB5<br>LEI: 254900JO0CMUL2VM8206 | Long             | ABS-MBS          | CORP              | BM        |   6535932 | PA      | $6636520.86   | 0.09%             | 2031-11-25      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                         | Great Lakes CLO VI LLC                                                           | CUSIP: 39057WAK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5880000 | PA      | $5892794.88   | 0.08%             | 2037-07-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31358SH87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11662 | PA      | $11640.07     | 0.00%             | 2030-12-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Achieve Mortgage                            | ACHM Mortgage Trust 2024-HE1                                                     | CUSIP: 00449TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5997405 | PA      | $6125150.82   | 0.08%             | 2039-05-25      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                         | CBAM 2018-5 Ltd                                                                  | CUSIP: 12481QAC9<br>LEI: 25490038OT2B8HTRW786 | Long             | ABS-CBDO         | CORP              | KY        |  11138738 | PA      | $11155390.79  | 0.14%             | 2031-04-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BNE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16486 | PA      | $16485.41     | 0.00%             | 2032-01-18      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER TREAS 0.0 07JUL25         | RECKITT BENCKISER TREAS 0.0 07JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  33000000 | PA      | $32971573.80  | 0.42%             | 2025-07-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                         | Elevance Health Inc                                                              | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |  12335000 | PA      | $12375082.09  | 0.16%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2021-C                                                    | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5752845 | PA      | $5619644.28   | 0.07%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                         | CHURCHILL DOWNS INC                                                              | CUSIP: 17148PAF8<br>LEI: 529900FODTBQC8MIS994 | Long             | LON              | CORP              | US        |    478750 | PA      | $479348.44    | 0.01%             | 2028-03-17      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE ONDEMAND INC                    | Cornerstone OnDemand Inc                                                         | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    241875 | PA      | $227261.64    | 0.00%             | 2028-10-16      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                 | PNC Bank NA                                                                      | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  16520000 | PA      | $16524448.51  | 0.21%             | 2027-01-15      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| WHITEWATER DBR HOLDCO LL                    | WHITEWATER DBR HOLDCO LL                                                         | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |   1226760 | PA      | $1228868.65   | 0.02%             | 2031-03-03      | Floating      | 6.56%                 | 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        |  13250000 | PA      | $13216865.73  | 0.17%             | 2042-08-19      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Private Education Refi Loan Trust 2021-C                                 | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525410 | PA      | $472774.99    | 0.01%             | 2069-10-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 313920TH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50564 | PA      | $50492.73     | 0.00%             | 2031-07-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XNJV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14747798 | PA      | $15324154.57  | 0.20%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396RZY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    221249 | PA      | $218599.31    | 0.00%             | 2036-06-15      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2023-3                              | CUSIP: 02530EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13080000 | PA      | $13351067.30  | 0.17%             | 2029-10-12      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Vestis Corp                                 | VESTIS TL B 1L USD                                                               | CUSIP: 92550HAE3<br>LEI: 254900QDW0TA2TMFAP59 | Long             | LON              | CORP              | US        |    623438 | PA      | $599019.32    | 0.01%             | 2031-02-24      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  19000000 | PA      | $19051538.64  | 0.24%             | 2028-05-26      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Pennantpark CLO                             | Pennantpark Clo IX LLC                                                           | CUSIP: 707915AN4<br>LEI: 9845006X5800FC503D51 | Long             | ABS-CBDO         | CORP              | US        |   4890000 | PA      | $4875779.88   | 0.06%             | 2034-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                        | DOTDASH MEREDITH INC                                                             | CUSIP: 25849KAH0<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |    544000 | PA      | $543320.00    | 0.01%             | 2032-06-16      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                          | Bank of America NA                                                               | CUSIP: 06428CAB0<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |  15450000 | PA      | $15547391.39  | 0.20%             | 2026-08-18      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                         | PFS Financing Corp                                                               | CUSIP: 69335PFS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15250000 | PA      | $15242436.00  | 0.20%             | 2029-01-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                             | MVW 2021-1W LLC                                                                  | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    841694 | PA      | $806331.51    | 0.01%             | 2041-01-22      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| PADAGIS LLC                                 | Padagis LLC                                                                      | CUSIP: 69526PAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    790780 | PA      | $741356.25    | 0.01%             | 2028-07-06      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables LLC                                                    | CUSIP: 88576PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    515541 | PA      | $503351.11    | 0.01%             | 2040-11-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38376FRF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57399 | PA      | $57865.25     | 0.00%             | 2039-08-16      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-1                                                    | CUSIP: 68377JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2390224 | PA      | $2394663.80   | 0.03%             | 2031-04-08      | Fixed         | 6.55%                 | 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        |   3211888 | PA      | $3258974.26   | 0.04%             | 2054-04-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                            | Owl Rock CLO II Ltd                                                              | CUSIP: 98955RAF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11000000 | PA      | $11010054.00  | 0.14%             | 2033-04-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-6                                       | CUSIP: 30168AAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1382000 | PA      | $1429700.70   | 0.02%             | 2029-04-06      | Fixed         | 8.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F030678<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -2000000 | PA      | $-1730281.08  | -0.02%            | 2055-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PFP III                                     | PFP 2024-11 Ltd                                                                  | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2494211 | PA      | $2499993.00   | 0.03%             | 2039-09-17      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395DVV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85636 | PA      | $85089.08     | 0.00%             | 2036-06-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                           | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1189064.78   | 0.02%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| US ANESTHESIA PARTNERS                      | US Anesthesia Partners Inc                                                       | CUSIP: 90350HAL3<br>LEI: 549300J001GMNRO7SQ51 | Long             | LON              | CORP              | US        |   1299375 | PA      | $1285336.55   | 0.02%             | 2028-10-02      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   5650000 | PA      | $5645954.04   | 0.07%             | 2027-06-24      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPER                 | CHARTER COMMUNICATIONS OPERATING LLC                                             | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   2878934 | PA      | $2886646.68   | 0.04%             | 2031-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                           | CUSIP: 03880KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7340000 | PA      | $7290770.62   | 0.09%             | 2034-08-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORP 0.0 08JUL25          | BOSTON SCIENTIFIC CORP 0.0 08JUL25                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8990832.60   | 0.12%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                          | Pacific Life Global Funding II                                                   | CUSIP: 6944PL3A5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  16200000 | PA      | $16305414.05  | 0.21%             | 2027-02-05      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-DNA1                                          | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |   6239699 | PA      | $6331360.33   | 0.08%             | 2043-03-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                 | Truist Bank                                                                      | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  19350000 | PA      | $19378835.37  | 0.25%             | 2027-05-20      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-XL2                                            | CUSIP: 05609KAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3497812.50   | 0.04%             | 2038-10-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  10417000 | PA      | $10405925.58  | 0.13%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                      | CACI INTERNATIONAL INC                                                           | CUSIP: 12718FAL8<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | LON              | CORP              | US        |   1990000 | PA      | $1993108.38   | 0.03%             | 2031-10-30      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2024-3                                     | CUSIP: 96043CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6927361 | PA      | $6929786.06   | 0.09%             | 2027-09-15      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAR8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  14460000 | PA      | $14412215.92  | 0.18%             | 2029-02-14      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2021-STAR                                      | CUSIP: 36264LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4317000 | PA      | $4295415.00   | 0.06%             | 2036-12-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC          | CLEAR CHANNEL OUTDOOR HO                                                         | CUSIP: 18452RAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    245481 | PA      | $244484.01    | 0.00%             | 2028-08-23      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133WBYU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16397163 | PA      | $17069659.13  | 0.22%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX GUARANTOR INC                       | PHOENIX GUARANTOR INC                                                            | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   2952992 | PA      | $2964476.30   | 0.04%             | 2031-02-21      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                | Ares LVII CLO Ltd                                                                | CUSIP: 04017NAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999900.02   | 0.03%             | 2035-01-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392RMJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     96227 | PA      | $97111.28     | 0.00%             | 2032-03-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-609M                 | CUSIP: 46652RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6735000 | PA      | $6701325.00   | 0.09%             | 2033-10-15      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2014-1                            | CUSIP: 61763YAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2564000 | PA      | $2501300.20   | 0.03%             | 2044-06-25      | Variable      | 5.96%                 | 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        |  10960000 | PA      | $10971146.32  | 0.14%             | 2033-09-14      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELEC PWR CO D 0.0 01JUL25         | WISCONSIN ELEC PWR CO D 0.0 01JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24000000 | PA      | $23997038.40  | 0.31%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2022-1                                             | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215014 | PA      | $214462.72    | 0.00%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2021-FL7 LLC                                    | CUSIP: 75575WAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1606321 | PA      | $1605757.75   | 0.02%             | 2036-11-25      | Floating      | 5.63%                 | 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        |   3543000 | PA      | $3587590.07   | 0.05%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HCU7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $16999234.83  | 0.22%             | 2026-07-24      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CMS INC                            | SEDGWICK CMS INC                                                                 | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1004583.00   | 0.01%             | 2031-07-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2022-6 Ltd                                               | CUSIP: 05685LAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4750000 | PA      | $4749605.75   | 0.06%             | 2038-01-22      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                   | Auxilior Term Funding 2023-1 LLC                                                 | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1532181 | PA      | $1544527.89   | 0.02%             | 2028-12-15      | Fixed         | 6.18%                 | 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        |   6035079 | PA      | $5692283.07   | 0.07%             | 2046-05-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                  | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   4525000 | PA      | $4530926.66   | 0.06%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                                                | CUSIP: 12530QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2482739 | PA      | $2459021.62   | 0.03%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   6072000 | PA      | $6012540.30   | 0.08%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pennantpark CLO                             | Pennantpark Clo IX LLC                                                           | CUSIP: 707915AQ7<br>LEI: 9845006X5800FC503D51 | Long             | ABS-CBDO         | CORP              | US        |   4400000 | PA      | $4398407.20   | 0.06%             | 2034-04-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Tru              | Newtek Small Business Loan Trust 2023-1                                          | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2903432 | PA      | $2931278.64   | 0.04%             | 2050-07-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQ2G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2225932 | PA      | $2339099.17   | 0.03%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13201786 | PA      | $13251292.20  | 0.17%             | 2039-08-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2018, 12/31/21                   | Viribus Re 2018, 12/31/21                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| CIFC Funding Ltd                            | CIFC Funding 2021-VII Ltd                                                        | CUSIP: 12567HAA0<br>LEI: 54930089HD7KU5NUS092 | Long             | ABS-CBDO         | CORP              | KY        |   2100000 | PA      | $2099848.80   | 0.03%             | 2035-01-23      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607PHU1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   6900000 | PA      | $6924982.35   | 0.09%             | 2027-09-11      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HWJT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     59168 | PA      | $58621.32     | 0.00%             | 2036-12-15      | Floating      | 4.77%                 | 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        |   2930951 | PA      | $2821040.53   | 0.04%             | 2043-08-18      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO                           | Lake Shore MM CLO IV Ltd                                                         | CUSIP: 510758AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1357031 | PA      | $1356656.71   | 0.02%             | 2037-01-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | BOF VII AL Funding Trust I                                                       | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4773752 | PA      | $4852723.03   | 0.06%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                             | Allegro CLO XIV Ltd                                                              | CUSIP: 01751AAA4<br>LEI: 25490093RGALWPW3N486 | Long             | ABS-CBDO         | CORP              | KY        |   1025000 | PA      | $1024933.40   | 0.01%             | 2034-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                                               | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2954100.00   | 0.04%             | 2026-04-07      | Floating      | 3.41%                 | Yes           |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                      | Protective Life Global Funding                                                   | CUSIP: 74368CBS2<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   5050000 | PA      | $5077288.53   | 0.07%             | 2026-04-14      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                           | Elevation CLO 2021-12 Ltd                                                        | CUSIP: 28623MAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3536842 | PA      | $3536078.15   | 0.05%             | 2037-04-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2023-A LLC                                                          | CUSIP: 62890QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2493195 | PA      | $2509383.71   | 0.03%             | 2030-06-17      | Fixed         | 6.57%                 | 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        |   6377122 | PA      | $6541419.34   | 0.08%             | 2042-12-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP                       | AADVANTAGE LOYALTY IP LTD                                                        | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   1029167 | PA      | $1024664.06   | 0.01%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   7015000 | PA      | $7104954.61   | 0.09%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO Ltd.              | Brightwood Capital MM CLO 2023-1 Ltd                                             | CUSIP: 108928AA0<br>LEI: 254900KA4G802DSTDW29 | Long             | ABS-CBDO         | CORP              | JE        |   1391250 | PA      | $1390853.49   | 0.02%             | 2035-10-15      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                | MH SUB I LLC                                                                     | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    824211 | PA      | $718608.87    | 0.01%             | 2031-12-31      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                         | DT Auto Owner Trust 2023-1                                                       | CUSIP: 23346KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5250441 | PA      | $5264806.55   | 0.07%             | 2028-10-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas Clo VII Ltd                                                             | CUSIP: 89641CAU5<br>LEI: 549300F3XEPDOX3FOP69 | Long             | ABS-CBDO         | CORP              | KY        |  12000000 | PA      | $11919780.00  | 0.15%             | 2035-01-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394AGW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18633 | PA      | $18580.56     | 0.00%             | 2034-07-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                                     | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $7056571.20   | 0.09%             | 2041-12-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                      | ENERGIZER HOLDINGS INC                                                           | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |   1971250 | PA      | $1979874.22   | 0.03%             | 2032-03-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  14980000 | PA      | $15116318.00  | 0.19%             | 2027-09-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4621000 | PA      | $4612692.14   | 0.06%             | 2029-01-24      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                      | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12051960.00  | 0.15%             | 2028-08-03      | Floating      | 5.08%                 | 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        |   5528628 | PA      | $5554868.25   | 0.07%             | 2034-02-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2017-HRP1                                           | CUSIP: 3137G0SN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1519014 | PA      | $1535113.15   | 0.02%             | 2042-12-25      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK                              | Synchrony Bank                                                                   | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |  26600000 | PA      | $26594602.06  | 0.34%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393BVE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39758 | PA      | $39582.84     | 0.00%             | 2033-05-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | RA               | CORP              | US        | 177420000 | PA      | $177420000.00 | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                               | CARNIVAL CORP                                                                    | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |    202765 | PA      | $203145.35    | 0.00%             | 2027-08-09      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R02                                     | CUSIP: 20754TAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6601654 | PA      | $6605781.01   | 0.08%             | 2045-02-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd              | LoanCore 2021-CRE6 Issuer Ltd                                                    | CUSIP: 53948HAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4996681.00   | 0.06%             | 2038-11-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                     | JPMorgan Chase Bank NA                                                           | CUSIP: 48125LRV6<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10081928.90  | 0.13%             | 2026-12-08      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-3                                        | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6436406 | PA      | $6445318.51   | 0.08%             | 2028-06-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                   | PRM Trust 2025-PRM6                                                              | CUSIP: 74277DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4350000 | PA      | $4316992.20   | 0.06%             | 2033-07-05      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392AR67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30510 | PA      | $30465.47     | 0.00%             | 2031-07-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                              | Bardot CLO Ltd                                                                   | CUSIP: 06744NBQ9<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |   6903180 | PA      | $6889656.62   | 0.09%             | 2032-10-22      | Floating      | 5.25%                 | 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        |   2441014 | PA      | $2445706.60   | 0.03%             | 2044-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                              | ACC Auto Trust 2022-A                                                            | CUSIP: 00085YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.03%             | 2029-03-15      | Fixed         | 10.07%                | 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        |   3000000 | PA      | $3009357.90   | 0.04%             | 2030-10-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-1                                                      | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4348701 | PA      | $4376582.58   | 0.06%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183DA9<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   3295633 | PA      | $3309969.14   | 0.04%             | 2035-10-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-1                                                  | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    604704 | PA      | $605995.27    | 0.01%             | 2029-05-21      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| SOLENIS HOLDINGS LTD                        | SOLENIS HOLDINGS LTD                                                             | CUSIP: 68163YAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1262813 | PA      | $1250777.26   | 0.02%             | 2031-06-23      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XXM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17947 | PA      | $17842.67     | 0.00%             | 2037-10-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd              | Golub Capital Partners CLO 61M                                                   | CUSIP: 381738AY9<br>LEI: 254900WW1795MW2WKR08 | Long             | ABS-CBDO         | CORP              | US        |  20460000 | PA      | $20444614.08  | 0.26%             | 2035-07-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2023-1 Ltd                                                               | CUSIP: 43731BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221689 | PA      | $221783.07    | 0.00%             | 2033-10-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I LP                         | HILCORP ENERGY I LP                                                              | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |   2021932 | PA      | $2026144.19   | 0.03%             | 2030-02-11      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAC9<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5993622.00   | 0.08%             | 2034-01-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-2 Trust                                          | CUSIP: 83407HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10710000 | PA      | $10724434.94  | 0.14%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368LNU6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   7500000 | PA      | $7560802.50   | 0.10%             | 2026-06-05      | Floating      | 5.63%                 | 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        |   4372439 | PA      | $4417990.74   | 0.06%             | 2032-03-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2024-1 LLC                                           | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3502446 | PA      | $3519306.40   | 0.05%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                 | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  23010000 | PA      | $23163936.90  | 0.30%             | 2028-04-22      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| GREAT OUTDOORS GROUP LLC                    | GREAT OUTDOORS GROUP LLC                                                         | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |   2078555 | PA      | $2072838.97   | 0.03%             | 2032-01-23      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    964626 | PA      | $940181.64    | 0.01%             | 2050-02-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2181891.09   | 0.03%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41261 | PA      | $40936.66     | 0.00%             | 2037-09-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach Abs Trust 2024-1                                                           | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12300000 | PA      | $12434457.45  | 0.16%             | 2031-02-18      | Fixed         | 6.29%                 | 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        |   8715248 | PA      | $610067.39    | 0.01%             | 2023-11-06      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2018-BOP                                          | CUSIP: 61768FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7980000 | PA      | $5301273.60   | 0.07%             | 2033-08-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                          | CNA Financial Corp                                                               | CUSIP: 126117AT7<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |   9026000 | PA      | $9017029.24   | 0.12%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOA Funding LLC                             | HOA Funding LLC - HOA                                                            | CUSIP: 40390GAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $112750.00    | 0.00%             | 2051-08-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2021-FL7 Issuer Ltd                                                        | CUSIP: 05602CAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1973814.00   | 0.03%             | 2038-12-15      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                                 | CUSIP: 55284AAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6378500 | PA      | $6340490.52   | 0.08%             | 2036-10-16      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS HOLDINGS INC                        | NOVELIS HOLDINGS INC                                                             | CUSIP: 000000000<br>LEI: 549300ZJQN1PEAT42X90 | Long             | LON              | CORP              | US        |   2939000 | PA      | $2944878.00   | 0.04%             | 2032-03-11      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| TARGA RES CORP DIS 0.0 01JUL25 144A         | TARGA RES CORP DIS 0.0 01JUL25 144A                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36500000 | PA      | $36495065.20  | 0.47%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Merion Re 2022-2                            | Merion Re 2022-2                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3070800.00   | 0.04%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Ellington CLO LTD                           | Ellington Clo III Ltd                                                            | CUSIP: 28852LAJ2<br>LEI: 254900V20GCNJI0I7591 | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6502112.50   | 0.08%             | 2030-07-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                                    | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3240000 | PA      | $3250363.79   | 0.04%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398GWG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43150 | PA      | $43008.21     | 0.00%             | 2040-01-25      | Floating      | 4.97%                 | 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        |   5578166 | PA      | $5646714.57   | 0.07%             | 2054-03-25      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                   | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18840000 | PA      | $18828225.00  | 0.24%             | 2041-10-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivab              | Securitized Term Auto Receivables Trust                                          | CUSIP: 81378RAB0<br>LEI: 254900DVX7EZK9JMUP63 | Long             | ABS-O            | CORP              | CA        |   2412859 | PA      | $2430265.76   | 0.03%             | 2031-07-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receiv              | Santander Consumer Auto Receivables Trust 2021-C                                 | CUSIP: 80281HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215972 | PA      | $214456.25    | 0.00%             | 2028-06-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                     | Verdant Receivables 2023-1 LLC                                                   | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2936305 | PA      | $2983853.38   | 0.04%             | 2031-01-13      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVZP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48811 | PA      | $48301.11     | 0.00%             | 2036-08-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2023-1 LLC                                                      | CUSIP: 96033EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2856321 | PA      | $2915781.24   | 0.04%             | 2037-12-20      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2025-1 LLC                                           | CUSIP: 73747LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3519308.10   | 0.05%             | 2031-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                       | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7800000 | PA      | $7785375.00   | 0.10%             | 2042-09-18      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Twin Brook CLO                              | Twin Brook Clo 2024-2 LLC                                                        | CUSIP: 901395AG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $7969696.00   | 0.10%             | 2035-10-20      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Ellington CLO LTD                           | Ellington Clo III Ltd                                                            | CUSIP: 28852LAG8<br>LEI: 254900V20GCNJI0I7591 | Long             | ABS-CBDO         | CORP              | KY        |   4900000 | PA      | $4898093.90   | 0.06%             | 2030-07-20      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC              | Wheels Fleet Lease Funding 1 LLC                                                 | CUSIP: 96328GBN6<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   3672834 | PA      | $3678391.00   | 0.05%             | 2039-02-18      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re 2021-2 Ltd                                                         | CUSIP: 078777AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  33146342 | PA      | $33301884.86  | 0.43%             | 2031-09-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                       | Palmer Square CLO 2020-3 Ltd                                                     | CUSIP: 69701RAW7<br>LEI: 549300IUW4WDDDVSMS20 | Long             | ABS-CBDO         | CORP              | JE        |   1473684 | PA      | $1475859.36   | 0.02%             | 2036-11-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-2                                             | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6721613 | PA      | $6778387.67   | 0.09%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2016-B                                             | CUSIP: 20267UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121435 | PA      | $118381.15    | 0.00%             | 2040-10-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                     | Dryden 53 CLO Ltd                                                                | CUSIP: 26243EAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2808642 | PA      | $2807939.44   | 0.04%             | 2031-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H062677<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  17000000 | PA      | $17451003.20  | 0.22%             | 2055-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                 | Citibank NA                                                                      | CUSIP: 17325FBD9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |  12450000 | PA      | $12540902.06  | 0.16%             | 2026-12-04      | Floating      | 5.36%                 | 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        |  12861875 | PA      | $12841810.48  | 0.16%             | 2045-02-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES                       | TransCanada PipeLines Ltd                                                        | CUSIP: 89352HAT6<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |  16804000 | PA      | $16806353.90  | 0.22%             | 2026-01-15      | Fixed         | 4.88%                 | 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        |   9657436 | PA      | $9764066.85   | 0.13%             | 2033-11-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339GNR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13526 | PA      | $13083.29     | 0.00%             | 2031-10-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                         | LCM 35 Ltd                                                                       | CUSIP: 50202QAQ6<br>LEI: 549300KLSB4ZQ2S3TJ95 | Long             | ABS-CBDO         | CORP              | KY        |   3450000 | PA      | $3448174.95   | 0.04%             | 2034-10-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                        | BlueMountain CLO XXII Ltd                                                        | CUSIP: 09629PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3700011 | PA      | $3702160.77   | 0.05%             | 2031-07-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   3523787 | PA      | $3532528.54   | 0.05%             | 2033-09-26      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVA87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1633636 | PA      | $1687302.33   | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch               | BAMLL Commercial Mortgage Securities Trust 2024-NASH                             | CUSIP: 05555CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14030000 | PA      | $14032380.89  | 0.18%             | 2039-05-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3883834 | PA      | $3959215.51   | 0.05%             | 2056-10-16      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4080000 | PA      | $4082550.00   | 0.05%             | 2041-12-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5985000 | PA      | $5993835.30   | 0.08%             | 2028-01-31      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396KYS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19217 | PA      | $19134.24     | 0.00%             | 2036-09-25      | Floating      | 4.99%                 | 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        |  11000000 | PA      | $11244108.26  | 0.14%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2023-1                                     | CUSIP: 96042XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5286853 | PA      | $5291438.43   | 0.07%             | 2028-01-18      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5044384 | PA      | $4959922.22   | 0.06%             | 2046-04-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT                    | CUSIP: 46645WAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3290000.00   | 0.04%             | 2033-07-05      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                    | WINDSOR HOLDINGS III LLC                                                         | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |   1812308 | PA      | $1814196.48   | 0.02%             | 2030-08-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE2                                                             | CUSIP: 316927AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7195827 | PA      | $7346533.92   | 0.09%             | 2054-05-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                              | ACHV ABS TRUST 2024-2PL                                                          | CUSIP: 00092HAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4567422 | PA      | $4582297.37   | 0.06%             | 2031-10-27      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASPN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1687505 | PA      | $1743651.00   | 0.02%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                         | NatWest Markets PLC                                                              | CUSIP: 63906YAK4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  13580000 | PA      | $13639179.06  | 0.17%             | 2027-05-17      | Floating      | 5.21%                 | 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        |   4825000 | PA      | $4796982.19   | 0.06%             | 2036-11-25      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| NOMURA SECURITIES INTERNATIONAL, INC.       | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | RA               | CORP              | US        |  57420000 | PA      | $57420000.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                    | MassMutual Global Funding II                                                     | CUSIP: 57629TBS5<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |  21200000 | PA      | $21297944.00  | 0.27%             | 2027-04-09      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                      | CARRIAGE PURCHASER INC                                                           | CUSIP: 14445BAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1444088 | PA      | $1450630.66   | 0.02%             | 2028-09-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFA 2024-RTL1 Trust                                                              | CUSIP: 59319NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1390000 | PA      | $1394637.04   | 0.02%             | 2029-02-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1223974 | PA      | $1230487.93   | 0.02%             | 2031-08-15      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AETW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       624 | PA      | $624.24       | 0.00%             | 2026-08-15      | Floating      | 4.62%                 | 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        |    515642 | PA      | $505375.36    | 0.01%             | 2033-05-25      | Floating      | 4.93%                 | 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        |   2815397 | PA      | $2808358.78   | 0.04%             | 2041-11-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                                            | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19710000 | PA      | $19728590.47  | 0.25%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                           | State Street Corp                                                                | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  10995000 | PA      | $11046168.97  | 0.14%             | 2028-04-24      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                                                   | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |  16080000 | PA      | $16046178.94  | 0.21%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HOUGHTON MIFFLIN HARCOUR                    | Houghton Mifflin Harcourt Co                                                     | CUSIP: 44157YAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    972500 | PA      | $959735.94    | 0.01%             | 2029-04-09      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-B                                                    | CUSIP: 68378QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8039948.80   | 0.10%             | 2033-05-09      | Fixed         | 5.28%                 | 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        |   2427112 | PA      | $2426404.09   | 0.03%             | 2044-10-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  17000000 | PA      | $17010847.53  | 0.22%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP DISC C 0.0 01JUL25         | DUKE ENERGY CORP DISC C 0.0 01JUL25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17497805.50  | 0.22%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133W9R86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11008009 | PA      | $11419655.96  | 0.15%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Trust 2023-1                                                                 | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1867115 | PA      | $1882738.01   | 0.02%             | 2028-06-15      | Fixed         | 6.57%                 | 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        |   4005020 | PA      | $4035252.08   | 0.05%             | 2031-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                       | Residential Reinsurance 2021 Ltd                                                 | CUSIP: 76114NAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   5000000 | PA      | $4871500.00   | 0.06%             | 2025-12-06      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC 0.0 01JUL25 144A          | HEALTHPEAK OP LLC 0.0 01JUL25 144A                                               | CUSIP: 42250QU17<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  33000000 | PA      | $32995749.60  | 0.42%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARCHKEY HOLDINGS INC                        | ARCHKEY HOLDINGS INC                                                             | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |    510651 | PA      | $515012.13    | 0.01%             | 2031-11-03      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607L8D8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  17160000 | PA      | $17239871.05  | 0.22%             | 2027-06-28      | Floating      | 5.36%                 | 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        |   1557918 | PA      | $1574004.09   | 0.02%             | 2043-05-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                            | KNIFE RIVER HOLD CO                                                              | CUSIP: 49889LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1492260 | PA      | $1497855.98   | 0.02%             | 2032-03-08      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                             | HGI CRE CLO 2021-FL2 Ltd                                                         | CUSIP: 40390JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1482938 | PA      | $1478132.16   | 0.02%             | 2036-09-17      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Tru              | Newtek Small Business Loan Trust 2021-1                                          | CUSIP: 65253MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1528440 | PA      | $1526830.99   | 0.02%             | 2048-12-25      | Floating      | 7.25%                 | 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        |   7351244 | PA      | $7414216.67   | 0.10%             | 2064-02-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| INEOS US PETROCHEM LLC                      | INEOS US PETROCHEM LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    814688 | PA      | $753585.94    | 0.01%             | 2029-03-29      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  13710000 | PA      | $13724899.48  | 0.18%             | 2026-04-10      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TLA1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8005555.84   | 0.10%             | 2025-09-11      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339WXS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74241 | PA      | $74937.85     | 0.00%             | 2032-03-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  16723000 | PA      | $16628655.19  | 0.21%             | 2029-01-27      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                    | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6134000 | PA      | $6180963.13   | 0.08%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $10673545.58  | 0.14%             | 2027-10-28      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Ballybunion Re 2022                         | Ballybunion Re 2022                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2088182 | PA      | $0.00         | 0.00%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Harambee Re 2018, 12/31/21                  | Harambee Re 2018, 12/31/21                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2000.00      | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394FUL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70358 | PA      | $69691.80     | 0.00%             | 2035-10-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  14060000 | PA      | $14038910.00  | 0.18%             | 2027-07-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2025-1                                             | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10276000 | PA      | $10309836.81  | 0.13%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| EDELMAN FINANCIAL CENTER                    | EDELMAN FINANCIAL ENGINES CENTER LLC/THE                                         | CUSIP: 27943UAM8<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |    967644 | PA      | $969889.48    | 0.01%             | 2028-04-07      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                    | MassMutual Global Funding II                                                     | CUSIP: 57629TBR7<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3010162.47   | 0.04%             | 2027-01-29      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru              | First Investors Auto Owner Trust 2022-2                                          | CUSIP: 32058KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    413222 | PA      | $414105.23    | 0.01%             | 2027-07-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | ASURION LLC                                                                      | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1146770 | PA      | $1119391.30   | 0.01%             | 2030-09-19      | Floating      | 8.58%                 | 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        |   6740000 | PA      | $6666143.08   | 0.09%             | 2042-08-17      | Floating      | 5.70%                 | 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        |   4515000 | PA      | $4597062.83   | 0.06%             | 2039-05-10      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE U S INC DISC C 0.0 01JUL25         | ENBRIDGE U S INC DISC C 0.0 01JUL25                                              | CUSIP: 29251UU14<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11087000 | PA      | $11085595.28  | 0.14%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133TJC43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19668 | PA      | $19629.84     | 0.00%             | 2029-02-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8808883 | PA      | $8817128.17   | 0.11%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-4                                         | CUSIP: 36270YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8183493 | PA      | $8183430.36   | 0.10%             | 2027-10-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3132E0DH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7484754 | PA      | $7676791.68   | 0.10%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-1                                             | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6689493 | PA      | $6744586.90   | 0.09%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133THBS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34578 | PA      | $34483.61     | 0.00%             | 2028-12-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Gleneagles Re 2022                          | Gleneagles Re 2022                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $450000.00    | 0.01%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   8300000 | PA      | $8372828.68   | 0.11%             | 2028-02-04      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS                     | Petco Health & Wellness Co Inc                                                   | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    938382 | PA      | $868003.68    | 0.01%             | 2028-03-06      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| LFS 2023A, LLC                              | LFS 2023A LLC                                                                    | CUSIP: 50205FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2899321 | PA      | $2916701.82   | 0.04%             | 2035-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| NATIONAL SECS CLEARING                      | National Securities Clearing Corp                                                | CUSIP: 637639AP0<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |  15300000 | PA      | $15332072.63  | 0.20%             | 2027-05-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3U3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4030382.40   | 0.05%             | 2027-03-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10077638.80  | 0.13%             | 2027-08-07      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3W9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6018239.28   | 0.08%             | 2026-05-08      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                             | HANESBRANDS INC                                                                  | CUSIP: 410346AY6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | LON              | CORP              | US        |   1960995 | PA      | $1967123.34   | 0.03%             | 2032-03-08      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668AT9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11489931.18  | 0.15%             | 2025-11-13      | Fixed         | 4.62%                 | No            |                  2 | 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        |  12010000 | PA      | $12020220.51  | 0.15%             | 2033-07-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                           | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15034AAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1457143 | PA      | $1456149.09   | 0.02%             | 2037-10-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2221289.18   | 0.03%             | 2039-10-05      | Variable      | 5.99%                 | 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        |   3703961 | PA      | $3748309.76   | 0.05%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392GRS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40535 | PA      | $40500.94     | 0.00%             | 2033-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Whole Loan                                                            | CUSIP: 31395D7H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204332 | PA      | $202674.10    | 0.00%             | 2046-11-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668BY7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9006624.27   | 0.12%             | 2025-09-12      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PDZ6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4980000 | PA      | $5020836.30   | 0.06%             | 2028-01-23      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVEU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    556135 | PA      | $575523.41    | 0.01%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2025-1                                              | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9647241 | PA      | $9658950.34   | 0.12%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| INTEGRITY RE LTD                            | Integrity Re Ltd                                                                 | CUSIP: 45833UAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $240000.00    | 0.00%             | 2026-06-06      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                                          | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |  11573459 | PA      | $11622261.78  | 0.15%             | 2044-05-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA1                                          | CUSIP: 35564NBW2<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | CORP              | US        |  22954507 | PA      | $23011587.94  | 0.29%             | 2044-03-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392F6D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39945 | PA      | $40011.49     | 0.00%             | 2032-12-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2024-6 Ltd                                                              | CUSIP: 92920TAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3999676.00   | 0.05%             | 2038-01-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                           | L3Harris Technologies Inc                                                        | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |  18126000 | PA      | $18426347.82  | 0.24%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO Ltd.              | Brightwood Capital MM CLO 2020-1 Ltd                                             | CUSIP: 10948VAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3804787 | PA      | $3803406.05   | 0.05%             | 2031-01-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AAS79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10462 | PA      | $10381.05     | 0.00%             | 2041-05-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Silver Rock CLO Ltd                         | Silver Rock CLO II Ltd                                                           | CUSIP: 82812LAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $799941.62    | 0.01%             | 2035-01-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| IXS HOLDINGS INC                            | IXS Holdings Inc                                                                 | CUSIP: 45074HAB4<br>LEI: 254900I3GPHU9VH9Z454 | Long             | LON              | CORP              | US        |    476754 | PA      | $466026.92    | 0.01%             | 2027-03-05      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                        | KIND Trust 2021-KIND                                                             | CUSIP: 482606AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9917199 | PA      | $9805630.53   | 0.13%             | 2038-08-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2025-1                                              | CUSIP: 785923AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2006184.20   | 0.03%             | 2030-10-10      | Fixed         | 5.63%                 | 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        |   5480000 | PA      | $5485599.46   | 0.07%             | 2032-06-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2023-1 Ltd                                                             | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |   4886879 | PA      | $4911186.57   | 0.06%             | 2033-07-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T              | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6240000 | PA      | $6274141.54   | 0.08%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | Cascade Funding Mortgage Trust                                                   | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2900000 | PA      | $2693712.27   | 0.03%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTL HLDINGS NE                    | Mondelez International Holdings Netherlands BV                                   | CUSIP: 60920LAS3<br>LEI: 549300CW356R8I7N8D33 | Long             | DBT              | CORP              | NL        |   3800000 | PA      | $3797253.47   | 0.05%             | 2025-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Regatta VII Funding Ltd                     | Regatta VII Funding Ltd                                                          | CUSIP: 75888ABC9<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |   1058824 | PA      | $1057488.38   | 0.01%             | 2034-06-20      | Floating      | 5.43%                 | 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        |   3500000 | PA      | $3529750.00   | 0.05%             | 2026-06-01      | Floating      | 8.54%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                           | IRON MOUNTAIN INC                                                                | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |   1018490 | PA      | $1018914.71   | 0.01%             | 2031-01-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3174000 | PA      | $3180130.77   | 0.04%             | 2027-10-21      | Floating      | 5.24%                 | 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        |   5320000 | PA      | $5347745.93   | 0.07%             | 2029-10-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                | CUSIP: 07336QAA0<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |   4595466 | PA      | $4609132.54   | 0.06%             | 2031-12-26      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2022-4 Ltd                                               | CUSIP: 05685BAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4500000 | PA      | $4504293.00   | 0.06%             | 2037-10-16      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Sculptor CLO Ltd                            | Sculptor CLO XXX Ltd                                                             | CUSIP: 81124NAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000000.00   | 0.04%             | 2038-07-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                | SK Hynix Inc                                                                     | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   3931000 | PA      | $3867103.36   | 0.05%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2023-2                                                          | CUSIP: 30333LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2630457 | PA      | $2667818.97   | 0.03%             | 2029-10-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-5                                    | CUSIP: 802920AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2270447 | PA      | $2271122.45   | 0.03%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392ERP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55677 | PA      | $56203.13     | 0.00%             | 2032-07-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339D4M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31463 | PA      | $31422.78     | 0.00%             | 2031-06-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   7463000 | PA      | $7620168.02   | 0.10%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Act              | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |   1725970 | PA      | $1724314.86   | 0.02%             | 2051-07-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396NLA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25463 | PA      | $25240.94     | 0.00%             | 2036-04-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                                              | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1868967 | PA      | $1877202.92   | 0.02%             | 2027-11-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396V5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105684 | PA      | $104308.37    | 0.00%             | 2037-06-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                             | Venture 41 Clo Ltd                                                               | CUSIP: 92326JAS1<br>LEI: 549300Q6VG2813TG2830 | Long             | ABS-CBDO         | CORP              | KY        |   9340000 | PA      | $9350731.66   | 0.12%             | 2034-01-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  11700000 | PA      | $11785649.73  | 0.15%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   2181202 | PA      | $2210283.21   | 0.03%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| CenterStone SBA Trust                       | Centerstone SBA Trust 2023-1                                                     | CUSIP: 15202XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4465602 | PA      | $4456603.35   | 0.06%             | 2050-12-27      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-3                                                  | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2805931 | PA      | $2826032.71   | 0.04%             | 2029-03-20      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2017-A-GS                                          | CUSIP: 20267VAB3<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |    412270 | PA      | $408176.36    | 0.01%             | 2041-05-25      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                                       | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12040236.24  | 0.15%             | 2026-10-21      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B                        | CUSIP: 59020UBV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75502 | PA      | $74038.51     | 0.00%             | 2029-05-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                            | Symphony CLO XIX Ltd                                                             | CUSIP: 87165YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1206971 | PA      | $1207619.18   | 0.02%             | 2031-04-16      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                         | DT Auto Owner Trust 2022-2                                                       | CUSIP: 23345AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1355000 | PA      | $1356837.79   | 0.02%             | 2028-03-15      | Fixed         | 5.46%                 | 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        |   6830000 | PA      | $6679783.71   | 0.09%             | 2029-10-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392CM92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40892 | PA      | $40872.84     | 0.00%             | 2032-05-18      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADY0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  21960000 | PA      | $21985912.80  | 0.28%             | 2027-06-23      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133WDKC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12934974 | PA      | $13464097.02  | 0.17%             | 2054-05-01      | Fixed         | 6.50%                 | 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        |       -25 | NC      | $-20763.64    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer