# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-014099
**Filing Date:** 2025-12
**Character Count:** 364201
**Document Hash:** 64e43db6aee69d74cb5020e72c87331d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014099.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014099

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**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:** 251596328

**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 Income Fund (Series ID: S000089756)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256480 | Class C      | PMACX           |
| C000256481 | Class R6     | PMFKX           |
| C000256482 | Class Y      | PMFYX           |
| C000256483 | Class A      | PMAIX           |

## Nport-Ex

## Victory Pioneer Multi-Asset Income Fund
Schedule of Investments \| October 31, 2025

------

### Schedule of Investments \| 10/31/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 98.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate<br> Loan Interests — 0.0% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advanced Materials — 0.0%†** |  |
| 943350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groupe Solmax, Inc., Initial Term Loan, 9.013% (Term SOFR + 475 bps), 5/29/28 | $755859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advanced Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **755859** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.0%†** |  |
| 498439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.079% (Term SOFR + 400 bps), 8/21/28 | $499997 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **499997** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.0%†** |  |
| 13960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority First Out Exit Term Loan, 11.658% (Term SOFR + 750 bps), 10/2/28 | $13053 |
| 28864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority Second Out Term Loan, 6.658% (Term SOFR + 250 bps), 10/2/29 | &nbsp;&nbsp; 22658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **35711** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 0.0%†** |  |
| 313078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 7.829% (Term SOFR + 375 bps), 4/20/28 | $311513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **311513** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dialysis Centers — 0.0%†** |  |
| 811891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc., Closing Date Term Loan, 9.079% (Term SOFR + 500 bps), 6/28/28 | $771550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Dialysis Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **771550** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.0%†** |  |
| 340852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.215% (Term SOFR + 525 bps), 4/3/28 | $343280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **343280** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $2,928,618)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2717910** |

---

1Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 50.0% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.7%** |  |
| 392878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hensoldt AG | $41752846 |
| 54,155(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tkms AG& Co. KGaA | &nbsp;&nbsp; 5102979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **46855825** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.2%** |  |
| 299876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Logista Integral S.A. | $9996258 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Air Freight & Logistics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9996258** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.2%** |  |
| 318500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgestone Corp. | $13979197 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobile Components** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **13979197** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.7%** |  |
| 17513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | $3564674 |
| 38054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp; 3202439 |
| 1809100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp; 38539195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobiles** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **45306308** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 16.2%** |  |
| 2197180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV (C.V.A.) (144A) | $65619135 |
| 951822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp; 19128246 |
| 9086919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Sabadell S.A. | &nbsp;&nbsp; 33967303 |
| 3814429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 203881230 |
| 4760200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group Plc | &nbsp;&nbsp; 77830890 |
| 733387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp; 56688401 |
| 469965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp; 23907120 |
| 613426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp; 27390880 |
| 172354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp; 4395097 |
| 7634100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 71847694 |
| 1174314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp; 70471203 |
| 2495472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp; 38530088 |
| 4823816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. | &nbsp;&nbsp; 31003516 |
| 822295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp; 67295734 |
| 1930259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp. | &nbsp;&nbsp; 33953256 |
| 3813495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp; 65121185 |
| 3901004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 94404297 |
| 1610394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp; 75173192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$1060608467** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 2.3%** |  |
| 855792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. (A.D.R.) | $52117733 |
| 483854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B de CV (A.D.R.) | &nbsp;&nbsp; 45656463 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — (continued)** |  |
| 1495910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano S.A.B de CV | $14111645 |
| 255893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo., Inc. | &nbsp;&nbsp; 37383408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp; **$** **149269249** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 2.2%** |  |
| 584,920(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | $142849162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Broadline Retail** | &nbsp;&nbsp; **$** **142849162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.4%** |  |
| 246156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | $28470403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **28470403** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.0%†** |  |
| 1390013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Lubricants Lanka Plc | $840080 |
| 7,309(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc. | &nbsp;&nbsp; 329405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1169485** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.3%** |  |
| 1204169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | $88036796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **88036796** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.7%** |  |
| 92,381(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. | $18860505 |
| 219900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp; 16031254 |
| 2876501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webuild S.p.A. | &nbsp;&nbsp; 11597965 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Engineering** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **46489724** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials — 2.1%** |  |
| 1447799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buzzi S.p.A. | $87028208 |
| 447261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Plc | &nbsp;&nbsp; 53268785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction Materials** | &nbsp;&nbsp; **$** **140296993** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail —<br> 0.0%** |  |
| 195,032(b)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnit PJSC | &nbsp;&nbsp;$— |
| 48,325(b)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X5 Retail Group NV (G.D.R.) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Staples Distribution & Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.7%** |  |
| 1662968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | $122743668 |
| 1242455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp; 56941713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp; **$** **179685381** |

---

3Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 0.7%** |  |
| 362600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | $26022685 |
| 129834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 18292312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **44314997** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 1.5%** |  |
| 1058538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred SE | $30417687 |
| 7906982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexi S.p.A. (144A) | &nbsp;&nbsp; 41614445 |
| 335,137(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp; 23214940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **95247072** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.2%** |  |
| 82922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakkafrost P/F | $3803397 |
| 492525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp; 12180143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **15983540** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.8%** |  |
| 244810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | $46702404 |
| 21760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp; 6053414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **52755818** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.8%** |  |
| 2944773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightstar Lottery Plc | $49059918 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **49059918** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.6%** |  |
| 2577783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persimmon Plc | $40941981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **40941981** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.1%** |  |
| 29235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | $5885883 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrial Conglomerates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5885883** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 1.5%** |  |
| 310871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | $95564854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **95564854** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |
| 5134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honma Golf, Ltd. (144A) | $2200130 |
| 304,124(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. | &nbsp;&nbsp; 10337175 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **12537305** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine Transportation — 0.4%** |  |
| 1251521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | $23553625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Marine Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **23553625** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 2.0%** |  |
| 2052030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | $67306584 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — (continued)** |  |
| 373809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | $30267315 |
| 3286366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thyssenkrupp AG | &nbsp;&nbsp; 34380158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp; **$** **131954057** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts<br> (REITs) — 0.7%** |  |
| 1527394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGNC Investment Corp. | $15273940 |
| 944060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage, Inc. | &nbsp;&nbsp; 8562624 |
| 528740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp; 5588782 |
| 906673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp; 9946203 |
| 511976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp; 4976407 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Real Estate Investment Trusts (REITs)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **44347956** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office REITs — 0.2%** |  |
| 28433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. | $2024145 |
| 183641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 2376315 |
| 122121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp; 6270913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office REITs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **10671373** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.2%** |  |
| 835639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW LPG, Ltd. (144A) | $11087680 |
| 1340309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW LPG, Ltd. (144A) | &nbsp;&nbsp; 18027156 |
| 135487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp; 28723244 |
| 91406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp; 2635235 |
| 37776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp; 635770 |
| 350280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni S.p.A. | &nbsp;&nbsp; 6437394 |
| 594844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp; 18315247 |
| 47,954(b)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 64722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP | &nbsp;&nbsp; 3285289 |
| 162817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp; 6107266 |
| 1269779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 15948424 |
| 364794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP | &nbsp;&nbsp; 6000861 |
| 1,271,403(b)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosneft Oil Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1011142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell Plc (A.D.R.) | &nbsp;&nbsp; 75754758 |
| 151800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | &nbsp;&nbsp; 6676797 |
| 93812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp; 3523579 |
| 249581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners LP | &nbsp;&nbsp; 9351800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp; **$** **212510500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.3%** |  |
| 314370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | $59375062 |

---

5Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — (continued)** |  |
| 5116252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | $126115612 |
| 962021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp; 97137319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp; **$** **282627993** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development<br> — 0.1%** |  |
| 5026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | $6241630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **6241630** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor<br> Equipment — 0.8%** |  |
| 145,684(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | $37312586 |
| 76909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 13912838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **51225424** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.2%** |  |
| 34,887(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | $11872395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **11872395** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs — 0.2%** |  |
| 55229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | $4982761 |
| 122382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 5465580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialized REITs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **10448341** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage &<br> Peripherals — 1.6%** |  |
| 694100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | $16124054 |
| 1177159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp; 88818805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp; **$** **104942859** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |
| 15177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | $13221899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **13221899** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $2,782,635,742)** | **$3268922668** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 1.0% of<br> Net Assets** |  |
| 3061826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | $3104232 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A, Class E, 10.97%, 12/15/32 (144A) | $4441212 |
| 1987616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2023-1, Class C, 7.35%, 12/15/27 (144A) | &nbsp;&nbsp; 1994259 |
| 483,751(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft Lease Securitization, Ltd., Series 2016-1A, Class B, 5.682%, 12/16/41 (144A) | &nbsp;&nbsp; 483045 |
| 940,606(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.584% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 940162 |
| 4,350,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class M2, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 4280682 |
| 1,600,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2023-HB12, Class M3, 4.25%, 4/25/33 (144A) | &nbsp;&nbsp; 1566094 |
| 9330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2025-2A, Class E, 7.81%, 10/15/32 (144A) | &nbsp;&nbsp; 9534852 |
| 4198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Park Equipment Leasing LLC, Series 2023-1A, Class F, 7.00%, 6/20/35 (144A) | &nbsp;&nbsp; 3851802 |
| 518276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Bank NA - CACLN, Series 2021-2, Class G, 8.482%, 12/26/28 (144A) | &nbsp;&nbsp; 518645 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2025-1A, Class C, 9.90%, 8/15/39 (144A) | &nbsp;&nbsp; 999902 |
| 1465461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-1A, Class D, 7.83%, 11/15/29 (144A) | &nbsp;&nbsp; 1480577 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2023-1A, Class E, 10.80%, 5/20/36 (144A) | &nbsp;&nbsp; 2035266 |
| 10220000 | &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; 10321796 |
| 1664000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust 2022-1, Series 2022-1A, Class E, 7.33%, 12/20/29 (144A) | &nbsp;&nbsp; 1687810 |
| 1299152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class C, 10.00%, 7/15/35 (144A) | &nbsp;&nbsp; 1303625 |
| 1,800,000(d)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMF Buyout Issuance Trust, Series 2022-HB1, Class M5, 4.50%, 4/25/32 (144A) | &nbsp;&nbsp; 93600 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosy Blue Carat SCS, Series 2018-1, Class A1R, 8.481%, 3/15/30 (144A) | &nbsp;&nbsp; 508450 |

---

7Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 960743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class E, 12.662%, 5/15/32 (144A) | $972805 |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2022-1A, Class F, 6.00%, 7/20/32 (144A) | &nbsp;&nbsp; 4480236 |
| 1338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2022-2A, Class E, 6.50%, 6/20/35 (144A) | &nbsp;&nbsp; 1339225 |
| 2,500,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.80%, 7/16/29 (144A) | &nbsp;&nbsp; 2008903 |
| 5,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2023-1A, Class E, 13.45%, 6/15/28 (144A) | &nbsp;&nbsp; 3896402 |
| 1799236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class D, 10.14%, 12/20/37 (144A) | &nbsp;&nbsp; 1844410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $64,369,741)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **63687992** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—2.0% of Net Assets** |  |
| 2,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2022-1, Class B1, 9.683% (SOFR30A + 550 bps), 1/26/32 (144A) | $2468804 |
| 4,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1, 7.547% (SOFR30A + 336 bps), 1/25/40 (144A) | &nbsp;&nbsp; 4120358 |
| 8,501,543(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1, 7.297% (SOFR30A + 311 bps), 1/25/40 (144A) | &nbsp;&nbsp; 8680836 |
| 4,610,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 10.183% (SOFR30A + 600 bps), 10/25/41 (144A) | &nbsp;&nbsp; 4791542 |
| 3,688,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R02, Class 2B2, 10.383% (SOFR30A + 620 bps), 11/25/41 (144A) | &nbsp;&nbsp; 3848327 |
| 5,895,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R03, Class 1B2, 9.683% (SOFR30A + 550 bps), 12/25/41 (144A) | &nbsp;&nbsp; 6136081 |
| 5,360,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1B2, 10.183% (SOFR30A + 600 bps), 12/25/41 (144A) | &nbsp;&nbsp; 5611006 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R05, Class 2B2, 11.183% (SOFR30A + 700 bps), 4/25/42 (144A) | &nbsp;&nbsp; 6450178 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 899,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class B1, 11.933% (SOFR30A + 775 bps), 1/25/51 (144A) | $988645 |
| 2,376,790(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN3, Class M1, 6.483% (SOFR30A + 230 bps), 11/25/51 (144A) | &nbsp;&nbsp; 2380461 |
| 2,675,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2020-DNA6, Class B2, 9.833% (SOFR30A + 565 bps), 12/25/50 (144A) | &nbsp;&nbsp; 3087812 |
| 1,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2020-HQA5, Class B2, 11.583% (SOFR30A + 740 bps), 11/25/50 (144A) | &nbsp;&nbsp; 2334412 |
| 2,765,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA1, Class B2, 8.933% (SOFR30A + 475 bps), 1/25/51 (144A) | &nbsp;&nbsp; 3065171 |
| 795,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA2, Class B2, 10.183% (SOFR30A + 600 bps), 8/25/33 (144A) | &nbsp;&nbsp; 980001 |
| 2,170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class B2, 10.433% (SOFR30A + 625 bps), 10/25/33 (144A) | &nbsp;&nbsp; 2693717 |
| 3,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class B2, 9.683% (SOFR30A + 550 bps), 1/25/34 (144A) | &nbsp;&nbsp; 4224937 |
| 3,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class B2, 11.983% (SOFR30A + 780 bps), 11/25/41 (144A) | &nbsp;&nbsp; 3689657 |
| 5,405,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA1, Class B2, 9.183% (SOFR30A + 500 bps), 8/25/33 (144A) | &nbsp;&nbsp; 6310337 |
| 1,310,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA2, Class B2, 9.633% (SOFR30A + 545 bps), 12/25/33 (144A) | &nbsp;&nbsp; 1549877 |

---

9Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,970,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA3, Class B2, 10.433% (SOFR30A + 625 bps), 9/25/41 (144A) | $2042076 |
| 3,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class B2, 11.283% (SOFR30A + 710 bps), 1/25/42 (144A) | &nbsp;&nbsp; 3652082 |
| 2,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA2, Class B2, 12.683% (SOFR30A + 850 bps), 2/25/42 (144A) | &nbsp;&nbsp; 2864326 |
| 6,608,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-DNA3, Class B2, 12.447% (SOFR30A + 826 bps), 7/25/49 (144A) | &nbsp;&nbsp; 7454421 |
| 3,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-DNA4, Class B2, 10.547% (SOFR30A + 636 bps), 10/25/49 (144A) | &nbsp;&nbsp; 3499808 |
| 8,395,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-FTR3, Class B2, 9.271% (SOFR30A + 491 bps), 9/25/47 (144A) | &nbsp;&nbsp; 9025281 |
| 3,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-FTR4, Class B2, 9.297% (SOFR30A + 511 bps), 11/25/47 (144A) | &nbsp;&nbsp; 3284893 |
| 12165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Mortgage Securitization, Ltd., Series 2004-A, Class B1, 5.25%, 11/25/32 (144A) | &nbsp;&nbsp; 4781 |
| 176418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Mortgage Securitization, Ltd., Series 2004-A, Class B2, 5.25%, 11/25/32 (144A) | &nbsp;&nbsp;&nbsp; 2 |
| 1,099,073(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2023-1, Class M1B, 8.783% (SOFR30A + 460 bps), 10/25/33 (144A) | &nbsp;&nbsp; 1127405 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class CE, 13.047% (SOFR30A + 886 bps), 10/25/49 (144A) | &nbsp;&nbsp; 5875333 |
| 1,608,808(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 7.547% (SOFR30A + 336 bps), 10/25/49 (144A) | &nbsp;&nbsp; 1632613 |
| 2,164,954(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 8.047% (SOFR30A + 386 bps), 3/25/50 (144A) | &nbsp;&nbsp; 2201581 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 5,880,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP2, Class B2, 14.797% (SOFR30A + 1,061 bps), 2/25/47 (144A) | $7170484 |
| 4,056,755(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.583% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 4093516 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $118,600,576)** | &nbsp;&nbsp; **$** **127340761** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—0.8% of Net Assets** |  |
| 9,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AG Trust, Series 2024-NLP, Class B, 6.796% (1 Month Term SOFR + 276 bps), 7/15/41 (144A) | $9624123 |
| 5,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2024-5C27, Class AS, 6.41%, 7/15/57 | &nbsp;&nbsp; 5248354 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2024-C28, Class A5, 5.403%, 9/15/57 | &nbsp;&nbsp; 5229096 |
| 4,311,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V8, Class AM, 6.628%, 7/15/57 | &nbsp;&nbsp; 4570363 |
| 1,495,585(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class A, 5.734% (SOFR30A + 150 bps), 2/15/37 (144A) | &nbsp;&nbsp; 1496324 |
| 8,145,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class E, 6.391% (1 Month Term SOFR + 236 bps), 10/15/36 (144A) | &nbsp;&nbsp; 8142469 |
| 4,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class G, 7.289% (1 Month Term SOFR + 326 bps), 10/15/36 (144A) | &nbsp;&nbsp; 4024992 |
| 6310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class F, 10.382%, 6/12/39 (144A) | &nbsp;&nbsp; 6468190 |
| 6440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class D, 2.851%, 7/15/41 (144A) | &nbsp;&nbsp; 5587385 |
| 3,225,367(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 6.994%, 12/10/34 (144A) | &nbsp;&nbsp; 3267176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $52,809,067)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **53658472** |

---

11Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds —<br> 0.5% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 0.5%** |  |
| 4895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corp., 5.50%, 3/15/26 | $4865630 |
| 24685100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc., 7.75%, 6/15/27 | &nbsp;&nbsp; 24598702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **29464332** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $28,302,524)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **29464332** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 2.6% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 0.0%†** |  |
| 1860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $1825121 |
| 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28 (144A) | &nbsp;&nbsp; 565684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2390805** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.0%†** |  |
| 167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier, Inc., 7.875%, 4/15/27 (144A) | $167559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **167559** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 228627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust, 8.375%, 11/15/28 (144A) | $240579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **240579** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR5,300,000(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 4.75% (5 Year EUR Swap + 390 bps) | $6142474 |
| 2,600,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 3.225% (1 Year CMT Index + 160 bps), 11/22/32 | &nbsp;&nbsp; 2371892 |
| 10,000,000(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 6.125% (5 Year CMT Index + 587 bps) | &nbsp;&nbsp; 10011440 |
| 2,500,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE S.A., 3.116% (SOFR + 173 bps), 10/19/32 (144A) | &nbsp;&nbsp; 2225327 |
| 4,917,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 7.778% (1 Year CMT Index + 390 bps), 6/20/54 (144A) | &nbsp;&nbsp; 5901528 |
| 10,000,000(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 6.75% (5 Year CMT Index + 315 bps) | &nbsp;&nbsp; 10302880 |
| 6,220,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 6.221% (1 Year CMT Index + 320 bps), 6/15/33 (144A) | &nbsp;&nbsp; 6558327 |
| 9,300,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 3.603% (1 Year CMT Index + 190 bps), 1/12/33 (144A) | &nbsp;&nbsp; 8616482 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 31,703,000(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 3.875% (5 Year CMT Index + 310 bps) (144A) | $31293442 |
| 29,708,000(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 4.875% (5 Year CMT Index + 340 bps) (144A) | &nbsp;&nbsp; 29166028 |
| 7,425,000(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 5.125% (5 Year CMT Index + 486 bps) | &nbsp;&nbsp; 7397156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; **$** **119986976** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 0.1%** |  |
| 3,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 5.268% (SOFR + 237 bps), 5/10/33 | $3063060 |
| 4675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 8.75%, 9/1/27 (144A) | &nbsp;&nbsp; 4813100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7876160** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-National — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY197,470,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, 28.00%, 9/27/27 | $4293214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL26,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp., 10.75%, 2/15/28 | &nbsp;&nbsp; 4709088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL153,575,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp., 11.50%, 1/16/30 | &nbsp;&nbsp; 28152104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-National** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **37154406** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.1%** |  |
| 3328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oneok, Inc., 5.60%, 4/1/44 | $3138470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3138470** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 0.0%†** |  |
| 2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp., 8.50%, 3/1/28 (144A) | $2080145 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2080145** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $157,152,480)** | &nbsp;&nbsp; **$** **173035100** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities —<br> 1.6% of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 1.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sutter Re, 10.60%, (FHMMUSTF + 675 bps), 6/19/26 (144A) | $511250 |

---

13Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — (continued)** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 9.916%, (JMMMUSTF + 604 bps), 6/7/27 (144A) | $261725 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.986%, (JMMMUSTF + 711 bps), 6/7/27 (144A) | &nbsp;&nbsp; 260300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1033275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – U.S. — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 6.934%, (GSMMUSTF + 310 bps), 11/7/25 (144A) | $499500 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 6.934%, (GSMMUSTF + 310 bps), 11/5/27 (144A) | &nbsp;&nbsp; 510800 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 9.378%, (GSMMUSTI + 550 bps), 12/6/25 (144A) | &nbsp;&nbsp; 1001500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2011800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Flood – U.S. — 0.1%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 18.21%, (FHMMUSTF + 1,436 bps), 3/12/27 (144A) | $1605750 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 21.00%, (FHMMUSTF + 1,715 bps), 3/11/26 (144A) | &nbsp;&nbsp; 1035900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2641650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health – U.S. — 0.1%** |  |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIII, 5.85%, (FHMMUSTF + 200 bps), 1/6/26 (144A) | $1750700 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIV, 7.35%, (FHMMUSTF + 350 bps), 1/5/27 (144A) | &nbsp;&nbsp; 3323450 |
| 600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIV, 8.35%, (FHMMUSTF + 450 bps), 1/5/27 (144A) | &nbsp;&nbsp; 615300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5689450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Florida — 0.0%†** |  |
| 650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 11.58%, (BRMMUSDF + 772 bps), 6/5/26 (144A) | $675350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.4%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 9.25%, (BRMMUSDF + 539 bps), 6/7/27 (144A) | $520800 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 7.60%, (MSMMUSTF + 375 bps), 12/19/27 (144A) | &nbsp;&nbsp; 253800 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 9.35%, (MSMMUSTF + 550 bps), 12/19/27 (144A) | &nbsp;&nbsp; 1031900 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.36%, (BRMMUSDF + 550 bps), 1/7/28 (144A) | &nbsp;&nbsp; 254325 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.601%, (3 Month U.S. Treasury Bill + 580 bps), 1/7/27 (144A) | $256475 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 10.67%, (BRMMUSDF + 681 bps), 1/7/26 (144A) | &nbsp;&nbsp; 252250 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 12.11%, (BRMMUSDF + 825 bps), 1/7/28 (144A) | &nbsp;&nbsp; 258425 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 12.78%, (BRMMUSDF + 892 bps), 1/7/27 (144A) | &nbsp;&nbsp; 258150 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuchsia 2024-1 , 8.99%, (FRMMUSTI + 514 bps), 4/6/28 (144A) | &nbsp;&nbsp; 1029000 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 11.051%, (3 Month U.S. Treasury Bill + 725 bps), 1/8/29 (144A) | &nbsp;&nbsp; 519050 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Point Re, 9.50%, (BRMMUSDF + 564 bps), 1/6/27 (144A) | &nbsp;&nbsp; 2050000 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.348%, (GSMMUSTI + 747 bps), 7/7/27 (144A) | &nbsp;&nbsp; 800775 |
| 1,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.258%, (GSMMUSTI + 838 bps), 7/7/26 (144A) | &nbsp;&nbsp; 1363570 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.368%, (GSMMUSTI + 849 bps), 7/7/27 (144A) | &nbsp;&nbsp; 1571550 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 7.801%, (3 Month U.S. Treasury Bill + 400 bps), 1/10/28 (144A) | &nbsp;&nbsp; 255525 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 15.878%, (GSMMUSTI + 1,200 bps), 1/8/27 (144A) | &nbsp;&nbsp; 1860250 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.181%, (3 Month U.S. Treasury Bill + 538 bps), 12/6/28 (144A) | &nbsp;&nbsp; 1043400 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.581%, (3 Month U.S. Treasury Bill + 578 bps), 12/8/25 (144A) | &nbsp;&nbsp; 501250 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.771%, (3 Month U.S. Treasury Bill + 597 bps), 12/6/27 (144A) | &nbsp;&nbsp; 796650 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.741%, (3 Month U.S. Treasury Bill + 694 bps), 12/6/28 (144A) | &nbsp;&nbsp; 1043600 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 11.391%, (3 Month U.S. Treasury Bill + 759 bps), 12/6/26 (144A) | &nbsp;&nbsp; 524050 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 12.501%, (1 Month U.S. Treasury Bill + 870 bps), 12/6/27 (144A) | &nbsp;&nbsp; 1331875 |

---

15Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 16.001%, (3 Month U.S. Treasury Bill + 1,220 bps), 12/8/25 (144A) | $755775 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 7.87%, (JMMMUSTF + 399 bps), 4/7/29 (144A) | &nbsp;&nbsp; 2549750 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.24%, (JMMMUSTF + 536 bps), 4/7/29 (144A) | &nbsp;&nbsp; 2597750 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.42%, (BRMMUSDF + 556 bps), 4/7/28 (144A) | &nbsp;&nbsp; 793050 |
| 800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.20%, (BRMMUSDF + 334 bps), 4/7/26 (144A) | &nbsp;&nbsp; 807920 |
| 1,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 9.33%, (BRMMUSDF + 547 bps), 4/7/27 (144A) | &nbsp;&nbsp; 1663840 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solomon Re, 9.398%, (GSMMUSTI + 552 bps), 6/8/26 (144A) | &nbsp;&nbsp; 256100 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topanga Re, 8.63%, (BRMMUSDF + 477 bps), 1/8/26 (144A) | &nbsp;&nbsp; 249000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $27449855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — 0.1%** |  |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Re, 16.432%, (SOFR + 1,222 bps), 6/8/27 (144A) | $835800 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easton Re, 11.301%, (3 Month U.S. Treasury Bill + 750 bps), 1/8/27 (144A) | &nbsp;&nbsp; 513650 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 10.878%, (GSMMUSTI + 700 bps), 1/8/26 (144A) | &nbsp;&nbsp; 252250 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 10.878%, (GSMMUSTI + 700 bps), 1/7/28 (144A) | &nbsp;&nbsp; 1311500 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.11%, (BRMMUSDF + 625 bps), 6/30/28 (144A) | &nbsp;&nbsp; 261400 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 11.11%, (BRMMUSDF + 725 bps), 6/30/28 (144A) | &nbsp;&nbsp; 789525 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro III Re, 15.11%, (BRMMUSDF + 1,125 bps), 4/20/26 (144A) | &nbsp;&nbsp; 261100 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 16.36%, (BRMMUSDF + 1,250 bps), 1/8/26 (144A) | &nbsp;&nbsp; 1019500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5244725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 11.12%, (BNMMDTSC + 726 bps), 6/8/26 (144A) | $518500 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2516

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — (continued)** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 12.69%, (BNMMDTSC + 883 bps), 6/8/26 (144A) | $261575 |
| 1,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Locke Tavern Re, 8.84%, (GSMMUSTI + 496 bps), 4/9/26 (144A) | &nbsp;&nbsp; 1322230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2102305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.1%** |  |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Capital, 11.771%, (SOFR + 757 bps), 6/5/26 (144A) | $1295250 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cat Re 2001, 16.92%, (JMMMUSTF + 1,304 bps), 1/8/27 (144A) | &nbsp;&nbsp; 787350 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall Re, 10.128%, (GSMMUSTI + 625 bps), 4/30/27 (144A) | &nbsp;&nbsp; 1051600 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silk Road Re, 9.86%, (BNMMDTSC + 600 bps), 1/10/28 (144A) | &nbsp;&nbsp; 505000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3639200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.1%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 9.94%, (3 Month U.S. Treasury Bill + 994 bps), 4/7/26 (144A) | $1034500 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlon Re, 11.186%, (JMMMUSTF + 731 bps), 6/7/27 (144A) | &nbsp;&nbsp; 267550 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.628%, (GSMMUSTI + 875 bps), 7/7/27 (144A) | &nbsp;&nbsp; 798975 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Re, 13.501%, (1 Month U.S. Treasury Bill + 970 bps), 6/7/27 (144A) | &nbsp;&nbsp; 267350 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 12.927%, (1 Month U.S. Treasury Bill + 913 bps), 6/7/27 (144A) | &nbsp;&nbsp; 531950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2900325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Massachusetts — 0.0%†** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayflower Re, 8.775%, (FHMMUSTF + 493 bps), 7/8/27 (144A) | $1031000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Mexico — 0.0%†** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 16.345%, (SOFR + 1,222 bps), 4/24/28 (144A) | $264350 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 17.845%, (SOFR + 1,372 bps), 4/24/28 (144A) | &nbsp;&nbsp; 273000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $537350 |

---

17Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 0.0%†** |  |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 9.10%, (FHMMUSTF + 525 bps), 1/8/27 (144A) | $775950 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 11.84%, (FHMMUSTF + 799 bps), 1/8/27 (144A) | &nbsp;&nbsp; 1321875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2097825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Texas — 0.1%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 10.39%, (FHMMUSTF + 654 bps), 6/7/27 (144A) | $529350 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 12.284%, (FHMMUSTF + 843 bps), 6/7/27 (144A) | &nbsp;&nbsp; 268600 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 12.93%, (FHMMUSTF + 908 bps), 6/7/26 (144A) | &nbsp;&nbsp; 1572600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2370550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — 0.1%** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 11.88%, (MSMMUSTF + 803 bps), 1/8/26 (144A) | $252375 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Lookout Re, 11.052%, (FHMMUSTF + 720 bps), 4/28/26 (144A) | &nbsp;&nbsp; 1803025 |
| 600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 17.741%, (1 Month U.S. Treasury Bill + 1,394 bps), 2/24/26 (144A) | &nbsp;&nbsp; 624300 |
| 1,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 14.348%, (GSMMUSTI + 1,047 bps), 7/7/26 (144A) | &nbsp;&nbsp; 1700960 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queen Street Re, 11.301%, (3 Month U.S. Treasury Bill + 750 bps), 12/8/25 (144A) | &nbsp;&nbsp; 1507500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5888160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Multistate — 0.0%†** |  |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 9.701%, (1 Month U.S. Treasury Bill + 590 bps), 7/8/27 (144A) | $260575 |
|  | &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;Citrus Re, 10.45%, (BRMMUSDF + 659 bps), 6/7/26 (144A) | $1033400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 0.0%†** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Re, 14.878%, (GSMMUSTI + 1,100 bps), 3/31/26 (144A) | $2080200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **$68686995** |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2518

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 0.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.1%** |  |
| 5,272,146(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PI0047 2024-1, 12/31/29 | $5715062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 4,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gamboge Re, 3/31/30 | $1860800 |
| 1,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2025-1, 12/31/30 | &nbsp;&nbsp; 1014311 |
| 250,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Head Re 2025, 12/31/30 | &nbsp;&nbsp; 250226 |
| 500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Valley Re 2025, 12/31/29 | &nbsp;&nbsp; 497555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3622892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9337954** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 2,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnoustie Re 2025, 12/31/30 | $2650000 |
| 1,500,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2650000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.4%** |  |
| 1,000,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2021-3, 7/31/26 | $28000 |
| 24,956(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | &nbsp;&nbsp;&nbsp; 884 |
| 2,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banbury-PI0050 Re 2024, 3/31/30 | &nbsp;&nbsp; 2096508 |
| 4,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bantry Re 2025, 12/31/30 | &nbsp;&nbsp; 4174158 |
| 2,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berwick Re 2025, 12/31/30 | &nbsp;&nbsp; 2050827 |
| 1,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Re 2025, 12/31/30 | &nbsp;&nbsp; 1078835 |
| 3,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gullane Re 2025, 12/31/30 | &nbsp;&nbsp; 2833866 |
| 2,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pangaea Re 2025-1, 12/31/30 | &nbsp;&nbsp; 2361555 |
| 3,871(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector Re V, 12/1/28 (144A) | &nbsp;&nbsp; 106259 |
| 3,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector Re V, 12/1/29 (144A) | &nbsp;&nbsp; 4443250 |
| 3,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector Re V, 12/1/29 (144A) | &nbsp;&nbsp; 3808500 |
| 1,000,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2020, 12/31/25 | &nbsp;&nbsp; 4500 |
| 1,500,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2021, 12/31/25 | &nbsp;&nbsp; 7200 |
| 2,500,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2023, 12/31/28 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,500,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2024, 12/31/29 | &nbsp;&nbsp; 12250 |
| 2,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2025, 12/31/30 | &nbsp;&nbsp; 2764250 |
| 1,500,000(b)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,000,000(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2023, 12/31/28 | &nbsp;&nbsp; 45400 |
| 333,333(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2024, 12/31/29 | &nbsp;&nbsp; 34233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $25850475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **28500475** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $98,242,307)** | &nbsp;&nbsp; **$** **106525424** |

---

19Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Government Bonds —<br> 1.4% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Argentina — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;ARS20,473,472,080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bono Del Tesoro Nacional Capitalizable en Pesos, 2.600%, 2/13/26 | $17858884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **17858884** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Brazil — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL186,200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Letras do Tesouro Nacional, 0.000%, 4/1/27 | $28941915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **28941915** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hungary — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HUF1,441,490,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bond, 4.500%, 5/27/32 | $3824826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hungary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3824826** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indonesia — 0.2%** |  |
| &nbsp;&nbsp;IDR161,493,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, 6.875%, 4/15/29 | $10172214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **10172214** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Philippines — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHP576,400,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government Bond, 6.750%, 9/15/32 | $10300057 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Philippines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **10300057** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Russia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RUB61,885,000(e)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federal Bond - OFZ, 7.700%, 3/23/33 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RUB59,074,000(e)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federal Bond - OFZ, 8.150%, 2/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trinidad — 0.0%†** |  |
| 2113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond, 4.500%, 8/4/26 (144A) | $2086587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trinidad** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2086587** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Turkey — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY176,759,679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 12.400%, 3/8/28 | $2739747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY521,808,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.000%, 8/12/26 | &nbsp;&nbsp; 12248193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Turkey** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **14987940** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Government Bonds<br> (Cost $91,559,482)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **88172423** |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2520

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Linked Notes — 19.5% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR118,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas (Hensoldt AG), 21.08%, 3/30/26 (144A) | $10673461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$10673461** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Retail — 0.1%** |  |
| 27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Lululemon Athletica In), 13.63%, 4/7/26 | $5296716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$5296716** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 0.2%** |  |
| 234800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (General Motors Company), 10.70%, 11/3/26 (144A) | $16222332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; **$16222332** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.7%** |  |
| 485100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Barrick Gold Corp.), 11.76%, 3/4/26 (144A) | $9835233 |
| 227900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Citizens Financial Group, Inc.), 11.55%, 12/23/25 (144A) | &nbsp;&nbsp; 11217238 |
| 221900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Uber Technologies, Inc.), 12.77%, 2/24/26 (144A) | &nbsp;&nbsp; 18962464 |
| 215900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Ovintiv, Inc.), 13.39%, 9/18/26 (144A) | &nbsp;&nbsp; 8373682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; **$48388617** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic Materials — 1.5%** |  |
| 1014500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of America (Barrick Mining Corp.), 12.00%, 6/24/26 | $23079875 |
| 384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Newmont Corp.), 12.84%, 6/24/26 | &nbsp;&nbsp; 23512704 |
| 496500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (Usa Rare Earth, Inc.), 85.15%, 2/2/26 | &nbsp;&nbsp; 9656925 |
| 416,500(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hsbc Bank Plc (Barrick Mining Corp.), 15.00%, 11/2/26 | &nbsp;&nbsp; 13155152 |
| 2841300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products (BV B2Gold Corp.), 6/24/26 | &nbsp;&nbsp; 11336787 |
| 389500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Teck Resources Ltd.), 12.41%, 7/13/26 | &nbsp;&nbsp; 16487535 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Basic Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$97228978** |

---

21Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.3%** |  |
| 258400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Celsius Holdings, Inc.), 23.55%, 11/10/25 (144A) | $9810156 |
| 300300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Celsius Holdings, Inc.), 23.58%, 12/1/25 (144A) | &nbsp;&nbsp; 9825786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp; **$19635942** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages - Non-Alcoholic — 0.2%** |  |
| 338200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Celsius Holdings, Inc.), 27.00%, 3/12/26 | $11089409 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages - Non-Alcoholic** | &nbsp;&nbsp;&nbsp;&nbsp; **$11089409** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |
| 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance BV (Biontech SE), 17.02%, 6/18/26 (144A) | $10333440 |
| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Regeneron Pharmaceuticals, Inc.), 11.00%, 1/27/26 (144A) | &nbsp;&nbsp; 7947540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; **$18280980** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.2%** |  |
| 89300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs (CRH Plc), 10.60%, 3/18/26 | $9821661 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9821661** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.1%** |  |
| 172200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Celanese Corp.), 18.15%, 3/16/26 | $7029187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$7029187** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Hardware — 0.1%** |  |
| 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Dell Technologies), 17.27%, 10/26/26 | $6612900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Hardware** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6612900** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.1%** |  |
| 31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Mastec, Inc.), 15.42%, 10/26/26 | $6576482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Engineering** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6576482** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.5%** |  |
| 574,600(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Brightstar Lottery PLC), 8/24/26 | $8871824 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2522

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary — (continued)** |  |
| 533400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Draftkings, Inc.), 21.30%, 4/7/26 | $16679418 |
| 368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Brightstar Lottery PLC), 13.96%, 8/17/26 | &nbsp;&nbsp; 5832616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **$31383858** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Services — 0.6%** |  |
| 219500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Paypal Holdings, Inc.), 11.12%, 9/29/26 | $14626273 |
| 182100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (PayPal Holdings, Inc.), 11.86%, 3/5/26 | &nbsp;&nbsp; 12747000 |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank Of Canada (PayPal Holdings, Inc.), 11.93%, 3/12/26 (144A) | &nbsp;&nbsp; 13088150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Credit Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$40461423** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Discount Stores — 0.5%** |  |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bnp Paribas (BJ's Wholesale Club Holdings, Inc.), 9.43%, 10/14/26 (144A) | $19013400 |
| 137200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (BJ's Wholesale Club), 10.68%, 3/13/26 | &nbsp;&nbsp; 12555858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Discount Stores** | &nbsp;&nbsp;&nbsp;&nbsp; **$31569258** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment & Parts — 0.2%** |  |
| 105900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Vertiv Holdings Co.), 18.88%, 3/26/26 | $11356580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment & Parts** | &nbsp;&nbsp;&nbsp;&nbsp; **$11356580** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.5%** |  |
| 146100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products (Paypal Holdings, Inc.), 11.91%, 6/25/26 | $10010772 |
| 138400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Paypal Holdings, Inc.), 12.00%, 5/14/26 | &nbsp;&nbsp; 9280827 |
| 54500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (Abercrombie & Fitch Co.), 20.45%, 1/20/26 | &nbsp;&nbsp; 4366268 |
| 30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (Coinbase Global, Inc.), 18.37%, 6/25/26 | &nbsp;&nbsp; 8923068 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$32580935** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Footwear & Accessories — 0.5%** |  |
| 209900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Crocs, Inc.), 15.34%, 7/10/26 | $18832753 |
| 158800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Paypal Holdings, Inc.), 10.00%, 8/7/26 | &nbsp;&nbsp; 10728925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Footwear & Accessories** | &nbsp;&nbsp;&nbsp;&nbsp; **$29561678** |

---

23Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Furnishings, Fixtures & Appliances — 0.4%** |  |
| 78300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (SharkNinja, Inc.), 14.07%, 2/27/26 | $7119036 |
| 99200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Whirlpool Corp.), 18.92%, 3/20/26 (144A) | &nbsp;&nbsp; 7400816 |
| 154800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of America (Whirlpool Corp.), 16.49%, 4/10/26 | &nbsp;&nbsp; 11408760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Furnishings, Fixtures & Appliances** | &nbsp;&nbsp;&nbsp;&nbsp; **$25928612** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gold — 0.3%** |  |
| 471800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Barrick Mining Corporation), 11.64%, 3/4/26 | $9777583 |
| 3026300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (B2Gold Corporation), 18.36%, 5/6/26 | &nbsp;&nbsp; 9532845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gold** | &nbsp;&nbsp;&nbsp;&nbsp; **$19310428** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.3%** |  |
| 146100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Novo Nordisk A/S), 12.57%, 12/31/25 | $7420419 |
| 80800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hsbc Bank Plc (Biogen, Inc.), 11.35%, 10/14/26 | &nbsp;&nbsp; 12284024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$19704443** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.5%** |  |
| 44200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (The Cigna Group), 11.98%, 12/31/25 (144A) | $10888670 |
| 57900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (Humana, Inc.), 13.62%, 8/10/26 | &nbsp;&nbsp; 14978730 |
| 199200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Newamsterdam Pharma Company N.V.), 19.56%, 10/20/26 | &nbsp;&nbsp; 6873794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$32741194** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household & Personal Products — 0.5%** |  |
| 317000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (The Estée Lauder Cos., Inc.), 17.65%, 12/3/25 | $22443169 |
| 208600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Hims & Hers Health, Inc.), 33.00%, 5/8/26 | &nbsp;&nbsp; 7855876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household & Personal Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$30299045** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.4%** |  |
| 1247200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of America (Thyssen Krupp Ag), 19.45%, 6/29/26 | $13731173 |
| 988700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Thyssenkrupp AG), 17.00%, 9/23/26 | &nbsp;&nbsp; 13513354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrial Conglomerates** | &nbsp;&nbsp;&nbsp;&nbsp; **$27244527** |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2524

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 1.4%** |  |
| 123400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank PLC (Amazon.Com, Inc.), 9.35%, 7/28/26 | $28257366 |
| 158400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Amazon.Com, Inc.), 9.39%, 9/24/26 | &nbsp;&nbsp; 38663856 |
| 102600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (Amazon.Com, Inc.), 9.01%, 9/17/26 | &nbsp;&nbsp; 24305940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; **$91227162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail — 0.3%** |  |
| 91300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Alibaba Group Holding Limited), 12.28%, 11/26/25 | $8841857 |
| 127100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (eBay Inc.), 9.86%, 12/5/25 | &nbsp;&nbsp; 9100233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet & Direct Marketing Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$17942090** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content & Information — 0.3%** |  |
| 299500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (Pinterest, Inc.), 15.18%, 10/13/26 | $9533085 |
| 187500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (Stubhub Holdings, Inc.), 34.45%, 10/16/26 | &nbsp;&nbsp; 3348750 |
| 57500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (Alphabet Inc.), 10.95%, 4/21/26 (144A) | &nbsp;&nbsp; 9808730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content & Information** | &nbsp;&nbsp;&nbsp;&nbsp; **$22690565** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.1%** |  |
| 256500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs (Yeti Holdings, Inc.), 13.50%, 8/24/26 | $8603010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8603010** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine Shipping — 0.1%** |  |
| 907600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank Of Canada (Golden Ocean Group Limited), 17.41%, 3/12/26 (144A) | $6379198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Marine Shipping** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6379198** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.3%** |  |
| 237800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Barrick Gold Corp.), 11.70%, 11/21/25 | $4451616 |
| 354500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Barrick Gold Corporation), 11.58%, 12/1/25 | &nbsp;&nbsp; 6687642 |
| 143600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Newmont Corp.), 12.60%, 12/1/25 | &nbsp;&nbsp; 6812169 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$17951427** |

---

25Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.9%** |  |
| 350700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc./United States (HF Sinclair Corp.), 15.37%, 6/8/26 (144A) | $13922439 |
| 350700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Range Resources Corp.), 11.41%, 9/18/26 | &nbsp;&nbsp; 12010774 |
| 328200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Range Resources Corp.), 12.54%, 10/20/26 | &nbsp;&nbsp; 12096303 |
| 531500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (Range Resources Corporation), 13.00%, 5/8/26 | &nbsp;&nbsp; 18700828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; **$56730344** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 0.1%** |  |
| 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (The Estee Lauder Companies, Inc.), 16.64%, 11/12/25 | $8579200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Personal Care Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8579200** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental & Leasing Services — 0.2%** |  |
| 25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (United Rentals), 15.02%, 4/16/26 | $15616593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental & Leasing Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$15616593** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor<br> Equipment — 4.6%** |  |
| 92500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Advanced Micro Devices, Inc.), 16.06%, 5/19/26 | $10452944 |
| 145300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Micron Technology, Inc.), 16.44%, 12/31/25 | &nbsp;&nbsp; 14045207 |
| 196700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Microchip Technology, Inc.), 16.00%, 3/11/26 (144A) | &nbsp;&nbsp; 11647591 |
| 85900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Nvidia Corp.), 17.21%, 4/10/26 (144A) | &nbsp;&nbsp; 10305414 |
| 54,500(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hsbc Bank Plc (Advanced Micro Devices, Inc.), 10/20/26 | &nbsp;&nbsp; 13048390 |
| 80400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Ambarella, Inc.), 20.05%, 11/3/26 | &nbsp;&nbsp; 6608880 |
| 365500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Axcelis Technologies, Inc.), 17.00%, 8/17/26 | &nbsp;&nbsp; 28033850 |
| 162,600(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch BV (Axcelis Technologies, Inc.), 12/19/25 | &nbsp;&nbsp; 12973041 |
| 77300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Advanced Micro Devices, Inc.), 15.29%, 9/22/26 | &nbsp;&nbsp; 13248524 |
| 44500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Advanced Micro Devices, Inc.), 18.09%, 10/16/26 | &nbsp;&nbsp; 9837259 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2526

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor<br> Equipment — (continued)** |  |
| 65900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Advanced Micro Devices, Inc.), 16.37%, 12/26/25 | $9126491 |
| 74500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Advanced Micro DE), 16.31%, 11/7/25 (144A) | &nbsp;&nbsp; 13421175 |
| 448800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Advanced Micro Devices, Inc.), 15.48%, 6/24/26 | &nbsp;&nbsp; 57869170 |
| 68400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Qualcomm Incorporated), 11.80%, 7/10/26 | &nbsp;&nbsp; 11467944 |
| 116100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Advanced Micro Devices, Inc.), 1.00%, 2/24/26 | &nbsp;&nbsp; 14412073 |
| 117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Advanced Micro Devices, Inc.), 1.00%, 3/3/26 | &nbsp;&nbsp; 14575275 |
| 215300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (NVIDIA Corporation), 16.87%, 4/13/26 | &nbsp;&nbsp; 26318539 |
| 149900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Advanced Micro Devices, Inc.), 16.49%, 5/6/26 | &nbsp;&nbsp; 15689283 |
| 160100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Axcelis Technologies, Inc.), 18.28%, 3/12/26 | &nbsp;&nbsp; 10003048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp; **$303084098** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.8%** |  |
| 54800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (Uber Technologies, Inc.), 1.00%, 11/26/25 | $4402785 |
| 343400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Uber Technologies, Inc.), 14.20%, 12/31/25 | &nbsp;&nbsp; 22746823 |
| 66600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America (Adobe, Inc.), 11.88%, 9/18/26 | &nbsp;&nbsp; 22694949 |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (Adobe, Inc.), 11.30%, 12/5/25 | &nbsp;&nbsp; 5669440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$55513997** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software - Infrastructure — 0.8%** |  |
| 117600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (Twilio, Inc.), 16.72%, 9/24/26 (144A) | $13218828 |
| 1902100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Worldline SA), 23.98%, 9/29/26 | &nbsp;&nbsp; 5325880 |
| 155600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (Oracle Corp.), 12.90%, 3/23/26 | &nbsp;&nbsp; 25193366 |
| 80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Netapp, Inc.), 11.22%, 10/28/26 | &nbsp;&nbsp; 9265469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software - Infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp; **$53003543** |

---

27Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Speciality Industrial Machinery — 0.2%** |  |
| 72400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc./United States (Generac Holdings, Inc.), 12.20%, 7/30/26 (144A) | $11039914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Speciality Industrial Machinery** | &nbsp;&nbsp;&nbsp;&nbsp; **$11039914** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Travel Services — 0.1%** |  |
| 75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Airbnb, Inc.), 14.10%, 5/8/26 | $9500127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Travel Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9500127** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services —<br> 0.1%** |  |
| 457400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs (Usa Rare Earth, Inc.), 43.86%, 11/6/26 | $8896430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wireless Telecommunication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8896430** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Linked Notes<br> (Cost $1,257,036,675)** | **$1275756344** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 18.1% of Net Assets** |  |
| 2955733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 2/1/51 | $2574993 |
| 3485835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 7/1/51 | &nbsp;&nbsp; 3027585 |
| 1460043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 11/1/51 | &nbsp;&nbsp; 1269231 |
| 433090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 2/1/52 | &nbsp;&nbsp;&nbsp; 375570 |
| 513644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 8/1/50 | &nbsp;&nbsp;&nbsp; 464784 |
| 1563155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 8/1/50 | &nbsp;&nbsp; 1422366 |
| 1928792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 8/1/52 | &nbsp;&nbsp; 1744602 |
| 7453110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.500%, 10/1/53 | &nbsp;&nbsp; 7370837 |
| 10752043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.500%, 4/1/54 | &nbsp;&nbsp; 10520559 |
| 6804511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 5/1/53 | &nbsp;&nbsp; 6816219 |
| 36643119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 6/1/53 | &nbsp;&nbsp; 36626840 |
| 4232184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 3/1/54 | &nbsp;&nbsp; 4245536 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2528

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 5620373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 8/1/52 | $5708122 |
| 1050307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 11/1/52 | &nbsp;&nbsp; 1065414 |
| 7560485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/53 | &nbsp;&nbsp; 7706619 |
| 1782364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/53 | &nbsp;&nbsp; 1808124 |
| 15412919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 15722798 |
| 18019926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 18266826 |
| 4365721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 4428868 |
| 5592763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 5685854 |
| 15955165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 7/1/53 | &nbsp;&nbsp; 16171324 |
| 11921935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 9/1/53 | &nbsp;&nbsp; 12174382 |
| 21017230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 10/1/53 | &nbsp;&nbsp; 21441828 |
| 8193478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 11/1/53 | &nbsp;&nbsp; 8319533 |
| 4259644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/53 | &nbsp;&nbsp; 4346486 |
| 3155651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 2/1/54 | &nbsp;&nbsp; 3203643 |
| 7619252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/54 | &nbsp;&nbsp; 7759391 |
| 4976527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/54 | &nbsp;&nbsp; 5054070 |
| 1878883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 5/1/54 | &nbsp;&nbsp; 1906878 |
| 1698252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 5/1/54 | &nbsp;&nbsp; 1723296 |
| 2672531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 5/1/54 | &nbsp;&nbsp; 2715903 |
| 3783866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/54 | &nbsp;&nbsp; 3839666 |
| 2365186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 7/1/54 | &nbsp;&nbsp; 2405279 |

---

29Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 2042293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 8/1/54 | $2076078 |
| 18883406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 8/1/54 | &nbsp;&nbsp; 19147727 |
| 3841429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 9/1/54 | &nbsp;&nbsp; 3904974 |
| 2002866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 10/1/54 | &nbsp;&nbsp; 2033575 |
| 1976055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 10/1/54 | &nbsp;&nbsp; 1999757 |
| 3679647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 11/1/54 | &nbsp;&nbsp; 3771446 |
| 6271766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 11/1/54 | &nbsp;&nbsp; 6384661 |
| 5261501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 5323742 |
| 4871550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 4949107 |
| 6976199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 7057654 |
| 7973752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 8131474 |
| 2815060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 1/1/55 | &nbsp;&nbsp; 2864625 |
| 15848594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 1/1/55 | &nbsp;&nbsp; 16129805 |
| 3890826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 1/1/55 | &nbsp;&nbsp; 3960863 |
| 7027638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 2/1/55 | &nbsp;&nbsp; 7197940 |
| 10748214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 2/1/55 | &nbsp;&nbsp; 10923678 |
| 23566873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 3/1/55 | &nbsp;&nbsp; 24056919 |
| 4371603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 3/1/55 | &nbsp;&nbsp; 4480127 |
| 27014617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/55 | &nbsp;&nbsp; 27446067 |
| 9123224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/55 | &nbsp;&nbsp; 9270726 |
| 6321390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 6/1/53 | &nbsp;&nbsp; 6475786 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2530

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 5772010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 10/1/53 | $5925140 |
| 8521534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 6/1/54 | &nbsp;&nbsp; 8779852 |
| 8514394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 7/1/54 | &nbsp;&nbsp; 8771196 |
| 5842813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 7/1/54 | &nbsp;&nbsp; 6019040 |
| 17952117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/54 | &nbsp;&nbsp; 18384823 |
| 8367164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/54 | &nbsp;&nbsp; 8568922 |
| 11573097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/54 | &nbsp;&nbsp; 11853064 |
| 12755195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 10/1/54 | &nbsp;&nbsp; 13058476 |
| 9135382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 10/1/54 | &nbsp;&nbsp; 9484162 |
| 4151823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 12/1/54 | &nbsp;&nbsp; 4278415 |
| 3733345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 1/1/55 | &nbsp;&nbsp; 3838882 |
| 4241848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 3/1/55 | &nbsp;&nbsp; 4348156 |
| 1740685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/53 | &nbsp;&nbsp; 1833060 |
| 1096891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/53 | &nbsp;&nbsp; 1159012 |
| 6429221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/53 | &nbsp;&nbsp; 6697551 |
| 5527810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/53 | &nbsp;&nbsp; 5840903 |
| 5852100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 8/1/50 | &nbsp;&nbsp; 5097391 |
| 6913598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 5/1/51 | &nbsp;&nbsp; 6026012 |
| 14325266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 11/1/51 | &nbsp;&nbsp; 12456549 |
| 6297003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 11/1/51 | &nbsp;&nbsp; 5473315 |
| 282131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 1/1/52 | &nbsp;&nbsp; 244825 |

---

31Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 8429861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 2/1/52 | $7316470 |
| 292525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 4/1/51 | &nbsp;&nbsp; 264887 |
| 9171807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 11/1/51 | &nbsp;&nbsp; 8277866 |
| 10195128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 5/1/53 | &nbsp;&nbsp; 10032851 |
| 9670838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 7/1/55 | &nbsp;&nbsp; 9505654 |
| 12924571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 4/1/53 | &nbsp;&nbsp; 12958746 |
| 10555716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 8/1/53 | &nbsp;&nbsp; 10671369 |
| 4372981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 8/1/54 | &nbsp;&nbsp; 4356551 |
| 2403774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 10/1/54 | &nbsp;&nbsp; 2396137 |
| 3382425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 1/1/55 | &nbsp;&nbsp; 3366337 |
| 2264202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 1/1/55 | &nbsp;&nbsp; 2261793 |
| 28562901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 8/1/55 | &nbsp;&nbsp; 28657821 |
| 5259210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/52 | &nbsp;&nbsp; 5327823 |
| 3046100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 3/1/53 | &nbsp;&nbsp; 3093735 |
| 771203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 4/1/53 | &nbsp;&nbsp; 780381 |
| 1386887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 7/1/53 | &nbsp;&nbsp; 1409776 |
| 18226574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/53 | &nbsp;&nbsp; 18485313 |
| 9373509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/53 | &nbsp;&nbsp; 9515737 |
| 7800140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/53 | &nbsp;&nbsp; 7889498 |
| 27363402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/53 | &nbsp;&nbsp; 27742632 |
| 29700754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/53 | &nbsp;&nbsp; 30304465 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2532

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 26216711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/53 | $26547688 |
| 1680093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/54 | &nbsp;&nbsp; 1706103 |
| 2517934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/54 | &nbsp;&nbsp; 2557494 |
| 12310087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/54 | &nbsp;&nbsp; 12467982 |
| 2777495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/54 | &nbsp;&nbsp; 2811100 |
| 3225715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 6/1/54 | &nbsp;&nbsp; 3276062 |
| 4107245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 7/1/54 | &nbsp;&nbsp; 4171481 |
| 1785093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/54 | &nbsp;&nbsp; 1825162 |
| 5969352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 6035690 |
| 3783584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 11/1/54 | &nbsp;&nbsp; 3846373 |
| 6792063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 11/1/54 | &nbsp;&nbsp; 6877628 |
| 890680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 11/1/54 | &nbsp;&nbsp; 900533 |
| 718072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 12/1/54 | &nbsp;&nbsp; 728879 |
| 27246125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/55 | &nbsp;&nbsp; 27632052 |
| 16286683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/55 | &nbsp;&nbsp; 16575658 |
| 6682516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 3/1/55 | &nbsp;&nbsp; 6801091 |
| 4031380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 3/1/55 | &nbsp;&nbsp; 4131455 |
| 528342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 3/1/55 | &nbsp;&nbsp; 536593 |
| 7431246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 6/1/53 | &nbsp;&nbsp; 7642897 |
| 2801238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/53 | &nbsp;&nbsp; 2884005 |
| 8646474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 6/1/54 | &nbsp;&nbsp; 8857421 |

---

33Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 11899779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 7/1/54 | $12218697 |
| 11301293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 11732756 |
| 5431193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 5570480 |
| 7837974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 12/1/54 | &nbsp;&nbsp; 8035161 |
| 1777256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 1/1/55 | &nbsp;&nbsp; 1827061 |
| 75137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 2/1/53 | &nbsp;&nbsp;&nbsp; 77903 |
| 2805760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 7/1/53 | &nbsp;&nbsp; 2956396 |
| 2992030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/53 | &nbsp;&nbsp; 3174526 |
| 2469144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/53 | &nbsp;&nbsp; 2622233 |
| 5682541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 10/1/53 | &nbsp;&nbsp; 6004391 |
| 38200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.625%, 11/15/44 | &nbsp;&nbsp; 38153742 |
| 86400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.750%, 11/15/43 | &nbsp;&nbsp; 88003125 |
| 65800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.750%, 2/15/45 | &nbsp;&nbsp; 66715031 |
| 31517900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.250%, 3/15/27 | &nbsp;&nbsp; 31761671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $1,162,655,520)** | **$1185921265** |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2534

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 1.3% of<br> Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 1.3%** |  |
| 83,095,816(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.00% | $83095816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $83095816 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $83,095,816)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **83095816** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.8%<br> (Cost $5,899,388,548)** | **$6458298507** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; $80387891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$6538686398** |

---

---

| | |
|:---|:---|
| (A.D.R.) | &nbsp;&nbsp;American Depositary Receipts. |
| (C.V.A.) | &nbsp;&nbsp;Certificaaten van aandelen (Share Certificates). |
| (G.D.R.) | &nbsp;&nbsp;Global Depositary Receipts. |
| BNMMDTSC | &nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund Yield. |
| bps | &nbsp;&nbsp;Basis Points. |
| BRMMUSDF | &nbsp;&nbsp;BlackRock Liquidity Fund Treasury Trust Fund Portfolio Fund Yield. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| FHMMUSTF | &nbsp;&nbsp;Federated Hermes US Treasury Cash Reserves Fund Yield. |
| FRMMUSTI | &nbsp;&nbsp;Western Asset Institutional US Treasury Reserves Fund Yield. |
| GSMMUSTI | &nbsp;&nbsp;Goldman Sachs Financial Square Treasury Solutions Fund Yield. |
| JMMMUSTF | &nbsp;&nbsp;JPMorgan 100% US Treasury Securities Money Market Fund Yield. |
| MSMMUSTF | &nbsp;&nbsp;MSILF Treasury Securities Portfolio Fund Yield. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| (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 October 31, 2025, the value of these securities amounted to $794,108,528, or 12.1% of net assets. |

---

(a) Floating rate note. Coupon rate, reference index and spread shown at October 31, 2025.

(b) Non-income producing security.

(c) Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at October 31, 2025.

(d) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at October 31, 2025.

35Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | |
|:---|:---|
| (e) | &nbsp;&nbsp;Security is in default. |
| (f) | &nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date. |
| (g) | &nbsp;&nbsp;Issued as participation notes. |
| (h) | &nbsp;&nbsp;Issued as preference shares. |
| (i) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (j) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at October 31, 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 October 31, 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;Acorn Re | 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$510800 |
| &nbsp;&nbsp;Acorn Re | 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499500 |
| &nbsp;&nbsp;Alamo Re | 4/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572600 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529350 |
| &nbsp;&nbsp;Alamo Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268600 |
| &nbsp;&nbsp;Alturas Re 2021-3 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 4/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518500 |
| &nbsp;&nbsp;Aquila Re | 5/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261575 |
| &nbsp;&nbsp;Aquila Re | 4/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520800 |
| &nbsp;&nbsp;Atlas Capital | 5/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295250 |
| &nbsp;&nbsp;Atlas Re | 5/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835800 |
| &nbsp;&nbsp;Banbury-PI0050 Re 2024 | 8/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096508 |
| &nbsp;&nbsp;Bantry Re 2025 | 1/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174158 |
| &nbsp;&nbsp;Berwick Re 2025 | 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050827 |
| &nbsp;&nbsp;Blue Ridge Re | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775950 |
| &nbsp;&nbsp;Blue Ridge Re | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321875 |
| &nbsp;&nbsp;Bonanza Re | 1/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252375 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253800 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031900 |
| &nbsp;&nbsp;Cape Lookout Re | 4/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803025 |
| &nbsp;&nbsp;Carnoustie Re 2025 | 1/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 |
| &nbsp;&nbsp;Cat Re 2001 | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787350 |
| &nbsp;&nbsp;Citrus Re | 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033400 |
| &nbsp;&nbsp;Clearwater Re 2025 | 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078835 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2536

------

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Easton Re | 5/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$496431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$513650 |
| &nbsp;&nbsp;First Coast Re | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034500 |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035900 |
| &nbsp;&nbsp;FloodSmart Re | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605750 |
| &nbsp;&nbsp;Four Lakes Re | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252250 |
| &nbsp;&nbsp;Four Lakes Re | 12/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256475 |
| &nbsp;&nbsp;Four Lakes Re | 12/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258150 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254325 |
| &nbsp;&nbsp;Four Lakes Re | 12/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258425 |
| &nbsp;&nbsp;Fuchsia 2024-1 | 12/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029000 |
| &nbsp;&nbsp;Galileo Re | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311500 |
| &nbsp;&nbsp;Galileo Re | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252250 |
| &nbsp;&nbsp;Gamboge Re | 5/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860800 |
| &nbsp;&nbsp;Gateway Re | 2/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624300 |
| &nbsp;&nbsp;Gateway Re | 3/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260575 |
| &nbsp;&nbsp;Gullane Re 2025 | 1/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833866 |
| &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;&nbsp;Herbie Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519050 |
| &nbsp;&nbsp;High Point Re | 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 4/3/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273000 |
| &nbsp;&nbsp;International Bank for Reconstruction & Development | 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264350 |
| &nbsp;&nbsp;Kendall Re | 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051600 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261400 |
| &nbsp;&nbsp;Kilimanjaro II Re | 6/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789525 |
| &nbsp;&nbsp;Kilimanjaro III Re | 4/8/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261100 |
| &nbsp;&nbsp;Lightning Re | 3/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080200 |
| &nbsp;&nbsp;Locke Tavern Re | 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322230 |
| &nbsp;&nbsp;LUKOIL PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Magnit PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12536598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Marlon Re | 5/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267550 |
| &nbsp;&nbsp;Mayflower Re | 6/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031000 |
| &nbsp;&nbsp;Merion Re 2025-1 | 1/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014311 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363570 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700960 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800775 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798975 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571550 |
| &nbsp;&nbsp;Mona Lisa Re | 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019500 |
| &nbsp;&nbsp;Mystic Re | 12/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860250 |
| &nbsp;&nbsp;Mystic Re | 12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255525 |
| &nbsp;&nbsp;Old Head Re 2025 | 1/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250226 |
| &nbsp;&nbsp;Palm Re | 4/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267350 |

---

37Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Pangaea Re 2025-1 | 1/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2189901 | &nbsp;&nbsp;&nbsp;&nbsp;$2361555 |
| &nbsp;&nbsp;PI0047 2024-1 | 1/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715062 |
| &nbsp;&nbsp;Pine Valley Re 2025 | 1/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497555 |
| &nbsp;&nbsp;Purple Re | 4/2/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531950 |
| &nbsp;&nbsp;Queen Street Re | 5/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507500 |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501250 |
| &nbsp;&nbsp;Residential Re | 10/28/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755775 |
| &nbsp;&nbsp;Residential Re | 11/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524050 |
| &nbsp;&nbsp;Residential Re | 11/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331875 |
| &nbsp;&nbsp;Residential Re | 11/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796650 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043400 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043600 |
| &nbsp;&nbsp;Rosneft Oil Co. PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russian Federal Bond - OFZ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russian Federal Bond - OFZ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sanders Re | 5/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675350 |
| &nbsp;&nbsp;Sanders Re | 1/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793050 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549750 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597750 |
| &nbsp;&nbsp;Sanders Re III | 2/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807920 |
| &nbsp;&nbsp;Sanders Re III | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663840 |
| &nbsp;&nbsp;Sector Re V | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106259 |
| &nbsp;&nbsp;Sector Re V | 12/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443250 |
| &nbsp;&nbsp;Sector Re V | 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808500 |
| &nbsp;&nbsp;Silk Road Re | 12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 |
| &nbsp;&nbsp;Solomon Re | 6/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256100 |
| &nbsp;&nbsp;Sutter Re | 6/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511250 |
| &nbsp;&nbsp;Thopas Re 2020 | 2/5/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 |
| &nbsp;&nbsp;Thopas Re 2021 | 12/30/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| &nbsp;&nbsp;Thopas Re 2023 | 2/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Thopas Re 2024 | 2/2/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 |
| &nbsp;&nbsp;Thopas Re 2025 | 1/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764250 |
| &nbsp;&nbsp;Topanga Re | 10/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249000 |
| &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;&nbsp;&nbsp;261725 |
| &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;&nbsp;&nbsp;260300 |
| &nbsp;&nbsp;Ursa Re | 4/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001500 |
| &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;&nbsp;Viribus Re 2023 | 1/8/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 |
| &nbsp;&nbsp;Viribus Re 2024 | 3/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34233 |
| &nbsp;&nbsp;Vitality Re XIII | 3/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750700 |
| &nbsp;&nbsp;Vitality Re XIV | 1/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323450 |

---

Victory Pioneer Multi-Asset Income Fund \| 10/31/2538

------

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Vitality Re XIV | 1/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$615300 |
| &nbsp;&nbsp;X5 Retail Group NV (G.D.R.) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738218 | &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;$106525424 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6% |

---

#### FUTURES CONTRACTS<br> INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;&nbsp;&nbsp;388 | &nbsp;&nbsp;NASDAQ 100 E-Mini | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;$(191778062) | &nbsp;&nbsp;&nbsp;$(201791040) | &nbsp;&nbsp;$(10012978) |
| 2980 | &nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(993064151) | &nbsp;&nbsp;&nbsp;&nbsp;(1024226000) | &nbsp;&nbsp;&nbsp;&nbsp;(31161849) |
|  |  |  | &nbsp;&nbsp;$(1184842213) | &nbsp;&nbsp;$(1226017040) | &nbsp;&nbsp;$(41174827) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(1184842213)** | &nbsp;&nbsp;**$(1226017040)** | &nbsp;&nbsp;**$(41174827)** |

---

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

---

| |
|:---|
| ARS — Argentine Peso |
| BRL — Brazil Real |
| EUR — Euro |
| HUF — Hungary Forint |
| IDR — Indonesian Rupiah |
| PHP — Philippines Peso |
| RUB — Russian Ruble |
| TRY — Turkish Lira |

---

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). |

---

39Victory Pioneer Multi-Asset Income Fund \| 10/31/25

------

The following is a summary of the inputs used as of October 31, 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;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2717910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2717910 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| &nbsp;&nbsp;&nbsp;All Other Common Stocks | &nbsp;&nbsp;&nbsp;3268922668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3268922668 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63594392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63687992 |
| 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;&nbsp;&nbsp;127340761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127340761 |
| 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;&nbsp;&nbsp;&nbsp;53658472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53658472 |
| Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29464332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29464332 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173035100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173035100 |
| Insurance-Linked Securities |  |  |  |  |
| &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;5715062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715062 |
| &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;&nbsp;&nbsp;&nbsp;3622892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622892 |
| &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;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 |
| &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;&nbsp;&nbsp;25850475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25850475 |
| &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;&nbsp;&nbsp;68686995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68686995 |
| Foreign Government Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| &nbsp;&nbsp;&nbsp;All Other Foreign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88172423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88172423 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1275756344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1275756344 |
| 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;1185921265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1185921265 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83095816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83095816 |
| **Total Investments in Securities** | **$3352018484** | &nbsp;&nbsp;**$3068347994** | &nbsp;&nbsp;**$37932029** | &nbsp;&nbsp;**$6458298507** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;$(41174827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(41174827) |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;**$(41174827)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$(41174827)** |

---

\* Securities valued at $0.

During the period ended October 31, 2025, there were no transfers in or out of Level 3.

Victory Pioneer Multi-Asset Income Fund \| 10/31/2540

## 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 Income Fund

- **b. EDGAR series identifier (if any):** S000089756

- **c. LEI of Series:** G1DK3TBEJYPHTO5ROV98

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6572366670.00

**Total Liabilities:** $64863944.90

**Net Assets:** $6507502725.10

**Cash Not Reported:** $861000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -96.00000000 | **1-Year:** -5126.00000000 | **5-Year:** -461262.00000000 | **10-Year:** -3836.00000000 | **30-Year:** -245900.00000000

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

- **3-Month:** -722.00000000 | **1-Year:** -27995.00000000 | **5-Year:** -46561.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256480 | 2.17%                | 1.40%                | 0.09%                |
| Class ID C000256481 | 2.28%                | 1.53%                | 0.11%                |
| Class ID C000256482 | 2.25%                | 1.48%                | 0.17%                |
| Class ID C000256483 | 2.31%                | 1.46%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $57066827.34             | $61519701.05                               |
| Month 2  | $66528712.68             | $24162557.80                               |
| Month 3  | $54407771.77             | $-51718791.28                              |

**Designated Index Information**

- **Index Name:** 30% Bloomberg Barclays US Aggregate, 70% MSCI ACWI

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE INC.         | NASDAQ 100 E-MINI                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         -388 | NC      | $-10012978.35 | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                             | QUALCOMM Inc                                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |        76909 | NS      | $13912838.10  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       227900 | PA      | $11217238.00  | 0.17%             | 2025-12-23      | Fixed         | 11.55%                | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc                 | Hana Financial Group Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1174314 | NS      | $70471203.37  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427MW23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6976199 | PA      | $7057653.73   | 0.11%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                              | Home RE 2023-1 Ltd                                         | CUSIP: 43731BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1099073 | PA      | $1127405.42   | 0.02%             | 2033-10-25      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings Inc                      | PayPal Holdings Inc                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       335137 | NS      | $23214939.99  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CITRUS RE LTD                            | Citrus Re Ltd                                              | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1033400.00   | 0.02%             | 2026-06-07      | Floating      | 10.47%                | Yes           |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp                   | FUJIFILM Holdings Corp                                     | CUSIP: 000000000<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |       694100 | NS      | $16124054.25  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AVRU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7837974 | PA      | $8035161.17   | 0.12%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                    | Residential Reinsurance 2004 Ltd                           | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1000000 | PA      | $1043400.00   | 0.02%             | 2028-12-06      | Floating      | 9.22%                 | Yes           |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                      | Cape Lookout Re Ltd                                        | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1750000 | PA      | $1803025.00   | 0.03%             | 2026-04-28      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| GULLANE RE 2025                          | GULLANE RE 2025                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $2833866.10   | 0.04%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       123400 | PA      | $28257366.00  | 0.43%             | 2026-07-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                       | Sanders Re III Ltd                                         | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1600000 | PA      | $1663840.00   | 0.03%             | 2027-04-07      | Floating      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| Subaru Corp                              | Subaru Corp                                                | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |      1809100 | NS      | $38539194.73  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AXVW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1777256 | PA      | $1827061.42   | 0.03%             | 2055-01-01      | Fixed         | 6.00%                 | 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        |        24956 | PA      | $883.44       | 0.00%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AG Trust                                 | AG Trust 2024-NLP                                          | CUSIP: 00792MAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9600000 | PA      | $9624122.88   | 0.15%             | 2041-07-15      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Magnit PJSC                              | Magnit PJSC                                                | CUSIP: 000000000<br>LEI: 2534009KKPTVL99W2Y12 | Long             | EC               | CORP              | RU        |       195032 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EUROPEAN BK RECON & DEV                  | European Bank for Reconstruction & Development             | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | N/A       |    197470000 | PA      | $4293213.99   | 0.07%             | 2027-09-27      | Fixed         | 28.00%                | No            |                  2 | On Loan: No      |
| BPCE SA                                  | BPCE SA                                                    | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      2500000 | PA      | $2225327.48   | 0.03%             | 2032-10-19      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140Y6XE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9670838 | PA      | $9505653.87   | 0.15%             | 2055-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133BGW61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5620373 | PA      | $5708121.63   | 0.09%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRIBUS RE 2024                          | VIRIBUS RE 2024                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       333333 | PA      | $34233.30     | 0.00%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133D1B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3679647 | PA      | $3771445.83   | 0.06%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425VYR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4151823 | PA      | $4278415.38   | 0.07%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PINE VALLEY RE 2025                      | PINE VALLEY RE 2025                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $497555.00    | 0.01%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140ATJJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6792063 | PA      | $6877628.06   | 0.11%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                    | Toronto-Dominion Bank/The                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       137200 | PA      | $12555858.00  | 0.19%             | 2026-03-13      | Fixed         | 10.68%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700W882<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       368000 | PA      | $5832616.00   | 0.09%             | 2026-08-17      | Fixed         | 13.96%                | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd               | Samsung Electronics Co Ltd                                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1177159 | NS      | $88818805.05  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        31700 | PA      | $6576482.00   | 0.10%             | 2026-10-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        99200 | PA      | $7400816.00   | 0.11%             | 2026-03-20      | Fixed         | 18.92%                | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                         | ABN AMRO Bank NV                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      5300000 | PA      | $6142473.69   | 0.09%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AGLV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11899779 | PA      | $12218697.25  | 0.19%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SILK ROAD RE LTD                         | Silk Road Re Ltd                                           | CUSIP: 000000000<br>LEI: 984500F112D01CD7CD97 | Long             | DBT              | CORP              | HK        |       500000 | PA      | $505000.00    | 0.01%             | 2028-01-10      | Floating      | 9.86%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WASU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4976527 | PA      | $5054070.14   | 0.08%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31426A2W7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7027638 | PA      | $7197940.40   | 0.11%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T           | Tricolor Auto Securitization Trust 2022-1                  | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2500000 | PA      | $2008903.25   | 0.03%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                 | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $800775.00    | 0.01%             | 2027-07-07      | Floating      | 11.35%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2022-R01               | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5360000 | PA      | $5611006.12   | 0.09%             | 2041-12-25      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR Trust 2019-DNA3                          | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |      6608000 | PA      | $7454420.70   | 0.11%             | 2049-07-25      | Floating      | 12.45%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140M63M3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       718072 | PA      | $728878.66    | 0.01%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DPPV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1050307 | PA      | $1065414.41   | 0.02%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IBM                                      | International Business Machines Corp                       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       310871 | NS      | $95564854.11  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS - USA RARE EARTH INC 43.86 | GOLDMAN SACHS - USA RARE EARTH INC 43.86                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       457400 | PA      | $8896430.00   | 0.14%             | 2026-11-06      | Variable      | 903.74%               | No            |                  2 | On Loan: No      |
| Energy Transfer LP                       | Energy Transfer LP                                         | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |        37776 | NS      | $635770.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-DNA3                    | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |      2170000 | PA      | $2693716.70   | 0.04%             | 2033-10-25      | Floating      | 10.43%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60701B127<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       328200 | PA      | $12096303.30  | 0.19%             | 2026-10-20      | Fixed         | 12.54%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425X4S5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2815060 | PA      | $2864624.95   | 0.04%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       145300 | PA      | $14045206.55  | 0.22%             | 2025-12-31      | Fixed         | 16.44%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700W775<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       158800 | PA      | $10728925.00  | 0.16%             | 2026-08-07      | Fixed         | 10.84%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2021-R03               | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5895000 | PA      | $6136080.74   | 0.09%             | 2041-12-25      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust           | CFMT 2023-H12 LLC                                          | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1600000 | PA      | $1566094.08   | 0.02%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| ACORN RE LTD                             | Acorn Re Ltd                                               | CUSIP: 00485YAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $499500.00    | 0.01%             | 2025-11-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Gaming and Leisure Properties            | Gaming and Leisure Properties Inc                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |       122382 | NS      | $5465580.12   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60701B226<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        80500 | PA      | $9265469.50   | 0.14%             | 2026-10-28      | Fixed         | 11.22%                | No            |                  2 | On Loan: No      |
| EASTON RE LTD                            | Easton Re Ltd                                              | CUSIP: 27777AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $513650.00    | 0.01%             | 2027-01-08      | Floating      | 11.34%                | Yes           |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                        | Trinidad & Tobago Government International Bond            | CUSIP: 896292AJ8<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |      2113000 | PA      | $2086587.50   | 0.03%             | 2026-08-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WCW75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1878883 | PA      | $1906878.34   | 0.03%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700U480<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        65900 | PA      | $9126491.00   | 0.14%             | 2025-12-26      | Fixed         | 16.37%                | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                 | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $798975.00    | 0.01%             | 2027-07-07      | Floating      | 12.63%                | Yes           |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                  | Global Aircraft Leasing Co Ltd                             | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      4675000 | PA      | $4813099.50   | 0.07%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700U167<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        91300 | PA      | $8841857.20   | 0.14%             | 2025-11-26      | Fixed         | 12.28%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |      1247200 | PA      | $13731173.12  | 0.21%             | 2026-06-29      | Fixed         | 19.45%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700X849<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        77300 | PA      | $13248524.30  | 0.20%             | 2026-09-22      | Fixed         | 15.29%                | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                           | Bakkafrost P/F                                             | CUSIP: 000000000<br>LEI: 2138007LH7OP4V112978 | Long             | EC               | CORP              | FO        |        82922 | NS      | $3803397.21   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Commercial Mortgage S           | BBCMS Mortgage Trust 2024-C28                              | CUSIP: 07336WBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5000000 | PA      | $5229096.50   | 0.08%             | 2057-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7560485 | PA      | $7706619.08   | 0.12%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XMRF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27363402 | PA      | $27742631.62  | 0.43%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE           | Multifamily Connecticut Avenue Securities Trust 2020-01    | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |      2164954 | PA      | $2201581.48   | 0.03%             | 2050-03-25      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| ACORN RE LTD                             | Acorn Re Ltd                                               | CUSIP: 00485YAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $510800.00    | 0.01%             | 2027-11-05      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140MW2K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       771203 | PA      | $780380.65    | 0.01%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140B0PG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3382425 | PA      | $3366337.08   | 0.05%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                           | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     31517900 | PA      | $31761671.42  | 0.49%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SECTOR RE V LTD                          | Sector Re V Ltd                                            | CUSIP: 81369AER9<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |      3500000 | PA      | $4443250.00   | 0.07%             | 2029-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MERNA REINSURANCE II LTD                 | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1571550.00   | 0.02%             | 2027-07-07      | Floating      | 12.37%                | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                | Bank of Ireland Group PLC                                  | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |      4760200 | NS      | $77830889.66  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                              | PepsiCo Inc                                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       255893 | NS      | $37383408.37  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SUTTER RE LTD                            | Sutter Re Ltd                                              | CUSIP: 86944RAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $511250.00    | 0.01%             | 2026-06-19      | Floating      | 10.62%                | Yes           |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        12000 | PA      | $7947540.00   | 0.12%             | 2026-01-27      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Enterprise Products Partners L           | Enterprise Products Partners LP                            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |       594844 | NS      | $18315246.76  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TORREY PINES RE LTD                      | Torrey Pines Re Ltd                                        | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $261725.00    | 0.00%             | 2027-06-07      | Floating      | 9.93%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                             | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       167000 | PA      | $167558.62    | 0.00%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Kia Corp                                 | Kia Corp                                                   | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |        38054 | NS      | $3202438.74   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                        | State Street Corp                                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |       246156 | NS      | $28470402.96  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CE7G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6429221 | PA      | $6697551.30   | 0.10%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                 | Clear Channel Outdoor Holdings Inc                         | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |       570000 | PA      | $565684.47    | 0.01%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L           | Plains All American Pipeline LP                            | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |       364794 | NS      | $6000861.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700W197<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       149900 | PA      | $15689283.50  | 0.24%             | 2026-05-06      | Fixed         | 16.49%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140NM6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2805760 | PA      | $2956395.58   | 0.05%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| YETI Holdings Inc                        | YETI Holdings Inc                                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |       350862 | NS      | $11925799.38  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425W2P5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4871550 | PA      | $4949107.15   | 0.08%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc             | Citizens Financial Group Inc                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       469965 | NS      | $23907119.55  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140APAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       890680 | PA      | $900533.24    | 0.01%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                    | Philippine Government Bond                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    576400000 | PA      | $10300057.42  | 0.16%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2021-R02               | CUSIP: 20754KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3688000 | PA      | $3848326.58   | 0.06%             | 2041-11-25      | Floating      | 10.38%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CTGZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3841429 | PA      | $3904973.98   | 0.06%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DUEQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5772010 | PA      | $5925140.28   | 0.09%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XMBP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14325266 | PA      | $12456548.71  | 0.19%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                  | Bono Del Tesoro Nacional Capitalizable en Pesos            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |  20473472080 | PA      | $17858883.67  | 0.27%             | 2026-02-13      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133KRKK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18019926 | PA      | $18266826.32  | 0.28%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                  | International Bank for Reconstruction & Development        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |       250000 | PA      | $264350.00    | 0.00%             | 2028-04-24      | Floating      | 16.44%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XMSF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29700754 | PA      | $30304464.87  | 0.47%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                 | Clear Channel Outdoor Holdings Inc                         | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      1860000 | PA      | $1825120.91   | 0.03%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GAMBOGE RE 2024                          | GAMBOGE RE 2024                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4000000 | PA      | $1860800.00   | 0.03%             | 2030-03-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TORREY PINES RE LTD                      | Torrey Pines Re Ltd                                        | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $260300.00    | 0.00%             | 2027-06-07      | Floating      | 11.00%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XAPD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       292525 | PA      | $264887.49    | 0.00%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140NBRJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3046100 | PA      | $3093734.90   | 0.05%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                        | Blue Ridge Re Ltd                                          | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1321875.00   | 0.02%             | 2027-01-08      | Floating      | 11.86%                | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.         | S&P500 EMINI                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        -2980 | NC      | $-31161849.06 | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| GALILEO RE LTD                           | Galileo Re Ltd                                             | CUSIP: 36354TAP7<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $252250.00    | 0.00%             | 2026-01-08      | Floating      | 10.88%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       317000 | PA      | $22443168.88  | 0.34%             | 2025-12-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                           | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     65800000 | PA      | $66715031.25  | 1.03%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140A1VP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2801238 | PA      | $2884004.50   | 0.04%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132E0R87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11921935 | PA      | $12174381.75  | 0.19%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                        | International Finance Corp                                 | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | N/A       |     26000000 | PA      | $4709088.37   | 0.07%             | 2028-02-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | STACR Trust 2018-HRP2                                      | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |      5880000 | PA      | $7170483.60   | 0.11%             | 2047-02-25      | Floating      | 14.80%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AQY71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1785093 | PA      | $1825162.46   | 0.03%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140YWTV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2777495 | PA      | $2811099.71   | 0.04%             | 2054-02-01      | Fixed         | 5.50%                 | 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        |      3225367 | PA      | $3267175.77   | 0.05%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       146100 | PA      | $10010772.00  | 0.15%             | 2026-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOLOMON RE LTD                           | Solomon Re Ltd                                             | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $256100.00    | 0.00%             | 2026-06-08      | Floating      | 9.40%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       162600 | PA      | $12973041.00  | 0.20%             | 2025-12-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| 2001 CAT RE LTD                          | 2001 Cat RE Ltd                                            | CUSIP: 90215BAB3<br>LEI: 5493007NG10QO60NSO35 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $787350.00    | 0.01%             | 2027-01-08      | Floating      | 16.93%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427NTS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9123224 | PA      | $9270725.58   | 0.14%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                       | Sanders Re III Ltd                                         | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       650000 | PA      | $675350.00    | 0.01%             | 2026-06-05      | Floating      | 11.60%                | Yes           |                  2 | On Loan: No      |
| BW LPG Ltd                               | BW LPG Ltd                                                 | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |       835639 | NS      | $11087679.90  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR Trust 2019-DNA4                          | CUSIP: 35565ABE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3150000 | PA      | $3499808.45   | 0.05%             | 2049-10-25      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| MARLON LTD                               | Marlon Ltd                                                 | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $267550.00    | 0.00%             | 2027-06-07      | Floating      | 11.20%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427M3U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27014617 | PA      | $27446066.67  | 0.42%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CNUM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3155651 | PA      | $3203642.63   | 0.05%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XRKM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11301293 | PA      | $11732756.37  | 0.18%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOFA FINANCE LLC                         | BofA Finance LLC                                           | CUSIP: 000000000<br>LEI: 549300CGZYSEY3ZSIW16 | Long             | DBT              | CORP              | US        |       574600 | PA      | $8871824.00   | 0.14%             | 2026-08-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GROUPE SOLMAX INC                        | Groupe Solmax Inc                                          | CUSIP: 000000000<br>LEI: 549300UUEKZ3HF9FNI46 | Long             | LON              | CORP              | CA        |       943350 | PA      | $755859.14    | 0.01%             | 2028-07-24      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       117600 | PA      | $13218828.00  | 0.20%             | 2026-09-24      | Fixed         | 16.72%                | No            |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                         | Mayflower Re Ltd                                           | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1031000.00   | 0.02%             | 2027-07-08      | Floating      | 8.79%                 | Yes           |                  2 | On Loan: No      |
| ACM Auto Trust                           | ACM Auto Trust 2024-1                                      | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3061826 | PA      | $3104232.29   | 0.05%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140ALAX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4372981 | PA      | $4356551.42   | 0.07%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-DNA1                    | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |      2765000 | PA      | $3065171.17   | 0.05%             | 2051-01-25      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Permian Resources Corp                   | Permian Resources Corp                                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      1269779 | NS      | $15948424.24  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Thopas Re 2020, 12/31/23                 | Thopas Re 2020, 12/31/23                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $4500.00      | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PI0047 2024-1                            | PI0047 2024-1                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      5272146 | PA      | $5715061.32   | 0.09%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PURPLE RE LTD                            | Purple Re Ltd                                              | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $531950.00    | 0.01%             | 2027-06-07      | Floating      | 12.96%                | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                             | UBS Group AG                                               | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      7425000 | PA      | $7397156.25   | 0.11%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Honma Golf Ltd                           | Honma Golf Ltd                                             | CUSIP: 000000000<br>LEI: 2138004YAWWM4FWJ3U62 | Long             | EC               | CORP              | JP        |      5134000 | NS      | $2200129.98   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AGK94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3225715 | PA      | $3276061.67   | 0.05%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       146100 | PA      | $7420419.00   | 0.11%             | 2025-12-31      | Fixed         | 12.57%                | No            |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                        | Blue Ridge Re Ltd                                          | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $775950.00    | 0.01%             | 2027-01-08      | Floating      | 9.12%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       300300 | PA      | $9825785.97   | 0.15%             | 2025-12-01      | Fixed         | 23.58%                | No            |                  2 | On Loan: No      |
| Taisei Corp                              | Taisei Corp                                                | CUSIP: 000000000<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |       219900 | NS      | $16031253.65  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133C2PU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6804511 | PA      | $6816219.10   | 0.10%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       221900 | PA      | $18962464.50  | 0.29%             | 2026-02-24      | Fixed         | 12.77%                | No            |                  2 | On Loan: No      |
| Fuji Electric Co Ltd                     | Fuji Electric Co Ltd                                       | CUSIP: 000000000<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |       400200 | NS      | $28721121.28  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140NP6D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7800140 | PA      | $7889498.32   | 0.12%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133C5FM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6321390 | PA      | $6475786.24   | 0.10%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                      | Barrick Mining Corp                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      2052030 | NS      | $67306584.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                  | MPLX LP                                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |        64722 | NS      | $3285288.72   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2020-R01               | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4020000 | PA      | $4120357.69   | 0.06%             | 2040-01-25      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                         | Societe Generale SA                                        | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      6220000 | PA      | $6558326.70   | 0.10%             | 2033-06-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust           | CFMT 2023-H12 LLC                                          | CUSIP: 12530QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4350000 | PA      | $4280681.88   | 0.07%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                         | Crown Castle Inc                                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |        55229 | NS      | $4982760.38   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MYSTIC RE IV LTD                         | Mystic Re IV Ltd                                           | CUSIP: 62865LAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $255525.00    | 0.00%             | 2028-01-10      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                       | Sanders Re III Ltd                                         | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       800000 | PA      | $807920.00    | 0.01%             | 2026-04-07      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2020-DNA6                    | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |      2675000 | PA      | $3087811.89   | 0.05%             | 2050-12-25      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140B14S2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2264202 | PA      | $2261793.38   | 0.03%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CYVB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2002866 | PA      | $2033574.51   | 0.03%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                             | UBS Group AG                                               | CUSIP: 902613AG3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     31703000 | PA      | $31293441.62  | 0.48%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       314370 | NS      | $59375061.90  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PANGAEA RE 2025-1                        | PANGAEA RE 2025-1                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2361555.08   | 0.04%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700V108<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       338200 | PA      | $11089408.90  | 0.17%             | 2026-03-12      | Fixed         | 20.39%                | No            |                  2 | On Loan: No      |
| MERION RE 2025-1                         | MERION RE 2025-1                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1014310.77   | 0.02%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| URSA RE LTD                              | Ursa Re Ltd                                                | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1001500.00   | 0.02%             | 2025-12-06      | Floating      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Advanced Micro Devices Inc               | Advanced Micro Devices Inc                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       145684 | NS      | $37312586.08  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140W0Q99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27246125 | PA      | $27632052.11  | 0.42%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        42000 | PA      | $6612900.00   | 0.10%             | 2026-10-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                         | Mystic Re IV Ltd                                           | CUSIP: 62865LAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1750000 | PA      | $1860250.00   | 0.03%             | 2027-01-08      | Floating      | 15.88%                | Yes           |                  2 | On Loan: No      |
| Tourmaline Oil Corp                      | Tourmaline Oil Corp                                        | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |       151800 | NS      | $6676797.26   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LETRA TESOURO NACIONAL                   | Brazil Letras do Tesouro Nacional                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    186200000 | PA      | $28941914.69  | 0.44%             | 2027-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                 | PEAR 2023-1 LLC                                            | CUSIP: 70473AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1299152 | PA      | $1303624.89   | 0.02%             | 2035-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin           | Santander Bank Auto Credit-Linked Notes Series 2022-A      | CUSIP: 80290CAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       960743 | PA      | $972805.38    | 0.01%             | 2032-05-15      | Fixed         | 12.66%                | No            |                  2 | On Loan: No      |
| DNB Bank ASA                             | DNB Bank ASA                                               | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |       172354 | NS      | $4395097.19   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        44200 | PA      | $10888670.00  | 0.17%             | 2025-12-31      | Fixed         | 11.98%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427MLS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8367164 | PA      | $8568922.39   | 0.13%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                             | Alamo Re Ltd                                               | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $268600.00    | 0.00%             | 2027-06-07      | Floating      | 12.30%                | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                        | Four Lakes Re Ltd                                          | CUSIP: 35087TAH1<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $258425.00    | 0.00%             | 2028-01-07      | Floating      | 12.13%                | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                         | ABN AMRO Bank NV                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      2197180 | NS      | $65619135.54  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THOPAS RE 2023                           | THOPAS RE 2023                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $0.00         | 0.00%             | 2028-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DSCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4259644 | PA      | $4346485.53   | 0.07%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLOODSMART RE LTD                        | FloodSmart Re Ltd                                          | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1605750.00   | 0.02%             | 2027-03-12      | Floating      | 18.23%                | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       485100 | PA      | $9835232.72   | 0.15%             | 2026-03-04      | Fixed         | 11.76%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140ARMA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3783584 | PA      | $3846373.23   | 0.06%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Douglas Emmett Inc                       | Douglas Emmett Inc                                         | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       183641 | NS      | $2376314.54   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CEQD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1740685 | PA      | $1833059.51   | 0.03%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        74500 | PA      | $13421175.00  | 0.21%             | 2025-11-07      | Fixed         | 16.31%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       215900 | PA      | $8373681.50   | 0.13%             | 2026-09-18      | Fixed         | 13.39%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        92500 | PA      | $10452944.00  | 0.16%             | 2026-05-19      | Fixed         | 16.06%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WGBZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8514394 | PA      | $8771196.26   | 0.13%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                      | WELLS FARGO - AMAZON.COM INC 9.01 09 17                    | CUSIP: 95004P670<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       102600 | PA      | $24305940.00  | 0.37%             | 2026-09-17      | Fixed         | 9.01%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage REIT Inc              | Angel Oak Mortgage REIT Inc                                | CUSIP: 03464Y108<br>LEI: 5493008M8D7W7VZZ7V36 | Long             | EC               | CORP              | US        |       944060 | NS      | $8562624.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD CHARTERED PLC                   | Standard Chartered PLC                                     | CUSIP: 853254CH1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      9300000 | PA      | $8616482.55   | 0.13%             | 2033-01-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       237800 | PA      | $4451616.00   | 0.07%             | 2025-11-21      | Fixed         | 11.73%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DVLD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       513644 | PA      | $464783.64    | 0.01%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eni SpA                                  | Eni SpA                                                    | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |       350280 | NS      | $6437393.86   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X120<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       208600 | PA      | $7855876.00   | 0.12%             | 2026-05-08      | Fixed         | 33.63%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133C7NG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5592763 | PA      | $5685853.69   | 0.09%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PALM RE LTD                              | Palm RE Ltd                                                | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $267350.00    | 0.00%             | 2027-06-07      | Floating      | 13.54%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WAHX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7619252 | PA      | $7759391.39   | 0.12%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                         | FirstEnergy Corp                                           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      1242455 | NS      | $56941712.65  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc              | Honeywell International Inc                                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |        29235 | NS      | $5885882.55   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       907600 | PA      | $6379198.20   | 0.10%             | 2026-03-12      | Fixed         | 17.41%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700W635<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       209900 | PA      | $18832752.75  | 0.29%             | 2026-07-10      | Fixed         | 15.34%                | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                        | Four Lakes Re Ltd                                          | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $254325.00    | 0.00%             | 2028-01-07      | Floating      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140QM4F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       282131 | PA      | $244824.83    | 0.00%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427PAS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10748214 | PA      | $10923677.53  | 0.17%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CRN66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2042293 | PA      | $2076077.54   | 0.03%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        72400 | PA      | $11039914.00  | 0.17%             | 2026-07-30      | Fixed         | 12.20%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XNMR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26216711 | PA      | $26547688.20  | 0.41%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                  | BNP Paribas Issuance BV                                    | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       210000 | PA      | $19013400.00  | 0.29%             | 2026-10-14      | Fixed         | 9.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132E0XR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7453110 | PA      | $7370837.40   | 0.11%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The                       | Kraft Heinz Co/The                                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |       492525 | NS      | $12180143.25  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CFU98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5527810 | PA      | $5840902.97   | 0.09%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                | TORONTO DOMINION - Abercrombie Fitch C                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |        54500 | PA      | $4366267.50   | 0.07%             | 2026-01-20      | Fixed         | 20.45%                | No            |                  2 | On Loan: No      |
| BONANZA RE LTD                           | Bonanza RE Ltd                                             | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $252375.00    | 0.00%             | 2026-01-08      | Floating      | 11.89%                | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                            | PennyMac Corp                                              | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |      4895000 | PA      | $4865630.00   | 0.07%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-HQA2                    | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | CORP              | US        |      1310000 | PA      | $1549876.59   | 0.02%             | 2033-12-25      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| X5 Retail Group NV                       | X5 Retail Group NV                                         | CUSIP: 98387E205<br>LEI: 213800J17UJJJDGUVF56 | Long             | EC               | CORP              | RU        |        48325 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       384000 | PA      | $23512704.00  | 0.36%             | 2026-06-24      | Fixed         | 12.84%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        85900 | PA      | $10305414.41  | 0.16%             | 2026-04-10      | Fixed         | 17.21%                | No            |                  2 | On Loan: No      |
| VITALITY RE XIII LTD                     | Vitality Re XIII Ltd                                       | CUSIP: 92849MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1750000 | PA      | $1750700.00   | 0.03%             | 2026-01-06      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| thyssenkrupp AG                          | thyssenkrupp AG                                            | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |      3286366 | NS      | $34380158.19  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WCWQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1698252 | PA      | $1723295.93   | 0.03%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                             | Alamo Re Ltd                                               | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |       500000 | PA      | $529350.00    | 0.01%             | 2027-06-07      | Floating      | 10.41%                | Yes           |                  2 | On Loan: No      |
| Brightstar Lottery PLC                   | Brightstar Lottery PLC                                     | CUSIP: 000000000<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | GB        |      3121769 | NS      | $52008671.54  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp                         | Bridgestone Corp                                           | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |       318500 | NS      | $13979196.68  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                  | Hungary Government Bond                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1441490000 | PA      | $3824825.57   | 0.06%             | 2032-05-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                  | Turkiye Government Bond                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    176759679 | PA      | $2739747.07   | 0.04%             | 2028-03-08      | Fixed         | 12.40%                | No            |                  2 | On Loan: No      |
| Pfizer Inc                               | Pfizer Inc                                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      5116252 | NS      | $126115611.80 | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95004P498<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       299500 | PA      | $9533085.00   | 0.15%             | 2026-10-13      | Fixed         | 15.18%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DSRW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36643119 | PA      | $36626839.88  | 0.56%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700X880<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        44500 | PA      | $9869855.25   | 0.15%             | 2026-10-16      | Fixed         | 18.09%                | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                        | Cisco Systems Inc                                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1204169 | NS      | $88036795.59  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MATIV HOLDINGS INC                       | Mativ Holdings Inc                                         | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |       313078 | PA      | $311513.11    | 0.00%             | 2028-04-20      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                           | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     86400000 | PA      | $88003125.22  | 1.35%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BW LPG Ltd                               | BW LPG Ltd                                                 | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |      1340309 | NS      | $18027156.05  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| US RENAL CARE INC                        | US RENAL CARE INC                                          | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |       811892 | PA      | $771550.25    | 0.01%             | 2028-06-28      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427PQQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4232184 | PA      | $4245536.37   | 0.07%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                      | Cheniere Energy Inc                                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       135487 | NS      | $28723244.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp                      | Ladder Capital Corp                                        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |       528740 | NS      | $5588781.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XNNQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6297003 | PA      | $5473315.43   | 0.08%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                              | Danaos Corp                                                | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |      2065000 | PA      | $2080144.71   | 0.03%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                    | Kilimanjaro II Re Ltd                                      | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $789525.00    | 0.01%             | 2028-06-30      | Floating      | 11.13%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WGKN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2365186 | PA      | $2405278.57   | 0.04%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                            | Herbie Re Ltd                                              | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $519050.00    | 0.01%             | 2029-01-08      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XNNR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8429861 | PA      | $7316469.66   | 0.11%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                          | LUCKY BUCKS LLC                                            | CUSIP: 54951EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        28864 | PA      | $22658.03     | 0.00%             | 2029-10-02      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DP6J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1563155 | PA      | $1422365.97   | 0.02%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140QT2P3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12310087 | PA      | $12467982.07  | 0.19%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425YPL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15848594 | PA      | $16129804.65  | 0.25%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700U886<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       160100 | PA      | $10003048.00  | 0.15%             | 2026-03-12      | Fixed         | 18.28%                | No            |                  2 | On Loan: No      |
| KENDALL RE LTD                           | Kendall Re Ltd                                             | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1051600.00   | 0.02%             | 2027-04-30      | Floating      | 10.13%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140NLS34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1386887 | PA      | $1409776.08   | 0.02%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133D0FV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1976055 | PA      | $1999756.55   | 0.03%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chevron Lubricants Lanka PLC             | Chevron Lubricants Lanka PLC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LK        |      1390013 | NS      | $840080.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700U183<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       354500 | PA      | $6687642.50   | 0.10%             | 2025-12-01      | Fixed         | 11.58%                | No            |                  2 | On Loan: No      |
| Rosy Blue Carat S.A.                     | Rosy Blue Carat SCS                                        | CUSIP: 77862UAC2<br>LEI: 222100OTGQJOXUS2K930 | Long             | ABS-O            | CORP              | US        |       500000 | PA      | $508450.00    | 0.01%             | 2030-03-15      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2020-R02               | CUSIP: 20754WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8501543 | PA      | $8680836.29   | 0.13%             | 2040-01-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                    | Kilimanjaro II Re Ltd                                      | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $261400.00    | 0.00%             | 2028-06-30      | Floating      | 10.13%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140MKT44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28562901 | PA      | $28657821.28  | 0.44%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        25500 | PA      | $15616593.47  | 0.24%             | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133KM5V3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1460043 | PA      | $1269230.73   | 0.02%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                           | BNP Paribas SA                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |       733387 | NS      | $56688401.52  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       365500 | PA      | $28033850.00  | 0.43%             | 2026-08-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       988700 | PA      | $13513353.86  | 0.21%             | 2026-09-23      | Fixed         | 17.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       196700 | PA      | $11647590.50  | 0.18%             | 2026-03-11      | Fixed         | 16.09%                | No            |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                     | Aquila Re I Ltd Series 2023-1                              | CUSIP: 03843AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $518500.00    | 0.01%             | 2026-06-08      | Floating      | 11.13%                | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                         | Mona Lisa Re Ltd                                           | CUSIP: 608800AG3<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1019500.00   | 0.02%             | 2026-01-08      | Floating      | 16.38%                | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700W205<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        75500 | PA      | $9500127.25   | 0.15%             | 2026-05-08      | Fixed         | 14.10%                | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                 | Octane Receivables Trust 2022-1                            | CUSIP: 67571EAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1664000 | PA      | $1687809.51   | 0.03%             | 2029-12-20      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                        | International Finance Corp                                 | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | N/A       |    153575000 | PA      | $28152103.45  | 0.43%             | 2030-01-16      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31426FY76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4371603 | PA      | $4480126.95   | 0.07%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Benchmark 2024-V8 Mortgage Tru           | Benchmark 2024-V8 Mortgage Trust                           | CUSIP: 08190AAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4311000 | PA      | $4570363.12   | 0.07%             | 2057-07-15      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       112000 | PA      | $8579200.00   | 0.13%             | 2025-11-12      | Fixed         | 16.64%                | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                 | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1300000 | PA      | $1363570.00   | 0.02%             | 2026-07-07      | Floating      | 12.26%                | Yes           |                  2 | On Loan: No      |
| Blackbird Capital Aircraft               | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1 | CUSIP: 09228YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |       483751 | PA      | $483045.16    | 0.01%             | 2041-12-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140B4W48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4031380 | PA      | $4131454.54   | 0.06%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700U175<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       143600 | PA      | $6681708.00   | 0.10%             | 2025-12-01      | Fixed         | 12.60%                | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp                       | Regal Rexnord Corp                                         | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |       129834 | NS      | $18292312.26  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XRKR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5431193 | PA      | $5570480.42   | 0.09%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Humana Inc                               | Humana Inc                                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |        21760 | NS      | $6053414.40   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DQN36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1928792 | PA      | $1744602.22   | 0.03%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HIGH POINT RE LTD                        | High Point Re Ltd                                          | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2050000.00   | 0.03%             | 2027-01-06      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |      1014500 | PA      | $23079875.00  | 0.35%             | 2026-06-24      | Fixed         | 12.12%                | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        80800 | PA      | $12284024.00  | 0.19%             | 2026-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SECTOR RE V LTD                          | Sector Re V Ltd                                            | CUSIP: 81369AES7<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $3808500.00   | 0.06%             | 2029-12-01      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BONANZA RE LTD                           | Bonanza RE Ltd                                             | CUSIP: 09785EAP6<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $253800.00    | 0.00%             | 2027-12-19      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH INTL CO CV                 | Merrill Lynch International & Co CV                        | CUSIP: 000000000<br>LEI: AHYI0DDQ2LCHPGHJC422 | Long             | DBT              | CORP              | CW        |       533400 | PA      | $16679418.00  | 0.26%             | 2026-04-07      | Fixed         | 21.30%                | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA/NV               | Anheuser-Busch InBev SA/NV                                 | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |       855792 | NS      | $52117732.80  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp                       | Rithm Capital Corp                                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |       906673 | NS      | $9946202.81   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        54800 | PA      | $4402784.89   | 0.07%             | 2025-11-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                   | Kilimanjaro III Re Ltd                                     | CUSIP: 49407PAH3<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $261100.00    | 0.00%             | 2026-04-20      | Floating      | 15.13%                | Yes           |                  2 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        57900 | PA      | $14978730.00  | 0.23%             | 2026-08-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-DNA7                    | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |      3480000 | PA      | $3689657.12   | 0.06%             | 2041-11-25      | Floating      | 11.98%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       158400 | PA      | $38663856.00  | 0.59%             | 2026-09-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-HQA1                    | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |      5405000 | PA      | $6310337.50   | 0.10%             | 2033-08-25      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X138<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       389500 | PA      | $16487535.00  | 0.25%             | 2026-07-13      | Fixed         | 12.41%                | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       416500 | PA      | $13155152.50  | 0.20%             | 2026-11-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DTPL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4365721 | PA      | $4428867.75   | 0.07%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        54500 | PA      | $13048390.00  | 0.20%             | 2026-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                 | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1600000 | PA      | $1700960.00   | 0.03%             | 2026-07-07      | Floating      | 14.35%                | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                 | Capital One Financial Corp                                 | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3063060.30   | 0.05%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WGBY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8521534 | PA      | $8779852.15   | 0.13%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BONANZA RE LTD                           | Bonanza RE Ltd                                             | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1031900.00   | 0.02%             | 2027-12-19      | Floating      | 9.46%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN - AMBARELLA INC 20.05 11 03 2  | JP MORGAN - AMBARELLA INC 20.05 11 03 2                    | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        80400 | PA      | $6608880.00   | 0.10%             | 2026-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X344<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       448800 | PA      | $57869169.60  | 0.89%             | 2026-06-24      | Fixed         | 15.48%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140NKLH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7431246 | PA      | $7642896.79   | 0.12%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                | Shell PLC                                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      1011142 | NS      | $75754758.64  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140A8KQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2517934 | PA      | $2557493.86   | 0.04%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2022-DNA2                    | CUSIP: 35564KSQ3<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |      2650000 | PA      | $2864326.44   | 0.04%             | 2042-02-25      | Floating      | 12.68%                | No            |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                     | Aquila Re I Ltd Series 2023-1                              | CUSIP: 03843AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $261575.00    | 0.00%             | 2026-06-08      | Floating      | 12.71%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140QP4C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5259210 | PA      | $5327823.08   | 0.08%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-HQA3                    | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |      1970000 | PA      | $2042076.19   | 0.03%             | 2041-09-25      | Floating      | 10.43%                | No            |                  2 | On Loan: No      |
| US Bancorp                               | US Bancorp                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      1610394 | NS      | $75173191.92  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                | Adobe Inc                                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        34887 | NS      | $11872394.97  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                         | Hyundai Motor Co                                           | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |        17513 | NS      | $3564674.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOODSMART RE LTD                        | FloodSmart Re Ltd                                          | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1035900.00   | 0.02%             | 2026-03-11      | Floating      | 21.02%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       116100 | PA      | $14412073.50  | 0.22%             | 2026-02-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T           | Tricolor Auto Securitization Trust 2023-1                  | CUSIP: 89616KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000000 | PA      | $3896401.50   | 0.06%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2022-R05               | CUSIP: 20754DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6000000 | PA      | $6450177.60   | 0.10%             | 2042-04-25      | Floating      | 11.18%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427NU98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7973752 | PA      | $8131474.13   | 0.12%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACL           | JPMorgan Chase Bank NA - CACLN                             | CUSIP: 48128U2S7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       518277 | PA      | $518645.36    | 0.01%             | 2028-12-26      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| Rosneft Oil Co PJSC                      | Rosneft Oil Co PJSC                                        | CUSIP: 000000000<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |      1271403 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cardinal Health Inc                      | Cardinal Health Inc                                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       244810 | NS      | $46702403.70  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER RE 2025                       | CLEARWATER RE 2025                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1078834.45   | 0.02%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC       | CLEAR CHANNEL OUTDOOR HO                                   | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |       498439 | PA      | $499996.52    | 0.01%             | 2028-08-23      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140QUVH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8646474 | PA      | $8857420.90   | 0.14%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VITALITY RE XIV LTD                      | Vitality Re XIV Ltd                                        | CUSIP: 92851QAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       600000 | PA      | $615300.00    | 0.01%             | 2027-01-05      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| Western Midstream Partners LP            | Western Midstream Partners LP                              | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       249581 | NS      | $9351800.07   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Westgate Resorts                         | Westgate Resorts 2023-1 LLC                                | CUSIP: 96033EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1799236 | PA      | $1844409.64   | 0.03%             | 2037-12-20      | Fixed         | 10.14%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700W247<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       138400 | PA      | $9280827.20   | 0.14%             | 2026-05-14      | Fixed         | 12.13%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       117000 | PA      | $14575275.00  | 0.22%             | 2026-03-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GATEWAY RE LTD                           | Gateway Re Ltd                                             | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $260575.00    | 0.00%             | 2027-07-08      | Floating      | 9.74%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AJUP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4107245 | PA      | $4171480.61   | 0.06%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tkms AG& Co KGaA                         | Tkms AG& Co KGaA                                           | CUSIP: 000000000<br>LEI: 529900W81B194B0E0078 | Long             | EC               | CORP              | DE        |        54155 | NS      | $5102978.94   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                             | UBS Group AG                                               | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     29708000 | PA      | $29166028.04  | 0.45%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hensoldt AG                              | Hensoldt AG                                                | CUSIP: 000000000<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |       392878 | NS      | $41752846.22  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XMA55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18226574 | PA      | $18485313.35  | 0.28%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                    | Residential Reinsurance 2021 Ltd                           | CUSIP: 76114NAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       500000 | PA      | $501250.00    | 0.01%             | 2025-12-08      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133D1NF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6271766 | PA      | $6384661.02   | 0.10%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Webuild SpA                              | Webuild SpA                                                | CUSIP: 000000000<br>LEI: 549300UKR289DF4UXQ47 | Long             | EC               | CORP              | IT        |      2876501 | NS      | $11597964.87  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VITALITY RE XIV LTD                      | Vitality Re XIV Ltd                                        | CUSIP: 92851QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      3250000 | PA      | $3323450.00   | 0.05%             | 2027-01-05      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                      | Intesa Sanpaolo SpA                                        | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      4917000 | PA      | $5901527.91   | 0.09%             | 2054-06-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                             | Barclays PLC                                               | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     10000000 | PA      | $10011440.00  | 0.15%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        66600 | PA      | $22694949.00  | 0.35%             | 2026-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       258400 | PA      | $9810156.00   | 0.15%             | 2025-11-10      | Fixed         | 23.55%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DUKT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8193478 | PA      | $8319532.73   | 0.13%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                   | Russian Federal Bond - OFZ                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     59074000 | PA      | $0.00         | 0.00%             | 2027-02-03      | Fixed         | 8.15%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR Trust 2019-FTR3                          | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |      8395000 | PA      | $9025280.65   | 0.14%             | 2047-09-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| CARNOUSTIE RE 2025                       | CARNOUSTIE RE 2025                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2575000.00   | 0.04%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| RESIDENTIAL REIN 2024                    | Residential Reinsurance 2004 Ltd                           | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1000000 | PA      | $1043600.00   | 0.02%             | 2028-12-06      | Floating      | 10.78%                | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       154800 | PA      | $11408760.00  | 0.18%             | 2026-04-10      | Fixed         | 16.49%                | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95004P480<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       187500 | PA      | $3348750.00   | 0.05%             | 2026-10-16      | Fixed         | 34.45%                | No            |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                       | Topanga Re Ltd                                             | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $249000.00    | 0.00%             | 2026-01-08      | Floating      | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AQ3X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2403774 | PA      | $2396136.51   | 0.04%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANTRY RE 2025                           | BANTRY RE 2025                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4000000 | PA      | $4174158.07   | 0.06%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133C5EC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15412919 | PA      | $15722797.59  | 0.24%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                              | LUKOIL PJSC                                                | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |        47954 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425XLQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3890826 | PA      | $3960862.86   | 0.06%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140A0A66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2992030 | PA      | $3174525.78   | 0.05%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                          | Nordea Bank Abp                                            | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |      3813495 | NS      | $65121184.55  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THOPAS RE 2025                           | THOPAS RE 2025                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2764250.00   | 0.04%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ATLAS CAPITAL DAC                        | Atlas Capital DAC                                          | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |       750000 | PA      | $835800.00    | 0.01%             | 2027-06-08      | Floating      | 16.49%                | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                  | International Bank for Reconstruction & Development        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |       250000 | PA      | $273000.00    | 0.00%             | 2028-04-24      | Floating      | 17.94%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                         | Connecticut Avenue Securities Trust 2021-R01               | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4610000 | PA      | $4791541.80   | 0.07%             | 2041-10-25      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| AQUILA RE LTD 2024-1                     | Aquila Re I Ltd Series 2024-1                              | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $520800.00    | 0.01%             | 2027-06-07      | Floating      | 9.31%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                    | Residential Reinsurance 2021 Ltd                           | CUSIP: 76114NAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       750000 | PA      | $755775.00    | 0.01%             | 2025-12-08      | Floating      | 16.04%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425YQX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3733345 | PA      | $3838881.68   | 0.06%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                    | First Coast Re IV Ltd                                      | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1034500.00   | 0.02%             | 2026-04-07      | Floating      | 9.94%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables            | Exeter Automobile Receivables Trust 2025-2                 | CUSIP: 30168JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9330000 | PA      | $9534852.28   | 0.15%             | 2032-10-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                  | KeyCorp                                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      1930259 | NS      | $33953255.81  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDERS RE II LTD                        | Sanders RE II Ltd                                          | CUSIP: 80001RAB7<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2597750.00   | 0.04%             | 2029-04-07      | Floating      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BERWICK RE 2025                          | BERWICK RE 2025                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2050827.34   | 0.03%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CEQK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1096891 | PA      | $1159012.19   | 0.02%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                           | Amazon.com Inc                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       513252 | NS      | $125346403.44 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS CAPITAL DAC                        | Atlas Capital DAC                                          | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |      1250000 | PA      | $1295250.00   | 0.02%             | 2026-06-05      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427NSC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11573097 | PA      | $11853064.34  | 0.18%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DT7G9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18883406 | PA      | $19147727.12  | 0.29%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sanofi SA                                | Sanofi SA                                                  | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       962021 | NS      | $97137319.09  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp                     | AGNC Investment Corp                                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |      1527394 | NS      | $15273940.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X336<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |        30800 | PA      | $8923068.00   | 0.14%             | 2026-06-25      | Fixed         | 18.37%                | No            |                  2 | On Loan: No      |
| SANDERS RE II LTD                        | Sanders RE II Ltd                                          | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2549750.00   | 0.04%             | 2029-04-07      | Floating      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133KMHE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3485836 | PA      | $3027585.26   | 0.05%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization           | Global Mortgage Securitization Ltd                         | CUSIP: 378961AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |       176418 | PA      | $1.76         | 0.00%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MasTec Inc                               | MasTec Inc                                                 | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |        92381 | NS      | $18860504.96  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                    | Civitas Resources Inc                                      | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |        91406 | NS      | $2635234.98   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB           | Fomento Economico Mexicano SAB de CV                       | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |       483854 | NS      | $45656463.44  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SCF Equipment Trust Llc                  | SCF Equipment Leasing 2022-2 LLC                           | CUSIP: 78397WAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1338000 | PA      | $1339225.34   | 0.02%             | 2035-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue           | Multifamily Connecticut Avenue Securities Trust 2019-01    | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |      5750000 | PA      | $5875332.75   | 0.09%             | 2049-10-25      | Floating      | 13.05%                | No            |                  2 | On Loan: No      |
| BBVA                                     | Banco Bilbao Vizcaya Argentaria SA                         | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |       951822 | NS      | $19128245.85  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GALILEO RE LTD                           | Galileo Re Ltd                                             | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1311500.00   | 0.02%             | 2028-01-07      | Floating      | 10.88%                | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                      | Locke Tavern Re Ltd                                        | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1300000 | PA      | $1322230.00   | 0.02%             | 2026-04-09      | Floating      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                | RMF Buyout Issuance Trust 2022-HB1                         | CUSIP: 76970HAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1800000 | PA      | $93600.00     | 0.00%             | 2032-04-25      | Variable      | 4.50%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140NDR41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        75137 | PA      | $77902.52     | 0.00%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DUNR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17952117 | PA      | $18384823.49  | 0.28%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                 | Lightning Re Series 2023-1                                 | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2080200.00   | 0.03%             | 2026-03-31      | Floating      | 14.88%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-DNA5                    | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |      3530000 | PA      | $4224936.98   | 0.06%             | 2034-01-25      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DUJJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9135382 | PA      | $9484162.18   | 0.15%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization           | Global Mortgage Securitization Ltd                         | CUSIP: 378961AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |        12165 | PA      | $4780.85      | 0.00%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X567<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |      3026300 | PA      | $9532845.00   | 0.15%             | 2026-05-06      | Fixed         | 18.36%                | No            |                  2 | On Loan: No      |
| Eversource Energy                        | Eversource Energy                                          | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      1662968 | NS      | $122743668.08 | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140A6SQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1680093 | PA      | $1706103.39   | 0.03%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                 | Fuchsia 2024-1 - London Bridge 2 PCC Ltd                   | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1029000.00   | 0.02%             | 2028-04-06      | Floating      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700U860<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       471800 | PA      | $9777583.20   | 0.15%             | 2026-03-04      | Fixed         | 11.64%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       155600 | PA      | $25193365.60  | 0.39%             | 2026-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CRH PLC                                  | CRH PLC                                                    | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |       447261 | NS      | $53268785.10  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XNNP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6913598 | PA      | $6026011.64   | 0.09%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                   | Russian Federal Bond - OFZ                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     61885000 | PA      | $0.00         | 0.00%             | 2033-03-23      | Fixed         | 7.70%                 | Yes           |                  3 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X773<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       105900 | PA      | $11356580.45  | 0.17%             | 2026-03-26      | Fixed         | 18.88%                | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB d           | Grupo Financiero Banorte SAB de CV                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      7634100 | NS      | $71847694.11  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700X872<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       219500 | PA      | $14626272.75  | 0.22%             | 2026-09-29      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| Reach Financial LLC                      | LL ABS Trust 2022-1                                        | CUSIP: 50203YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1465461 | PA      | $1480577.07   | 0.02%             | 2029-11-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                  | BNP Paribas Issuance BV                                    | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       118900 | PA      | $10673460.62  | 0.16%             | 2026-03-30      | Fixed         | 21.08%                | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                        | Four Lakes Re Ltd                                          | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $252250.00    | 0.00%             | 2026-01-07      | Floating      | 10.69%                | Yes           |                  2 | On Loan: No      |
| Sino Land Co Ltd                         | Sino Land Co Ltd                                           | CUSIP: 000000000<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |      5026000 | NS      | $6241630.26   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials In           | Solstice Advanced Materials Inc                            | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |         7309 | NS      | $329405.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                   | Regions Financial Corp                                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      3901004 | NS      | $94404296.80  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                 | Lloyds Banking Group PLC                                   | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     10000000 | PA      | $10302880.00  | 0.16%             | N/A             | Fixed         | 6.75%                 | 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        |      1500000 | PA      | $0.00         | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Edenred SE                               | Edenred SE                                                 | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |      1058538 | NS      | $30417686.97  | 0.47%             |  |  |  | No            |                  1 | 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        |      1500000 | PA      | $0.00         | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Multifamily Connecticut Avenue           | Multifamily Connecticut Avenue Securities Trust 2019-01    | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |      1608808 | PA      | $1632613.15   | 0.03%             | 2049-10-25      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                   | KB Financial Group Inc                                     | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |       822295 | NS      | $67295733.99  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDERS RE III LTD                       | Sanders Re III Ltd                                         | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $793050.00    | 0.01%             | 2028-04-07      | Floating      | 9.44%                 | Yes           |                  2 | On Loan: No      |
| Enact Mortgage Insurance Corpo           | Triangle Re 2023-1 Ltd                                     | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4056755 | PA      | $4093515.66   | 0.06%             | 2033-11-25      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |      2841300 | PA      | $11336787.00  | 0.17%             | 2026-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WFC21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3783866 | PA      | $3839666.19   | 0.06%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425USC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5261501 | PA      | $5323742.28   | 0.08%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                         | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        27600 | PA      | $5296716.00   | 0.08%             | 2026-04-07      | Fixed         | 13.63%                | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit            | Freddie Mac Mscr Trust Mn1                                 | CUSIP: 35563FAC5<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |       899000 | PA      | $988644.59    | 0.02%             | 2051-01-25      | Floating      | 11.93%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60701B119<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       199200 | PA      | $6957159.60   | 0.11%             | 2026-10-20      | Fixed         | 19.56%                | No            |                  2 | On Loan: No      |
| Persimmon PLC                            | Persimmon PLC                                              | CUSIP: 000000000<br>LEI: 213800XI72Y57UWN6F31 | Long             | EC               | CORP              | GB        |      2577783 | NS      | $40941981.34  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XMFB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10195128 | PA      | $10032851.00  | 0.15%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PI0050 - BANBURY RE 2024                 | PI0050 - BANBURY RE 2024                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2096508.11   | 0.03%             | 2030-03-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| US TREASURY N/B                          | United States Treasury Note/Bond                           | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     38200000 | PA      | $38153742.09  | 0.59%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| QUEEN STREET 2023 RE DAC                 | Queen Street 2023 RE DAC                                   | CUSIP: 747977AA4<br>LEI: 635400VHHVVMXL5BJI05 | Long             | DBT              | CORP              | IE        |      1500000 | PA      | $1507500.00   | 0.02%             | 2025-12-08      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                      | Intesa Sanpaolo SpA                                        | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |      4823816 | NS      | $31003516.35  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Buzzi SpA                                | Buzzi SpA                                                  | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |      1447799 | NS      | $87028207.73  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XNBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10555716 | PA      | $10671368.53  | 0.16%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2021-DNA2                    | CUSIP: 35564KDY2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |       795000 | PA      | $980000.95    | 0.02%             | 2033-08-25      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| Ovintiv Inc                              | Ovintiv Inc                                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       162817 | NS      | $6107265.67   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Auxilior Term Funding LLC                | Auxilior Term Funding 2023-1 LLC                           | CUSIP: 05335JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4250000 | PA      | $4441211.75   | 0.07%             | 2032-12-15      | Fixed         | 10.97%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                     | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       190000 | PA      | $13088150.00  | 0.20%             | 2026-03-12      | Fixed         | 11.93%                | No            |                  2 | On Loan: No      |
| Viper Energy Inc                         | Viper Energy Inc                                           | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        93812 | NS      | $3523578.72   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Thopas Re 2021, 12/31/24                 | Thopas Re 2021, 12/31/24                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $7200.00      | 0.00%             | 2025-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FOUR LAKES RE LTD                        | Four Lakes Re Ltd                                          | CUSIP: 35087TAF5<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $258150.00    | 0.00%             | 2027-01-07      | Floating      | 12.80%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31427MW56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23566873 | PA      | $24056919.49  | 0.37%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X872<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       182100 | PA      | $12747000.00  | 0.20%             | 2026-03-05      | Fixed         | 11.86%                | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                  | SCF Equipment Leasing 2022-1 LLC                           | CUSIP: 784033AN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4500000 | PA      | $4480235.55   | 0.07%             | 2032-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management       | Dreyfus Government Cash Management                         | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |     97673779 | NS      | $97673778.89  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD HEAD RE 2025                         | OLD HEAD RE 2025                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $250226.30    | 0.00%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                  | Residential Reinsurance 2023 Ltd                           | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       750000 | PA      | $796650.00    | 0.01%             | 2027-12-06      | Floating      | 9.81%                 | Yes           |                  2 | On Loan: No      |
| SL Green Realty Corp                     | SL Green Realty Corp                                       | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |       122121 | NS      | $6270913.35   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH             | Huntington Bancshares Inc/OH                               | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      2495472 | NS      | $38530087.68  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31426GAL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4241848 | PA      | $4348155.93   | 0.07%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REDWOOD TRUST INC                        | Redwood Trust Inc                                          | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |     24685100 | PA      | $24598702.15  | 0.38%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        57500 | PA      | $9808729.50   | 0.15%             | 2026-04-21      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140B4XF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       528342 | PA      | $536593.09    | 0.01%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                     | Libra Solutions 2025-1 LLC                                 | CUSIP: 53161AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1000000 | PA      | $999901.50    | 0.02%             | 2039-08-15      | Fixed         | 9.90%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       215300 | PA      | $26318538.97  | 0.40%             | 2026-04-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                 | BX Trust 2021-ARIA                                         | CUSIP: 05608RAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8145000 | PA      | $8142469.35   | 0.13%             | 2036-10-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                             | Alamo Re Ltd                                               | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1572600.00   | 0.02%             | 2026-06-07      | Floating      | 12.95%                | Yes           |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X328<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |        68400 | PA      | $11467944.00  | 0.18%             | 2026-07-10      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Eastern Power LLC                        | EASTERN POWER LLC                                          | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |       340852 | PA      | $343280.31    | 0.01%             | 2028-04-03      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140B15F9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16286683 | PA      | $16575657.54  | 0.25%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr           | Avid Automobile Receivables Trust 2023-1                   | CUSIP: 05368QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1987616 | PA      | $1994259.45   | 0.03%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3142GQCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21017230 | PA      | $21441827.59  | 0.33%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR Trust 2019-FTR4                          | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-MBS          | CORP              | US        |      3020000 | PA      | $3284893.26   | 0.05%             | 2047-11-25      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140AR5D8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5969352 | PA      | $6035689.59   | 0.09%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                      | Wells Fargo Bank NA                                        | CUSIP: 95003X401<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       343400 | PA      | $22746822.87  | 0.35%             | 2025-12-31      | Fixed         | 14.22%                | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                        | Four Lakes Re Ltd                                          | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $256475.00    | 0.00%             | 2027-01-07      | Floating      | 9.64%                 | Yes           |                  2 | On Loan: No      |
| Nexi SpA                                 | Nexi SpA                                                   | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |      7906982 | NS      | $41614445.48  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XNNM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5852100 | PA      | $5097391.07   | 0.08%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 20-1 B PTT                   | British Airways 2020-1 Class B Pass Through Trust          | CUSIP: 11042WAA4<br>LEI: 635400FQKDVFBRDDER80 | Long             | DBT              | CORP              | US        |       228627 | PA      | $240579.39    | 0.00%             | 2028-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                  | Residential Reinsurance 2023 Ltd                           | CUSIP: 76090WAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1250000 | PA      | $1331875.00   | 0.02%             | 2027-12-06      | Floating      | 12.54%                | No            |                  2 | On Loan: No      |
| BXP Inc                                  | BXP Inc                                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |        28433 | NS      | $2024145.27   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Sabadell SA                     | Banco de Sabadell SA                                       | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |      9086919 | NS      | $33967302.59  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WDQW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2672531 | PA      | $2715903.11   | 0.04%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GATEWAY RE LTD                           | Gateway Re Ltd                                             | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |       600000 | PA      | $624300.00    | 0.01%             | 2026-02-24      | Floating      | 17.78%                | Yes           |                  2 | On Loan: No      |
| VIRIBUS RE 2023                          | VIRIBUS RE 2023                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $45400.00     | 0.00%             | 2028-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XDKE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9171808 | PA      | $8277866.01   | 0.13%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAL Receivables LLC                      | CAL Receivables 2022-1 LLC                                 | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |       940606 | PA      | $940162.00    | 0.01%             | 2026-10-15      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                       | BSPRT 2022-FL8 Issuer Ltd                                  | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1495585 | PA      | $1496323.67   | 0.02%             | 2037-02-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140B4XA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6682516 | PA      | $6801091.17   | 0.10%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                          | Danske Bank A/S                                            | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |       613426 | NS      | $27390879.97  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140A0BA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2469144 | PA      | $2622233.39   | 0.04%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                            | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       531500 | PA      | $18700827.50  | 0.29%             | 2026-05-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       350700 | PA      | $13922439.30  | 0.21%             | 2026-06-08      | Fixed         | 15.37%                | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S           | BBCMS Mortgage Trust 2024-5C27                             | CUSIP: 05555FAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5000000 | PA      | $5248354.50   | 0.08%             | 2057-07-15      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                       | MCR 2024-TWA Mortgage Trust                                | CUSIP: 582923AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6310000 | PA      | $6468189.81   | 0.10%             | 2039-06-12      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Newmont Corp                             | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       373809 | NS      | $30267314.73  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| THOPAS RE 2024                           | THOPAS RE 2024                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $12250.00     | 0.00%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO                 | Goldman Sachs International                                | CUSIP: 38149C410<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |        89300 | PA      | $9821660.50   | 0.15%             | 2026-03-18      | Fixed         | 10.60%                | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB           | Fomento Economico Mexicano SAB de CV                       | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |      1495910 | NS      | $14111644.46  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK                    | Toronto-Dominion Bank/The                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       127100 | PA      | $9100232.90   | 0.14%             | 2025-12-05      | Fixed         | 9.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XMX76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9373509 | PA      | $9515737.19   | 0.15%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                         | SLG Office Trust 2021-OVA                                  | CUSIP: 78449RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6440000 | PA      | $5587384.57   | 0.09%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |      1902100 | PA      | $5325880.00   | 0.08%             | 2026-09-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140A32Z5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5682541 | PA      | $6004391.30   | 0.09%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                    | Toronto-Dominion Bank/The                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |        16000 | PA      | $5669440.00   | 0.09%             | 2025-12-05      | Fixed         | 11.30%                | 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        |      1000000 | PA      | $28000.00     | 0.00%             | 2026-07-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Granite Park Equipment Leasing           | Granite Park Equipment Leasing 2023-1 LLC                  | CUSIP: 387422AH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4198000 | PA      | $3851802.27   | 0.06%             | 2035-06-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                          | LUCKY BUCKS LLC                                            | CUSIP: 54951EAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        13960 | PA      | $13052.74     | 0.00%             | 2028-10-02      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit            | Freddie Mac Mscr Trust Mn3                                 | CUSIP: 35563GAA7<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |      2376790 | PA      | $2380461.48   | 0.04%             | 2051-11-25      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC              | Merchants Fleet Funding LLC                                | CUSIP: 588926AE5<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $2035266.00   | 0.03%             | 2036-05-20      | Fixed         | 10.80%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133C65N5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15955165 | PA      | $16171323.98  | 0.25%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2022-DNA1                    | CUSIP: 35564KQZ5<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | CORP              | US        |      3450000 | PA      | $3652082.37   | 0.06%             | 2042-01-25      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                         | Bellemeade Re 2022-1 Ltd                                   | CUSIP: 078774AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |      2400000 | PA      | $2468804.40   | 0.04%             | 2032-01-26      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                | ONEOK Inc                                                  | CUSIP: 682680CW1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      3328000 | PA      | $3138469.83   | 0.05%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Two Harbors Investment Corp              | Two Harbors Investment Corp                                | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |       511976 | NS      | $4976406.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                     | Bank of America Corp                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      3814429 | NS      | $203881230.05 | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                  | Turkiye Government Bond                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    521808900 | PA      | $12248193.34  | 0.19%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133CQDX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5842813 | PA      | $6019039.75   | 0.09%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133KNN33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       433090 | PA      | $375570.35    | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                  | BNP Paribas Issuance BV                                    | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |        96000 | PA      | $10333440.00  | 0.16%             | 2026-06-18      | Fixed         | 17.02%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                 | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        78300 | PA      | $7119036.00   | 0.11%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                   | Canadian Imperial Bank of Commerce                         | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       172200 | PA      | $7029186.78   | 0.11%             | 2026-03-16      | Fixed         | 18.15%                | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                       | Banco Santander SA                                         | CUSIP: 05971KAL3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      2600000 | PA      | $2371891.96   | 0.04%             | 2032-11-22      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 31425UGU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12755195 | PA      | $13058476.27  | 0.20%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                   | Goldman Sachs Bank USA/New York NY                         | CUSIP: 38152A137<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |       256500 | PA      | $8603010.00   | 0.13%             | 2026-08-24      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| SECTOR RE V LTD                          | Sector Re V Ltd                                            | CUSIP: 81369AEM0<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |         3871 | PA      | $106259.34    | 0.00%             | 2028-12-01      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3132DVLP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2955733 | PA      | $2574993.20   | 0.04%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 2022 LTD                  | Residential Reinsurance 2022 Ltd                           | CUSIP: 76119YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       500000 | PA      | $524050.00    | 0.01%             | 2026-12-06      | Floating      | 11.43%                | No            |                  2 | On Loan: No      |
| Star Bulk Carriers Corp                  | Star Bulk Carriers Corp                                    | CUSIP: 000000000<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | GR        |      1251521 | NS      | $23553625.22  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INDONESIA GOVERNMENT                     | Indonesia Treasury Bond                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 161493000000 | PA      | $10172213.92  | 0.16%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133C1DZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1782364 | PA      | $1808123.55   | 0.03%             | 2053-04-01      | Fixed         | 5.50%                 | 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        |     10220000 | PA      | $10321796.31  | 0.16%             | 2029-07-20      | Fixed         | 10.42%                | No            |                  2 | On Loan: No      |
| BX Trust                                 | BX Trust 2021-ARIA                                         | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4030000 | PA      | $4024992.32   | 0.06%             | 2036-10-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                              | Freddie Mac Pool                                           | CUSIP: 3133WAZG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10752043 | PA      | $10520559.17  | 0.16%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                               | Fannie Mae Pool                                            | CUSIP: 3140XLC71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12924571 | PA      | $12958745.68  | 0.20%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                    | Mizuho Markets Cayman LP                                   | CUSIP: 60700X823<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       350700 | PA      | $12010773.60  | 0.18%             | 2026-09-18      | Fixed         | 11.41%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                 | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       234800 | PA      | $16222332.00  | 0.25%             | 2026-11-03      | Fixed         | 10.70%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                      | Freddie Mac STACR REMIC Trust 2020-HQA5                    | CUSIP: 35565TBE8<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | CORP              | US        |      1900000 | PA      | $2334412.20   | 0.04%             | 2050-11-25      | Floating      | 11.58%                | No            |                  2 | On Loan: No      |
| Logista Integral SA                      | Logista Integral SA                                        | CUSIP: 000000000<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |       299876 | NS      | $9996257.90   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer