# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0001752724-25-161311
**Filing Date:** 2025-6
**Character Count:** 361223
**Document Hash:** 2c481488858a07acbf118cc42fcdbec1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161311.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161311

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**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:** 251083156

**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
(formerly, Pioneer Multi-Asset Income Fund)

Schedule of Investments \| April 30, 2025

------

### Schedule of Investments \| 4/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 99.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate<br> Loan Interests — 0.1% of Net Assets(a)\*** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advanced Materials — 0.0%†** |  |
| 948336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groupe Solmax, Inc., Initial Term Loan, 9.311% (Term SOFR + 475 bps), 5/29/28 | $791030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advanced Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **791030** |
|  | &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, 8.436% (Term SOFR + 400 bps), 8/21/28 | $484109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **484109** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.0%†** |  |
| 960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 9.541% (Term SOFR + 500 bps), 3/30/27 | $895200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **895200** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.0%†** |  |
| 14031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority First Out Exit Term Loan, 11.979% (Term SOFR + 750 bps), 10/2/28 | $13470 |
| 28505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucky Bucks LLC, Priority Second Out Term Loan, 6.979% (Term SOFR + 250 bps), 10/2/29 | &nbsp;&nbsp; 24372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **37842** |
|  | &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, 8.186% (Term SOFR + 375 bps), 4/20/28 | $312296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **312296** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dialysis Centers — 0.0%†** |  |
| 816044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc., Closing Date Term Loan, 9.436% (Term SOFR + 500 bps), 6/20/28 | $755521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Dialysis Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **755521** |

---

1Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.0%†** |  |
| 346814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 9.572% (Term SOFR + 525 bps), 4/3/28 | $343020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **343020** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory<br> Services — 0.1%** |  |
| 1535390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, 10.78% (Term SOFR + 650 bps), 5/30/27 | $1437508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1437508** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $5,363,548)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5056526** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 42.2% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.2%** |  |
| 710911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hensoldt AG | $54925247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **54925247** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.2%** |  |
| 337254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Distribucion Integral Logista Holdings S.A. | $11507593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Air Freight & Logistics** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **11507593** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.2%** |  |
| 276300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgestone Corp. | $11577237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobile Components** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **11577237** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.9%** |  |
| 17513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | $2348208 |
| 38054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp; 2420036 |
| 2013800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp; 36514034 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobiles** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **41282278** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 12.7%** |  |
| 6759788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV (C.V.A.) (144A) | $139372430 |
| 957308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Services and Holdings S.A. | &nbsp;&nbsp; 2307787 |
| 2719604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 108457808 |
| 7377721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group Plc | &nbsp;&nbsp; 86294814 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 416240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danske Bank A/S | $14510598 |
| 172354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp; 4287561 |
| 1204692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp; 54662423 |
| 1564105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp; 22726446 |
| 5705251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A. | &nbsp;&nbsp; 30260672 |
| 1228817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp; 77973474 |
| 927611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp. | &nbsp;&nbsp; 13765747 |
| 863755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp; 11913297 |
| 1346891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 27490045 |
| 228480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp; 9216883 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; **$** **603239985** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.2%** |  |
| 145431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. | $9489687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9489687** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.8%** |  |
| 452793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | $39891063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **39891063** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.0%†** |  |
| 1490013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Lubricants Lanka Plc | $720192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **720192** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.5%** |  |
| 1204169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | $69516676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **69516676** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.5%** |  |
| 4,081(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LB New Holdco | $24486 |
| 264300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp; 14316712 |
| 2408396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webuild S.p.A. | &nbsp;&nbsp; 8703441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Engineering** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **23044639** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials — 1.1%** |  |
| 414279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buzzi S.p.A. | $21644853 |
| 338403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Plc | &nbsp;&nbsp; 32290414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **53935267** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail —<br> 0.0%** |  |
| 195,032+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnit PJSC | &nbsp;&nbsp;$— |
| 48,325(b)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X5 Retail Group NV (G.D.R.) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Staples Distribution & Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |

---

3Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.4%** |  |
| 1619015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | $96299012 |
| 351084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp; 15054482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp; **$** **111353494** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 0.5%** |  |
| 305600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | $13514539 |
| 470300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp; 9080033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **22594572** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.8%** |  |
| 477116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred SE | $14798914 |
| 821,842(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexi S.p.A. (144A) | &nbsp;&nbsp; 4789186 |
| 175,513(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp; 11555776 |
| 1,161,685(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldline S.A. (144A) | &nbsp;&nbsp; 6408992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **37552868** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.6%** |  |
| 212823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | $30069762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **30069762** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.9%** |  |
| 2436820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persimmon Plc | $42055773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **42055773** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.1%** |  |
| 65006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | $5299289 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5299289** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 1.5%** |  |
| 286159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | $69198969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **69198969** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.1%** |  |
| 5134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honma Golf, Ltd. (144A) | $2283808 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2283808** |
|  | &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. | $18447419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Marine Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **18447419** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 2.5%** |  |
| 2638800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp. | $8249839 |
| 2195666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp; 41805481 |
| 854886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp; 45035395 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — (continued)** |  |
| 145063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Plc (A.D.R.) | $8616742 |
| 1353817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thyssenkrupp AG | &nbsp;&nbsp; 15367389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp; **$** **119074846** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts<br> (REITs) — 0.7%** |  |
| 730230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGNC Investment Corp. | $6447931 |
| 297120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage, Inc. | &nbsp;&nbsp; 2807784 |
| 528740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp; 5520046 |
| 906673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp; 10136604 |
| 511976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp; 6077155 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Real Estate Investment Trusts (REITs)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **30989520** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.0%** |  |
| 835639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW LPG, Ltd. (144A) | $8305465 |
| 1248325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW LPG, Ltd. (144A) | &nbsp;&nbsp; 12333451 |
| 91406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp; 2490814 |
| 4435484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp; 73362905 |
| 47,954+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1410705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP | &nbsp;&nbsp; 71847206 |
| 540649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp; 18154993 |
| 1269779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 14983392 |
| 194305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP | &nbsp;&nbsp; 3392565 |
| 1,271,403+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosneft Oil Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1165541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell Plc (A.D.R.) | &nbsp;&nbsp; 75154084 |
| 93812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp; 3783438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp; **$** **283808313** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 3.4%** |  |
| 29588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | $4624900 |
| 4645613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 113399413 |
| 376702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | &nbsp;&nbsp; 40925024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp; **$** **158949337** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.2%** |  |
| 229156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | $9869749 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9869749** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development —<br> 0.1%** |  |
| 3764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | $3872907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3872907** |

---

5Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor<br> Equipment — 1.0%** |  |
| 472,791(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | $46026204 |
| 33,978(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. | &nbsp;&nbsp; 1664242 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **47690446** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs — 0.3%** |  |
| 107772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | $11397967 |
| 95099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 4551438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialized REITs** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **15949405** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage &<br> Peripherals — 1.4%** |  |
| 1734618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | $67725149 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **67725149** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $1,749,193,562)** | **$1995915490** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 1.7% of<br> Net Assets** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACC Auto Trust, Series 2022-A, Class D, 10.07%, 3/15/29 (144A) | $1992472 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | &nbsp;&nbsp; 6142402 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMSR Trust, Series 2020-SFR2, Class G, 4.00%, 7/17/37 (144A) | &nbsp;&nbsp; 571098 |
| 4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A, Class E, 10.97%, 12/15/32 (144A) | &nbsp;&nbsp; 4449904 |
| 2500000 | &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; 2511411 |
| 570,997(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; 569667 |
| 1,982,253(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.695% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 1976704 |
| 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; 4226119 |
| 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; 1519360 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 9330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2025-2A, Class E, 7.81%, 10/15/32 (144A) | $9466790 |
| 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; 3799970 |
| 1867786 | &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; 1876270 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-1A, Class D, 7.83%, 11/15/29 (144A) | &nbsp;&nbsp; 2012104 |
| 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; 2047340 |
| 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; 10348088 |
| 2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A, Class C, 8.04%, 6/17/30 (144A) | &nbsp;&nbsp; 2602761 |
| 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; 1699755 |
| 1406615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class C, 10.00%, 7/15/35 (144A) | &nbsp;&nbsp; 1390817 |
| 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; 118800 |
| 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; 511350 |
| 1200000 | &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) | &nbsp;&nbsp; 1236675 |
| 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank N.A. - SBCLN, Series 2021-1A, Class E, 6.171%, 12/15/31 (144A) | &nbsp;&nbsp; 5075516 |
| 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; 4408142 |
| 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; 1338937 |
| 2500000 | &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; 2556237 |

---

7Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2023-1A, Class E, 13.45%, 6/15/28 (144A) | $5276818 |
| 2122521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class D, 10.14%, 12/20/37 (144A) | &nbsp;&nbsp; 2180122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $80,174,871)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **81905629** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—2.4% of Net Assets** |  |
| 2,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2022-1, Class B1, 9.854% (SOFR30A + 550 bps), 1/26/32 (144A) | $2468787 |
| 4,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1, 7.718% (SOFR30A + 336 bps), 1/25/40 (144A) | &nbsp;&nbsp; 4094646 |
| 8,501,543(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1, 7.468% (SOFR30A + 311 bps), 1/25/40 (144A) | &nbsp;&nbsp; 8597185 |
| 4,610,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 10.354% (SOFR30A + 600 bps), 10/25/41 (144A) | &nbsp;&nbsp; 4788637 |
| 5,895,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R03, Class 1B2, 9.854% (SOFR30A + 550 bps), 12/25/41 (144A) | &nbsp;&nbsp; 6093956 |
| 5,360,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1B2, 10.354% (SOFR30A + 600 bps), 12/25/41 (144A) | &nbsp;&nbsp; 5591177 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R05, Class 2B2, 11.354% (SOFR30A + 700 bps), 4/25/42 (144A) | &nbsp;&nbsp; 6450000 |
| 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, 10.004% (SOFR30A + 565 bps), 12/25/50 (144A) | &nbsp;&nbsp; 2995524 |
| 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, 11.754% (SOFR30A + 740 bps), 11/25/50 (144A) | &nbsp;&nbsp; 2243590 |
| 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, 9.104% (SOFR30A + 475 bps), 1/25/51 (144A) | &nbsp;&nbsp; 2974460 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/258

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(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 795,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA2, Class B2, 10.354% (SOFR30A + 600 bps), 8/25/33 (144A) | $928242 |
| 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, 10.604% (SOFR30A + 625 bps), 10/25/33 (144A) | &nbsp;&nbsp; 2592104 |
| 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, 9.854% (SOFR30A + 550 bps), 1/25/34 (144A) | &nbsp;&nbsp; 4031879 |
| 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, 12.154% (SOFR30A + 780 bps), 11/25/41 (144A) | &nbsp;&nbsp; 3701850 |
| 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, 9.354% (SOFR30A + 500 bps), 8/25/33 (144A) | &nbsp;&nbsp; 5997804 |
| 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, 9.804% (SOFR30A + 545 bps), 12/25/33 (144A) | &nbsp;&nbsp; 1482988 |
| 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, 10.604% (SOFR30A + 625 bps), 9/25/41 (144A) | &nbsp;&nbsp; 2033236 |
| 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, 11.454% (SOFR30A + 710 bps), 1/25/42 (144A) | &nbsp;&nbsp; 3654861 |
| 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, 12.854% (SOFR30A + 850 bps), 2/25/42 (144A) | &nbsp;&nbsp; 2871256 |
| 6,608,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-DNA3, Class B2, 12.618% (SOFR30A + 826 bps), 7/25/49 (144A) | &nbsp;&nbsp; 7483560 |
| 3,150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-DNA4, Class B2, 10.718% (SOFR30A + 636 bps), 10/25/49 (144A) | &nbsp;&nbsp; 3516692 |

---

9Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 8,395,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-FTR3, Class B2, 9.254% (SOFR30A + 491 bps), 9/25/47 (144A) | $8811295 |
| 3,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-FTR4, Class B2, 9.468% (SOFR30A + 511 bps), 11/25/47 (144A) | &nbsp;&nbsp; 3291800 |
| 3,688,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2021-R02, Class 2B2, 10.554% (SOFR30A + 620 bps), 11/25/41 (144A) | &nbsp;&nbsp; 3847437 |
| 12752 | &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; 5226 |
| 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 |
| 1,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2023-1, Class M1B, 8.954% (SOFR30A + 460 bps), 10/25/33 (144A) | &nbsp;&nbsp; 1308068 |
| 5,880,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP2, Class B2, 14.968% (SOFR30A + 1,061 bps), 2/25/47 (144A) | &nbsp;&nbsp; 7210350 |
| 6,079,606(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.754% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 6154613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $108,594,114)** | &nbsp;&nbsp; **$** **115221225** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—1.4% of Net Assets** |  |
| 9,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AG Trust, Series 2024-NLP, Class B, 7.085% (1 Month Term SOFR + 276 bps), 7/15/41 (144A) | $9479321 |
| 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; 5229847 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2024-C28, Class A5, 5.403%, 9/15/57 | &nbsp;&nbsp; 5125762 |
| 4,311,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2024-V8, Class AM, 6.859%, 7/15/57 | &nbsp;&nbsp; 4570500 |
| 2,669,330(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class A, 5.845% (SOFR30A + 150 bps), 2/15/37 (144A) | &nbsp;&nbsp; 2664543 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 8,145,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class E, 6.681% (1 Month Term SOFR + 236 bps), 10/15/36 (144A) | $8038097 |
| 4,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class G, 7.579% (1 Month Term SOFR + 326 bps), 10/15/36 (144A) | &nbsp;&nbsp; 3952191 |
| 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, 12.104% (SOFR30A + 775 bps), 1/25/51 (144A) | &nbsp;&nbsp; 979535 |
| 2,822,030(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN3, Class M1, 6.654% (SOFR30A + 230 bps), 11/25/51 (144A) | &nbsp;&nbsp; 2824918 |
| 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; 6442682 |
| 5,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class CE, 13.218% (SOFR30A + 886 bps), 10/25/49 (144A) | &nbsp;&nbsp; 5817319 |
| 1,851,367(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 7.718% (SOFR30A + 336 bps), 10/25/49 (144A) | &nbsp;&nbsp; 1851363 |
| 2,327,215(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 8.218% (SOFR30A + 386 bps), 3/25/50 (144A) | &nbsp;&nbsp; 2361537 |
| 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; 5458291 |
| 3,225,367(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 7.227%, 12/10/34 (144A) | &nbsp;&nbsp; 3268207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $66,997,577)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **68064113** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds —<br> 0.6% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS — 0.6%** |  |
| 4895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corp., 5.50%, 3/15/26 | $4787310 |
| 24685100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc., 7.75%, 6/15/27 | &nbsp;&nbsp; 24413564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **29200874** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $27,856,373)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **29200874** |

---

11Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 5.0% 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) | $1524456 |
| 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28 (144A) | &nbsp;&nbsp; 473100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1997556** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.0%†** |  |
| 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier, Inc., 7.875%, 4/15/27 (144A) | $1157818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1157818** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.2%** |  |
| 258602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust, 8.375%, 11/15/28 (144A) | $271839 |
| 7,450,778(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance S.A., 14.824% (1 Month Term SOFR + 1,050 bps), 6/8/25 (144A) | &nbsp;&nbsp; 7450778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7722617** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR4,700,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 4.375% (5 Year EUR Swap + 467 bps) | $5324395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR5,300,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 4.75% (5 Year EUR Swap + 390 bps) | &nbsp;&nbsp; 5901519 |
| 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; 2255621 |
| 10,000,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 6.125% (5 Year CMT Index + 587 bps) | &nbsp;&nbsp; 9941598 |
| 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; 2136941 |
| 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; 5285362 |
| 10,000,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 6.75% (5 Year CMT Index + 315 bps) | &nbsp;&nbsp; 9368792 |
| 5,857,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 7.50% (5 Year USD Swap Rate + 450 bps) | &nbsp;&nbsp; 5838984 |
| 8,125,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 8.00% (5 Year USD Swap Rate + 572 bps) | &nbsp;&nbsp; 8146499 |
| 485100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 11.76%, 3/4/26 (144A) | &nbsp;&nbsp; 9073796 |
| 221900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 12.77%, 2/24/26 (144A) | &nbsp;&nbsp; 17561166 |
| 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; 6316406 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 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) | $8163058 |
| 31,703,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 3.875% (5 Year CMT Index + 310 bps) (144A) | &nbsp;&nbsp; 30589134 |
| 29,708,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 4.875% (5 Year CMT Index + 340 bps) (144A) | &nbsp;&nbsp; 28403430 |
| 7,425,000(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 5.125% (5 Year CMT Index + 486 bps) | &nbsp;&nbsp; 7266654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; **$** **161573355** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.1%** |  |
| 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | $2263007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2263007** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 0.2%** |  |
| 3,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 5.268% (SOFR + 237 bps), 5/10/33 | $2948521 |
| 4675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 8.75%, 9/1/27 (144A) | &nbsp;&nbsp; 4658063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7606584** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-National — 0.1%** |  |
| &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 | $4092290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-National** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4092290** |
|  | &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 | $2964150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2964150** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.9%** |  |
| 41014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 10.50%, 5/15/30 (144A) | $44338980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **44338980** |
|  | &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) | $2091705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2091705** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $219,524,993)** | &nbsp;&nbsp; **$** **235808062** |

---

13Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities —<br> 2.9% of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 2.0%** |  |
|  | &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, 11.026%, (3 Month U.S. Treasury Bill + 675 bps), 6/19/26 (144A) | $512950 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.273%, (1 Month U.S. Treasury Bill + 600 bps), 6/7/27 (144A) | &nbsp;&nbsp; 259925 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 11.536%, (1 Month U.S. Treasury Bill + 725 bps), 6/7/27 (144A) | &nbsp;&nbsp; 261400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1034275 |
|  | &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, 7.376%, (1 Month U.S. Treasury Bill + 310 bps), 11/7/25 (144A) | $501100 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acorn Re, 7.376%, (1 Month U.S. Treasury Bill + 310 bps), 11/5/27 (144A) | &nbsp;&nbsp; 504250 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ursa Re, 9.776%, (3 Month U.S. Treasury Bill + 550 bps), 12/6/25 (144A) | &nbsp;&nbsp; 1014700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2020050 |
|  | &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, 18.286%, (3 Month U.S. Treasury Bill + 1,400 bps), 3/12/27 (144A) | $1529700 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloodSmart Re, 21.436%, (1 Month U.S. Treasury Bill + 1,715 bps), 3/11/26 (144A) | &nbsp;&nbsp; 984600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2514300 |
|  | &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, 6.273%, (3 Month U.S. Treasury Bill + 200 bps), 1/6/26 (144A) | $1753325 |
| 3,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIV, 7.786%, (3 Month U.S. Treasury Bill + 350 bps), 1/5/27 (144A) | &nbsp;&nbsp; 3334825 |
| 600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitality Re XIV, 8.786%, (3 Month U.S. Treasury Bill + 450 bps), 1/5/27 (144A) | &nbsp;&nbsp; 621540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5709690 |
|  | &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, 12.426%, (3 Month U.S. Treasury Bill + 814 bps), 6/5/26 (144A) | $674115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.9%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 9.776%, (3 Month U.S. Treasury Bill + 550 bps), 6/7/27 (144A) | $507750 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2514

------

(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;Bonanza Re, 8.026%, (3 Month U.S. Treasury Bill + 375 bps), 12/19/27 (144A) | $247125 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 9.786%, (3 Month U.S. Treasury Bill + 550 bps), 12/19/27 (144A) | &nbsp;&nbsp; 1001700 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 9.786%, (3 Month U.S. Treasury Bill + 550 bps), 1/7/28 (144A) | &nbsp;&nbsp; 248675 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 10.023%, (3 Month U.S. Treasury Bill + 575 bps), 1/7/27 (144A) | &nbsp;&nbsp; 254125 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 10.736%, (3 Month U.S. Treasury Bill + 646 bps), 1/7/26 (144A) | &nbsp;&nbsp; 251925 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 12.523%, (3 Month U.S. Treasury Bill + 825 bps), 1/7/28 (144A) | &nbsp;&nbsp; 249025 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four Lakes Re, 13.773%, (3 Month U.S. Treasury Bill + 950 bps), 1/7/27 (144A) | &nbsp;&nbsp; 258975 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuchsia 2024-1 , 9.286%, (3 Month U.S. Treasury Bill + 500 bps), 4/6/28 (144A) | &nbsp;&nbsp; 1004000 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herbie Re, 11.536%, (3 Month U.S. Treasury Bill + 725 bps), 1/8/29 (144A) | &nbsp;&nbsp; 499200 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Point Re, 10.026%, (3 Month U.S. Treasury Bill + 575 bps), 1/6/27 (144A) | &nbsp;&nbsp; 2009800 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.526%, (3 Month U.S. Treasury Bill + 725 bps), 7/7/27 (144A) | &nbsp;&nbsp; 780600 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.806%, (3 Month U.S. Treasury Bill + 753 bps), 7/7/25 (144A) | &nbsp;&nbsp; 14105000 |
| 1,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.026%, (3 Month U.S. Treasury Bill + 775 bps), 7/7/26 (144A) | &nbsp;&nbsp; 1330550 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 12.776%, (3 Month U.S. Treasury Bill + 850 bps), 7/7/27 (144A) | &nbsp;&nbsp; 1523400 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 8.286%, (3 Month U.S. Treasury Bill + 400 bps), 1/10/28 (144A) | &nbsp;&nbsp; 248750 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mystic Re, 16.286%, (3 Month U.S. Treasury Bill + 1,200 bps), 1/8/27 (144A) | &nbsp;&nbsp; 1826300 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 9.526%, (3 Month U.S. Treasury Bill + 525 bps), 12/6/28 (144A) | &nbsp;&nbsp; 1008700 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.196%, (3 Month U.S. Treasury Bill + 592 bps), 12/6/27 (144A) | &nbsp;&nbsp; 769800 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 10.323%, (3 Month U.S. Treasury Bill + 605 bps), 12/6/25 (144A) | &nbsp;&nbsp; 487400 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 11.273%, (3 Month U.S. Treasury Bill + 700 bps), 12/6/28 (144A) | &nbsp;&nbsp; 1011400 |

---

15Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — (continued)** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 11.966%, (3 Month U.S. Treasury Bill + 769 bps), 12/6/26 (144A) | $516050 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 12.706%, (1 Month U.S. Treasury Bill + 842 bps), 12/6/27 (144A) | &nbsp;&nbsp; 1294375 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Re, 16.293%, (3 Month U.S. Treasury Bill + 1,202 bps), 12/6/25 (144A) | &nbsp;&nbsp; 703500 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 8.286%, (3 Month U.S. Treasury Bill + 400 bps), 4/7/29 (144A) | &nbsp;&nbsp; 2458500 |
| 2,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 9.536%, (3 Month U.S. Treasury Bill + 525 bps), 4/7/29 (144A) | &nbsp;&nbsp; 2493750 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re, 10.036%, (3 Month U.S. Treasury Bill + 575 bps), 4/7/28 (144A) | &nbsp;&nbsp; 773400 |
| 800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 7.696%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | &nbsp;&nbsp; 788320 |
| 1,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 9.826%, (3 Month U.S. Treasury Bill + 555 bps), 4/7/27 (144A) | &nbsp;&nbsp; 1636480 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solomon Re, 9.806%, (3 Month U.S. Treasury Bill + 552 bps), 6/8/26 (144A) | &nbsp;&nbsp; 255750 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topanga Re, 9.326%, (3 Month U.S. Treasury Bill + 505 bps), 1/8/26 (144A) | &nbsp;&nbsp; 241000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $40785325 |
|  | &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, 16.867%, (SOFR + 1,250 bps), 6/8/27 (144A) | $837900 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easton Re, 11.776%, (3 Month U.S. Treasury Bill + 750 bps), 1/8/27 (144A) | &nbsp;&nbsp; 506550 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 11.276%, (3 Month U.S. Treasury Bill + 700 bps), 1/8/26 (144A) | &nbsp;&nbsp; 250425 |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo Re, 11.276%, (3 Month U.S. Treasury Bill + 700 bps), 1/7/28 (144A) | &nbsp;&nbsp; 1296250 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 10.526%, (3 Month U.S. Treasury Bill + 625 bps), 6/30/28 (144A) | &nbsp;&nbsp; 260725 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro II Re, 11.536%, (3 Month U.S. Treasury Bill + 725 bps), 6/30/28 (144A) | &nbsp;&nbsp; 788400 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilimanjaro III Re, 16.646%, (3 Month U.S. Treasury Bill + 1,236 bps), 4/20/26 (144A) | &nbsp;&nbsp; 250550 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2516

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. & Canada — (continued)** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 11.286%, (3 Month U.S. Treasury Bill + 700 bps), 7/8/25 (144A) | $500250 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mona Lisa Re, 16.786%, (3 Month U.S. Treasury Bill + 1,250 bps), 1/8/26 (144A) | &nbsp;&nbsp; 1024300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5715350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.1%** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 12.546%, (3 Month U.S. Treasury Bill + 827 bps), 6/8/26 (144A) | $515500 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquila Re, 13.466%, (3 Month U.S. Treasury Bill + 918 bps), 6/8/26 (144A) | &nbsp;&nbsp; 259875 |
| 1,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Locke Tavern Re, 9.068%, (3 Month U.S. Treasury Bill + 478 bps), 4/9/26 (144A) | &nbsp;&nbsp; 1313650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2089025 |
|  | &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, 12.017%, (SOFR + 765 bps), 6/5/26 (144A) | $1289750 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cat Re 2001, 17.316%, (3 Month U.S. Treasury Bill + 1,304 bps), 1/8/27 (144A) | &nbsp;&nbsp; 780000 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall Re, 10.523%, (3 Month U.S. Treasury Bill + 625 bps), 4/30/27 (144A) | &nbsp;&nbsp; 1046200 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silk Road Re, 10.278%, (1 Month U.S. Treasury Bill + 600 bps), 1/10/28 (144A) | &nbsp;&nbsp; 497500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3613450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.3%** |  |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Coast Re, 9.25%, (3 Month U.S. Treasury Bill + 952 bps), 4/7/26 (144A) | $1021300 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlon Re, 11.286%, (3 Month U.S. Treasury Bill + 700 bps), 6/7/27 (144A) | &nbsp;&nbsp; 255850 |
| 9,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 11.776%, (3 Month U.S. Treasury Bill + 749 bps), 7/7/25 (144A) | &nbsp;&nbsp; 9050400 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 13.026%, (3 Month U.S. Treasury Bill + 875 bps), 7/7/27 (144A) | &nbsp;&nbsp; 771000 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Re, 13.784%, (1 Month U.S. Treasury Bill + 950 bps), 6/7/27 (144A) | &nbsp;&nbsp; 262275 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purple Re, 13.276%, (1 Month U.S. Treasury Bill + 900 bps), 6/7/27 (144A) | &nbsp;&nbsp; 512300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11873125 |

---

17Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &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, 4.50%, (1 Month U.S. Treasury Bill + 450 bps), 7/8/27 (144A) | $1017500 |
|  | &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, 16.571%, (SOFR + 1,222 bps), 4/24/28 (144A) | $264075 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 18.073%, (SOFR + 1,372 bps), 4/24/28 (144A) | &nbsp;&nbsp; 253825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $517900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 0.0%†** |  |
| 1,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 7.99%, (3 Month U.S. Treasury Bill + 799 bps), 1/8/27 (144A) | $1280625 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Ridge Re, 9.526%, (3 Month U.S. Treasury Bill + 525 bps), 1/8/27 (144A) | &nbsp;&nbsp; 769875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2050500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Texas — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 10.273%, (1 Month U.S. Treasury Bill + 600 bps), 6/7/27 (144A) | $515850 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 11.808%, (1 Month U.S. Treasury Bill + 752 bps), 6/7/25 (144A) | &nbsp;&nbsp; 250875 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 12.023%, (1 Month U.S. Treasury Bill + 775 bps), 6/7/27 (144A) | &nbsp;&nbsp; 260575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1027300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — 0.2%** |  |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Re, 12.668%, (1 Month U.S. Treasury Bill + 839 bps), 6/7/26 (144A) | $1535550 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonanza Re, 12.726%, (3 Month U.S. Treasury Bill + 845 bps), 1/8/26 (144A) | &nbsp;&nbsp; 253625 |
| 1,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Lookout Re, 12.706%, (1 Month U.S. Treasury Bill + 842 bps), 4/28/26 (144A) | &nbsp;&nbsp; 1789200 |
| 750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 13.556%, (1 Month U.S. Treasury Bill + 928 bps), 5/12/25 (144A) | &nbsp;&nbsp; 749250 |
| 600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Re, 18.246%, (1 Month U.S. Treasury Bill + 1,396 bps), 2/24/26 (144A) | &nbsp;&nbsp; 625740 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2518

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. — (continued)** |  |
| 1,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merna Re II, 14.526%, (3 Month U.S. Treasury Bill + 1,025 bps), 7/7/26 (144A) | $1669600 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queen Street Re, 11.781%, (3 Month U.S. Treasury Bill + 750 bps), 12/8/25 (144A) | &nbsp;&nbsp; 1503300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8126265 |
|  | &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, 9.786%, (1 Month U.S. Treasury Bill + 550 bps), 7/8/27 (144A) | $248625 |
|  | &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, 10.876%, (3 Month U.S. Treasury Bill + 659 bps), 6/7/26 (144A) | $1023300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Winterstorm – Florida — 0.1%** |  |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 17.146%, (1 Month U.S. Treasury Bill + 1,286 bps), 6/6/25 (144A) | $2015000 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Re, 15.286%, (3 Month U.S. Treasury Bill + 1,100 bps), 3/31/26 (144A) | &nbsp;&nbsp; 2054000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4069000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **$94109095** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Reinsurance — 0.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.0%†** |  |
| 1,250,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adare Re 2025, 9/30/30 | $1254617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.1%** |  |
| 1,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheltenham-PI0051 Re 2024, 5/31/30 | $1046390 |
| 5,272,146(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PI0047 2024-1, 12/31/29 | &nbsp;&nbsp; 5635113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6681503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.1%** |  |
| 4,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gamboge Re, 3/31/30 | $2005052 |
| 1,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2025-1, 12/31/30 | &nbsp;&nbsp; 906930 |
| 250,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Head Re 2025, 12/31/30 | &nbsp;&nbsp; 209198 |

---

19Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — (continued)** |  |
| 500,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Valley Re 2025, 12/31/29 | $451505 |
| 300,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walton Health Re 2019, 6/30/25 | &nbsp;&nbsp;&nbsp; 413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3573098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – North Carolina — 0.0%†** |  |
| 1,000,000(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 4/30/30 | $17300 |
| 500,000(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 4/30/30 | &nbsp;&nbsp; 5800 |
| 250,000(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mangrove Risk Solutions, 4/30/30 | &nbsp;&nbsp; 1825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – U.S. Regional — 0.0%†** |  |
| 1,500,000(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakmont Re 2024, 4/1/30 | $38487 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Reinsurance** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **11572630** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.1%** |  |
| 2,500,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnoustie Re 2025, 12/31/30 | $2402126 |
| 1,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harambee Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2402126 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.6%** |  |
| 1,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2021-3, 7/31/25 | $45900 |
| 24,956(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | &nbsp;&nbsp; 1325 |
| 2,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banbury-PI0050 Re 2024, 3/31/30 | &nbsp;&nbsp; 2240000 |
| 4,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bantry Re 2025, 12/31/30 | &nbsp;&nbsp; 3742752 |
| 2,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berwick Re 2025, 12/31/30 | &nbsp;&nbsp; 1867044 |
| 1,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Re 2025, 12/31/30 | &nbsp;&nbsp; 1001534 |
| 500,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gleneagles Re 2021, 12/31/25 | &nbsp;&nbsp;&nbsp; 50 |
| 3,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gullane Re 2025, 12/31/30 | &nbsp;&nbsp; 2469407 |
| 3,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pangaea Re 2024-3, 7/1/28 | &nbsp;&nbsp; 3219034 |
| 2,500,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pangaea Re 2025-1, 12/31/30 | &nbsp;&nbsp; 2170556 |
| 3,871(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector Re V, 12/1/28 (144A) | &nbsp;&nbsp; 86309 |
| 3,500,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector Re V, 12/1/29 (144A) | &nbsp;&nbsp; 3589166 |
| 3,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector Re V, 12/1/29 (144A) | &nbsp;&nbsp; 3076428 |
| 1,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2020, 12/31/25 | &nbsp;&nbsp;&nbsp; 200 |
| 1,500,000(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2021, 12/31/25 | &nbsp;&nbsp; 13950 |
| 2,500,000(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2023, 12/31/28 | &nbsp;&nbsp; 2250 |
| 2,500,000(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2024, 12/31/29 | &nbsp;&nbsp; 23000 |
| 2,500,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2025, 12/31/30 | &nbsp;&nbsp; 2259500 |
| 1,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2021, 7/31/25 | &nbsp;&nbsp; 9000 |
| 2,500,000(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2023, 6/30/29 | &nbsp;&nbsp; 34500 |
| 3,000,000(b)(f)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torricelli Re 2024, 6/30/30 | &nbsp;&nbsp; 3005349 |
| 1,500,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2520

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — (continued)** |  |
| 1,000,000(b)(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2020, 12/31/25 | $30700 |
| 2,000,000(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2023, 12/31/28 | &nbsp;&nbsp; 600 |
| 333,333(g)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2024, 12/31/29 | &nbsp;&nbsp; 65467 |
|  |  | &nbsp;&nbsp;&nbsp; $28954021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp; **$** **31356147** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $133,660,684)** | &nbsp;&nbsp; **$** **137037872** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Government Bonds —<br> 1.0% of Net Assets** |  |
|  | &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 | $3559916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hungary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3559916** |
|  | &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 | $9808476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **9808476** |
|  | &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 | $10755456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Philippines** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **10755456** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Russia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RUB61,885,000(h)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federal Bond - OFZ, 7.700%, 3/23/33 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RUB59,074,000(h)+# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federal Bond - OFZ, 8.150%, 2/3/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **—** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Africa — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZAR153,782,964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, 8.250%, 3/31/32 | $7670160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7670160** |
|  | &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) | $2072634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trinidad** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2072634** |

---

21Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Turkey — 0.3%** |  |
| &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 | $2659678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRY521,808,900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government Bond, 36.000%, 8/12/26 | &nbsp;&nbsp; 12403156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Turkey** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **15062834** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Government Bonds<br> (Cost $54,330,869)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **48929476** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 0.2% of Net<br> Assets** |  |
| 721794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen Asia-Pacific Income Fund, Inc. | $11180589 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $11,678,325)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **11180589** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Linked Notes — 19.0% 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), 3/30/26 (144A) | $9341158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9341158** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Retail — 0.2%** |  |
| 27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Lululemon Athletica In), 13.63%, 4/7/26 | $8153813 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Apparel Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8153813** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 0.2%** |  |
| 989100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (Stellantis N.V.), 7/16/25 | $9950346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9950346** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank-Regional — 0.3%** |  |
| 764400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank Of Canada (First Horizon Corporation), 6/11/25 (144A) | $14324856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank-Regional** | &nbsp;&nbsp;&nbsp;&nbsp; **$14324856** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 2.3%** |  |
| 199800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperal (Wells Fargo & Company), 6/13/25 | $14168857 |
| 63200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (eBay, Inc.), 9.80%, 6/17/25 | &nbsp;&nbsp; 3710826 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2522

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 102200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Gilead Sciences, Inc.), 9.00%, 7/1/25 | $7699646 |
| 488100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Lyft, Inc.), 21.85%, 7/1/25 | &nbsp;&nbsp; 6182421 |
| 82100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Newmont Corp.), 12.92%, 6/17/25 | &nbsp;&nbsp; 3797535 |
| 205900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Pinterest, Inc.), 14.80%, 5/12/25 | &nbsp;&nbsp; 5229675 |
| 342200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Citizens Financial Group, Inc.), 6/13/25 | &nbsp;&nbsp; 12752596 |
| 25,300(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Advanced Micro De), 17.32%, 8/5/25 (144A) | &nbsp;&nbsp; 2612352 |
| 602700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Barrick Gold Corp.), 11.95%, 8/6/25 (144A) | &nbsp;&nbsp; 11231314 |
| 227,900(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Citizens Financial Group, Inc.), 11.55%, 12/23/25 (144A) | &nbsp;&nbsp; 8970144 |
| 230700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Newmont Corp.), 12.16%, 8/6/25 (144A) | &nbsp;&nbsp; 11426571 |
| 49400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (Advanced Micro Devices, Inc.), 16.43%, 6/6/25 | &nbsp;&nbsp; 5034354 |
| 236800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (PayPal Holdings, Inc.), 12.95%, 7/11/25 | &nbsp;&nbsp; 14862752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; **$107679043** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.9%** |  |
| 242400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Celsius Holdings, Inc.), 25.83%, 10/28/25 | $6875240 |
| 368200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Celsius Holdings, Inc.), 21.83%, 10/9/25 (144A) | &nbsp;&nbsp; 12237127 |
| 61400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Celsius Holdings, Inc.), 23.44%, 7/9/25 (144A) | &nbsp;&nbsp; 2304649 |
| 258400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Celsius Holdings, Inc.), 23.55%, 11/10/25 (144A) | &nbsp;&nbsp; 9002656 |
| 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; 9441432 |
| 54500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International (Celsius Holdings), 22.87%, 7/1/25 | &nbsp;&nbsp; 2026582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp; **$41887686** |

---

23Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &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.), 3/12/26 | $10352809 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages - Non-Alcoholic** | &nbsp;&nbsp;&nbsp;&nbsp; **$10352809** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |
| 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of America (Biontech SE), 11.81%, 8/29/25 | $7602000 |
| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Regeneron Pharmaceuticals, Inc.), 11.50%, 1/27/26 (144A) | &nbsp;&nbsp; 7539480 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; **$15141480** |
|  | &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 | $8720145 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8720145** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.2%** |  |
| 172200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce (Celanese Corp.), 18.15%, 3/16/26 | $8348566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8348566** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary — 0.1%** |  |
| 117,300(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (Draftkings, Inc.), 8/25/25 | $3730140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$3730140** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Services — 0.5%** |  |
| 190,000(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank Of Canada (PayPal Holdings, Inc.), 3/12/26 (144A) | $12920000 |
| 182100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (PayPal Holdings, Inc.), 11.86%, 3/5/26 | &nbsp;&nbsp; 12785241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Credit Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$25705241** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services —<br> 0.1%** |  |
| 242600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Pinterest, Inc.), 15.67%, 10/17/25 | $6466746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Telecommunication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6466746** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 0.5%** |  |
| 283,000(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (Vertiv Holdings Co.), 45.03%, 6/12/25 | $24614321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; **$24614321** |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2524

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment & Parts — 0.2%** |  |
| 105900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (Vertiv Holdings Co.), 3/26/26 | $9309669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment & Parts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9309669** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments &<br> Components — 0.1%** |  |
| 83700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Vertiv Holdings Co.), 21.00%, 7/30/25 | $6938688 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$6938688** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.1%** |  |
| 54,500(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (Abercrombie & Fitch Co.), 20.45%, 1/20/26 | $4974760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$4974760** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Furnishings, Fixtures & Appliances — 0.6%** |  |
| 154800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of America (Whirlpool Corporation), 16.49%, 4/10/26 | $11738019 |
| 78,300(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (SharkNinja, Inc.), 14.07%, 2/27/26 | &nbsp;&nbsp; 6956180 |
| 99200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Whirlpool Corp.), 18.92%, 3/20/26 (144A) | &nbsp;&nbsp; 8167136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Furnishings, Fixtures & Appliances** | &nbsp;&nbsp;&nbsp;&nbsp; **$26861335** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gold — 0.9%** |  |
| 394500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAC (Barrick Mining Corporation), 11.83%, 6/5/25 | $7225268 |
| 401300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAC (Newmont Corporation), 12.96%, 6/5/25 | &nbsp;&nbsp; 18495917 |
| 471800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Barrick Mining Corporation), 3/4/26 | &nbsp;&nbsp; 8855214 |
| 3026300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo (B2Gold Corporation), 5/6/26 | &nbsp;&nbsp; 9502582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gold** | &nbsp;&nbsp;&nbsp;&nbsp; **$44078981** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.2%** |  |
| 146100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Novo Nordisk A/S), 12.57%, 12/31/25 | $10276674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$10276674** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.3%** |  |
| 44200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (The Cigna Group), 11.98%, 12/31/25 (144A) | $13419783 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$13419783** |

---

25Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household & Personal Products — 0.6%** |  |
| 317,000(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (The Estée Lauder Cos., Inc.), 17.65%, 12/3/25 | $19686429 |
| 208,600(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Hims & Hers Health, Inc.), 33.63%, 5/8/26 | &nbsp;&nbsp; 7230076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household & Personal Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$26916505** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail — 0.4%** |  |
| 91,300(i) | &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; 8468038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet & Direct Marketing Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$17309895** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content & Information — 0.2%** |  |
| 57500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (Alphabet Inc.), 10.95%, 4/21/26 (144A) | $9142787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content & Information** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9142787** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.4%** |  |
| 163200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance BV (Yeti Holdings, Inc.), 14.85%, 5/22/25 (144A) | $4760544 |
| 137200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (BJ's Wholesale Club), 10.68%, 3/13/26 | &nbsp;&nbsp; 14641298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Products** | &nbsp;&nbsp;&nbsp;&nbsp; **$19401842** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine Shipping — 0.2%** |  |
| 907,600(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank Of Canada (Golden Ocean Group Limited), 3/12/26 (144A) | $7723676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Marine Shipping** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$7723676** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.4%** |  |
| 113,400(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas (Teck Resourcse Ltd), 12.03%, 10/9/25 (144A) | $4310334 |
| 237800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch BV (Barrick Gold Corp.), 11.70%, 11/21/25 | &nbsp;&nbsp; 4180524 |
| 354500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Barrick Gold Corporation), 11.58%, 12/1/25 | &nbsp;&nbsp; 6380468 |
| 143600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Newmont Corp.), 12.60%, 12/1/25 | &nbsp;&nbsp; 6672590 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$21543916** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.2%** |  |
| 531500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hsbc Bank Plc (Range Resources Corporation), 13.00%, 5/8/26 | $18033795 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2526

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — (continued)** |  |
| 382,300(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (Range Resources Corp.), 11.80%, 10/9/25 | $12367405 |
| 757,000(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Range Resources), 12.027%, 10/14/25 (144A) | &nbsp;&nbsp; 24897730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; **$55298930** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 0.1%** |  |
| 112,000(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (The Estee Lauder Companies, Inc.), 16.64%, 11/12/25 | $7119840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Personal Care Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$7119840** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental & Leasing Services — 0.5%** |  |
| 25,500(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (United Rentals), 15.02%, 4/16/26 | $15215100 |
| 72200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (AerCap Holdings NV), 8.72%, 7/25/25 | &nbsp;&nbsp; 7390645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental & Leasing Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$22605745** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor<br> Equipment — 3.8%** |  |
| 33300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Axcelis Technologies, Inc.), 16.55%, 8/26/25 | $1845986 |
| 145300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA (Micron Technology, Inc.), 16.44%, 12/31/25 | &nbsp;&nbsp; 11618188 |
| 99400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance BV (Nvidia Corp.), 28.80%, 6/12/25 (144A) | &nbsp;&nbsp; 11182500 |
| 75800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Axcelis Technologies, Inc.), 17.42%, 10/3/25 (144A) | &nbsp;&nbsp; 4327043 |
| 196700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Microchip Technology, Inc.), 16.09%, 3/11/26 (144A) | &nbsp;&nbsp; 9761237 |
| 85900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc. (Nvidia Corp.), 17.21%, 4/10/26 (144A) | &nbsp;&nbsp; 9400466 |
| 61900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International (Advanced Micro Devices, Inc.), 16.67%, 5/8/25 | &nbsp;&nbsp; 6161526 |
| 91,400(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (On Semiconductor Corp.), 8/7/25 | &nbsp;&nbsp; 3959905 |
| 116,100(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Advanced Micro Devices, Inc.), 2/24/26 | &nbsp;&nbsp; 11851337 |
| 117,000(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (Advanced Micro Devices, Inc.), 3/3/26 | &nbsp;&nbsp; 11930467 |
| 215,300(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan (NVIDIA Corporation), 4/13/26 | &nbsp;&nbsp; 23997209 |
| 162,600(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch BV (Axcelis Technologies, Inc.), 12/19/25 | &nbsp;&nbsp; 9272265 |

---

27Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor<br> Equipment — (continued)** |  |
| 48700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch BV (Axcelis Technologies, Inc.), 15.81%, 7/11/25 | $2687510 |
| 149900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Advanced Micro Devices, Inc.), 5/6/26 | &nbsp;&nbsp; 14257589 |
| 160,100(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Axcelis Technologies, Inc.), 3/12/26 | &nbsp;&nbsp; 8186073 |
| 65,900(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Advanced Micro Devices, Inc.), 16.37%, 12/26/25 | &nbsp;&nbsp; 6923256 |
| 119400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (On Semiconductor Corp.), 16.02%, 10/30/25 | &nbsp;&nbsp; 5526727 |
| 66400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Qualcomm, Inc.), 14.55%, 8/15/25 | &nbsp;&nbsp; 10007111 |
| 74500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Advanced Micro DE), 16.31%, 11/7/25 (144A) | &nbsp;&nbsp; 8200960 |
| 75,700(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Axcelis Technologies, Inc.), 16.92%, 10/6/25 (144A) | &nbsp;&nbsp; 4258882 |
| 54100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (On Semiconductor Corp.), 15.958%, 10/24/25 (144A) | &nbsp;&nbsp; 2450189 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp; **$177806426** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.5%** |  |
| 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Issuance BV (Uber Technologies, Inc.), 13.77%, 5/22/25 (144A) | $7268520 |
| 112600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International (Affirm Holdings, Inc.), 27.61%, 7/1/25 | &nbsp;&nbsp; 3706387 |
| 217200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International (Affirm Holdings, Inc.), 28.05%, 6/2/25 | &nbsp;&nbsp; 7479282 |
| 54,800(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (Uber Technologies, Inc.), 11/26/25 | &nbsp;&nbsp; 4126714 |
| 129,200(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank Plc (Zoom Video Communications,Inc.), 8/21/25 | &nbsp;&nbsp; 7860528 |
| 57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP (Zoom Video Communications, Inc.), 11.57%, 7/30/25 | &nbsp;&nbsp; 3683473 |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (Adobe, Inc.), 11.30%, 12/5/25 | &nbsp;&nbsp; 6658000 |
| 343400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Uber Technologies, Inc.), 14.20%, 12/31/25 | &nbsp;&nbsp; 22746823 |
| 111500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA (Zoom Video Communications, Inc.), 11.58%, 6/10/25 | &nbsp;&nbsp; 7371265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$70900992** |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2528

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software - Infrastructure — 0.5%** |  |
| 155,600(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Structured Products BV (Oracle Corp.), 12.90%, 3/23/26 | $22304482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software - Infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp; **$22304482** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Industrial Machinery — 0.2%** |  |
| 40200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup (Eaton Corporation plc), 16.19%, 6/12/25 (144A) | $11729154 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Industrial Machinery** | &nbsp;&nbsp;&nbsp;&nbsp; **$11729154** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 0.2%** |  |
| 56,300(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada (Expedia Group, Inc.), 13.085%, 8/19/25 (144A) | $7666090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$7666090** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Travel Services — 0.2%** |  |
| 75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets (Airbnb, Inc.), 14.10%, 5/8/26 | $9204960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Travel Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9204960** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Linked Notes<br> (Cost $952,357,941)** | &nbsp;&nbsp; **$896951480** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 19.4% of Net Assets** |  |
| 3116344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 2/1/51 | $2652871 |
| 3690880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 7/1/51 | &nbsp;&nbsp; 3122255 |
| 1592473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 11/1/51 | &nbsp;&nbsp; 1346963 |
| 454686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 2/1/52 | &nbsp;&nbsp; 385219 |
| 543744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 8/1/50 | &nbsp;&nbsp; 481395 |
| 1646524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 8/1/50 | &nbsp;&nbsp; 1460153 |
| 2023676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 8/1/52 | &nbsp;&nbsp; 1785479 |
| 8062951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.500%, 10/1/53 | &nbsp;&nbsp; 7801115 |
| 6885401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 5/1/53 | &nbsp;&nbsp; 6767202 |
| 5803104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 8/1/52 | &nbsp;&nbsp; 5828762 |

---

29Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 7808298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/53 | $7852943 |
| 1794731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/53 | &nbsp;&nbsp; 1794641 |
| 16410645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 16504288 |
| 19166410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 19156925 |
| 4486263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/53 | &nbsp;&nbsp; 4489238 |
| 16298865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 7/1/53 | &nbsp;&nbsp; 16289120 |
| 12295743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 9/1/53 | &nbsp;&nbsp; 12388843 |
| 21863521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 10/1/53 | &nbsp;&nbsp; 22029071 |
| 4375572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/53 | &nbsp;&nbsp; 4405241 |
| 3371090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 2/1/54 | &nbsp;&nbsp; 3370394 |
| 7856884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/54 | &nbsp;&nbsp; 7863989 |
| 5260439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/54 | &nbsp;&nbsp; 5253990 |
| 2350625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 5/1/54 | &nbsp;&nbsp; 2349921 |
| 1762743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 5/1/54 | &nbsp;&nbsp; 1760517 |
| 2721996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 5/1/54 | &nbsp;&nbsp; 2730625 |
| 4010224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/54 | &nbsp;&nbsp; 4005159 |
| 2774973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 7/1/54 | &nbsp;&nbsp; 2777001 |
| 2258146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 8/1/54 | &nbsp;&nbsp; 2259295 |
| 4360089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 9/1/54 | &nbsp;&nbsp; 4362308 |
| 2309927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 10/1/54 | &nbsp;&nbsp; 2312112 |
| 2142329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 10/1/54 | &nbsp;&nbsp; 2143736 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2530

------

(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)** |  |
| 4004352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 11/1/54 | $4040861 |
| 6315519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 11/1/54 | &nbsp;&nbsp; 6318733 |
| 5467235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 5465736 |
| 5743568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 5749906 |
| 7361527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 12/1/54 | &nbsp;&nbsp; 7348592 |
| 2916584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 1/1/55 | &nbsp;&nbsp; 2916915 |
| 16397101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 1/1/55 | &nbsp;&nbsp; 16366390 |
| 4236353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 1/1/55 | &nbsp;&nbsp; 4238508 |
| 7261947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 2/1/55 | &nbsp;&nbsp; 7258452 |
| 24864346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 3/1/55 | &nbsp;&nbsp; 24991184 |
| 28457458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 4/1/55 | &nbsp;&nbsp; 28497265 |
| 6569523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 6/1/53 | &nbsp;&nbsp; 6682782 |
| 9347009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 6/1/54 | &nbsp;&nbsp; 9490703 |
| 9572491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 7/1/54 | &nbsp;&nbsp; 9728381 |
| 6427208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 7/1/54 | &nbsp;&nbsp; 6535047 |
| 19862367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/54 | &nbsp;&nbsp; 20191136 |
| 8770849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/54 | &nbsp;&nbsp; 8898486 |
| 13071098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 10/1/54 | &nbsp;&nbsp; 13276985 |
| 4561732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 12/1/54 | &nbsp;&nbsp; 4647325 |
| 4077845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 1/1/55 | &nbsp;&nbsp; 4137913 |
| 2200956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/53 | &nbsp;&nbsp; 2289066 |

---

31Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 1107399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/53 | $1155134 |
| 7017154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/53 | &nbsp;&nbsp; 7255996 |
| 6476813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/53 | &nbsp;&nbsp; 6756351 |
| 6202762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 8/1/50 | &nbsp;&nbsp; 5282814 |
| 7265937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 5/1/51 | &nbsp;&nbsp; 6166458 |
| 14902789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 11/1/51 | &nbsp;&nbsp; 12628060 |
| 6629108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 11/1/51 | &nbsp;&nbsp; 5620438 |
| 296437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 1/1/52 | &nbsp;&nbsp; 250734 |
| 8932544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 2/1/52 | &nbsp;&nbsp; 7551418 |
| 317793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 4/1/51 | &nbsp;&nbsp; 281780 |
| 9862519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 11/1/51 | &nbsp;&nbsp; 8671007 |
| 11324970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 5/1/53 | &nbsp;&nbsp; 10881888 |
| 14169758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 4/1/53 | &nbsp;&nbsp; 13899440 |
| 11478821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 8/1/53 | &nbsp;&nbsp; 11424372 |
| 5714320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/52 | &nbsp;&nbsp; 5723404 |
| 3424513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 3/1/53 | &nbsp;&nbsp; 3436273 |
| 811017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 4/1/53 | &nbsp;&nbsp; 809593 |
| 18858938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/53 | &nbsp;&nbsp; 19001742 |
| 9927961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 8/1/53 | &nbsp;&nbsp; 9941928 |
| 7851825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/53 | &nbsp;&nbsp; 7838031 |
| 27975937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/53 | &nbsp;&nbsp; 27966503 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2532

------

(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)** |  |
| 31766581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/53 | $31980041 |
| 27264911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/53 | &nbsp;&nbsp; 27227546 |
| 1863349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/54 | &nbsp;&nbsp; 1863807 |
| 2536484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/54 | &nbsp;&nbsp; 2539355 |
| 12456178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/54 | &nbsp;&nbsp; 12435893 |
| 2800136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/54 | &nbsp;&nbsp; 2800664 |
| 4150716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 7/1/54 | &nbsp;&nbsp; 4161412 |
| 1958076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/54 | &nbsp;&nbsp; 1969492 |
| 6823952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 6811962 |
| 3808481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 11/1/54 | &nbsp;&nbsp; 3815803 |
| 7773441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 11/1/54 | &nbsp;&nbsp; 7766987 |
| 28124819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/55 | &nbsp;&nbsp; 28072142 |
| 17000626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 2/1/55 | &nbsp;&nbsp; 16975245 |
| 6901388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 3/1/55 | &nbsp;&nbsp; 6891767 |
| 7511439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 6/1/53 | &nbsp;&nbsp; 7653129 |
| 3227277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/53 | &nbsp;&nbsp; 3274910 |
| 9447409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 6/1/54 | &nbsp;&nbsp; 9610781 |
| 8330046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 12/1/54 | &nbsp;&nbsp; 8465712 |
| 1868892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 1/1/55 | &nbsp;&nbsp; 1901386 |
| 75554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 2/1/53 | &nbsp;&nbsp; 77903 |
| 2467700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 7/1/53 | &nbsp;&nbsp; 2544418 |

---

33Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — (continued)** |  |
| 2826144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 7/1/53 | $2938631 |
| 3612119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/53 | &nbsp;&nbsp; 3778824 |
| 4377726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/53 | &nbsp;&nbsp; 4571610 |
| 2897643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 9/1/53 | &nbsp;&nbsp; 3035646 |
| 6010511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 10/1/53 | &nbsp;&nbsp; 6269926 |
| 111722800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.000%, 2/28/30 | &nbsp;&nbsp; 113171705 |
| 43930600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.250%, 3/15/27 | &nbsp;&nbsp; 44416239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $907,849,119)** | &nbsp;&nbsp; **$** **916367437** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 3.3% of<br> Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — 1.5%** |  |
| 70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 4.36%, dated 4/30/25,<br> to be purchased on 5/1/25 for $70,008,478, collateralized by the following:<br> $197, U.S. Treasury Bill, 8/28/25,<br> $857, U.S. Treasury Bond, 3.38%, 8/15/42,<br> $3,595, U.S. Treasury Inflation-Protected Security, 0.75%, 2/15/45,<br> $70,843,052, U.S. Treasury Note, 3.75%-4.13%, 1/15/27-4/30/32,<br> $10,710, U.S. Treasury Strip Coupon, 2/15/27-11/15/52,<br> $541,589, U.S. Treasury Strip Principal, 11/15/28-11/15/40 | $70000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $70000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Treasury Obligations — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP605,475,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Treasury Bills, 25.951%, 6/3/25 | $11617603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11617603 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2534

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 1.6%** |  |
| 74,663,850(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.21% | $74663850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $74663850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $157,131,244)** | &nbsp;&nbsp;&nbsp; **$** **156281453** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.2%<br> (Cost $4,474,713,220)** | **$4697920226** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; $36040662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$4733960888** |

---

---

| | |
|:---|:---|
| (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. |
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| 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 April 30, 2025, the value of these securities amounted to $958,469,631, or 20.2% of net assets. |

---

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

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

(e) Security is perpetual in nature and has no stated maturity date.

(f) Issued as participation notes.

(g) Issued as preference shares.

(h) Security is in default.

(i) Security issued with a zero coupon. Income is recognized through accretion of discount.

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

(k) Rate shown represents yield-to-maturity.

35Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | |
|:---|:---|
| (l) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at April 30, 2025. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at April 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Acorn Re | 10/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$504250 |
| &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;501100 |
| &nbsp;&nbsp;Adare Re 2025 | 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254617 |
| &nbsp;&nbsp;Alamo Re | 4/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535550 |
| &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;515850 |
| &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;260575 |
| &nbsp;&nbsp;Alamo Re | 1/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250875 |
| &nbsp;&nbsp;Alturas Re 2021-3 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900 |
| &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;1325 |
| &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;515500 |
| &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;259875 |
| &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;507750 |
| &nbsp;&nbsp;Atlas Capital | 5/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289750 |
| &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;837900 |
| &nbsp;&nbsp;Banbury-PI0050 Re 2024 | 8/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240000 |
| &nbsp;&nbsp;Bantry Re 2025 | 1/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742752 |
| &nbsp;&nbsp;Berwick Re 2025 | 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867044 |
| &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;769875 |
| &nbsp;&nbsp;Blue Ridge Re | 11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280625 |
| &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;253625 |
| &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;247125 |
| &nbsp;&nbsp;Bonanza Re | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001700 |
| &nbsp;&nbsp;Cape Lookout Re | 4/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789200 |
| &nbsp;&nbsp;Carnoustie Re 2025 | 1/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402126 |
| &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;780000 |
| &nbsp;&nbsp;Cheltenham-PI0051 Re 2024 | 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046390 |
| &nbsp;&nbsp;Citrus Re | 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023300 |
| &nbsp;&nbsp;Clearwater Re 2025 | 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001534 |
| &nbsp;&nbsp;Easton Re | 5/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506550 |
| &nbsp;&nbsp;First Coast Re | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021300 |
| &nbsp;&nbsp;FloodSmart Re | 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984600 |
| &nbsp;&nbsp;FloodSmart Re | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529700 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2536

------

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Four Lakes Re | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251925 |
| &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;254125 |
| &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;258975 |
| &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;248675 |
| &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;249025 |
| &nbsp;&nbsp;Fuchsia 2024-1 | 12/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004000 |
| &nbsp;&nbsp;Galileo Re | 12/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296250 |
| &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;250425 |
| &nbsp;&nbsp;Gamboge Re | 5/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005052 |
| &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;625740 |
| &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;248625 |
| &nbsp;&nbsp;Gateway Re | 12/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749250 |
| &nbsp;&nbsp;Gleneagles Re 2021 | 1/13/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;Gullane Re 2025 | 1/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469407 |
| &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;499200 |
| &nbsp;&nbsp;High Point Re | 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009800 |
| &nbsp;&nbsp;Integrity Re | 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015000 |
| &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;253825 |
| &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;264075 |
| &nbsp;&nbsp;Kendall Re | 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046200 |
| &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;260725 |
| &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;788400 |
| &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;250550 |
| &nbsp;&nbsp;Lightning Re | 3/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054000 |
| &nbsp;&nbsp;Locke Tavern Re | 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313650 |
| &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;Mangrove Risk Solutions | 7/9/2024 | &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;17300 |
| &nbsp;&nbsp;Mangrove Risk Solutions | 7/9/2024 | &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;&nbsp;&nbsp;&nbsp;5800 |
| &nbsp;&nbsp;Mangrove Risk Solutions | 7/9/2024 | &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;&nbsp;&nbsp;&nbsp;1825 |
| &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;255850 |
| &nbsp;&nbsp;Mayflower Re | 6/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017500 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;906930 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330550 |
| &nbsp;&nbsp;Merna Re II | 4/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669600 |
| &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;780600 |
| &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;771000 |
| &nbsp;&nbsp;Merna Re II | 5/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523400 |
| &nbsp;&nbsp;Merna Re II | 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14099444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14105000 |
| &nbsp;&nbsp;Merna Re II | 4/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050400 |
| &nbsp;&nbsp;Mona Lisa Re | 6/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500250 |

---

37Victory Pioneer Multi-Asset Income Fund \| 4/30/25

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Mona Lisa Re | 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1024300 |
| &nbsp;&nbsp;Mystic Re | 12/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826300 |
| &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;248750 |
| &nbsp;&nbsp;Oakmont Re 2024 | 5/23/2024 | &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;38487 |
| &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;209198 |
| &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;262275 |
| &nbsp;&nbsp;Pangaea Re 2024-3 | 7/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219034 |
| &nbsp;&nbsp;Pangaea Re 2025-1 | 1/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170556 |
| &nbsp;&nbsp;PI0047 2024-1 | 1/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635113 |
| &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;451505 |
| &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;512300 |
| &nbsp;&nbsp;Queen Street Re | 5/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503300 |
| &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;487400 |
| &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;703500 |
| &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;516050 |
| &nbsp;&nbsp;Residential Re | 11/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294375 |
| &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;769800 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008700 |
| &nbsp;&nbsp;Residential Re | 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011400 |
| &nbsp;&nbsp;Russian Federal Bond - OFZ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831119 | &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;674115 |
| &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;773400 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458500 |
| &nbsp;&nbsp;Sanders Re | 12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493750 |
| &nbsp;&nbsp;Sanders Re III | 2/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788320 |
| &nbsp;&nbsp;Sanders Re III | 3/24/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636480 |
| &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;86309 |
| &nbsp;&nbsp;Sector Re V | 12/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589166 |
| &nbsp;&nbsp;Sector Re V | 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076428 |
| &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;497500 |
| &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;255750 |
| &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;512950 |
| &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;&nbsp;&nbsp;&nbsp;200 |
| &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;13950 |
| &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;2250 |
| &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;23000 |
| &nbsp;&nbsp;Thopas Re 2025 | 1/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259500 |
| &nbsp;&nbsp;Topanga Re | 10/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 |
| &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;259925 |
| &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;261400 |
| &nbsp;&nbsp;Torricelli Re 2021 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 |
| &nbsp;&nbsp;Torricelli Re 2023 | 7/19/2023 | &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;34500 |
| &nbsp;&nbsp;Torricelli Re 2024 | 7/25/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005349 |
| &nbsp;&nbsp;Ursa Re | 4/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014700 |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2538

------

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &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;Viribus Re 2020 | 3/12/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30700 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| &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;65467 |
| &nbsp;&nbsp;Vitality Re XIII | 3/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753325 |
| &nbsp;&nbsp;Vitality Re XIV | 1/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334825 |
| &nbsp;&nbsp;Vitality Re XIV | 1/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621540 |
| &nbsp;&nbsp;Walton Health Re 2019 | 7/18/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$137037872 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9% |

---

#### 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> Appreciation** |
| 1057 | &nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(295380285) | &nbsp;&nbsp;$(295272950) | &nbsp;&nbsp;$107335 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(295380285)** | &nbsp;&nbsp;**$(295272950)** | &nbsp;&nbsp;**$107335** |

---

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

---

| |
|:---|
| EGP — Egypt Pound |
| EUR — Euro |
| HUF — Hungary Forint |
| IDR — Indonesian Rupiah |
| PHP — Philippines Peso |
| RUB — Russian Ruble |
| TRY — Turkish Lira |
| ZAR — South Africa Rand |

---

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 \| 4/30/25

------

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5056526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5056526 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23020153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23044639 |
| &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;1972870851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1972870851 |
| 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;81786829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81905629 |
| 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;115221225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115221225 |
| 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;68064113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68064113 |
| 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;29200874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200874 |
| 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;235808062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235808062 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized Reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earthquakes – California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1254617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254617 |
| &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;6681503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681503 |
| &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;3573098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Windstorm – North Carolina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Windstorm – U.S. Regional | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38487 |
| &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;2402126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402126 |
| &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;28954021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28954021 |
| &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;94109095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94109095 |
| 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;48929476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48929476 |
| Closed-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180589 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896951480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896951480 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916367437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916367437 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 |
| Foreign Treasury 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;&nbsp;11617603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11617603 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74663850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74663850 |
| **Total Investments in Securities** | **$2081735443** | &nbsp;&nbsp;**$2573137206** | &nbsp;&nbsp;**$43047577** | &nbsp;&nbsp;**$4697920226** |

---

Victory Pioneer Multi-Asset Income Fund \| 4/30/2540

------

### Schedule of Investments \| 4/30/25
(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107335 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$107335** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$107335** |

---

\* Securities valued at $0.

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

41Victory Pioneer Multi-Asset Income Fund \| 4/30/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer Multi-Asset 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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4785187795.17

**Total Liabilities:** $73135652.73

**Net Assets:** $4712052142.44

**Cash Not Reported:** $1691000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -433.00000000 | **1-Year:** -2149.00000000 | **5-Year:** -423835.00000000 | **10-Year:** -19112.00000000 | **30-Year:** -9435.00000000

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

- **3-Month:** -1008.00000000 | **1-Year:** -15722.00000000 | **5-Year:** -65381.00000000 | **10-Year:** -13252.00000000 | **30-Year:** -19629.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256480 | 1.67%                | 1.30%                | -0.41%               |
| Class ID C000256481 | 1.80%                | 1.36%                | -0.29%               |
| Class ID C000256482 | 1.75%                | 1.38%                | -0.33%               |
| Class ID C000256483 | 1.72%                | 1.36%                | -0.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $32355775.08             | $10065855.44                               |
| Month 2  | $44524958.78             | $-59204725.92                              |
| Month 3  | $-27198442.89            | $-35255177.31                              |

**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.      | S&P500 EMINI                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        -1057 | NC      | $107334.74    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION           | BASKET COLLAREAL US TRI PARTY                               | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | RA               | CORP              | US        |     70000000 | PA      | $70000000.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31427MW23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7361527 | PA      | $7348592.17   | 0.16%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc              | Hana Financial Group Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1204692 | NS      | $54662422.79  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       401300 | PA      | $18495917.00  | 0.39%             | 2025-06-05      | Fixed         | 12.96%                | No            |                  2 | On Loan: No      |
| PayPal Holdings Inc                   | PayPal Holdings Inc                                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       175513 | NS      | $11555775.92  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CITRUS RE LTD                         | Citrus Re Ltd                                               | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1023300.00   | 0.02%             | 2026-06-07      | Floating      | 10.87%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                 | Residential Reinsurance 2004 Ltd                            | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1000000 | PA      | $1008700.00   | 0.02%             | 2028-12-06      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140AVRU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8330046 | PA      | $8465712.19   | 0.18%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                   | Cape Lookout Re Ltd                                         | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1750000 | PA      | $1789200.00   | 0.04%             | 2026-04-28      | Floating      | 12.70%                | Yes           |                  2 | On Loan: No      |
| NMEF Funding LLC                      | NMEF Funding 2023-A LLC                                     | CUSIP: 62890QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2530000 | PA      | $2602760.52   | 0.06%             | 2030-06-17      | Fixed         | 8.04%                 | 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      | $1636480.00   | 0.03%             | 2027-04-07      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV                      | ABN AMRO Bank NV                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      5300000 | PA      | $5901518.86   | 0.13%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO              | JP Morgan Structured Products BV                            | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       382300 | PA      | $12367405.00  | 0.26%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO              | Goldman Sachs International                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |        27600 | PA      | $7049950.80   | 0.15%             | 2025-04-29      | Fixed         | 9.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140AXVW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1868892 | PA      | $1901386.41   | 0.04%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Subaru Corp                           | Subaru Corp                                                 | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |      2013800 | NS      | $36514033.43  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       757000 | PA      | $24897730.00  | 0.53%             | 2025-10-14      | Fixed         | 12.03%                | 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      | $1325.16      | 0.00%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| AG Trust                              | AG Trust 2024-NLP                                           | CUSIP: 00792MAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9600000 | PA      | $9479321.28   | 0.20%             | 2041-07-15      | Floating      | 7.09%                 | 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      | $4092290.31   | 0.09%             | 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      | $2136940.65   | 0.05%             | 2032-10-19      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| IBM                                   | International Business Machines Corp                        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       286159 | NS      | $69198969.38  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRIBUS RE 2024                       | VIRIBUS RE 2024                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       333333 | PA      | $65466.60     | 0.00%             | 2029-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133D1B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4004352 | PA      | $4040860.98   | 0.09%             | 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        |      4561732 | PA      | $4647325.36   | 0.10%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140ATJJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7773441 | PA      | $7766986.67   | 0.16%             | 2054-11-01      | Fixed         | 5.50%                 | 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      | $448675.00    | 0.01%             | 2029-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ADARE RE 2025                         | ADARE RE 2025                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1254616.98   | 0.03%             | 2030-09-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| TORONTO-DOMINION BANK                 | Toronto-Dominion Bank/The                                   | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       137200 | PA      | $14641298.00  | 0.31%             | 2026-03-13      | Fixed         | 10.68%                | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd            | Samsung Electronics Co Ltd                                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1734618 | NS      | $67725148.79  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        99200 | PA      | $8167136.00   | 0.17%             | 2026-03-20      | Fixed         | 18.92%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700V769<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       342200 | PA      | $12752596.30  | 0.27%             | 2025-06-13      | Fixed         | 14.70%                | No            |                  2 | On Loan: No      |
| ONEOK INC                             | ONEOK Inc                                                   | CUSIP: 29336UAC1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      3328000 | PA      | $2964149.76   | 0.06%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                        | ACC Auto Trust 2022-A                                       | CUSIP: 00085YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $1992472.00   | 0.04%             | 2029-03-15      | Fixed         | 10.07%                | No            |                  2 | On Loan: No      |
| SILK ROAD RE LTD                      | Silk Road Re Ltd                                            | CUSIP: 000000000<br>LEI: 984500F112D01CD7CD97 | Long             | DBT              | CORP              | HK        |       500000 | PA      | $497500.00    | 0.01%             | 2028-01-10      | Floating      | 10.28%                | Yes           |                  3 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WASU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5260439 | PA      | $5253989.99   | 0.11%             | 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        |      7261947 | PA      | $7258451.70   | 0.15%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 606942795<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       119400 | PA      | $5526727.50   | 0.12%             | 2025-10-30      | Fixed         | 16.02%                | 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      | $2556237.25   | 0.05%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  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      | $5591176.80   | 0.12%             | 2041-12-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD              | Merna Reinsurance II Ltd                                    | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $780600.00    | 0.02%             | 2027-07-07      | Floating      | 11.53%                | Yes           |                  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      | $7483560.00   | 0.16%             | 2049-07-25      | Floating      | 12.62%                | No            |                  2 | 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      | $2592103.84   | 0.06%             | 2033-10-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L        | Plains All American Pipeline LP                             | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |       194305 | NS      | $3392565.30   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                    | Energy Transfer LP                                          | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      4435484 | NS      | $73362905.36  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN STRUCTURED PRO              | JP Morgan Structured Products BV                            | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       283000 | PA      | $24614321.20  | 0.52%             | 2025-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       145300 | PA      | $11618188.00  | 0.25%             | 2025-12-31      | Fixed         | 16.44%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31425X4S5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2916584 | PA      | $2916914.80   | 0.06%             | 2055-01-01      | Fixed         | 5.50%                 | 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      | $6093956.25   | 0.13%             | 2041-12-25      | Floating      | 9.85%                 | 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      | $1519359.68   | 0.03%             | 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      | $501100.00    | 0.01%             | 2025-11-07      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| EASTON RE LTD                         | Easton Re Ltd                                               | CUSIP: 27777AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $506550.00    | 0.01%             | 2027-01-08      | Floating      | 11.78%                | Yes           |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                     | Trinidad & Tobago Government International Bond             | CUSIP: 896292AJ8<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |      2113000 | PA      | $2072633.92   | 0.04%             | 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        |      2350625 | PA      | $2349921.23   | 0.05%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC             | Bank of Ireland Group PLC                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |      7377721 | NS      | $86294814.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MERNA REINSURANCE II LTD              | Merna Reinsurance II Ltd                                    | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $771000.00    | 0.02%             | 2027-07-07      | Floating      | 13.03%                | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700U480<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        65900 | PA      | $6923256.30   | 0.15%             | 2025-12-26      | Fixed         | 16.37%                | No            |                  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      | $4658062.94   | 0.10%             | 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   | 0.19%             | 2025-11-26      | Fixed         | 12.28%                | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC              | Lloyds Banking Group PLC                                    | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      5857000 | PA      | $5838984.45   | 0.12%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | 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      | $5125761.50   | 0.11%             | 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        |      7808298 | PA      | $7852943.35   | 0.17%             | 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        |     27975937 | PA      | $27966503.48  | 0.59%             | 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        |      2327215 | PA      | $2361537.05   | 0.05%             | 2050-03-25      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140MW2K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       811017 | PA      | $809592.55    | 0.02%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gaming and Leisure Properties         | Gaming and Leisure Properties Inc                           | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |        95099 | NS      | $4551438.14   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ACORN RE LTD                          | Acorn Re Ltd                                                | CUSIP: 00485YAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $504250.00    | 0.01%             | 2027-11-05      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                       | United States Treasury Note/Bond                            | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     43930600 | PA      | $44416239.16  | 0.94%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       764400 | PA      | $14324856.00  | 0.30%             | 2025-06-11      | Fixed         | 19.12%                | No            |                  2 | On Loan: No      |
| SECTOR RE V LTD                       | Sector Re V Ltd                                             | CUSIP: 81369AER9<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |      3500000 | PA      | $3589165.77   | 0.08%             | 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      | $1523400.00   | 0.03%             | 2027-07-07      | Floating      | 12.78%                | Yes           |                  2 | On Loan: No      |
| SUTTER RE LTD                         | Sutter Re Ltd                                               | CUSIP: 86944RAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $512950.00    | 0.01%             | 2026-06-19      | Floating      | 11.03%                | 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      | $7539480.00   | 0.16%             | 2026-01-27      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                   | Torrey Pines Re Ltd                                         | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $259925.00    | 0.01%             | 2027-06-07      | Floating      | 10.28%                | Yes           |                  2 | On Loan: No      |
| Mitsubishi Electric Corp              | Mitsubishi Electric Corp                                    | CUSIP: 000000000<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |       470300 | NS      | $9080033.22   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BOMBARDIER INC                        | Bombardier Inc                                              | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      1155000 | PA      | $1157818.20   | 0.02%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                   | Wells Fargo Bank NA                                         | CUSIP: 95002A121<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       111500 | PA      | $7371265.00   | 0.16%             | 2025-06-10      | Fixed         | 11.58%                | No            |                  2 | On Loan: No      |
| Kia Corp                              | Kia Corp                                                    | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |        38054 | NS      | $2420036.30   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CE7G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7017154 | PA      | $7255995.51   | 0.15%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp                     | State Street Corp                                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |       452793 | NS      | $39891063.30  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO              | Clear Channel Outdoor Holdings Inc                          | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       570000 | PA      | $473100.00    | 0.01%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP              | MIZUHO MARKETS - ADVANCED MICRO DEVICES                     | CUSIP: 60700W197<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       149900 | PA      | $14257588.60  | 0.30%             | 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        |      2826144 | PA      | $2938631.22   | 0.06%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31425W2P5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5743568 | PA      | $5749906.22   | 0.12%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                 | Philippine Government Bond                                  | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    576400000 | PA      | $10755456.31  | 0.23%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                      | Fannie Mae Connecticut Avenue Securities                    | CUSIP: 20754KAJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |      3688000 | PA      | $3847437.03   | 0.08%             | 2041-11-25      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CTGZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4360089 | PA      | $4362307.95   | 0.09%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XMBP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14902789 | PA      | $12628059.67  | 0.27%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133KRKK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19166410 | PA      | $19156924.65  | 0.41%             | 2053-06-01      | 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        |       368200 | PA      | $12237127.00  | 0.26%             | 2025-10-09      | Fixed         | 21.83%                | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XMSF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31766581 | PA      | $31980040.74  | 0.68%             | 2053-09-01      | 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      | $264075.00    | 0.01%             | 2028-04-24      | Floating      | 16.53%                | Yes           |                  2 | On Loan: No      |
| Torricelli Re 2021, 7/31/25           | Torricelli Re 2021, 7/31/25                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $9000.00      | 0.00%             | 2025-07-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO              | Clear Channel Outdoor Holdings Inc                          | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1860000 | PA      | $1524455.67   | 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      | $2005051.65   | 0.04%             | 2030-03-31      | Floating      | 0.01%                 | 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      | $261400.00    | 0.01%             | 2027-06-07      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XAPD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       317793 | PA      | $281780.20    | 0.01%             | 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        |      3424513 | PA      | $3436273.04   | 0.07%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GALILEO RE LTD                        | Galileo Re Ltd                                              | CUSIP: 36354TAP7<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $250425.00    | 0.01%             | 2026-01-08      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                     | Blue Ridge Re Ltd                                           | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1280625.00   | 0.03%             | 2027-01-08      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Aberdeen Asia-Pacific Income Fund Inc | Aberdeen Asia-Pacific Income Fund Inc                       | CUSIP: 003009867<br>LEI: 549300J666ZH67203572 | Long             | EC               | RF                | US        |       721794 | NS      | $11180589.06  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN STRUCTURED PRO              | JP Morgan Structured Products BV                            | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       317000 | PA      | $19686429.10  | 0.42%             | 2025-12-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132E0R87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12295743 | PA      | $12388843.31  | 0.26%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140A1VP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3227277 | PA      | $3274909.51   | 0.07%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                   | STACR Trust 2018-HRP2                                       | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |      5880000 | PA      | $7210350.00   | 0.15%             | 2047-02-25      | Floating      | 14.97%                | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140AQY71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1958076 | PA      | $1969492.06   | 0.04%             | 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        |      2800136 | PA      | $2800664.45   | 0.06%             | 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      | $3268207.24   | 0.07%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                | Canadian Imperial Bank of Commerce                          | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |        82100 | PA      | $3797535.50   | 0.08%             | 2025-06-17      | Fixed         | 12.92%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CFU98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6476813 | PA      | $6756350.94   | 0.14%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOLOMON RE LTD                        | Solomon Re Ltd                                              | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $255750.00    | 0.01%             | 2026-06-08      | Floating      | 9.80%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       162600 | PA      | $9272265.00   | 0.20%             | 2025-12-19      | 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        |       488100 | PA      | $6182421.03   | 0.13%             | 2025-07-01      | Fixed         | 21.85%                | No            |                  2 | On Loan: No      |
| 2001 CAT RE LTD                       | 2001 Cat RE Ltd                                             | CUSIP: 90215BAB3<br>LEI: 5493007NG10QO60NSO35 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $780000.00    | 0.02%             | 2027-01-08      | Floating      | 17.32%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                    | Sanders Re III Ltd                                          | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       650000 | PA      | $674115.00    | 0.01%             | 2026-06-05      | Floating      | 12.42%                | Yes           |                  2 | On Loan: No      |
| BW LPG Ltd                            | BW LPG Ltd                                                  | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |       835639 | NS      | $8305464.81   | 0.18%             |  |  |  | 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      | $3516691.50   | 0.07%             | 2049-10-25      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                 | Level 3 Financing Inc                                       | CUSIP: 527298BU6<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     41014000 | PA      | $44338979.55  | 0.94%             | 2030-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MARLON LTD                            | Marlon Ltd                                                  | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $255850.00    | 0.01%             | 2027-06-07      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31427M3U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28457458 | PA      | $28497265.19  | 0.60%             | 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        |      3371090 | PA      | $3370393.97   | 0.07%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                   | Wells Fargo Bank NA                                         | CUSIP: 95003X633<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       989100 | PA      | $9950346.00   | 0.21%             | 2025-07-16      | Fixed         | 51.00%                | No            |                  2 | On Loan: No      |
| GROUPE SOLMAX INC                     | Groupe Solmax Inc                                           | CUSIP: 000000000<br>LEI: 549300UUEKZ3HF9FNI46 | Long             | LON              | CORP              | CA        |       948336 | PA      | $791030.38    | 0.02%             | 2028-07-24      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        54100 | PA      | $2450189.00   | 0.05%             | 2025-10-24      | Fixed         | 15.96%                | No            |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                      | Mayflower Re Ltd                                            | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1017500.00   | 0.02%             | 2027-07-08      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ACM Auto Trust                        | ACM Auto Trust 2024-1                                       | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6000000 | PA      | $6142402.20   | 0.13%             | 2031-01-21      | Fixed         | 11.40%                | 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      | $2974459.81   | 0.06%             | 2051-01-25      | Floating      | 9.10%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        75700 | PA      | $4258882.00   | 0.09%             | 2025-10-06      | Fixed         | 16.92%                | No            |                  2 | On Loan: No      |
| Thopas Re 2020, 12/31/23              | Thopas Re 2020, 12/31/23                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $200.00       | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Permian Resources Corp                | Permian Resources Corp                                      | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      1269779 | NS      | $14983392.20  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PI0047 2024-1                         | PI0047 2024-1                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      5272146 | PA      | $5635112.71   | 0.12%             | 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      | $512300.00    | 0.01%             | 2027-06-07      | Floating      | 13.28%                | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                          | UBS Group AG                                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      7425000 | PA      | $7266654.45   | 0.15%             | 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      | $2283807.83   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I        | American International Group Inc                            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |        65006 | NS      | $5299289.12   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gleneagles Re 2021, 12/31/24          | Gleneagles Re 2021, 12/31/24                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $50.00        | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       146100 | PA      | $10276674.00  | 0.22%             | 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      | $769875.00    | 0.02%             | 2027-01-08      | Floating      | 9.53%                 | 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      | $9441432.00   | 0.20%             | 2025-12-01      | Fixed         | 23.58%                | No            |                  2 | On Loan: No      |
| Taisei Corp                           | Taisei Corp                                                 | CUSIP: 000000000<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |       264300 | NS      | $14316712.13  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133C2PU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6885401 | PA      | $6767201.85   | 0.14%             | 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      | $17561166.00  | 0.37%             | 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        |       305600 | NS      | $13514539.10  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133C5FM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6569523 | PA      | $6682781.83   | 0.14%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140NP6D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7851825 | PA      | $7838031.13   | 0.17%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                               | MPLX LP                                                     | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      1410705 | NS      | $71847205.65  | 1.52%             |  |  |  | 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      | $4094645.77   | 0.09%             | 2040-01-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                      | Societe Generale SA                                         | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      6220000 | PA      | $6316406.08   | 0.13%             | 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      | $4226119.40   | 0.09%             | 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        |       107772 | NS      | $11397966.72  | 0.24%             |  |  |  | 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      | $248750.00    | 0.01%             | 2028-01-10      | Floating      | 8.28%                 | 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      | $788320.00    | 0.02%             | 2026-04-07      | Floating      | 7.69%                 | 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      | $2995523.85   | 0.06%             | 2050-12-25      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| UBS GROUP AG                          | UBS Group AG                                                | CUSIP: 902613AG3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     31703000 | PA      | $30589134.12  | 0.65%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CYVB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2309927 | PA      | $2312112.44   | 0.05%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PANGAEA RE 2025-1                     | PANGAEA RE 2025-1                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2170555.79   | 0.05%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson                                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |        29588 | NS      | $4624900.28   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MERION RE 2025-1                      | MERION RE 2025-1                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $906929.75    | 0.02%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700V108<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       338200 | PA      | $10352809.30  | 0.22%             | 2026-03-12      | Fixed         | 20.39%                | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                     | NatWest Group PLC                                           | CUSIP: 780099CK1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      8125000 | PA      | $8146498.75   | 0.17%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| URSA RE LTD                           | Ursa Re Ltd                                                 | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1014700.00   | 0.02%             | 2025-12-06      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                      | Allied Universal Holdco LLC / Allied Universal Finance Corp | CUSIP: 019576AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2255000 | PA      | $2263007.51   | 0.05%             | 2027-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140NM6N2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2467700 | PA      | $2544418.39   | 0.05%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140W0Q99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28124819 | PA      | $28072142.09  | 0.60%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc            | Advanced Micro Devices Inc                                  | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       472791 | NS      | $46026203.85  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132DSCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4375572 | PA      | $4405240.65   | 0.09%             | 2053-12-01      | Fixed         | 5.50%                 | 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      | $1826300.00   | 0.04%             | 2027-01-08      | Floating      | 16.28%                | Yes           |                  2 | On Loan: No      |
| Pear LLC                              | PEAR 2023-1 LLC                                             | CUSIP: 70473AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1406616 | PA      | $1390816.98   | 0.03%             | 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        |      1200000 | PA      | $1236675.48   | 0.03%             | 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      | $4287561.30   | 0.09%             |  |  |  | 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      | $13419783.00  | 0.28%             | 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        |      8770849 | PA      | $8898485.52   | 0.19%             | 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      | $260575.00    | 0.01%             | 2027-06-07      | Floating      | 12.03%                | Yes           |                  2 | On Loan: No      |
| Rio Tinto PLC                         | Rio Tinto PLC                                               | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |       145063 | NS      | $8616742.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUR LAKES RE LTD                     | Four Lakes Re Ltd                                           | CUSIP: 35087TAH1<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $249025.00    | 0.01%             | 2028-01-07      | Floating      | 12.53%                | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                      | ABN AMRO Bank NV                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      6759788 | NS      | $139372430.21 | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage REIT Inc           | Angel Oak Mortgage REIT Inc                                 | CUSIP: 03464Y108<br>LEI: 5493008M8D7W7VZZ7V36 | Long             | EC               | CORP              | US        |       297120 | NS      | $2807784.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THOPAS RE 2023                        | THOPAS RE 2023                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2250.00      | 0.00%             | 2028-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| FLOODSMART RE LTD                     | FloodSmart Re Ltd                                           | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1529700.00   | 0.03%             | 2027-03-12      | Floating      | 18.28%                | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       485100 | PA      | $9073795.50   | 0.19%             | 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        |      3808481 | PA      | $3815802.89   | 0.08%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CEQD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2200956 | PA      | $2289065.69   | 0.05%             | 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      | $8200960.00   | 0.17%             | 2025-11-07      | Fixed         | 16.31%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WGBZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9572491 | PA      | $9728380.95   | 0.21%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                | Standard Chartered PLC                                      | CUSIP: 853254CH1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      9300000 | PA      | $8163057.89   | 0.17%             | 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      | $4180524.00   | 0.09%             | 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        |       543744 | PA      | $481394.80    | 0.01%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TORRICELLI RE 2024                    | TORRICELLI RE 2024                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $3005349.00   | 0.06%             | 2030-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Wells Fargo Bank NA                   | WELLS FARGO - HIMS HERS HEALTH INC 33.                      | CUSIP: 95003X120<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       208600 | PA      | $7230076.00   | 0.15%             | 2026-05-08      | Variable      | 33.63%                | No            |                  2 | On Loan: No      |
| PALM RE LTD                           | Palm RE Ltd                                                 | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $262275.00    | 0.01%             | 2027-06-07      | Floating      | 13.78%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WAHX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7856884 | PA      | $7863989.03   | 0.17%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                      | FirstEnergy Corp                                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |       351084 | NS      | $15054481.92  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUR LAKES RE LTD                     | Four Lakes Re Ltd                                           | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $248675.00    | 0.01%             | 2028-01-07      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140QM4F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       296437 | PA      | $250734.39    | 0.01%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CRN66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2258146 | PA      | $2259294.86   | 0.05%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO              | Goldman Sachs International                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |        61900 | PA      | $6161526.00   | 0.13%             | 2025-05-08      | Fixed         | 16.67%                | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XNMR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27264911 | PA      | $27227545.95  | 0.58%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132E0XR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8062951 | PA      | $7801114.63   | 0.17%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       394500 | PA      | $7225267.50   | 0.15%             | 2025-06-05      | Fixed         | 11.83%                | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                     | Barrick Gold Corp                                           | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      2195666 | NS      | $41805480.64  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BONANZA RE LTD                        | Bonanza RE Ltd                                              | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $253625.00    | 0.01%             | 2026-01-08      | Floating      | 12.73%                | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                         | HSBC Bank PLC                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       129200 | PA      | $7860528.00   | 0.17%             | 2025-08-21      | None          | 0.00%                 | 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      | $1482988.38   | 0.03%             | 2033-12-25      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                         | PennyMac Corp                                               | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |      4895000 | PA      | $4787310.00   | 0.10%             | 2026-03-15      | Fixed         | 5.50%                 | 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      |
| CITIGROUP GLOBAL MARKETS              | Citigroup Global Markets Holdings Inc/United States         | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        85900 | PA      | $9400466.50   | 0.20%             | 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      | $1753325.00   | 0.04%             | 2026-01-06      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO              | Goldman Sachs International                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |       112600 | PA      | $3706386.64   | 0.08%             | 2025-07-01      | Fixed         | 27.61%                | No            |                  2 | On Loan: No      |
| thyssenkrupp AG                       | thyssenkrupp AG                                             | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |      1353817 | NS      | $15367389.32  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK                | Canadian Imperial Bank of Commerce                          | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |        63200 | PA      | $3710825.92   | 0.08%             | 2025-06-17      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WCWQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1762743 | PA      | $1760517.24   | 0.04%             | 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      | $515850.00    | 0.01%             | 2027-06-07      | Floating      | 10.28%                | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV               | BNP Paribas Issuance BV                                     | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       113400 | PA      | $4310334.00   | 0.09%             | 2025-10-09      | Fixed         | 12.03%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       230700 | PA      | $11426571.00  | 0.24%             | 2025-08-06      | Fixed         | 12.16%                | No            |                  2 | On Loan: No      |
| Bridgestone Corp                      | Bridgestone Corp                                            | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |       276300 | NS      | $11577236.68  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY GOVERNMENT BOND               | Hungary Government Bond                                     | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1441490000 | PA      | $3559916.26   | 0.08%             | 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      | $2659678.22   | 0.06%             | 2028-03-08      | Fixed         | 12.40%                | No            |                  2 | On Loan: No      |
| Walton Health Re 2019, 6/30/22        | Walton Health Re 2019, 6/30/22                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       300000 | PA      | $413.05       | 0.00%             | 2025-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Pfizer Inc                            | Pfizer Inc                                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      4645613 | NS      | $113399413.33 | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO BANK NV                      | ABN AMRO Bank NV                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      4700000 | PA      | $5324395.00   | 0.11%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                   | Cardinal Health Inc                                         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       212823 | NS      | $30069761.67  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       907600 | PA      | $7723676.00   | 0.16%             | 2026-03-12      | Fixed         | 17.41%                | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                     | Cisco Systems Inc                                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1204169 | NS      | $69516676.37  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MATIV HOLDINGS INC                    | Mativ Holdings Inc                                          | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |       313078 | PA      | $312295.80    | 0.01%             | 2028-04-20      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                     | US RENAL CARE INC                                           | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |       816044 | PA      | $755520.84    | 0.02%             | 2028-06-28      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| RUSSELL INVESTMENTS US                | RUSSELL INVESTMENTS US INSTITUTIONAL HOLDCO INC             | CUSIP: 78249LAE0<br>LEI: 5493008YG7V0FQCJQI74 | Long             | LON              | CORP              | US        |      1529717 | PA      | $1432197.44   | 0.03%             | 2027-05-28      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XNNQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6629108 | PA      | $5620438.33   | 0.12%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Corp                   | Ladder Capital Corp                                         | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |       528740 | NS      | $5520045.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAOS CORP                           | Danaos Corp                                                 | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |      2065000 | PA      | $2091704.58   | 0.04%             | 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      | $788400.00    | 0.02%             | 2028-06-30      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WGKN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2774973 | PA      | $2777000.87   | 0.06%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700T400<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        66400 | PA      | $10007110.80  | 0.21%             | 2025-08-15      | Fixed         | 14.55%                | 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      | $4974760.00   | 0.11%             | 2026-01-20      | Fixed         | 20.45%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS              | Citigroup Global Markets Holdings Inc/United States         | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        40200 | PA      | $11729154.00  | 0.25%             | 2025-06-12      | Fixed         | 16.19%                | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XNNR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8932544 | PA      | $7551418.41   | 0.16%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                         | Herbie Re Ltd                                               | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $499200.00    | 0.01%             | 2029-01-08      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132DP6J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1646524 | PA      | $1460153.37   | 0.03%             | 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        |     12456178 | PA      | $12435893.27  | 0.26%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD              | Merna Reinsurance II Ltd                                    | CUSIP: 59013MAF9<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      9000000 | PA      | $9050400.00   | 0.19%             | 2025-07-07      | Floating      | 11.77%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31425YPL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16397101 | PA      | $16366389.73  | 0.35%             | 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      | $8186073.10   | 0.17%             | 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      | $1046200.00   | 0.02%             | 2027-04-30      | Floating      | 10.53%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133D0FV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2142329 | PA      | $2143736.20   | 0.05%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                       | LUCKY BUCKS LLC                                             | CUSIP: 54951EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        28505 | PA      | $24371.57     | 0.00%             | 2029-10-02      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Chevron Lubricants Lanka PLC          | Chevron Lubricants Lanka PLC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LK        |      1490013 | NS      | $720191.61    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700U183<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       354500 | PA      | $6380468.25   | 0.14%             | 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      | $511350.00    | 0.01%             | 2030-03-15      | Fixed         | 8.48%                 | 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      | $260725.00    | 0.01%             | 2028-06-30      | Floating      | 10.53%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO              | JP Morgan Structured Products BV                            | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        25500 | PA      | $15215100.30  | 0.32%             | 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        |      1592473 | PA      | $1346962.69   | 0.03%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD              | Merna Reinsurance II Ltd                                    | CUSIP: 59013MAG7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |     14000000 | PA      | $14105000.00  | 0.30%             | 2025-07-07      | Floating      | 11.81%                | Yes           |                  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      | $9761237.50   | 0.21%             | 2026-03-11      | Fixed         | 16.09%                | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                      | Mona Lisa Re Ltd                                            | CUSIP: 608800AG3<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1024300.00   | 0.02%             | 2026-01-08      | Floating      | 16.78%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                  | Aquila Re I Ltd Series 2023-1                               | CUSIP: 03843AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $515500.00    | 0.01%             | 2026-06-08      | Floating      | 12.55%                | Yes           |                  2 | On Loan: No      |
| BW LPG Ltd                            | BW LPG Ltd                                                  | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |      1248325 | NS      | $12333451.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Octane Receivables Trust              | Octane Receivables Trust 2022-1                             | CUSIP: 67571EAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1664000 | PA      | $1699754.53   | 0.04%             | 2029-12-20      | Fixed         | 7.33%                 | 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      | $4570500.21   | 0.10%             | 2057-07-15      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       112000 | PA      | $7119840.00   | 0.15%             | 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      | $1330550.00   | 0.03%             | 2026-07-07      | Floating      | 12.03%                | 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        |       570997 | PA      | $569667.46    | 0.01%             | 2041-12-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700U175<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       143600 | PA      | $6672589.40   | 0.14%             | 2025-12-01      | Fixed         | 12.60%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132DQN36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2023676 | PA      | $1785478.93   | 0.04%             | 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      | $2009800.00   | 0.04%             | 2027-01-06      | Floating      | 10.03%                | Yes           |                  2 | On Loan: No      |
| SECTOR RE V LTD                       | Sector Re V Ltd                                             | CUSIP: 81369AES7<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $3076427.81   | 0.07%             | 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      | $247125.00    | 0.01%             | 2027-12-19      | Floating      | 8.03%                 | Yes           |                  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      | $8597185.36   | 0.18%             | 2040-01-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp                    | Rithm Capital Corp                                          | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |       906673 | NS      | $10136604.14  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        48700 | PA      | $2687509.50   | 0.06%             | 2025-07-11      | Fixed         | 15.81%                | No            |                  2 | On Loan: No      |
| GOL FINANCE SA                        | Gol Finance SA                                              | CUSIP: 36254VAK4<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |      7450778 | PA      | $7450778.00   | 0.16%             | 2025-06-08      | Floating      | 14.82%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        84000 | PA      | $7602000.00   | 0.16%             | 2025-08-29      | Fixed         | 11.81%                | No            |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                | Kilimanjaro III Re Ltd                                      | CUSIP: 49407PAH3<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $250550.00    | 0.01%             | 2026-04-20      | Floating      | 16.64%                | Yes           |                  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      | $3701850.00   | 0.08%             | 2041-11-25      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV               | BNP Paribas Issuance BV                                     | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       163200 | PA      | $4760544.00   | 0.10%             | 2025-05-22      | Fixed         | 14.85%                | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                      | Mona Lisa Re Ltd                                            | CUSIP: 608800AE8<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |       500000 | PA      | $500250.00    | 0.01%             | 2025-07-08      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| ISOSCELES RE 2024-A CLASS B           | ISOSCELES RE 2024-A CLASS B                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $5800.00      | 0.00%             | 2030-04-30      | Floating      | 0.01%                 | Yes           |                  3 | 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      | $5997804.19   | 0.13%             | 2033-08-25      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO              | Capital One Financial Corp                                  | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2948521.41   | 0.06%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| LB NEW HOLDCO                         | LB NEW HOLDCO                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         4081 | NS      | $24486.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ISOSCELES RE 2024-A CLASS A           | ISOSCELES RE 2024-A CLASS A                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $17300.00     | 0.00%             | 2030-04-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ISOSCELES RE 2024-A CLASS C           | ISOSCELES RE 2024-A CLASS C                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $1825.00      | 0.00%             | 2030-04-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132DTPL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4486263 | PA      | $4489237.92   | 0.10%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD              | Merna Reinsurance II Ltd                                    | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1600000 | PA      | $1669600.00   | 0.04%             | 2026-07-07      | Floating      | 14.53%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WGBY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9347009 | PA      | $9490702.59   | 0.20%             | 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      | $1001700.00   | 0.02%             | 2027-12-19      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Shell PLC                             | Shell PLC                                                   | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      1165541 | NS      | $75154083.68  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140NKLH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7511439 | PA      | $7653128.66   | 0.16%             | 2053-06-01      | Fixed         | 6.00%                 | 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      | $2871255.92   | 0.06%             | 2042-02-25      | Floating      | 12.85%                | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                         | HSBC Bank PLC                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        54800 | PA      | $4126714.00   | 0.09%             | 2025-11-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140A8KQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2536484 | PA      | $2539354.69   | 0.05%             | 2054-02-01      | Fixed         | 5.50%                 | 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      | $259875.00    | 0.01%             | 2026-06-08      | Floating      | 13.46%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140QP4C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5714320 | PA      | $5723404.19   | 0.12%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                            | US Bancorp                                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |       228480 | NS      | $9216883.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                      | Hyundai Motor Co                                            | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |        17513 | NS      | $2348208.09   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOODSMART RE LTD                     | FloodSmart Re Ltd                                           | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $984600.00    | 0.02%             | 2026-03-11      | Floating      | 21.43%                | Yes           |                  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      | $5276817.50   | 0.11%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO              | JP Morgan Structured Products BV                            | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       116100 | PA      | $11851337.07  | 0.25%             | 2026-02-24      | None          | 0.00%                 | 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      | $6450000.00   | 0.14%             | 2042-04-25      | Floating      | 11.35%                | 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        |      1867786 | PA      | $1876269.97   | 0.04%             | 2028-12-26      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV               | BNP Paribas Issuance BV                                     | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |        99400 | PA      | $11182500.00  | 0.24%             | 2025-06-12      | Fixed         | 28.80%                | 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      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC    | CLEAR CHANNEL OUTDOOR HO                                    | CUSIP: 18452RAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       498439 | PA      | $484108.78    | 0.01%             | 2028-08-23      | Floating      | 8.44%                 | 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      | $621540.00    | 0.01%             | 2027-01-05      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                         | HSBC Bank PLC                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       117300 | PA      | $3730140.00   | 0.08%             | 2025-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140QUVH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9447409 | PA      | $9610780.55   | 0.20%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                      | Westgate Resorts 2023-1 LLC                                 | CUSIP: 96033EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2122521 | PA      | $2180122.49   | 0.05%             | 2037-12-20      | Fixed         | 10.14%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 6068FX474<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        57300 | PA      | $3683473.20   | 0.08%             | 2025-07-30      | Fixed         | 11.57%                | 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      | $11930466.60  | 0.25%             | 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      | $248625.00    | 0.01%             | 2027-07-08      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140AJUP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4150716 | PA      | $4161412.16   | 0.09%             | 2054-07-01      | 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      | $2033235.82   | 0.04%             | 2041-09-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                          | Alamo Re Ltd                                                | CUSIP: 011395AH3<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $250875.00    | 0.01%             | 2025-06-07      | Floating      | 11.80%                | Yes           |                  2 | On Loan: No      |
| Viper Energy Inc                      | Viper Energy Inc                                            | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |        93812 | NS      | $3783437.96   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hensoldt AG                           | Hensoldt AG                                                 | CUSIP: 000000000<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |       710911 | NS      | $54925246.90  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XMA55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18858938 | PA      | $19001741.64  | 0.40%             | 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      | $487400.00    | 0.01%             | 2025-12-06      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133D1NF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6315519 | PA      | $6318733.50   | 0.13%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PI0051-CHELTENHAM RE 2024             | PI0051-CHELTENHAM RE 2024                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1046390.45   | 0.02%             | 2030-05-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Webuild SpA                           | Webuild SpA                                                 | CUSIP: 000000000<br>LEI: 549300UKR289DF4UXQ47 | Long             | EC               | CORP              | IT        |      2408396 | NS      | $8703440.99   | 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      | $3334825.00   | 0.07%             | 2027-01-05      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                   | Intesa Sanpaolo SpA                                         | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      4917000 | PA      | $5285362.46   | 0.11%             | 2054-06-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| CLEARWATER RE 2025                    | CLEARWATER RE 2025                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1001534.46   | 0.02%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BARCLAYS PLC                          | Barclays PLC                                                | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     10000000 | PA      | $9941598.10   | 0.21%             | N/A             | Fixed         | 6.12%                 | 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      | $9002656.00   | 0.19%             | 2025-11-10      | Fixed         | 23.55%                | 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      | $8811294.62   | 0.19%             | 2047-09-25      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| CARNOUSTIE RE 2025                    | CARNOUSTIE RE 2025                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2402126.34   | 0.05%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| RESIDENTIAL REIN 2024                 | Residential Reinsurance 2004 Ltd                            | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1000000 | PA      | $1011400.00   | 0.02%             | 2028-12-06      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       154800 | PA      | $11738019.60  | 0.25%             | 2026-04-10      | Fixed         | 16.49%                | No            |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                    | Topanga Re Ltd                                              | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $241000.00    | 0.01%             | 2026-01-08      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| BANTRY RE 2025                        | BANTRY RE 2025                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4000000 | PA      | $3742752.31   | 0.08%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133C5EC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16410645 | PA      | $16504287.86  | 0.35%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newmont Corp                          | Newmont Corp                                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       854886 | NS      | $45035394.48  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                          | UBS Group AG                                                | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     29708000 | PA      | $28403429.63  | 0.60%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31425XLQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4236353 | PA      | $4238508.27   | 0.09%             | 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        |      3612119 | PA      | $3778824.15   | 0.08%             | 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        |       863755 | NS      | $11913296.57  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THOPAS RE 2025                        | THOPAS RE 2025                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2259500.00   | 0.05%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ATLAS CAPITAL DAC                     | Atlas Capital DAC                                           | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |       750000 | PA      | $837900.00    | 0.02%             | 2027-06-08      | Floating      | 16.85%                | 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      | $4788637.50   | 0.10%             | 2041-10-25      | Floating      | 10.35%                | 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      | $253825.00    | 0.01%             | 2028-04-24      | Floating      | 18.04%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                  | Aquila Re I Ltd Series 2023-1                               | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $507750.00    | 0.01%             | 2027-06-07      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                      | Merrill Lynch BV                                            | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        33300 | PA      | $1845985.50   | 0.04%             | 2025-08-26      | Fixed         | 16.55%                | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                 | Residential Reinsurance 2021 Ltd                            | CUSIP: 76114NAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       750000 | PA      | $703500.00    | 0.01%             | 2025-12-06      | Floating      | 16.30%                | Yes           |                  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: 31425YQX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4077845 | PA      | $4137912.90   | 0.09%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  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      | $9466789.93   | 0.20%             | 2032-10-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| KeyCorp                               | KeyCorp                                                     | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |       927611 | NS      | $13765747.24  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 6068FX441<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        72200 | PA      | $7390644.70   | 0.16%             | 2025-07-25      | Fixed         | 8.72%                 | No            |                  2 | On Loan: No      |
| SANDERS RE II LTD                     | Sanders RE II Ltd                                           | CUSIP: 80001RAB7<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2493750.00   | 0.05%             | 2029-04-07      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| BERWICK RE 2025                       | BERWICK RE 2025                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $1867043.71   | 0.04%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| US TREASURY N/B                       | United States Treasury Note/Bond                            | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    111722800 | PA      | $113171705.06 | 2.40%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140A0A74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4377726 | PA      | $4571610.39   | 0.10%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CEQK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1107399 | PA      | $1155134.23   | 0.02%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                     | Atlas Capital DAC                                           | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |      1250000 | PA      | $1289750.00   | 0.03%             | 2026-06-05      | Floating      | 12.00%                | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                 | First Coast Re IV Ltd                                       | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1021300.00   | 0.02%             | 2026-04-07      | Floating      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Sanofi SA                             | Sanofi SA                                                   | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       376702 | NS      | $40925023.94  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV               | BNP Paribas Issuance BV                                     | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       102000 | PA      | $7268520.00   | 0.15%             | 2025-05-22      | Fixed         | 13.77%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 606942308<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       242600 | PA      | $6466745.60   | 0.14%             | 2025-10-17      | Fixed         | 15.67%                | No            |                  2 | On Loan: No      |
| SANDERS RE II LTD                     | Sanders RE II Ltd                                           | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2458500.00   | 0.05%             | 2029-04-07      | Floating      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133KMHE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3690880 | PA      | $3122254.84   | 0.07%             | 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      |
| CANADIAN IMPERIAL BANK                | Canadian Imperial Bank of Commerce                          | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       102200 | PA      | $7699645.80   | 0.16%             | 2025-07-01      | Fixed         | 9.95%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                 | Civitas Resources Inc                                       | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |        91406 | NS      | $2490813.50   | 0.05%             |  |  |  | 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      | $1338936.87   | 0.03%             | 2035-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OAKMONT RE 2024                       | OAKMONT RE 2024                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $38487.60     | 0.00%             | 2030-04-01      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| AGNC Investment Corp                  | AGNC Investment Corp                                        | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |       730230 | NS      | $6447930.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO              | Goldman Sachs International                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |        54500 | PA      | $2026582.50   | 0.04%             | 2025-07-01      | Fixed         | 22.87%                | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue        | Multifamily Connecticut Avenue Securities Trust 2019-01     | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | USGA              | US        |      5750000 | PA      | $5817319.28   | 0.12%             | 2049-10-25      | Floating      | 13.22%                | No            |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                   | Locke Tavern Re Ltd                                         | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1300000 | PA      | $1313650.00   | 0.03%             | 2026-04-09      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| HSBC BANK PLC                         | HSBC Bank PLC                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        91400 | PA      | $3959905.00   | 0.08%             | 2025-08-07      | None          | 0.00%                 | No            |                  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      | $122400.00    | 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        |        75554 | PA      | $77902.83     | 0.00%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Worldline SA/France                   | Worldline SA/France                                         | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |      1161685 | NS      | $6408992.33   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                           | B2Gold Corp                                                 | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |      2638800 | NS      | $8249838.97   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGHTNING RE SERIES 2023              | Lightning Re Series 2023-1                                  | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2054000.00   | 0.04%             | 2026-03-31      | Floating      | 15.28%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3132DUNR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19862367 | PA      | $20191136.17  | 0.43%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GALILEO RE LTD                        | Galileo Re Ltd                                              | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1296250.00   | 0.03%             | 2028-01-07      | Floating      | 11.28%                | 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      | $4031878.81   | 0.09%             | 2034-01-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization        | Global Mortgage Securitization Ltd                          | CUSIP: 378961AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |        12752 | PA      | $5225.85      | 0.00%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700N809<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        13600 | PA      | $3651872.00   | 0.08%             | 2025-04-30      | Fixed         | 12.10%                | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                   | WELLS FARGO - B2GOLD CORP 18.36 05 06 2                     | CUSIP: 95003X567<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |      3026300 | PA      | $9502582.00   | 0.20%             | 2026-05-06      | Fixed         | 18.36%                | No            |                  2 | On Loan: No      |
| Eversource Energy                     | Eversource Energy                                           | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      1619015 | NS      | $96299012.20  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK                 | Toronto-Dominion Bank/The                                   | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       236800 | PA      | $14862752.00  | 0.32%             | 2025-07-11      | Fixed         | 12.95%                | No            |                  2 | On Loan: No      |
| ManpowerGroup Inc                     | ManpowerGroup Inc                                           | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |       229156 | NS      | $9869748.92   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 6068FX466<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        83700 | PA      | $6938688.15   | 0.15%             | 2025-07-30      | Fixed         | 21.90%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        25300 | PA      | $2612351.50   | 0.06%             | 2025-08-05      | Fixed         | 17.32%                | 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      | $1004000.00   | 0.02%             | 2028-04-06      | Floating      | 9.28%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140A6SQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1863349 | PA      | $1863807.23   | 0.04%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700U860<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       471800 | PA      | $8855214.20   | 0.19%             | 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      | $22304482.00  | 0.47%             | 2026-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CRH PLC                               | CRH PLC                                                     | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |       338403 | NS      | $32290414.26  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XNNP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7265937 | PA      | $6166457.73   | 0.13%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                   | Wells Fargo Bank NA                                         | CUSIP: 95003X773<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       105900 | PA      | $9309669.00   | 0.20%             | 2026-03-26      | Fixed         | 18.88%                | 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      |
| Reach Financial LLC                   | LL ABS Trust 2022-1                                         | CUSIP: 50203YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $2012104.00   | 0.04%             | 2029-11-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                     | Four Lakes Re Ltd                                           | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $251925.00    | 0.01%             | 2026-01-07      | Floating      | 10.74%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA              | Republic of South Africa Government Bond                    | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    153782964 | PA      | $7670159.93   | 0.16%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                   | Egypt Treasury Bills                                        | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    605475000 | PA      | $11617603.08  | 0.25%             | 2025-06-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV               | BNP Paribas Issuance BV                                     | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       118900 | PA      | $9341158.24   | 0.20%             | 2026-03-30      | Fixed         | 21.08%                | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd                      | Sino Land Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |      3764000 | NS      | $3872907.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                | Regions Financial Corp                                      | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      1346891 | NS      | $27490045.31  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                 | Mizuho Markets Cayman LP                                    | CUSIP: 60700N866<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        71000 | PA      | $3337710.00   | 0.07%             | 2025-04-30      | Fixed         | 12.53%                | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC              | Lloyds Banking Group PLC                                    | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     10000000 | PA      | $9368792.00   | 0.20%             | 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      | Floating      | 0.01%                 | Yes           |                  3 | 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      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Multifamily Connecticut Avenue        | Multifamily Connecticut Avenue Securities Trust 2019-01     | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | USGA              | US        |      1851367 | PA      | $1851363.33   | 0.04%             | 2049-10-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Edenred SE                            | Edenred SE                                                  | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |       477116 | NS      | $14798913.56  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc                | KB Financial Group Inc                                      | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      1228817 | NS      | $77973474.08  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Mortgage Insurance Corpo        | Triangle Re 2023-1 Ltd                                      | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6079606 | PA      | $6154613.48   | 0.13%             | 2033-11-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                    | Sanders Re III Ltd                                          | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $773400.00    | 0.02%             | 2028-04-07      | Floating      | 10.03%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WFC21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4010224 | PA      | $4005159.01   | 0.08%             | 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        |      5467235 | PA      | $5465735.50   | 0.12%             | 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      | $8153812.80   | 0.17%             | 2026-04-07      | Fixed         | 13.63%                | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit         | Freddie Mac Multifamily Structured Credit Risk              | CUSIP: 35563FAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       899000 | PA      | $979534.58    | 0.02%             | 2051-01-25      | Floating      | 12.10%                | No            |                  2 | On Loan: No      |
| PANGAEA RE 2024-3                     | PANGAEA RE 2024-3                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $3219033.88   | 0.07%             | 2028-07-01      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Persimmon PLC                         | Persimmon PLC                                               | CUSIP: 000000000<br>LEI: 213800XI72Y57UWN6F31 | Long             | EC               | CORP              | GB        |      2436820 | NS      | $42055772.68  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XMFB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11324970 | PA      | $10881887.95  | 0.23%             | 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      | $2240000.00   | 0.05%             | 2030-03-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Intesa Sanpaolo SpA                   | Intesa Sanpaolo SpA                                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |      5705251 | NS      | $30260672.41  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Buzzi SpA                             | Buzzi SpA                                                   | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |       414279 | NS      | $21644852.31  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEEN STREET 2023 RE DAC              | Queen Street 2023 RE DAC                                    | CUSIP: 747977AA4<br>LEI: 635400VHHVVMXL5BJI05 | Long             | DBT              | CORP              | IE        |      1500000 | PA      | $1503300.00   | 0.03%             | 2025-12-08      | Floating      | 11.78%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XNBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11478821 | PA      | $11424371.76  | 0.24%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS              | Citigroup Global Markets Holdings Inc/United States         | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        75800 | PA      | $4327043.00   | 0.09%             | 2025-10-03      | Fixed         | 17.42%                | No            |                  2 | On Loan: No      |
| GATEWAY RE LTD                        | Gateway Re Ltd                                              | CUSIP: 36779CAA4<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $749250.00    | 0.02%             | 2025-05-12      | Floating      | 13.56%                | Yes           |                  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      | $928242.16    | 0.02%             | 2033-08-25      | Floating      | 10.35%                | No            |                  2 | 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      | $4449904.28   | 0.09%             | 2032-12-15      | Fixed         | 10.97%                | No            |                  2 | On Loan: No      |
| Ovintiv Inc                           | Ovintiv Inc                                                 | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       540649 | NS      | $18154993.42  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       190000 | PA      | $12920000.00  | 0.27%             | 2026-03-12      | Fixed         | 11.93%                | No            |                  2 | On Loan: No      |
| Viribus Re 2020, 12/31/23             | Viribus Re 2020, 12/31/23                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $30700.00     | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | 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      | $13950.00     | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| FOUR LAKES RE LTD                     | Four Lakes Re Ltd                                           | CUSIP: 35087TAF5<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $258975.00    | 0.01%             | 2027-01-07      | Floating      | 13.78%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31427MW56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24864346 | PA      | $24991184.50  | 0.53%             | 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      | $12785241.00  | 0.27%             | 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      | $4408141.50   | 0.09%             | 2032-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       602700 | PA      | $11231314.50  | 0.24%             | 2025-08-06      | Fixed         | 11.95%                | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                | Canadian Imperial Bank of Commerce                          | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       199800 | PA      | $14168856.96  | 0.30%             | 2025-06-13      | Fixed         | 13.92%                | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management    | Dreyfus Government Cash Management                          | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    104814464 | NS      | $104814463.76 | 2.22%             |  |  |  | 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      | $209198.23    | 0.00%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Huntington Bancshares Inc/OH          | Huntington Bancshares Inc/OH                                | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      1564105 | NS      | $22726445.65  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD               | Residential Reinsurance 2023 Ltd                            | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       750000 | PA      | $769800.00    | 0.02%             | 2027-12-06      | Floating      | 10.20%                | No            |                  2 | On Loan: No      |
| REDWOOD TRUST INC                     | Redwood Trust Inc                                           | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |     24685100 | PA      | $24413563.90  | 0.52%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                | Canadian Imperial Bank of Commerce                          | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       205900 | PA      | $5229674.69   | 0.11%             | 2025-05-12      | Fixed         | 14.80%                | No            |                  2 | 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      | $3799969.57   | 0.08%             | 2035-06-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140AR5D8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6823952 | PA      | $6811961.55   | 0.14%             | 2054-10-01      | 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        |        57500 | PA      | $9142787.50   | 0.19%             | 2026-04-21      | Fixed         | 10.95%                | 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      | $23997208.82  | 0.51%             | 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      | $8038096.88   | 0.17%             | 2036-10-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                          | Alamo Re Ltd                                                | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1535550.00   | 0.03%             | 2026-06-07      | Floating      | 12.67%                | Yes           |                  2 | On Loan: No      |
| Eastern Power LLC                     | EASTERN POWER LLC                                           | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |       346814 | PA      | $343020.39    | 0.01%             | 2028-04-03      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO              | Goldman Sachs International                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |       217200 | PA      | $7479282.00   | 0.16%             | 2025-06-02      | Fixed         | 28.05%                | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140B15F9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17000626 | PA      | $16975244.52  | 0.36%             | 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        |      2500000 | PA      | $2511411.00   | 0.05%             | 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        |     21863521 | PA      | $22029070.71  | 0.47%             | 2053-10-01      | 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  | 0.48%             | 2025-12-31      | Fixed         | 14.22%                | No            |                  2 | On Loan: No      |
| VIRIBUS RE 2023                       | VIRIBUS RE 2023                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $600.00       | 0.00%             | 2028-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac - STACR                   | Freddie Mac STACR Trust 2019-FTR4                           | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-MBS          | CORP              | US        |      3020000 | PA      | $3291800.00   | 0.07%             | 2047-11-25      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                     | Four Lakes Re Ltd                                           | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $254125.00    | 0.01%             | 2027-01-07      | Floating      | 10.03%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XNNM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6202762 | PA      | $5282814.04   | 0.11%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nexi SpA                              | Nexi SpA                                                    | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |       821842 | NS      | $4789185.96   | 0.10%             |  |  |  | No            |                  1 | 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        |       258602 | PA      | $271838.95    | 0.01%             | 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      | $1294375.00   | 0.03%             | 2027-12-06      | Floating      | 12.70%                | No            |                  2 | On Loan: No      |
| TORRICELLI RE 2023                    | TORRICELLI RE 2023                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $34500.00     | 0.00%             | 2029-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133WDQW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2721996 | PA      | $2730624.62   | 0.06%             | 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      | $625740.00    | 0.01%             | 2026-02-24      | Floating      | 18.24%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XDKE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9862519 | PA      | $8671007.13   | 0.18%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140A0BA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2897643 | PA      | $3035645.84   | 0.06%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAL Receivables LLC                   | CAL Receivables 2022-1 LLC                                  | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |      1982253 | PA      | $1976704.21   | 0.04%             | 2026-10-15      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                    | BSPRT 2022-FL8 Issuer Ltd                                   | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      2669330 | PA      | $2664543.42   | 0.06%             | 2037-02-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140B4XA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6901388 | PA      | $6891766.97   | 0.15%             | 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        |       416240 | NS      | $14510597.66  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BRANDS GROUP LLC                | First Brands Group LLC                                      | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       960000 | PA      | $895200.00    | 0.02%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                 | Toronto-Dominion Bank/The                                   | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |        49400 | PA      | $5034354.00   | 0.11%             | 2025-06-06      | Fixed         | 16.43%                | 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      | $5229846.50   | 0.11%             | 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      | $6442682.26   | 0.14%             | 2039-06-12      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| THOPAS RE 2024                        | THOPAS RE 2024                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $23000.00     | 0.00%             | 2029-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Anheuser-Busch InBev SA/NV            | Anheuser-Busch InBev SA/NV                                  | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |       145431 | NS      | $9489686.88   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO              | Goldman Sachs International                                 | CUSIP: 38149C410<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |        89300 | PA      | $8720145.00   | 0.19%             | 2026-03-18      | Fixed         | 10.60%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133CQDX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6427208 | PA      | $6535047.42   | 0.14%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                 | Toronto-Dominion Bank/The                                   | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       127100 | PA      | $8468037.50   | 0.18%             | 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        |      9927961 | PA      | $9941928.36   | 0.21%             | 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      | $5458290.91   | 0.12%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140A32Z5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6010511 | PA      | $6269926.04   | 0.13%             | 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      | $6658000.00   | 0.14%             | 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      | $45900.00     | 0.00%             | 2025-07-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| AMSR Trust                            | AMSR 2020-SFR2 Trust                                        | CUSIP: 00178UAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       575000 | PA      | $571097.53    | 0.01%             | 2037-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                       | LUCKY BUCKS LLC                                             | CUSIP: 54951EAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        14031 | PA      | $13469.94     | 0.00%             | 2028-10-02      | Floating      | 11.98%                | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit         | Freddie Mac Multifamily Structured Credit Risk              | CUSIP: 35563GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2822030 | PA      | $2824917.79   | 0.06%             | 2051-11-25      | Floating      | 6.65%                 | 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      | $2047340.00   | 0.04%             | 2036-05-20      | Fixed         | 10.80%                | No            |                  2 | On Loan: No      |
| Star Bulk Carriers Corp               | Star Bulk Carriers Corp                                     | CUSIP: 000000000<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | GR        |      1251521 | NS      | $18447419.54  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133C65N5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16298865 | PA      | $16289119.84  | 0.35%             | 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      | $3654861.00   | 0.08%             | 2042-01-25      | Floating      | 11.45%                | 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      | $2468786.88   | 0.05%             | 2032-01-26      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Two Harbors Investment Corp           | Two Harbors Investment Corp                                 | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |       511976 | NS      | $6077155.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                  | Bank of America Corp                                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      2719604 | NS      | $108457807.52 | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TURKIYE GOVERNMENT BOND               | Turkiye Government Bond                                     | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    521808900 | PA      | $12403155.49  | 0.26%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133KNN33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       454686 | PA      | $385219.29    | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | 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      | $6956179.83   | 0.15%             | 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      | $8348565.96   | 0.18%             | 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      | $2255620.67   | 0.05%             | 2032-11-22      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| GULLANE RE 2025                       | GULLANE RE 2025                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $2469406.66   | 0.05%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 31425UGU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13071098 | PA      | $13276985.30  | 0.28%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SECTOR RE V LTD                       | Sector Re V Ltd                                             | CUSIP: 81369AEM0<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |         3871 | PA      | $86309.25     | 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        |      3116344 | PA      | $2652871.32   | 0.06%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        56300 | PA      | $7666089.50   | 0.16%             | 2025-08-19      | Fixed         | 13.09%                | 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      | $516050.00    | 0.01%             | 2026-12-06      | Floating      | 11.97%                | No            |                  2 | On Loan: No      |
| Axcelis Technologies Inc              | Axcelis Technologies Inc                                    | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |        33978 | NS      | $1664242.44   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INDONESIA GOVERNMENT                  | Indonesia Treasury Bond                                     | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 161493000000 | PA      | $9808475.72   | 0.21%             | 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        |      1794731 | PA      | $1794641.19   | 0.04%             | 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      | $10348088.28  | 0.22%             | 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      | $3952191.18   | 0.08%             | 2036-10-15      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                           | Freddie Mac Pool                                            | CUSIP: 3133BGW61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5803104 | PA      | $5828762.47   | 0.12%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin        | Santander Bank NA - SBCLN                                   | CUSIP: 80290CAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5100000 | PA      | $5075516.43   | 0.11%             | 2031-12-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                            | Fannie Mae Pool                                             | CUSIP: 3140XLC71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14169758 | PA      | $13899439.58  | 0.29%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alpha Services and Holdings SA        | Alpha Services and Holdings SA                              | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | EC               | CORP              | GR        |       957308 | NS      | $2307786.99   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEGRITY RE LTD                      | Integrity Re Ltd                                            | CUSIP: 45833UAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2015000.00   | 0.04%             | 2025-06-06      | Floating      | 17.14%                | Yes           |                  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      | $2243590.30   | 0.05%             | 2050-11-25      | Floating      | 11.75%                | No            |                  2 | On Loan: No      |
| Logista Integral SA                   | Logista Integral SA                                         | CUSIP: 000000000<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |       337254 | NS      | $11507592.80  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS              | Citigroup Global Markets Holdings Inc/United States         | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        61400 | PA      | $2304649.00   | 0.05%             | 2025-07-09      | Fixed         | 23.44%                | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                | Canadian Imperial Bank of Commerce                          | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       242400 | PA      | $6875239.68   | 0.15%             | 2025-10-28      | Fixed         | 25.83%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                  | Royal Bank of Canada                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       227900 | PA      | $8970144.00   | 0.19%             | 2025-12-23      | Fixed         | 11.55%                | No            |                  2 | On Loan: No      |
| Home Re Ltd                           | Home RE 2023-1 Ltd                                          | CUSIP: 43731BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1270000 | PA      | $1308068.38   | 0.03%             | 2033-10-25      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer