# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-26-007873
**Filing Date:** 2026-2
**Character Count:** 765587
**Document Hash:** 3c7ea4706eba708e92ccad3319986640
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007873.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007873

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 26676893

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

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

## Series and Classes Contracts Data

### Victory Pioneer Multi-Asset Ultrashort Income Fund (Series ID: S000089770)

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

## Nport-Ex

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

------

### Schedule of Investments \| 12/31/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan<br> Interests — 1.9% of Net Assets\*(a)\*** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advanced Materials — 0.0%†** |  |
| 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoorsTek, Inc., Initial Term B Loan, 6.859% (Term SOFR + 300 bps), 10/28/32 | $595900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advanced Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **595900** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Sales — 0.0%†** |  |
| 245481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 7.831% (Term SOFR + 400 bps), 8/21/28 | $246504 |
| 1160588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC (Outfront Media Capital Corp.), Term Loan, 5.73% (Term SOFR + 200 bps), 9/24/32 | &nbsp;&nbsp; 1166391 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1412895** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising Services — 0.0%†** |  |
| 544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc., Term B-2 Loan, 7.373% (Term SOFR + 350 bps), 6/17/32 | $499715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **499715** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.0%†** |  |
| 1496250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., New Tranche K Term Loan, 5.966% (Term SOFR + 225 bps), 3/22/30 | $1502172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1502172** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 1024021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines), 2025 Replacement Term Loan, 6.134% (Term SOFR + 225 bps), 4/20/28 | $1027093 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1027093** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Applications Software — 0.0%†** |  |
| 997500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics LLC, Initial Term Loan, 6.21% (Term SOFR + 200 bps), 4/21/32 | $999370 |
| 780,137(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc., Term B-8 Loan, 5/9/31 | &nbsp;&nbsp; 785678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Applications Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1785048** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.0%†** |  |
| 2,350,000(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., Tranche C Term Loan, 7.037% (Term SOFR + 325 bps), 2/24/32 | $2354895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2354895** |

---

1Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Repair Centers — 0.0%†** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc., Term Loan B, 5.873% (Term SOFR + 200 bps), 12/1/32 | $1006875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Repair Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1006875** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto-Truck Trailers — 0.0%†** |  |
| 1443750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novae LLC, Tranche B Term Loan, 8.822% (Term SOFR + 500 bps), 12/22/28 | $1358930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto-Truck Trailers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1358930** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Batteries/Battery Systems — 0.0%†** |  |
| 1755100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., Initial Term Loan, 5.734% (Term SOFR + 200 bps), 3/19/32 | $1759488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Batteries/Battery Systems** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1759488** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%†** |  |
| 980100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp., First Lien 2025 Refinancing Term Loan, 5.922% (Term SOFR + 225 bps), 3/31/28 | $983503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **983503** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Production — 0.1%** |  |
| 1484780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp., Initial Tranche B Term Loan, 5.738% (Term SOFR + 200 bps), 3/8/32 | $1494060 |
| 487603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.22% (Term SOFR + 250 bps), 4/10/30 | &nbsp;&nbsp; 486384 |
| 1985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., First Lien Tranche B-3 Term Loan, 5.966% (Term SOFR + 225 bps), 2/10/32 | &nbsp;&nbsp; 1993436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Production** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3973880** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building-Heavy Construction — 0.0%†** |  |
| 1344611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc., 2025 Refinancing Term Loan, 5.716% (Term SOFR + 200 bps), 10/1/31 | $1354277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building-Heavy Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1354277** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cable & Satellite Television — 0.1%** |  |
| 2864467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC, Term B-5 Loan, 6.235% (Term SOFR + 225 bps), 12/15/31 | $2869342 |
| 651900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV Financing LLC, 2024 Refinancing Term B Loan, 9.352% (Term SOFR + 525 bps), 8/2/29 | &nbsp;&nbsp; 655211 |
| 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Q, 7.115% (Term SOFR + 325 bps), 1/31/29 | &nbsp;&nbsp; 1028203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cable & Satellite Television** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4552756** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Casino Services — 0.0%†** |  |
| 2500308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc., Incremental Term B-1 Loan, 5.966% (Term SOFR + 225 bps), 2/6/31 | $2481556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Casino Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2481556** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 0.1%** |  |
| 810562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B Dollar Term Loan, 8.066% (Term SOFR + 425 bps), 4/2/29 | $575499 |
| 350962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2031 Tranche B Dollar Term Loan, 7.966% (Term SOFR + 425 bps), 10/7/31 | &nbsp;&nbsp; 238654 |
| 1723805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC, 2031 Dollar Term Loan, 6.716% (Term SOFR + 300 bps), 2/7/31 | &nbsp;&nbsp; 1391972 |
| 2424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC, Facility B2, 7.788% (Term SOFR + 400 bps), 11/8/32 | &nbsp;&nbsp; 2432334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4638459** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Specialty — 0.1%** |  |
| 1793132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 7.581% (Term SOFR + 375 bps), 4/20/28 | $1784166 |
| 1080090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc., Term B Loan, 5.716% (Term SOFR + 200 bps), 11/26/31 | &nbsp;&nbsp; 1084140 |
| 1256467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 Dollar Loan, 6.672% (Term SOFR + 300 bps), 6/20/31 | &nbsp;&nbsp; 1247240 |
| 1896300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc., Initial Term Loan, 5.698% (Term SOFR + 200 bps), 11/1/32 | &nbsp;&nbsp; 1907361 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc., Term B Loan, 5.593% (Term SOFR + 175 bps), 10/29/32 | &nbsp;&nbsp; 1107563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Specialty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7130470** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.1%** |  |
| 1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc., Initial Dollar Term Loan, 7.422% (Term SOFR + 375 bps), 10/7/32 | $1826995 |
| 508098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Buyer, Inc., Initial Term Loan, 7.922% (Term SOFR + 425 bps), 11/1/31 | &nbsp;&nbsp; 514449 |
| 2701144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans Union LLC, 2024 Refinancing Term B-8 Loan, 5.466% (Term SOFR + 175 bps), 6/24/31 | &nbsp;&nbsp; 2709247 |
| 623438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestis Corp., Term B-1 Loan, 6.072% (Term SOFR + 225 bps), 2/22/31 | &nbsp;&nbsp; 574082 |
| 2678757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc., Term B-3 Loan, 5.466% (Term SOFR + 175 bps), 3/5/32 | &nbsp;&nbsp; 2682441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8307214** |

---

3Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Services — 0.1%** |  |
| 1723859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC, First Lien Term B-5 Loan, 6.172% (Term SOFR + 250 bps), 2/1/31 | $1725655 |
| 1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Tranche B Term Loan, 5.466% (Term SOFR + 175 bps), 10/30/31 | &nbsp;&nbsp; 1983712 |
| 2334143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Tranche B Term Loan, 7.422% (Term SOFR + 375 bps), 3/19/32 | &nbsp;&nbsp; 2325390 |
| 1360717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smartronix LLC, Term Loan, 8.216% (Term SOFR + 450 bps), 2/6/32 | &nbsp;&nbsp; 1343709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7378466** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer Software — 0.0%†** |  |
| 240625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 7.581% (Term SOFR + 375 bps), 10/16/28 | $221706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computer Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **221706** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers-Memory Devices — 0.0%†** |  |
| 1166750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SanDisk Corp., Term B Loan, 6.857% (Term SOFR + 300 bps), 2/20/32 | $1175500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers-Memory Devices** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1175500** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consulting Services — 0.1%** |  |
| 2712849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Advantage Holdings LLC, First Lien Term B-3 Loan, 6.466% (Term SOFR + 275 bps), 10/31/31 | $2691230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consulting Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2691230** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers-Metal & Glass — 0.0%†** |  |
| 1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. (aka Owens- Illinois Group, Inc), Tranche B-1 Term Loan B Facility, 6.838% (Term SOFR + 300 bps), 9/30/32 | $1706636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers-Metal & Glass** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1706636** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cruise Lines — 0.0%†** |  |
| 1732456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Second Amendment Incremental Term Loan, 6.716% (Term SOFR + 300 bps), 5/1/31 | $1738412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cruise Lines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1738412** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Disposable Medical Products — 0.0%†** |  |
| 877131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, 2030 Refinancing Term Loan, 5.466% (Term SOFR + 175 bps), 10/23/30 | $881321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Disposable Medical Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **881321** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution & Wholesale — 0.1%** |  |
| 2136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc., Initial Term Loan, 7.716% (Term SOFR + 400 bps), 5/21/32 | $2129325 |
| 1798682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 6.466% (Term SOFR + 275 bps), 8/1/30 | &nbsp;&nbsp; 1807114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distribution & Wholesale** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3936439** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Generation — 0.1%** |  |
| 1366700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC, Initial Term B Loan, 5.716% (Term SOFR + 200 bps), 9/30/31 | $1372679 |
| 806788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Power LLC (Eastern Covert Midco LLC), Term Loan, 8.966% (Term SOFR + 525 bps), 4/3/28 | &nbsp;&nbsp; 814184 |
| 1122518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Ridge Energy LLC, Term B Advance, 8.172% (Term SOFR + 450 bps), 2/19/32 | &nbsp;&nbsp; 1112695 |
| 536068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Company LLC, 2018 Incremental Term Loan, 5.466% (Term SOFR + 175 bps), 12/20/30 | &nbsp;&nbsp; 539352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Generation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3838910** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric-Integrated — 0.0%†** |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 2025-1 Incremental Term B Loan, 5.672% (Term SOFR + 200 bps), 11/25/32 | $752266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **752266** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy-Alternate Sources — 0.0%†** |  |
| 1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayonne Energy Center LLC, Term B Advance, 6.672% (Term SOFR + 300 bps), 10/1/32 | $2008716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy-Alternate Sources** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2008716** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engines — 0.0%†** |  |
| 2005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INNIO Group Holding GmbH, USD Facility B2, 6.134% (Term SOFR + 225 bps), 11/2/28 | $2015025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2015025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 0.0%†** |  |
| 2068605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc., First Amendment Refinancing Term Loan, 5.84% (Term SOFR + 200 bps), 3/1/31 | $2068605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2068605** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment Software — 0.0%†** |  |
| 1303148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp., Term B-1 Loan, 6.581% (Term SOFR + 275 bps), 3/13/28 | $1262628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1262628** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — 0.1%** |  |
| 1421488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, 2024-1 Term Loan, 5.672% (Term SOFR + 200 bps), 10/31/31 | $1430373 |

---

5Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Investment Banker — (continued)** |  |
| 1892791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 Loan, 6.486% (Term SOFR + 275 bps), 3/18/30 | $1903674 |
| 3960516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group LLC, Seventh Amendment Extended Term Loan, 5.822% (Term SOFR + 200 bps), 12/15/31 | &nbsp;&nbsp; 3947521 |
| 1710720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance LLC, Initial Term Loan, 6.50% (Term SOFR + 275 bps), 10/21/31 | &nbsp;&nbsp; 1701097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Investment Banker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8982665** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Leasing Company — 0.0%†** |  |
| 1198044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US) LLC, Term B-6 Loan, 5.484% (Term SOFR + 175 bps), 6/22/30 | $1207029 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Leasing Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1207029** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food-Miscellaneous/Diversified — 0.0%†** |  |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri International Ltd., First Lien Facility B6, 6.122% (Term SOFR + 225 bps), 9/30/32 | $1752079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food-Miscellaneous/Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1752079** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gambling (Non-Hotel) — 0.0%†** |  |
| 1347500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, 2024 Refinancing Term B Loan, 5.422% (Term SOFR + 175 bps), 11/30/30 | $1345395 |
| 571020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment Plc, Third Incremental Term B Loan, 5.672% (Term SOFR + 200 bps), 6/4/32 | &nbsp;&nbsp; 571021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gambling (Non-Hotel)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1916416** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels & Motels — 0.0%†** |  |
| 985056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loan, 5.787% (Term SOFR + 200 bps), 1/17/31 | $981362 |
| 985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, 5.966% (Term SOFR + 225 bps), 4/1/31 | &nbsp;&nbsp; 983769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels & Motels** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1965131** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power Producer — 0.1%** |  |
| 2969925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, Initial Term B Loan, 5.966% (Term SOFR + 225 bps), 8/18/31 | $2989413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power Producer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2989413** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers — 0.0%†** |  |
| 2382804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Ltd., 2025-2 Dollar Refinancing Term Loan, 6.466% (Term SOFR + 275 bps), 2/15/31 | $2391316 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance Brokers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2391316** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Content — 0.0%†** |  |
| 1211562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2023 May Incremental Term Loan, 7.966% (Term SOFR + 425 bps), 5/3/28 | $1129782 |
| 820069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC (Micro Holding Corp.), First Lien 2024 December New Term Loan, 7.966% (Term SOFR + 425 bps), 12/31/31 | &nbsp;&nbsp; 705992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Content** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1835774** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Gambling — 0.1%** |  |
| 3336556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc., Term Loan B, 5.534% (Term SOFR + 175 bps), 3/4/32 | $3342395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Gambling** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3342395** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Security — 0.0%†** |  |
| 1488520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Second Amendment Incremental Term B Loan, 5.466% (Term SOFR + 175 bps), 4/16/32 | $1491156 |
| 636667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., Tranche B-1 Term Loan, 5.466% (Term SOFR + 175 bps), 9/12/29 | &nbsp;&nbsp; 638770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet Security** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2129926** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management & Advisory Services —<br> 0.0%†** |  |
| 746241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 6.688% (Term SOFR + 300 bps), 11/1/30 | $751184 |
| 960368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC, 2024-2 Refinancing Term Loan, 6.716% (Term SOFR + 300 bps), 4/7/28 | &nbsp;&nbsp; 966628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Management & Advisory Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1717812** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lasers-System & Components — 0.0%†** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Term B-3 Loan, 5.466% (Term SOFR + 175 bps), 7/2/29 | $1004167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lasers-System & Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1004167** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Diagnostic Imaging — 0.0%†** |  |
| 611,101(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumexa Imaging, Inc., Term Loan, 12/13/32 | $614347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Diagnostic Imaging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **614347** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Information Systems — 0.0%†** |  |
| 647010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., Initial Term Loan, 6.466% (Term SOFR + 275 bps), 2/15/29 | $649194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Information Systems** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **649194** |

---

7Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical Labs & Testing Services — 0.1%** |  |
| 2930733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc., First Lien Tranche B-5 Term Loan, 6.216% (Term SOFR + 250 bps), 2/21/31 | $2948684 |
| 846408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC, 2025 Refinancing Term Loan, 6.34% (Term SOFR + 250 bps), 5/30/31 | &nbsp;&nbsp; 852756 |
| 1292625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 7.987% (Term SOFR + 400 bps), 10/1/28 | &nbsp;&nbsp; 1300030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical Labs & Testing Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **5101470** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Drugs — 0.1%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co., 2024 Refinancing Dollar Term Loan Facility, 5.966% (Term SOFR + 225 bps), 5/19/31 | $1934500 |
| 790780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Padagis LLC, Term B Loan, 8.949% (Term SOFR + 475 bps), 7/6/28 | &nbsp;&nbsp; 749264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Drugs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2683764** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Generic Drugs — 0.0%†** |  |
| 1227572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Company Plc, 2024 Refinancing Term B Loan, 5.716% (Term SOFR + 200 bps), 4/20/29 | $1235244 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Generic Drugs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1235244** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 0.0%†** |  |
| 942130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EyeCare Partners LLC, Super-Priority Tranche B Term Loan, 4.97% (Term SOFR + 100 bps), 11/30/28 | $418463 |
| 959153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight Health Holdings LLC, Term B Loan, 9.081% (Term SOFR + 525 bps), 12/23/28 | &nbsp;&nbsp; 318918 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **737381** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal-Aluminum — 0.1%** |  |
| 2916957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Holdings, Inc., Initial Term Loan, 5.422% (Term SOFR + 175 bps), 3/11/32 | $2928806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal-Aluminum** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2928806** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil Companies-Exploration & Production — 0.0%†** |  |
| 2011797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP, Initial Loan, 5.736% (Term SOFR + 200 bps), 2/11/30 | $2016827 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil Companies-Exploration & Production** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2016827** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 0.1%** |  |
| 2067234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP, 2025 Tranche B-7 Term Loan, 5.466% (Term SOFR + 175 bps), 11/22/32 | $2080872 |
| 1220595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteWater DBR Holdco LLC, Term B-1 Loan, 5.938% (Term SOFR + 225 bps), 3/3/31 | &nbsp;&nbsp; 1228478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3309350** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Printing-Commercial — 0.1%** |  |
| 2806212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser LLC, Initial Term Loan, 7.672% (Term SOFR + 400 bps), 11/30/30 | $2809428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Printing-Commercial** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2809428** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property & Casualty Insurance — 0.1%** |  |
| 2575554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-11 Term Loan, 8.066% (Term SOFR + 425 bps), 8/19/28 | $2585212 |
| 1140993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, First Lien New B-12 Term Loan, 7.966% (Term SOFR + 425 bps), 9/19/30 | &nbsp;&nbsp; 1142277 |
| 992500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, 6.216% (Term SOFR + 250 bps), 7/31/31 | &nbsp;&nbsp; 997048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Property & Casualty Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4724537** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection-Safety — 0.0%†** |  |
| 676296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, 2025 Incremental Term B-2 Loan, 5.585% (Term SOFR + 175 bps), 3/7/32 | $675557 |
| 1557174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien 2024-1 Refinancing Term B-1 Loan, 6.129% (Term SOFR + 200 bps), 10/13/30 | &nbsp;&nbsp; 1561409 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Protection-Safety** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2236966** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Publishing — 0.0%†** |  |
| 1496222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., 2024 Refinancing Term Loan, 7.322% (Term SOFR + 350 bps), 3/24/31 | $1504430 |
| 967500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houghton Mifflin Harcourt Co., First Lien Term B Loan, 9.066% (Term SOFR + 525 bps), 4/9/29 | &nbsp;&nbsp; 855754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Publishing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2360184** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Racetracks — 0.0%†** |  |
| 476250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc., 2021 Incremental Term B Loan, 5.466% (Term SOFR + 175 bps), 3/17/28 | $477738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Racetracks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **477738** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 0.0%†** |  |
| 2181433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 8.216% (Term SOFR + 450 bps), 2/12/29 | $2190977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2190977** |

---

9Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITS-Storage — 0.0%†** |  |
| 1013320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management LLC, Amendment No.1 Incremental Term B Loan, 5.716% (Term SOFR + 200 bps), 1/31/31 | $1014587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITS-Storage** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1014587** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.1%** |  |
| 2068110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term B-3 Loan, 6.966% (Term SOFR + 325 bps), 1/23/32 | $2082975 |
| 908971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 7.184% (Term SOFR + 325 bps), 3/3/28 | &nbsp;&nbsp; 901098 |
| 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC, Initial Term Loan, 7.734% (Term SOFR + 400 bps), 8/18/32 | &nbsp;&nbsp; 718650 |
| 716791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVR Dealership Holdings LLC, Term Loan, 7.74% (Term SOFR + 375 bps), 2/8/28 | &nbsp;&nbsp; 694168 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **4396891** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Security Services — 0.0%†** |  |
| 1149600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (USAGM Holdco LLC), Amendment No. 7 Replacement U.S. Dollar Term Loan, 6.966% (Term SOFR + 325 bps), 8/20/32 | $1156641 |
| 1473787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional Term Loan, 6.75% (Term SOFR + 300 bps), 2/1/29 | &nbsp;&nbsp; 1482077 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Security Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **2638718** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom Services — 0.0%†** |  |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC, 2025 Term Loan, 7.716% (Term SOFR + 400 bps), 10/6/32 | $954750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecom Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **954750** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.0%†** |  |
| 1139156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term B-4 Refinancing Loans, 6.966% (Term SOFR + 325 bps), 3/29/32 | $1143606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1143606** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Theaters — 0.0%†** |  |
| 965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., Initial Term B Loan, 5.734% (Term SOFR + 200 bps), 10/21/32 | $967412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Theaters** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **967412** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Services — 0.0%†** |  |
| 1436867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., Term B Loan, 7.216% (Term SOFR + 350 bps), 10/2/28 | $1446746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1446746** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $157,694,946)** | &nbsp;&nbsp; **$** **156274032** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 24.9% of Net<br> Assets** |  |
| 68,991(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 4.065% (1 Month Term SOFR + 31 bps), 6/15/41 (144A) | $68395 |
| 190,369(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 4.065% (1 Month Term SOFR + 31 bps), 9/15/41 (144A) | &nbsp;&nbsp; 188252 |
| 388,079(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables LLC, Series 2005-1A, Class A1, 4.095% (1 Month Term SOFR + 34 bps), 11/15/40 (144A) | &nbsp;&nbsp; 381028 |
| 1,266,669(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 Funding CLO, Ltd., Series 2020-6A, Class XR, 4.81% (3 Month Term SOFR + 95 bps), 10/23/34 (144A) | &nbsp;&nbsp; 1266634 |
| 4,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO 21 LLC, Series 2025-21A, Class A1, 5.64% (3 Month Term SOFR + 153 bps), 7/20/37 (144A) | &nbsp;&nbsp; 4863551 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO V Ltd., Series 2019-5A, Class CRR, 9.634% (3 Month Term SOFR + 575 bps), 1/20/36 (144A) | &nbsp;&nbsp; 4016532 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO VI Ltd., Series 2019-6A, Class A2RR, 5.458% (3 Month Term SOFR + 160 bps), 1/27/37 (144A) | &nbsp;&nbsp; 4159586 |
| 5228058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Mortgage Trust, Series 2024-HE1, Class A, 6.55%, 5/25/39 (144A) | &nbsp;&nbsp; 5368293 |
| 3958727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2024-HE2, Class A, 5.35%, 10/25/39 (144A) | &nbsp;&nbsp; 3975361 |
| 2609443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS TRUST, Series 2024-2PL, Class A, 5.07%, 10/27/31 (144A) | &nbsp;&nbsp; 2624010 |
| 1786588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A, Class B, 11.40%, 1/21/31 (144A) | &nbsp;&nbsp; 1802332 |
| 1447368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-2A, Class A, 6.06%, 2/20/29 (144A) | &nbsp;&nbsp; 1448394 |
| 4589042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 6/20/29 (144A) | &nbsp;&nbsp; 4587244 |
| 10580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-A, Class A, 5.61%, 2/15/29 (144A) | &nbsp;&nbsp; 10596371 |

---

11Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 416080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X2, Class A, 5.22%, 12/17/29 (144A) | $416201 |
| 9084931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X1, Class A, 5.08%, 4/15/30 (144A) | &nbsp;&nbsp; 9098178 |
| 21517175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X2, Class A, 4.45%, 10/15/30 (144A) | &nbsp;&nbsp; 21537663 |
| 6,820,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 14, Ltd., Series 2021-14A, Class AR, 5.00% (3 Month Term SOFR + 113 bps), 12/2/34 (144A) | &nbsp;&nbsp; 6820634 |
| 3,211,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3 LTD, Series 2020-3A, Class XR, 4.855% (3 Month Term SOFR + 95 bps), 4/15/38 (144A) | &nbsp;&nbsp; 3211915 |
| 3,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL Core CLO 27, Ltd., Series 2023-27A, Class XR, 4.639% (3 Month Term SOFR + 80 bps), 1/21/39 (144A) | &nbsp;&nbsp; 3300571 |
| 5187294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alloya Auto Receivables Trust, Series 2025-1A, Class A2, 4.78%, 10/25/27 (144A) | &nbsp;&nbsp; 5194347 |
| 3487145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes Series, Series 2025-B, Class E, 6.164%, 9/15/33 (144A) | &nbsp;&nbsp; 3496356 |
| 13279022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alterna Funding III LLC, Series 2024-1A, Class A, 6.26%, 5/16/39 (144A) | &nbsp;&nbsp; 13308846 |
| 13080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-3, Class D, 6.82%, 10/12/29 (144A) | &nbsp;&nbsp; 13315437 |
| 3424275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-4, Class C, 6.99%, 9/12/30 (144A) | &nbsp;&nbsp; 3449863 |
| 995647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 3/15/28 (144A) | &nbsp;&nbsp; 997777 |
| 5359671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2, 5.19%, 7/21/31 (144A) | &nbsp;&nbsp; 5429039 |
| 2,571,430(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 11, Ltd., Series 2019-11A, Class XR2, 4.957% (3 Month Term SOFR + 110 bps), 7/22/37 (144A) | &nbsp;&nbsp; 2569761 |
| 7,199,438(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB1, Class A1, 5.872% (SOFR30A + 180 bps), 2/25/55 (144A) | &nbsp;&nbsp; 7244845 |
| 16,875,242(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.474% (SOFR30A + 160 bps), 12/25/55 (144A) | &nbsp;&nbsp; 16949128 |
| 1038143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A, Class A, 3.14%, 7/16/40 (144A) | &nbsp;&nbsp; 1014986 |
| 1147648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA, Class A, 1.90%, 7/17/46 (144A) | &nbsp;&nbsp; 1088768 |
| 1746409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 7/17/46 (144A) | &nbsp;&nbsp; 1606748 |
| 2282252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A, 6.46%, 4/17/28 (144A) | &nbsp;&nbsp; 2295124 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class A2, 4.92%, 5/15/29 (144A) | $5996465 |
| 5008350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Career Funding Trust, Series 2024-1A, Class A, 6.77%, 10/25/32 (144A) | &nbsp;&nbsp; 5042363 |
| 15,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP PIF CLO I LLC, Series 2025-1A, Class A1, 5.14% (3 Month Term SOFR + 148 bps), 1/15/38 (144A) | &nbsp;&nbsp; 15001500 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant CLO Ltd., Series 2018-2A, Class D, 6.996% (3 Month Term SOFR + 311 bps), 4/20/31 (144A) | &nbsp;&nbsp; 249544 |
| 655399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.18%, 12/15/28 (144A) | &nbsp;&nbsp; 658650 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Automobile Receivables Trust, Series 2021-1, Class F, 5.16%, 10/16/28 (144A) | &nbsp;&nbsp; 1532490 |
| 3285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class D, 4.08%, 2/20/28 (144A) | &nbsp;&nbsp; 3237253 |
| 5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class D, 7.26%, 10/20/27 (144A) | &nbsp;&nbsp; 5797289 |
| 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-3A, Class D, 7.32%, 2/20/28 (144A) | &nbsp;&nbsp; 2756769 |
| 6240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, 6/20/29 (144A) | &nbsp;&nbsp; 6404602 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2021-7A, Class A2R, 5.107% (3 Month Term SOFR + 125 bps), 1/22/35 (144A) | &nbsp;&nbsp; 6459927 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-4A, Class XR, 4.994% (3 Month Term SOFR + 110 bps), 10/16/37 (144A) | &nbsp;&nbsp; 3999908 |
| 4,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd., Series 2022-6A, Class XR, 5.007% (3 Month Term SOFR + 115 bps), 1/22/38 (144A) | &nbsp;&nbsp; 4249668 |
| 12,352,724(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardot CLO, Ltd., Series 2019-2A, Class ARR, 4.837% (3 Month Term SOFR + 98 bps), 10/22/32 (144A) | &nbsp;&nbsp; 12347598 |
| 2,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battery Park CLO, Ltd., Series 2019-1A, Class XR, 4.855% (3 Month Term SOFR + 95 bps), 7/15/36 (144A) | &nbsp;&nbsp; 2900299 |
| 3,344,413(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, 4.974% (SOFR30A + 110 bps), 12/26/31 (144A) | &nbsp;&nbsp; 3353832 |
| 786,921(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class C, 5.374% (SOFR30A + 150 bps), 12/26/31 (144A) | &nbsp;&nbsp; 789448 |
| 3,662,521(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class A, 5.324% (SOFR30A + 145 bps), 6/25/47 (144A) | &nbsp;&nbsp; 3698251 |

---

13Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2007921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VII Trust, Series 2024-CAR1F, Class A, 6.971%, 7/29/32 (144A) | $2012786 |
| 6,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCRED BSL Static CLO, Ltd., Series 2025-1A, Class AR, 5.541% (3 Month Term SOFR + 125 bps), 7/24/35 (144A) | &nbsp;&nbsp; 6643233 |
| 5,387(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Asset Backed Securities Trust, Series 2001-3, Class A1, 4.746% (1 Month Term SOFR + 101 bps), 10/27/32 | &nbsp;&nbsp; 5386 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XVII, Ltd., Series 2019-17A, Class XR2, 5.055% (3 Month Term SOFR + 115 bps), 10/15/37 (144A) | &nbsp;&nbsp; 7499850 |
| 1634863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B, Class A, 6.92%, 12/17/36 (144A) | &nbsp;&nbsp; 1713616 |
| 2722057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2024-1CON, Class A, 5.81%, 4/17/35 (144A) | &nbsp;&nbsp; 2782254 |
| 2523151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital II Aircraft Lease, Ltd., Series 2021-1A, Class A, 2.443%, 7/15/46 (144A) | &nbsp;&nbsp; 2395754 |
| 15,563,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock Rainier CLO VI, Ltd., Series 2021-6A, Class XR, 5.134% (3 Month Term SOFR + 125 bps), 4/20/37 (144A) | &nbsp;&nbsp; 15519258 |
| 2889718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bridge Funding LLC, Series 2023-1A, Class A, 7.37%, 11/15/30 (144A) | &nbsp;&nbsp; 2914058 |
| 2,057,621(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 5.246% (3 Month Term SOFR + 134 bps), 7/15/31 (144A) | &nbsp;&nbsp; 2058185 |
| 2,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXIII, Ltd., Series 2021-33A, Class X, 4.917% (3 Month Term SOFR + 100 bps), 10/20/38 (144A) | &nbsp;&nbsp; 2199958 |
| 1170690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR1, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 1179151 |
| 371953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2, 5.542%, 10/27/31 (144A) | &nbsp;&nbsp; 374491 |
| 3465895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.291%, 7/26/32 (144A) | &nbsp;&nbsp; 3526293 |
| 18,251,131(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2025-HE1, Class A1, 5.224% (SOFR30A + 135 bps), 9/25/72 (144A) | &nbsp;&nbsp; 18238014 |
| 6134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05%, 7/15/27 (144A) | &nbsp;&nbsp; 6152525 |
| 18,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2019-1A, Class A1R, 5.585% (3 Month Term SOFR + 168 bps), 10/15/34 (144A) | &nbsp;&nbsp; 18445425 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2514

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2023-1A, Class XR, 4.952% (3 Month Term SOFR + 105 bps), 10/15/35 (144A) | $2849809 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO, Ltd., Series 2025-1A, Class D, 8.815% (3 Month Term SOFR + 491 bps), 4/15/36 (144A) | &nbsp;&nbsp; 2999796 |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXDL Static CLO LLC, Series 2025-1A, Class A1, 5.618% (3 Month Term SOFR + 130 bps), 7/20/35 (144A) | &nbsp;&nbsp; 6990095 |
| 135308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXG Receivables Note Trust, Series 2020-A, Class B, 2.49%, 2/28/36 (144A) | &nbsp;&nbsp; 131705 |
| 1,700,363(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAL Receivables LLC, Series 2022-1, Class B, 8.334% (SOFR30A + 435 bps), 10/15/26 (144A) | &nbsp;&nbsp; 1700285 |
| 525,712(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Four US CLO II, Ltd., Series 2022-1A, Class X, 5.184% (3 Month Term SOFR + 130 bps), 1/20/37 (144A) | &nbsp;&nbsp; 525702 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarVal CLO IV, Ltd., Series 2021-1A, Class X, 4.734% (3 Month Term SOFR + 85 bps), 3/31/38 (144A) | &nbsp;&nbsp; 4000628 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2021-P2, Class D, 2.02%, 5/10/28 | &nbsp;&nbsp; 975374 |
| 1003024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/28 (144A) | &nbsp;&nbsp; 995291 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayuga Park CLO, Ltd., Series 2020-1A, Class XR2, 4.82% (3 Month Term SOFR + 90 bps), 10/17/38 (144A) | &nbsp;&nbsp; 3999948 |
| 971,429(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XIV CLO, Ltd., Series 2021-14A, Class X, 4.955% (3 Month Term SOFR + 105 bps), 10/15/37 (144A) | &nbsp;&nbsp; 971007 |
| 3,500,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding XV CLO, Ltd., Series 2022-15A, Class XR, 4.96% (3 Month Term SOFR + 95 bps), 1/20/39 (144A) | &nbsp;&nbsp; 3500000 |
| 3,761,202(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerstone SBA Trust, Series 2023-1, Class A, 7.60% (PRIME + 85 bps), 12/27/50 (144A) | &nbsp;&nbsp; 3756087 |
| 4,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class A, 5.255% (3 Month Term SOFR + 135 bps), 1/15/34 (144A) | &nbsp;&nbsp; 4750579 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class B, 5.655% (3 Month Term SOFR + 175 bps), 1/15/34 (144A) | &nbsp;&nbsp; 5996214 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XLIX LLC, Series 2024-5A, Class C, 6.005% (3 Month Term SOFR + 210 bps), 1/15/34 (144A) | &nbsp;&nbsp; 2997063 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Loan Funding XXXVII LP, Series 2022-1A, Class A2, 4.02%, 4/15/34 (144A) | &nbsp;&nbsp; 3962320 |

---

15Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,683,144(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB13, Class A, 3.00%, 5/25/34 (144A) | $3639537 |
| 1,079,520(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A, Class A2, 5.234% (SOFR30A + 125 bps), 5/15/35 (144A) | &nbsp;&nbsp; 1083337 |
| 1527645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A1, 6.16%, 10/15/35 (144A) | &nbsp;&nbsp; 1543785 |
| 2,308,157(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-2A, Class A2, 5.084% (SOFR30A + 110 bps), 10/15/35 (144A) | &nbsp;&nbsp; 2317585 |
| 1,413,493(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2024-1A, Class A2, 4.754% (SOFR30A + 77 bps), 5/15/36 (144A) | &nbsp;&nbsp; 1414367 |
| 2,973,422(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A, Class A1, 5.246% (1 Month Term SOFR + 151 bps), 12/28/48 (144A) | &nbsp;&nbsp; 2982632 |
| 1642156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 7/16/29 (144A) | &nbsp;&nbsp; 1659859 |
| 85647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A1, 2.73%, 10/25/40 (144A) | &nbsp;&nbsp; 84311 |
| 24,244(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2016-B, Class A2, 5.296% (1 Month Term SOFR + 156 bps), 10/25/40 (144A) | &nbsp;&nbsp; 24182 |
| 364,703(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-AGS, Class A2, 4.696% (1 Month Term SOFR + 96 bps), 5/25/41 (144A) | &nbsp;&nbsp; 361162 |
| 351,319(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class A2, 4.496% (1 Month Term SOFR + 76 bps), 9/25/42 (144A) | &nbsp;&nbsp; 346677 |
| 70511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS, Class C, 4.44%, 9/25/42 (144A) | &nbsp;&nbsp; 60414 |
| 310,167(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-AGS, Class A2, 4.346% (1 Month Term SOFR + 61 bps), 2/25/44 (144A) | &nbsp;&nbsp; 306972 |
| 583,789(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-BGS, Class A2, 4.416% (1 Month Term SOFR + 68 bps), 9/25/45 (144A) | &nbsp;&nbsp; 576329 |
| 231,614(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2018-CGS, Class A2, 4.646% (1 Month Term SOFR + 91 bps), 2/25/46 (144A) | &nbsp;&nbsp; 229585 |
| 558,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2019-AGS, Class A2, 4.746% (1 Month Term SOFR + 101 bps), 1/25/47 (144A) | &nbsp;&nbsp; 550919 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2516

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1972497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class A, 6.19%, 10/15/30 (144A) | $1980303 |
| 3543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A, Class A, 5.78%, 12/15/32 (144A) | &nbsp;&nbsp; 3594807 |
| 1976519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP EF Asset Securitization II LLC, Series 2023-1A, Class A, 7.48%, 3/15/32 (144A) | &nbsp;&nbsp; 1991227 |
| 10935548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2024-A, Class A2, 5.90%, 8/20/30 (144A) | &nbsp;&nbsp; 11050922 |
| 1,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Point CLO IV, Ltd., Series 2018-4A, Class C, 6.046% (3 Month Term SOFR + 216 bps), 4/20/31 (144A) | &nbsp;&nbsp; 1449137 |
| 4740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A, Class A, 5.63%, 6/26/28 (144A) | &nbsp;&nbsp; 4768267 |
| 10,675,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerpath Capital CLO, Ltd., Series 2021-1A, Class A1R, 5.705% (3 Month Term SOFR + 180 bps), 7/15/36 (144A) | &nbsp;&nbsp; 10705893 |
| 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Funding Home Equity Loan Trust, Series 1997-2, Class A6, 7.04%, 6/25/27 | &nbsp;&nbsp;&nbsp; 31 |
| 371578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-1, Class A2, 5.99%, 3/15/32 (144A) | &nbsp;&nbsp; 373678 |
| 1831915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2, Class A2, 6.56%, 5/15/34 (144A) | &nbsp;&nbsp; 1842116 |
| 5621406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 8/15/28 | &nbsp;&nbsp; 5630831 |
| 3,094,737(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO, Ltd., Series 2021-12A, Class XR, 4.984% (3 Month Term SOFR + 110 bps), 4/20/37 (144A) | &nbsp;&nbsp; 3094152 |
| 5,947,295(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington CLO III, Ltd., Series 2018-3A, Class C, 6.396% (3 Month Term SOFR + 251 bps), 7/20/30 (144A) | &nbsp;&nbsp; 5940230 |
| 1,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO I, Ltd., Series 2019-1A, Class XRR, 4.884% (3 Month Term SOFR + 100 bps), 4/20/37 (144A) | &nbsp;&nbsp; 1799789 |
| 3722353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equify ABS LLC, Series 2024-1A, Class A, 5.43%, 4/18/33 (144A) | &nbsp;&nbsp; 3728386 |
| 6830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.02%, 10/15/29 (144A) | &nbsp;&nbsp; 6762992 |
| 1382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-6A, Class D, 8.03%, 4/6/29 | &nbsp;&nbsp; 1424889 |
| 6821526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2025-3A, Class A2, 4.83%, 1/18/28 | &nbsp;&nbsp; 6833209 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCCU Auto Receivables Trust, Series 2025-1A, Class A3, 4.85%, 6/17/30 (144A) | &nbsp;&nbsp; 10112924 |

---

17Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1672012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2023-2A, Class A2, 6.79%, 10/15/29 (144A) | $1684330 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A, Class B, 5.04%, 2/17/31 (144A) | &nbsp;&nbsp; 2128342 |
| 997091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A, Class A2, 6.57%, 6/15/28 (144A) | &nbsp;&nbsp; 1001809 |
| 6,194,419(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE2, Class A, 6.38%, 5/25/54 (144A) | &nbsp;&nbsp; 6357091 |
| 3,745,354(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE3, Class A, 5.937%, 7/25/54 (144A) | &nbsp;&nbsp; 3812045 |
| 6,084,751(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class A, 5.56%, 5/25/55 (144A) | &nbsp;&nbsp; 6148891 |
| 3,355,598(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class A, 5.408%, 7/25/55 (144A) | &nbsp;&nbsp; 3381041 |
| 18,244,825(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE6, Class A, 5.044%, 9/25/55 (144A) | &nbsp;&nbsp; 18187864 |
| 1094221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2024-1, Class A2, 5.64%, 3/15/28 (144A) | &nbsp;&nbsp; 1096203 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flatiron CLO 21, Ltd., Series 2021-1A, Class XR, 4.984% (3 Month Term SOFR + 110 bps), 10/19/37 (144A) | &nbsp;&nbsp; 2993748 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class B, 5.31%, 5/15/28 (144A) | &nbsp;&nbsp; 1004011 |
| 12,891,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities IX CLO, Ltd., Series 2017-9A, Class A1TR, 5.716% (3 Month Term SOFR + 181 bps), 10/15/33 (144A) | &nbsp;&nbsp; 12876601 |
| 17,876,764(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class A1, 5.134% (3 Month Term SOFR + 125 bps), 4/20/33 (144A) | &nbsp;&nbsp; 17871920 |
| 8,180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXIX CLO, Ltd., Series 2025-29A, Class B, 5.534% (3 Month Term SOFR + 165 bps), 4/20/33 (144A) | &nbsp;&nbsp; 8180123 |
| 8,834,730(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXI CLO, Ltd., Series 2025-31A, Class A1, 5.384% (3 Month Term SOFR + 150 bps), 7/20/33 (144A) | &nbsp;&nbsp; 8828113 |
| 13,340,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class A1, 5.727% (3 Month Term SOFR + 140 bps), 7/20/33 (144A) | &nbsp;&nbsp; 13344669 |
| 3,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class B1, 6.177% (3 Month Term SOFR + 185 bps), 7/20/33 (144A) | &nbsp;&nbsp; 3972796 |
| 3,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Credit Opportunities XXXV CLO, Ltd., Series 2025-35A, Class C1, 6.927% (3 Month Term SOFR + 250 bps), 7/20/33 (144A) | &nbsp;&nbsp; 3962606 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2518

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2179166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A, Class A, 1.27%, 5/15/41 (144A) | $2079742 |
| 1209600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 1/15/42 (144A) | &nbsp;&nbsp; 1149260 |
| 8,000,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCRED BSL CLO 1, Series 2025-BSL1A, Class A2, 0.01% (3 Month Term SOFR + 130 bps), 1/20/34 (144A) | &nbsp;&nbsp; 8000000 |
| 4123312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2022-3A, Class D, 6.42%, 6/15/28 (144A) | &nbsp;&nbsp; 4162681 |
| 2695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class D, 7.01%, 1/16/29 (144A) | &nbsp;&nbsp; 2745119 |
| 5540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-1A, Class E, 11.42%, 3/15/30 (144A) | &nbsp;&nbsp; 6001866 |
| 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2023-4A, Class C, 6.65%, 8/15/29 (144A) | &nbsp;&nbsp; 3232882 |
| 1846290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2024-4A, Class A2, 4.76%, 10/15/27 (144A) | &nbsp;&nbsp; 1847023 |
| 4281758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.68%, 12/15/27 (144A) | &nbsp;&nbsp; 4285871 |
| 920248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A, Class A2, 6.37%, 6/15/28 (144A) | &nbsp;&nbsp; 924464 |
| 2520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class C, 5.69%, 3/15/30 (144A) | &nbsp;&nbsp; 2576567 |
| 1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2024-1A, Class D, 6.43%, 1/15/31 (144A) | &nbsp;&nbsp; 2000455 |
| 6641245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71%, 4/15/30 (144A) | &nbsp;&nbsp; 6690397 |
| 2,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 10, Ltd., Series 2021-10A, Class XR, 4.934% (3 Month Term SOFR + 105 bps), 10/20/37 (144A) | &nbsp;&nbsp; 2099843 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 51M LP, Series 2021-51A, Class AR, 5.101% (3 Month Term SOFR + 120 bps), 5/5/36 (144A) | &nbsp;&nbsp; 5975376 |
| 20,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 61M, Series 2022-61A, Class A1AR, 5.088% (3 Month Term SOFR + 123 bps), 7/25/35 (144A) | &nbsp;&nbsp; 20427100 |
| 5,162,685(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class A1R, 5.308% (3 Month Term SOFR + 145 bps), 7/25/33 (144A) | &nbsp;&nbsp; 5160676 |
| 9,377,470(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class BR, 5.858% (3 Month Term SOFR + 200 bps), 7/25/33 (144A) | &nbsp;&nbsp; 9316141 |

---

19Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 11,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration, Series 2022-1A, Class CR, 6.608% (3 Month Term SOFR + 275 bps), 7/25/33 (144A) | $12008393 |
| 669,660(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding, Series 2023-2A, Class A, 6.447% (SOFR90A + 225 bps), 3/1/27 (144A) | &nbsp;&nbsp; 670299 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2024-1A, Class A, 5.89% (SOFR90A + 170 bps), 3/1/28 (144A) | &nbsp;&nbsp; 5003774 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2025-1A, Class A, 5.525% (SOFR30A + 150 bps), 8/15/28 (144A) | &nbsp;&nbsp; 12520319 |
| 5,188,235(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO VI LLC, Series 2021-6A, Class XR, 5.005% (3 Month Term SOFR + 110 bps), 7/15/37 (144A) | &nbsp;&nbsp; 5197481 |
| 3,666,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes CLO, Ltd., Series 2019-1A, Class X, 4.955% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 3665583 |
| 1877154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A2, 4.93%, 6/25/60 (144A) | &nbsp;&nbsp; 1884090 |
| 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class D, 5.56%, 6/25/60 (144A) | &nbsp;&nbsp; 1461487 |
| 300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greywolf CLO IV, Ltd., Series 2019-1A, Class X, 4.992% (3 Month Term SOFR + 111 bps), 4/17/34 (144A) | &nbsp;&nbsp; 299992 |
| 6,929,102(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Backed Securities Trust, Series 2025-CES1, Class A1A, 5.568%, 5/25/55 (144A) | &nbsp;&nbsp; 6982056 |
| 17,638,185(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, 5.474% (SOFR30A + 160 bps), 8/25/54 (144A) | &nbsp;&nbsp; 17675377 |
| 11,274,668(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2024-HE2, Class A1, 5.374% (SOFR30A + 150 bps), 1/25/55 (144A) | &nbsp;&nbsp; 11292119 |
| 3,115,145(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1, 5.424% (SOFR30A + 155 bps), 10/25/55 (144A) | &nbsp;&nbsp; 3122520 |
| 22,799,954(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-HE2, Class A1, 5.424% (SOFR30A + 155 bps), 12/25/65 (144A) | &nbsp;&nbsp; 22899581 |
| 9,057,477(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847%, 11/25/67 (144A) | &nbsp;&nbsp; 9135707 |
| 4,414,733(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2023-1, Class A, 7.319% (SOFR30A + 325 bps), 10/25/50 (144A) | &nbsp;&nbsp; 4568105 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2520

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 6,636,829(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1, Class A, 6.25% (SOFR30A + 225 bps), 12/25/51 (144A) | $6701045 |
| 642,857(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 10-2016, Ltd., Series 10A-16, Class XR3, 4.834% (3 Month Term SOFR + 95 bps), 4/20/34 (144A) | &nbsp;&nbsp; 642883 |
| 3,585,288(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class C, 6.518% (SOFR30A + 260 bps), 10/20/32 (144A) | &nbsp;&nbsp; 3605825 |
| 7992119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.957%, 3/21/33 (144A) | &nbsp;&nbsp; 8059880 |
| 16,156,204(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2025-HE2, Class A1, 5.158% (SOFR30A + 125 bps), 11/20/55 (144A) | &nbsp;&nbsp; 16180735 |
| 3,776,689(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 5.668% (SOFR30A + 175 bps), 11/25/53 (144A) | &nbsp;&nbsp; 3786729 |
| 7,608,357(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 5.618% (SOFR30A + 170 bps), 3/20/54 (144A) | &nbsp;&nbsp; 7637241 |
| 4,886,121(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2023-HE3, Class A1, 5.518% (SOFR30A + 160 bps), 5/20/54 (144A) | &nbsp;&nbsp; 4901981 |
| 7,226,280(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, 5.118% (SOFR30A + 120 bps), 10/20/54 (144A) | &nbsp;&nbsp; 7230296 |
| 10,143,476(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.118% (SOFR30A + 120 bps), 2/25/55 (144A) | &nbsp;&nbsp; 10143432 |
| 20,258,917(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-HE1, Class A1, 5.068% (SOFR30A + 115 bps), 7/20/55 (144A) | &nbsp;&nbsp; 20244671 |
| 22,679,336(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-HE3, Class A1, 5.268% (SOFR30A + 135 bps), 3/20/56 (144A) | &nbsp;&nbsp; 22721622 |
| 7,610,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2025-1A, Class A, 6.184% (SOFR30A + 220 bps), 10/15/29 (144A) | &nbsp;&nbsp; 7609951 |
| 28978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2023-4A, Class A3, 6.10%, 12/15/27 (144A) | &nbsp;&nbsp; 29013 |
| 3177935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2025-1A, Class A2, 4.60%, 12/15/27 (144A) | &nbsp;&nbsp; 3180934 |
| 1,176,094(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Shore MM CLO IV, Ltd., Series 2021-1A, Class XR, 5.205% (3 Month Term SOFR + 130 bps), 1/15/37 (144A) | &nbsp;&nbsp; 1175775 |

---

21Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 35, Ltd., Series 35A, Class BR, 5.555% (3 Month Term SOFR + 165 bps), 10/15/34 (144A) | $3451066 |
| 4053017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2023-3A, Class A2, 7.50%, 12/15/28 (144A) | &nbsp;&nbsp; 4125875 |
| 4148745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-1A, Class A2, 6.19%, 8/15/29 (144A) | &nbsp;&nbsp; 4171949 |
| 4519300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-2A, Class A2, 5.99%, 5/15/29 (144A) | &nbsp;&nbsp; 4549159 |
| 7933367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, 10/15/30 (144A) | &nbsp;&nbsp; 7933743 |
| 2037052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LFS LLC, Series 2023-A, Class A, 7.173%, 7/15/35 (144A) | &nbsp;&nbsp; 2040120 |
| 3770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2025-1A, Class A, 6.355%, 8/15/39 (144A) | &nbsp;&nbsp; 3797726 |
| 4075011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/27 (144A) | &nbsp;&nbsp; 4082101 |
| 1113298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46 (144A) | &nbsp;&nbsp; 1062096 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXII, Ltd., Series 2019-22A, Class X, 4.905% (3 Month Term SOFR + 100 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3999724 |
| 5095715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2025-1A, Class A, 4.75%, 7/16/35 (144A) | &nbsp;&nbsp; 5105431 |
| 3,918,750(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO 10, Ltd., Series 2023-1A, Class XR, 4.905% (3 Month Term SOFR + 100 bps), 4/15/37 (144A) | &nbsp;&nbsp; 3923813 |
| 4,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Series 2017-3A, Class ER2, 10.884% (3 Month Term SOFR + 700 bps), 7/20/37 (144A) | &nbsp;&nbsp; 4499595 |
| 3,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Series 2017-3A, Class XR2, 5.084% (3 Month Term SOFR + 120 bps), 7/20/37 (144A) | &nbsp;&nbsp; 3799992 |
| 3803094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2023-1A, Class A, 7.21%, 5/20/36 (144A) | &nbsp;&nbsp; 3820009 |
| 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2025-1A, Class A, 4.49%, 1/20/39 (144A) | &nbsp;&nbsp; 4213649 |
| 10660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29 (144A) | &nbsp;&nbsp; 10718268 |
| 9680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A, Class C, 10.42%, 7/20/29 (144A) | &nbsp;&nbsp; 9762410 |
| 8,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class A1R2, 5.094% (3 Month Term SOFR + 121 bps), 1/18/36 (144A) | &nbsp;&nbsp; 8277126 |
| 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-B, Class A, 5.88%, 1/15/30 (144A) | &nbsp;&nbsp; 5336744 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2522

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 8580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2025-A, Class A, 5.80%, 5/15/30 (144A) | $8677593 |
| 4484814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31 (144A) | &nbsp;&nbsp; 4524476 |
| 9,734,556(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO XII, Ltd., Series 2021-2A, Class A1, 5.485% (3 Month Term SOFR + 176 bps), 9/14/33 (144A) | &nbsp;&nbsp; 9766319 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class A1N, 5.557% (3 Month Term SOFR + 168 bps), 2/24/34 (144A) | &nbsp;&nbsp; 5004925 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XIII, Ltd., Series 2022-1A, Class B, 5.927% (3 Month Term SOFR + 205 bps), 2/24/34 (144A) | &nbsp;&nbsp; 2976108 |
| 8,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital MML CLO XV LLC, Series 2023-1A, Class AR, 5.13% (3 Month Term SOFR + 127 bps), 9/23/35 (144A) | &nbsp;&nbsp; 8454949 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO, Ltd., Series 2021-1A, Class X, 4.944% (3 Month Term SOFR + 100 bps), 10/23/37 (144A) | &nbsp;&nbsp; 3999816 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain View CLO XVII, Ltd., Series 2023-1A, Class XR, 4.967% (3 Month Term SOFR + 100 bps), 10/15/38 (144A) | &nbsp;&nbsp; 1500633 |
| 692330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41 (144A) | &nbsp;&nbsp; 669391 |
| 611,234(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Trust, Series 2007-A, Class A, 4.401% (1 Month USD LIBOR + 30 bps), 5/25/31 (144A) | &nbsp;&nbsp; 599047 |
| 468298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69 (144A) | &nbsp;&nbsp; 429438 |
| 2,267,078(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2021-1A, Class A1B, 4.589% (SOFR30A + 71 bps), 12/26/69 (144A) | &nbsp;&nbsp; 2236072 |
| 1,712,964(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2005-2, Class A5, 4.439% (SOFR90A + 36 bps), 3/23/37 | &nbsp;&nbsp; 1700892 |
| 464266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.36%, 4/20/62 (144A) | &nbsp;&nbsp; 438815 |
| 2,374,915(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-DA, Class AFL, 4.538% (1 Month Term SOFR + 80 bps), 4/20/62 (144A) | &nbsp;&nbsp; 2364497 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain CLO 1, Ltd., Series CLO-1A, Class X, 4.855% (3 Month Term SOFR + 95 bps), 1/15/38 (144A) | &nbsp;&nbsp; 1499968 |

---

23Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newday Funding Master Issuer Plc, Series 2023-1A, Class A2, 5.468% (SOFR + 175 bps), 11/15/31 (144A) | $5743423 |
| 1,010,993(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2021-1, Class A, 6.50% (PRIME - 25 bps), 12/25/48 (144A) | &nbsp;&nbsp; 1011073 |
| 2,559,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2023-1, Class A, 6.25% (PRIME - 50 bps), 7/25/50 (144A) | &nbsp;&nbsp; 2583016 |
| 9,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust, Series 2024-2A, Class A1, 4.864% (SOFR30A + 88 bps), 9/15/29 (144A) | &nbsp;&nbsp; 9322924 |
| 1243683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A, Class A2, 6.57%, 6/17/30 (144A) | &nbsp;&nbsp; 1250319 |
| 2,368,420(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwoods Capital XI-B, Ltd., Series 2018-11BA, Class XR, 5.084% (3 Month Term SOFR + 120 bps), 7/19/37 (144A) | &nbsp;&nbsp; 2368238 |
| 30,561(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NovaStar Mortgage Funding Trust, Series 2003-1, Class A2, 4.626% (1 Month Term SOFR + 89 bps), 5/25/33 | &nbsp;&nbsp; 30152 |
| 8442462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYCTL Trust, Series 2025-A, Class A, 4.84%, 11/10/38 (144A) | &nbsp;&nbsp; 8443769 |
| 10,345,216(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2025-HE1, Class A1, 5.474% (SOFR30A + 160 bps), 2/25/55 (144A) | &nbsp;&nbsp; 10367639 |
| 10,710,439(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2025-HE2, Class A1, 5.324% (SOFR30A + 145 bps), 8/25/55 (144A) | &nbsp;&nbsp; 10723958 |
| 2,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO, Ltd., Series 2017-14A, Class XR, 4.984% (3 Month Term SOFR + 110 bps), 7/20/37 (144A) | &nbsp;&nbsp; 1999850 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 68, Ltd., Series 2023-1A, Class XR, 4.73% (3 Month Term SOFR + 85 bps), 10/20/38 (144A) | &nbsp;&nbsp; 8002104 |
| 3,463,158(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 49, Ltd., Series 2020-5A, Class X, 4.955% (3 Month Term SOFR + 105 bps), 4/15/37 (144A) | &nbsp;&nbsp; 3465807 |
| 2813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2022-1A, Class D, 5.54%, 2/20/29 (144A) | &nbsp;&nbsp; 2834934 |
| 1263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (144A) | &nbsp;&nbsp; 1264 |
| 1228144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/29 (144A) | &nbsp;&nbsp; 1234193 |
| 798262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class A, 5.26%, 8/15/29 (144A) | &nbsp;&nbsp; 798569 |
| 2194973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2025-1, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 2197781 |
| 3402608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C, Class A, 2.18%, 10/8/31 (144A) | &nbsp;&nbsp; 3346402 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2524

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 106304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class A, 5.86%, 2/9/32 (144A) | $106316 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2024-2, Class B, 5.83%, 2/9/32 (144A) | &nbsp;&nbsp; 3247329 |
| 19670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-A, Class A, 5.01%, 2/8/33 (144A) | &nbsp;&nbsp; 19669829 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class A, 4.88%, 5/9/33 (144A) | &nbsp;&nbsp; 8029647 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class B, 5.28%, 5/9/33 (144A) | &nbsp;&nbsp; 8011587 |
| 346972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/27 (144A) | &nbsp;&nbsp; 346979 |
| 2,424,220(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO IV, Ltd., Series 2020-4A, Class A1R, 5.751% (3 Month Term SOFR + 186 bps), 8/20/33 (144A) | &nbsp;&nbsp; 2422307 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Rock CLO IV, Ltd., Series 2020-4A, Class A2R, 6.051% (3 Month Term SOFR + 216 bps), 8/20/33 (144A) | &nbsp;&nbsp; 250179 |
| 5,545,527(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock CLO XXI LLC, Series 2025-21A, Class A, 5.265% (3 Month Term SOFR + 140 bps), 7/24/34 (144A) | &nbsp;&nbsp; 5531281 |
| 3,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock CLO XXI LLC, Series 2025-21A, Class B, 5.765% (3 Month Term SOFR + 190 bps), 7/24/34 (144A) | &nbsp;&nbsp; 3268691 |
| 8250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Credit Fund III LP, Series 2024-A, Class A2, 6.675%, 1/14/32 (144A) | &nbsp;&nbsp; 8400949 |
| 3435182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Finance Funding LLC, Series 2022-1A, Class B, 4.096%, 2/15/30 (144A) | &nbsp;&nbsp; 3345916 |
| 520372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Grantor Trust, Series 2024-9, Class A, 5.065%, 3/15/32 (144A) | &nbsp;&nbsp; 521747 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A2, 4.497%, 4/15/33 (144A) | &nbsp;&nbsp; 8005645 |
| 2289917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class A, 5.183%, 6/15/32 (144A) | &nbsp;&nbsp; 2301129 |
| 4270723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10, Class B, 5.75%, 6/15/32 (144A) | &nbsp;&nbsp; 4298510 |
| 3676620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class A, 5.092%, 7/15/32 (144A) | &nbsp;&nbsp; 3693195 |
| 3,571,504(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-11, Class AB, 5.39%, 7/15/32 (144A) | &nbsp;&nbsp; 3590148 |
| 1543969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-5, Class A, 6.278%, 10/15/31 (144A) | &nbsp;&nbsp; 1552986 |
| 1,733,426(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A, 5.156%, 7/15/32 (144A) | &nbsp;&nbsp; 1748137 |

---

25Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1030933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2, 5.156%, 7/15/32 (144A) | $1039682 |
| 9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-7, Class A2, 4.529%, 5/15/33 (144A) | &nbsp;&nbsp; 9754934 |
| 17898981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-R3, Class A, 4.841%, 1/18/33 (144A) | &nbsp;&nbsp; 17916960 |
| 2725195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class A, 6.66%, 7/15/31 (144A) | &nbsp;&nbsp; 2732183 |
| 5126838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B, 7.109%, 7/15/31 (144A) | &nbsp;&nbsp; 5142611 |
| 2562792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class A, 6.319%, 8/15/31 (144A) | &nbsp;&nbsp; 2571819 |
| 815,666(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class AB, 6.455%, 8/15/31 (144A) | &nbsp;&nbsp; 818056 |
| 5035898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class B, 6.611%, 8/15/31 (144A) | &nbsp;&nbsp; 5055662 |
| 3725420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class A, 6.258%, 10/15/31 (144A) | &nbsp;&nbsp; 3737575 |
| 7556843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class B, 6.571%, 10/15/31 (144A) | &nbsp;&nbsp; 7584436 |
| 5480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-R1, Class B, 5.705%, 6/15/32 (144A) | &nbsp;&nbsp; 5513971 |
| 1,263,158(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd., Series 2020-3A, Class X, 5.052% (3 Month Term SOFR + 120 bps), 11/15/36 (144A) | &nbsp;&nbsp; 1266126 |
| 1539147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables Series LLC, Series 2021-1, Class D, 2.75%, 7/15/27 (144A) | &nbsp;&nbsp; 1536215 |
| 564328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class A, 2.60%, 1/15/34 (144A) | &nbsp;&nbsp; 562601 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class B, 0.000%, 1/15/34 (144A) | &nbsp;&nbsp; 2778570 |
| 2461034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2022-1, Class A2, 7.25%, 10/15/34 (144A) | &nbsp;&nbsp; 2496561 |
| 9400326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2023-1, Class A, 7.42%, 7/15/35 (144A) | &nbsp;&nbsp; 9638108 |
| 4811284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2024-1, Class A, 6.95%, 2/15/36 (144A) | &nbsp;&nbsp; 4864286 |
| 4,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A1RN, 5.234% (3 Month Term SOFR + 135 bps), 4/20/34 (144A) | &nbsp;&nbsp; 4885144 |
| 4,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennantpark CLO IX LLC, Series 2024-9A, Class A2R, 5.334% (3 Month Term SOFR + 145 bps), 4/20/34 (144A) | &nbsp;&nbsp; 4392366 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2526

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 15,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2025-A, Class A, 4.634% (SOFR30A + 65 bps), 1/15/29 (144A) | $15261767 |
| 14,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pikes Peak CLO 6, Series 2020-6A, Class ARR, 4.815% (3 Month Term SOFR + 94 bps), 5/18/34 (144A) | &nbsp;&nbsp; 14279665 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post CLO, Ltd., Series 2021-1A, Class AR, 4.985% (3 Month Term SOFR + 108 bps), 10/15/34 (144A) | &nbsp;&nbsp; 12974312 |
| 1556908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2024-1A, Class A2, 5.59%, 11/15/29 (144A) | &nbsp;&nbsp; 1563631 |
| 3224488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC, Series 2025-1A, Class A2, 4.90%, 5/15/31 (144A) | &nbsp;&nbsp; 3249593 |
| 542,857(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPM CLO 6-R, Ltd., Series 2022-6RA, Class X, 5.384% (3 Month Term SOFR + 150 bps), 1/20/37 (144A) | &nbsp;&nbsp; 542846 |
| 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2021-1A, Class E, 3.47%, 3/15/29 (144A) | &nbsp;&nbsp; 3139703 |
| 1,411,576(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance CMDAC, Series 2021-1A, Class A, 5.092% (1 Month Term SOFR + 136 bps), 7/25/51 (144A) | &nbsp;&nbsp; 1408067 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class A, 5.89%, 8/15/28 (144A) | &nbsp;&nbsp; 7770731 |
| 2,833,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 3, Ltd., Series 2019-3A, Class XR2, 4.955% (3 Month Term SOFR + 105 bps), 7/15/37 (144A) | &nbsp;&nbsp; 2833271 |
| 340,376(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2024-CES7, Class A1A, 5.158%, 10/25/44 (144A) | &nbsp;&nbsp; 341451 |
| 4167813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A, Class A, 4.90%, 7/25/34 (144A) | &nbsp;&nbsp; 4179180 |
| 6119363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKTL, Series 2025-2A, Class A, 4.48%, 11/27/34 (144A) | &nbsp;&nbsp; 6125496 |
| 11070248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-1A, Class B, 6.29%, 2/18/31 (144A) | &nbsp;&nbsp; 11147152 |
| 1453756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-2A, Class A, 5.88%, 7/15/31 (144A) | &nbsp;&nbsp; 1459708 |
| 8242183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-1A, Class A, 4.96%, 8/16/32 (144A) | &nbsp;&nbsp; 8266703 |
| 4815850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2025-2A, Class A, 4.93%, 8/18/32 (144A) | &nbsp;&nbsp; 4835016 |
| 841,180(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A, 6.25% (PRIME - 50 bps), 12/27/44 (144A) | &nbsp;&nbsp; 840611 |
| 5,906,427(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReadyCap Lending Small Business Loan Trust, Series 2023-3, Class A, 6.82% (PRIME + 7 bps), 4/25/48 (144A) | &nbsp;&nbsp; 5986926 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recette CLO, Ltd., Series 2015-1A, Class AR3, 4.889% (3 Month Term SOFR + 103 bps), 4/20/34 (144A) | &nbsp;&nbsp; 10001150 |

---

27Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,114,286(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta IX Funding, Ltd., Series 2017-1A, Class XR, 4.932% (3 Month Term SOFR + 105 bps), 4/17/37 (144A) | $1113904 |
| 529,412(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta VII Funding, Ltd., Series 2016-1A, Class X, 4.806% (3 Month Term SOFR + 111 bps), 6/20/34 (144A) | &nbsp;&nbsp; 528750 |
| 3,533,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta X Funding, Ltd., Series 2017-3A, Class X, 4.882% (3 Month Term SOFR + 100 bps), 7/17/37 (144A) | &nbsp;&nbsp; 3527482 |
| 6240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2024-2, Class A, 5.11%, 12/15/33 (144A) | &nbsp;&nbsp; 6288421 |
| 4111695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2023-4A, Class A, 7.54%, 3/25/32 (144A) | &nbsp;&nbsp; 4119436 |
| 5,156,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosy Blue Carat SCS, Series 2018-1, Class A2R, 7.865% (1 Month Term SOFR + 411 bps), 3/15/30 (144A) | &nbsp;&nbsp; 5188219 |
| 1203087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/28 (144A) | &nbsp;&nbsp; 1205365 |
| 4906596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A, Class A, 5.46%, 9/10/29 (144A) | &nbsp;&nbsp; 4897836 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A, Class B, 5.63%, 10/10/30 (144A) | &nbsp;&nbsp; 1984585 |
| 4,542,648(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306%, 3/25/54 (144A) | &nbsp;&nbsp; 4596865 |
| 21,098,482(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC4, Class A1A, 5.704% (SOFR30A + 175 bps), 6/25/55 (144A) | &nbsp;&nbsp; 21132058 |
| 12,665,906(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class A1A, 5.554% (1 Month Term SOFR + 160 bps), 10/25/55 (144A) | &nbsp;&nbsp; 12702950 |
| 4726990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class E, 6.799%, 1/18/33 (144A) | &nbsp;&nbsp; 4773265 |
| 69133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Series 2021-CA, Class C, 2.97%, 6/15/28 (144A) | &nbsp;&nbsp; 69002 |
| 636366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-2, Class B, 5.24%, 5/15/28 | &nbsp;&nbsp; 637523 |
| 10916207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2025-1A, Class A2, 4.67%, 11/15/28 (144A) | &nbsp;&nbsp; 10945536 |
| 2638299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Trust LLC, Series 2025-1A, Class A2, 4.82%, 7/22/30 (144A) | &nbsp;&nbsp; 2647143 |
| 1,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXVII, Ltd., Series 27A, Class XR, 4.734% (3 Month Term SOFR + 85 bps), 7/20/34 (144A) | &nbsp;&nbsp; 1000041 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2528

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXX, Ltd., Series 30A, Class XR, 4.934% (3 Month Term SOFR + 105 bps), 7/20/38 (144A) | $3002289 |
| 1867253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038%, 7/25/31 (144A) | &nbsp;&nbsp; 1883606 |
| 133055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class A, 0.99%, 11/20/37 (144A) | &nbsp;&nbsp; 132794 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 4, Ltd., Series 2017-4A, Class AR2, 4.978% (3 Month Term SOFR + 112 bps), 10/26/34 (144A) | &nbsp;&nbsp; 7997752 |
| 1,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 4, Ltd., Series 2017-4A, Class XR2, 4.708% (3 Month Term SOFR + 85 bps), 10/26/34 (144A) | &nbsp;&nbsp; 1500438 |
| 533,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO II, Ltd., Series 2021-2A, Class X, 5.196% (3 Month Term SOFR + 131 bps), 1/20/35 (144A) | &nbsp;&nbsp; 533295 |
| 3,555,556(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Rock CLO IV, Ltd., Series 2024-4A, Class X, 5.084% (3 Month Term SOFR + 120 bps), 10/20/37 (144A) | &nbsp;&nbsp; 3555282 |
| 2,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO IX, Ltd., Series 2017-9A, Class X, 4.82% (3 Month Term SOFR + 95 bps), 7/21/37 (144A) | &nbsp;&nbsp; 2399981 |
| 1,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street CLO XII, Ltd., Series 2018-12A, Class XR2, 4.57% (3 Month Term SOFR + 80 bps), 1/17/39 (144A) | &nbsp;&nbsp; 1550000 |
| 1,926,902(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Private Credit Student Loan Trust, Series 2007-A, Class A4A, 4.225% (3 Month Term SOFR + 50 bps), 12/16/41 | &nbsp;&nbsp; 1909039 |
| 758,958(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2018-B, Class A2B, 4.585% (1 Month Term SOFR + 83 bps), 1/15/37 (144A) | &nbsp;&nbsp; 758294 |
| 3,529,780(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-B, Class A1B, 5.784% (SOFR30A + 180 bps), 10/16/56 (144A) | &nbsp;&nbsp; 3600463 |
| 4,572,761(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2023-C, Class A1B, 5.524% (SOFR30A + 155 bps), 11/15/52 (144A) | &nbsp;&nbsp; 4618416 |
| 6500614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 6/25/34 (144A) | &nbsp;&nbsp; 6538105 |
| 4,249,832(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO V-R LTD, Series 2014-1RA, Class A, 5.296% (3 Month Term SOFR + 141 bps), 7/18/31 (144A) | &nbsp;&nbsp; 4250945 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XVI, Ltd., Series 2017-2A, Class D, 7.72% (3 Month Term SOFR + 386 bps), 7/25/30 (144A) | &nbsp;&nbsp; 3002568 |

---

29Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 1,416,908(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XX, Ltd., Series 2018-2A, Class A, 5.22% (3 Month Term SOFR + 136 bps), 7/26/31 (144A) | $1417436 |
| 919377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37 (144A) | &nbsp;&nbsp; 868565 |
| 993,765(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2022-SFR3, Class A, 5.40% (1 Month Term SOFR + 165 bps), 5/17/39 (144A) | &nbsp;&nbsp; 995425 |
| 23,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAR Trust, Series 2025-SFR6, Class A, 5.151% (1 Month Term SOFR + 140 bps), 8/17/42 (144A) | &nbsp;&nbsp; 23466706 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class A, 5.582% (3 Month Term SOFR + 170 bps), 10/17/36 (144A) | &nbsp;&nbsp; 14013356 |
| 2,390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2024-SIF4A, Class C, 6.382% (3 Month Term SOFR + 250 bps), 10/17/36 (144A) | &nbsp;&nbsp; 2394861 |
| 10,110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class A, 5.455% (3 Month Term SOFR + 155 bps), 4/15/37 (144A) | &nbsp;&nbsp; 10133111 |
| 2,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood LLC, Series 2025-SIF5A, Class D, 7.505% (3 Month Term SOFR + 360 bps), 4/15/37 (144A) | &nbsp;&nbsp; 2136030 |
| 1002476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak ABS, Series 2021-1A, Class AA, 2.301%, 2/28/33 (144A) | &nbsp;&nbsp; 978562 |
| 1914945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A, Class A, 6.27%, 7/15/44 (144A) | &nbsp;&nbsp; 1990540 |
| 5,500,000(a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 36, Ltd., Series 2025-52A, Class XR, 4.911% (3 Month Term SOFR + 90 bps), 1/20/36 (144A) | &nbsp;&nbsp; 5500000 |
| 651,933(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XIX, Ltd., Series 2018-19A, Class A, 5.115% (3 Month Term SOFR + 122 bps), 4/16/31 (144A) | &nbsp;&nbsp; 651873 |
| 2,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiaa CLO III, Ltd., Series 2025-52A, Class B, 5.655% (3 Month Term SOFR + 176 bps), 1/16/31 (144A) | &nbsp;&nbsp; 2928535 |
| 1265683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidewater Auto Receivables Trust, Series 2020-AA, Class E, 3.35%, 7/17/28 (144A) | &nbsp;&nbsp; 1260225 |
| 2,325,105(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2018-SL1, Class B, 4.896% (1 Month Term SOFR + 116 bps), 1/25/46 (144A) | &nbsp;&nbsp; 2324870 |
| 12,919,271(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.848%, 1/25/64 (144A) | &nbsp;&nbsp; 12989376 |
| 5,874,700(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES2, Class A1A, 6.125%, 2/25/64 (144A) | &nbsp;&nbsp; 5924488 |
| 10,291,502(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2024-CES4, Class A1, 5.122%, 9/25/64 (144A) | &nbsp;&nbsp; 10302486 |
| 9,950,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trafigura Securitisation Finance Plc, Series 2024-1A, Class A1, 5.126% (SOFR + 140 bps), 11/15/27 (144A) | &nbsp;&nbsp; 9950040 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2530

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trestles CLO IV, Ltd., Series 2021-4A, Class X, 4.691% (3 Month Term SOFR + 90 bps), 10/30/38 (144A) | $3999592 |
| 986,725(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2022-1A, Class E, 7.79%, 8/16/27 (144A) | &nbsp;&nbsp; 972145 |
| 1,551,654(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2023-1A, Class D, 8.56%, 7/15/27 (144A) | &nbsp;&nbsp; 1523427 |
| 1,449,414(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class A, 6.61%, 10/15/27 (144A) | &nbsp;&nbsp; 1420834 |
| 3,750,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-1A, Class B, 6.53%, 12/15/27 (144A) | &nbsp;&nbsp; 3122248 |
| 2,218,963(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27 (144A) | &nbsp;&nbsp; 2143107 |
| 4,744,552(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-3A, Class A, 5.22%, 6/15/28 (144A) | &nbsp;&nbsp; 4317434 |
| 21,576,818(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class A, 4.94%, 2/15/29 (144A) | &nbsp;&nbsp; 12918632 |
| 5,320,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-1A, Class C, 5.72%, 10/15/29 (144A) | &nbsp;&nbsp; 803623 |
| 18,218,035(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-2A, Class A, 5.12%, 1/16/29 (144A) | &nbsp;&nbsp; 11455275 |
| 11369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes, Series 2020-SFR1, Class F, 4.882%, 7/17/38 (144A) | &nbsp;&nbsp; 11316255 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimaran CAVU, Ltd., Series 2022-2A, Class XR, 4.834% (3 Month Term SOFR + 95 bps), 3/27/38 (144A) | &nbsp;&nbsp; 499996 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO VII, Ltd., Series 2017-7A, Class A1R2, 4.918% (3 Month Term SOFR + 106 bps), 1/25/35 (144A) | &nbsp;&nbsp; 11975940 |
| 1,035,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO XI, Ltd., Series 2019-11A, Class X, 5.096% (3 Month Term SOFR + 119 bps), 7/15/34 (144A) | &nbsp;&nbsp; 1034932 |
| 4,959,619(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSTAT, Ltd., Series 2022-1A, Class A2RR, 5.284% (3 Month Term SOFR + 140 bps), 7/20/37 (144A) | &nbsp;&nbsp; 4959614 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class C, 6.484% (3 Month Term SOFR + 260 bps), 10/20/35 (144A) | &nbsp;&nbsp; 7924240 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook CLO LLC, Series 2024-2A, Class D, 8.134% (3 Month Term SOFR + 425 bps), 10/20/35 (144A) | &nbsp;&nbsp; 4912425 |
| 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2024-1, Class D, 8.30%, 11/12/29 (144A) | &nbsp;&nbsp; 3210083 |
| 3815156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class A, 6.11%, 6/15/32 (144A) | &nbsp;&nbsp; 3862158 |
| 223165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A, Class A, 5.37%, 2/18/31 (144A) | &nbsp;&nbsp; 223220 |

---

31Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 2440440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2024-1, Class A, 5.33%, 11/20/34 (144A) | $2450230 |
| 4716141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-2, Class A2, 5.22%, 6/20/35 (144A) | &nbsp;&nbsp; 4739937 |
| 5206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-3, Class A2, 4.60%, 9/20/35 (144A) | &nbsp;&nbsp; 5217813 |
| 11212581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-4, Class A1, 4.344%, 11/20/26 (144A) | &nbsp;&nbsp; 11217448 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-4, Class A2, 4.56%, 11/20/35 (144A) | &nbsp;&nbsp; 15023931 |
| 6,431,312(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank C&I Credit-Linked Notes Series, Series 2025-SUP2, Class B2, 5.224% (SOFR30A + 135 bps), 9/25/32 (144A) | &nbsp;&nbsp; 6390055 |
| 2,296,897(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank C&I Credit-Linked Notes Series, Series 2025-SUP2, Class D, 6.074% (SOFR30A + 220 bps), 9/25/32 (144A) | &nbsp;&nbsp; 2299197 |
| 377601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2023-1, Class B, 6.789%, 8/25/32 (144A) | &nbsp;&nbsp; 381466 |
| 3610653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, Series 2025-SUP1, Class B, 5.582%, 2/25/32 (144A) | &nbsp;&nbsp; 3620599 |
| 415958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAA Auto Owner Trust, Series 2023-A, Class A3, 5.58%, 5/15/28 (144A) | &nbsp;&nbsp; 418558 |
| 10,680,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture 41 CLO, Ltd., Series 2021-41A, Class A1RR, 5.014% (3 Month Term SOFR + 113 bps), 1/20/34 (144A) | &nbsp;&nbsp; 10664802 |
| 2192560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A, Class A2, 6.24%, 1/13/31 (144A) | &nbsp;&nbsp; 2231271 |
| 1793348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veridian Auto Receivables Trust, Series 2023-1A, Class A3, 5.56%, 3/15/28 (144A) | &nbsp;&nbsp; 1798335 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1, Class C, 8.32%, 11/15/28 (144A) | &nbsp;&nbsp; 3058155 |
| 721601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2024-1, Class A, 6.28%, 11/15/27 (144A) | &nbsp;&nbsp; 723472 |
| 5940719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1, Class A, 5.31%, 9/15/28 (144A) | &nbsp;&nbsp; 5961039 |
| 456664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2023-1A, Class A, 7.27%, 3/26/29 (144A) | &nbsp;&nbsp; 457744 |
| 2,507,515(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.676%, 5/25/54 (144A) | &nbsp;&nbsp; 2537996 |
| 28,851,033(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2025-CES3, Class A1, 5.297%, 11/25/55 (144A) | &nbsp;&nbsp; 28890282 |
| 547,716(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2018-1A, Class A1, 5.096% (3 Month Term SOFR + 121 bps), 4/19/31 (144A) | &nbsp;&nbsp; 547590 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2532

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 3,555,556(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2019-1A, Class X, 5.105% (3 Month Term SOFR + 120 bps), 10/15/37 (144A) | $3556092 |
| 3,428,571(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO, Ltd., Series 2024-6A, Class X, 4.984% (3 Month Term SOFR + 110 bps), 1/20/38 (144A) | &nbsp;&nbsp; 3428314 |
| 3,947,368(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO, Ltd., Series 2022-1A, Class XR, 5.105% (3 Month Term SOFR + 120 bps), 7/15/37 (144A) | &nbsp;&nbsp; 3949433 |
| 384349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class A, 1.788%, 8/20/36 (144A) | &nbsp;&nbsp; 381869 |
| 651598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class C, 2.488%, 8/20/36 (144A) | &nbsp;&nbsp; 646186 |
| 2432073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/37 (144A) | &nbsp;&nbsp; 2484550 |
| 5310013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2024-1A, Class C, 7.06%, 1/20/38 (144A) | &nbsp;&nbsp; 5400871 |
| 2613935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2024-3A, Class A2A, 4.82%, 9/15/27 (144A) | &nbsp;&nbsp; 2617217 |
| 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65%, 2/15/28 (144A) | &nbsp;&nbsp; 6269225 |
| 2,760,375(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2024-1A, Class A2, 4.564% (1 Month Term SOFR + 83 bps), 2/18/39 (144A) | &nbsp;&nbsp; 2767526 |
| 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2025-3A, Class A1, 4.08%, 9/18/40 (144A) | &nbsp;&nbsp; 7018448 |
| 5874983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Engine Structured Trust VI, Series 2021-A, Class B, 5.438%, 5/15/46 (144A) | &nbsp;&nbsp; 5686410 |
| 4,150(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire Mortgage Loan Trust, Series 1997-2, Class A6, 4.126% (1 Month Term SOFR + 39 bps), 5/25/28 | &nbsp;&nbsp; 4144 |
| 1,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River CLO, Ltd., Series 2023-1A, Class XR, 5.008% (3 Month Term SOFR + 115 bps), 7/25/38 (144A) | &nbsp;&nbsp; 1599947 |
| 13,388,016(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodmont Trust, Series 2023-12A, Class A1R, 5.258% (3 Month Term SOFR + 140 bps), 10/25/32 (144A) | &nbsp;&nbsp; 13402034 |
| 6,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class BR, 6.155% (3 Month Term SOFR + 226 bps), 7/16/31 (144A) | &nbsp;&nbsp; 6503822 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2019-1A, Class DR, 9.155% (3 Month Term SOFR + 526 bps), 7/16/31 (144A) | &nbsp;&nbsp; 5989080 |
| 12,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class A2AR, 5.705% (3 Month Term SOFR + 180 bps), 7/15/33 (144A) | &nbsp;&nbsp; 12018659 |

---

33Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 599,342(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 13, Ltd., Series 2019-13A, Class A1AR, 5.205% (3 Month Term SOFR + 130 bps), 7/15/32 (144A) | $599485 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16, Ltd., Series 2020-16A, Class A1R2, 5.014% (3 Month Term SOFR + 113 bps), 10/20/34 (144A) | &nbsp;&nbsp; 7988560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $2,028,997,984)** | **$2011373571** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—9.5% of Net Assets** |  |
| 4,262(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 3B1, 4.967%, 6/25/30 | $4252 |
| 834,724(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2024-1, Class M1A, 6.024% (SOFR30A + 215 bps), 8/25/34 (144A) | &nbsp;&nbsp;&nbsp; 835857 |
| 2,723,791(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2025-1, Class M1A, 5.424% (SOFR30A + 155 bps), 10/25/35 (144A) | &nbsp;&nbsp; 2723781 |
| 6,848,541(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class A, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 6726836 |
| 2,900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2025-HB16, Class M3, 3.00%, 3/25/35 (144A) | &nbsp;&nbsp; 2767105 |
| 10,037,213(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB14, Class A, 3.00%, 6/25/34 (144A) | &nbsp;&nbsp; 9924043 |
| 3,675,960(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2024-HB15, Class A, 4.00%, 8/25/34 (144A) | &nbsp;&nbsp; 3663775 |
| 6,144,015(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M1, 5.074% (SOFR30A + 120 bps), 2/25/50 (144A) | &nbsp;&nbsp; 6090695 |
| 1,590,216(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M2, 5.224% (SOFR30A + 135 bps), 2/25/50 (144A) | &nbsp;&nbsp; 1559826 |
| 915,579(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Series 2021-CL1, Class M3, 5.424% (SOFR30A + 155 bps), 2/25/50 (144A) | &nbsp;&nbsp;&nbsp; 899574 |
| 12,114,421(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1A1, 4.824% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 12114435 |
| 10,559,913(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2025-R01, Class 1M1, 4.974% (SOFR30A + 110 bps), 1/25/45 (144A) | &nbsp;&nbsp; 10563033 |
| 457,969(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1, 4.724% (SOFR30A + 85 bps), 12/25/41 (144A) | &nbsp;&nbsp;&nbsp; 457710 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2534

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,935,328(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1, 4.874% (SOFR30A + 100 bps), 12/25/41 (144A) | $1933508 |
| 137,154(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M1, 5.074% (SOFR30A + 120 bps), 1/25/42 (144A) | &nbsp;&nbsp; 137112 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, 6.874% (SOFR30A + 300 bps), 1/25/42 (144A) | &nbsp;&nbsp; 14252379 |
| 1,210,534(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M1, 6.374% (SOFR30A + 250 bps), 9/25/42 (144A) | &nbsp;&nbsp; 1226990 |
| 5,636,937(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, 6.274% (SOFR30A + 240 bps), 12/25/42 (144A) | &nbsp;&nbsp; 5748952 |
| 2,747,575(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, 6.174% (SOFR30A + 230 bps), 1/25/43 (144A) | &nbsp;&nbsp; 2801316 |
| 1,362,601(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M1, 6.374% (SOFR30A + 250 bps), 4/25/43 (144A) | &nbsp;&nbsp; 1375666 |
| 2,091,618(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, 5.574% (SOFR30A + 170 bps), 7/25/43 (144A) | &nbsp;&nbsp; 2099824 |
| 597,664(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M1, 5.824% (SOFR30A + 195 bps), 9/25/43 (144A) | &nbsp;&nbsp; 600485 |
| 2,173,676(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, 4.924% (SOFR30A + 105 bps), 1/25/44 (144A) | &nbsp;&nbsp; 2170959 |
| 2,018,540(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, 4.974% (SOFR30A + 110 bps), 2/25/44 (144A) | &nbsp;&nbsp; 2017288 |
| 5,908,356(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, 5.024% (SOFR30A + 115 bps), 3/25/44 (144A) | &nbsp;&nbsp; 5912177 |
| 10,370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2, 5.824% (SOFR30A + 195 bps), 3/25/44 (144A) | &nbsp;&nbsp; 10420691 |
| 22,119,203(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1A1, 4.874% (SOFR30A + 100 bps), 5/25/44 (144A) | &nbsp;&nbsp; 22133034 |

---

35Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,648,861(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, 4.974% (SOFR30A + 110 bps), 5/25/44 (144A) | $1647839 |
| 16,652,330(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2A1, 4.874% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 16680469 |
| 5,288,503(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1, 4.874% (SOFR30A + 100 bps), 7/25/44 (144A) | &nbsp;&nbsp; 5285224 |
| 8,451,053(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1, 5.024% (SOFR30A + 115 bps), 9/25/44 (144A) | &nbsp;&nbsp; 8467112 |
| 381,300(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, 4.924% (SOFR30A + 105 bps), 9/25/44 (144A) | &nbsp;&nbsp; 381182 |
| 47,972(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, 4.874% (SOFR30A + 100 bps), 2/25/45 (144A) | &nbsp;&nbsp; 48045 |
| 4,302,664(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, 5.024% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 4308677 |
| 4,660,251(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.324% (SOFR30A + 145 bps), 3/25/45 (144A) | &nbsp;&nbsp; 4682499 |
| 4,168,279(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, 5.074% (SOFR30A + 120 bps), 5/25/45 (144A) | &nbsp;&nbsp; 4177844 |
| 7,676,133(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R05, Class 2A1, 4.874% (SOFR30A + 100 bps), 7/25/45 (144A) | &nbsp;&nbsp; 7686786 |
| 13,698,301(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R05, Class 2M1, 5.074% (SOFR30A + 120 bps), 7/25/45 (144A) | &nbsp;&nbsp; 13716114 |
| 6,429,610(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R06, Class 1A1, 4.774% (SOFR30A + 90 bps), 9/25/45 (144A) | &nbsp;&nbsp; 6433976 |
| 9,264,388(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2025-R06, Class 1M1, 4.824% (SOFR30A + 95 bps), 9/25/45 (144A) | &nbsp;&nbsp; 9269346 |
| 1,041,059(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2021-2, Class M1C, 7.324% (SOFR30A + 345 bps), 4/25/34 (144A) | &nbsp;&nbsp; 1044094 |
| 1,511,881(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1A, 5.865% (SOFR30A + 200 bps), 9/26/33 (144A) | &nbsp;&nbsp; 1514032 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2536

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 6,770,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2023-1, Class M1B, 7.815% (SOFR30A + 395 bps), 9/26/33 (144A) | $6952169 |
| 257,232(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class M1, 5.874% (SOFR30A + 200 bps), 1/25/51 (144A) | &nbsp;&nbsp; 256639 |
| 27,523(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2106, Class F, 4.548% (SOFR30A + 56 bps), 12/15/28 | &nbsp;&nbsp; 27503 |
| 16,179(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2122, Class FD, 4.448% (SOFR30A + 46 bps), 2/15/29 | &nbsp;&nbsp; 16146 |
| 8,470(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2186, Class FY, 4.698% (SOFR30A + 71 bps), 4/15/28 | &nbsp;&nbsp; 8473 |
| 12,468(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2368, Class AF, 5.048% (SOFR30A + 106 bps), 10/15/31 | &nbsp;&nbsp; 12075 |
| 12,091(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2377, Class FE, 4.698% (SOFR30A + 71 bps), 11/15/31 | &nbsp;&nbsp; 12110 |
| 26,987(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2411, Class FR, 4.698% (SOFR30A + 71 bps), 6/15/31 | &nbsp;&nbsp; 27031 |
| 33,169(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2432, Class FH, 4.798% (SOFR30A + 81 bps), 3/15/32 | &nbsp;&nbsp; 33294 |
| 64,904(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2439, Class F, 5.098% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 65571 |
| 83,143(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2470, Class AF, 5.098% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 83967 |
| 54,837(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2471, Class FD, 5.098% (SOFR30A + 111 bps), 3/15/32 | &nbsp;&nbsp; 55400 |
| 21,325(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2498, Class FQ, 4.698% (SOFR30A + 71 bps), 9/15/32 | &nbsp;&nbsp; 21355 |
| 15,784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2543, Class EF, 4.448% (SOFR30A + 46 bps), 12/15/32 | &nbsp;&nbsp; 15743 |

---

37Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 105,967(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2551, Class FD, 4.498% (SOFR30A + 51 bps), 1/15/33 | $105647 |
| 71,511(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2567, Class FJ, 4.498% (SOFR30A + 51 bps), 2/15/33 | &nbsp;&nbsp; 71296 |
| 29,955(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2577, Class FA, 4.648% (SOFR30A + 66 bps), 2/15/33 | &nbsp;&nbsp; 29961 |
| 2,527(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2585, Class FD, 4.598% (SOFR30A + 61 bps), 12/15/32 | &nbsp;&nbsp; 2524 |
| 39,745(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2614, Class FV, 5.639% (SOFR30A + 161 bps), 5/15/33 | &nbsp;&nbsp; 40526 |
| 48,812(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2631, Class FC, 4.498% (SOFR30A + 51 bps), 6/15/33 | &nbsp;&nbsp; 48628 |
| 26,274(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2711, Class FA, 5.098% (SOFR30A + 111 bps), 11/15/33 | &nbsp;&nbsp; 26593 |
| 19,721(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2916, Class NF, 4.348% (SOFR30A + 36 bps), 1/15/35 | &nbsp;&nbsp; 19628 |
| 122,395(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2976, Class LF, 4.438% (SOFR30A + 45 bps), 5/15/35 | &nbsp;&nbsp; 121286 |
| 5,332(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3012, Class FE, 4.348% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 5326 |
| 19,884(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3042, Class PF, 4.348% (SOFR30A + 36 bps), 8/15/35 | &nbsp;&nbsp; 19783 |
| 24,041(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3067, Class FA, 4.448% (SOFR30A + 46 bps), 11/15/35 | &nbsp;&nbsp; 23822 |
| 10,942(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3102, Class FG, 4.398% (SOFR30A + 41 bps), 1/15/36 | &nbsp;&nbsp; 10857 |
| 49,772(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class EF, 4.448% (SOFR30A + 46 bps), 2/15/36 | &nbsp;&nbsp; 49346 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2538

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 99,315(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3117, Class FE, 4.398% (SOFR30A + 41 bps), 2/15/36 | $98396 |
| 35,131(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3122, Class FP, 4.398% (SOFR30A + 41 bps), 3/15/36 | &nbsp;&nbsp; 34851 |
| 21,454(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3147, Class PF, 4.398% (SOFR30A + 41 bps), 4/15/36 | &nbsp;&nbsp; 21282 |
| 75,241(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3173, Class FC, 4.518% (SOFR30A + 53 bps), 6/15/36 | &nbsp;&nbsp; 74709 |
| 205,656(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3175, Class FE, 4.408% (SOFR30A + 42 bps), 6/15/36 | &nbsp;&nbsp; 203637 |
| 122,167(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3181, Class HF, 4.598% (SOFR30A + 61 bps), 7/15/36 | &nbsp;&nbsp; 121592 |
| 9,574(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3191, Class FE, 4.498% (SOFR30A + 51 bps), 7/15/36 | &nbsp;&nbsp; 9506 |
| 90,511(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3221, Class FW, 4.518% (SOFR30A + 53 bps), 9/15/36 | &nbsp;&nbsp; 89847 |
| 25,241(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3222, Class FN, 4.498% (SOFR30A + 51 bps), 9/15/36 | &nbsp;&nbsp; 25044 |
| 94,703(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class EF, 4.448% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 93771 |
| 47,196(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3239, Class FB, 4.448% (SOFR30A + 46 bps), 11/15/36 | &nbsp;&nbsp; 46744 |
| 81,923(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3247, Class FA, 4.348% (SOFR30A + 36 bps), 8/15/36 | &nbsp;&nbsp; 80866 |
| 149,785(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3266, Class F, 4.398% (SOFR30A + 41 bps), 1/15/37 | &nbsp;&nbsp; 148005 |
| 61,903(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3307, Class FT, 4.338% (SOFR30A + 35 bps), 7/15/34 | &nbsp;&nbsp; 61201 |

---

39Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 4,065(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3315, Class F, 4.438% (SOFR30A + 45 bps), 5/15/37 | $4022 |
| 203,343(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3373, Class FB, 4.678% (SOFR30A + 69 bps), 10/15/37 | &nbsp;&nbsp; 202890 |
| 19,622(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3376, Class FM, 4.718% (SOFR30A + 73 bps), 10/15/37 | &nbsp;&nbsp; 19606 |
| 80,715(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3560, Class FA, 5.348% (SOFR30A + 136 bps), 5/15/37 | &nbsp;&nbsp; 82378 |
| 121,724(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3610, Class FA, 4.798% (SOFR30A + 81 bps), 12/15/39 | &nbsp;&nbsp; 121943 |
| 21,777(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3708, Class PF, 4.448% (SOFR30A + 46 bps), 7/15/40 | &nbsp;&nbsp; 21716 |
| 9,423(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3867, Class FD, 4.448% (SOFR30A + 46 bps), 5/15/41 | &nbsp;&nbsp; 9356 |
| 6(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 3914, Class LF, 4.298% (SOFR30A + 31 bps), 8/15/26 | &nbsp;&nbsp;&nbsp; 6 |
| 13,086(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4056, Class QF, 4.448% (SOFR30A + 46 bps), 12/15/41 | &nbsp;&nbsp; 13007 |
| 12,868,196(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5563, Class FB, 4.824% (SOFR30A + 95 bps), 6/25/55 | &nbsp;&nbsp; 12931208 |
| 31,475,444(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5574, Class F, 4.774% (SOFR30A + 90 bps), 9/25/55 | &nbsp;&nbsp; 31593502 |
| 7,517,394(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5576, Class FD, 4.724% (SOFR30A + 85 bps), 9/25/55 | &nbsp;&nbsp; 7534661 |
| 24,220,091(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5592, Class PF, 4.774% (SOFR30A + 90 bps), 5/25/55 | &nbsp;&nbsp; 24317485 |
| 26,621,425(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5594, Class FA, 4.774% (SOFR30A + 90 bps), 11/25/53 | &nbsp;&nbsp; 26709146 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2540

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 2,399,231(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M, 4.75%, 5/25/57 | $2364834 |
| 2,060,133(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.75%, 10/25/58 | &nbsp;&nbsp; 2031854 |
| 1,935,960(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M2, 5.524% (SOFR30A + 165 bps), 1/25/34 (144A) | &nbsp;&nbsp; 1941400 |
| 2,599,952(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA6, Class M2, 5.374% (SOFR30A + 150 bps), 10/25/41 (144A) | &nbsp;&nbsp; 2607355 |
| 1,690,737(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M1, 4.724% (SOFR30A + 85 bps), 11/25/41 (144A) | &nbsp;&nbsp; 1689148 |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, Class M2, 6.374% (SOFR30A + 250 bps), 1/25/42 (144A) | &nbsp;&nbsp; 13186047 |
| 553,900(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA6, Class M1A, 6.024% (SOFR30A + 215 bps), 9/25/42 (144A) | &nbsp;&nbsp; 556770 |
| 824,348(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA1, Class M1A, 5.974% (SOFR30A + 210 bps), 3/25/42 (144A) | &nbsp;&nbsp; 826154 |
| 5,217,744(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-DNA1, Class M1A, 5.965% (SOFR30A + 210 bps), 3/25/43 (144A) | &nbsp;&nbsp; 5282118 |
| 1,190,166(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA1, Class M1A, 5.874% (SOFR30A + 200 bps), 5/25/43 (144A) | &nbsp;&nbsp; 1199598 |
| 1,273,730(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA2, Class M1A, 5.874% (SOFR30A + 200 bps), 6/25/43 (144A) | &nbsp;&nbsp; 1275717 |
| 12,667,483(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2023-HQA3, Class A1, 5.724% (SOFR30A + 185 bps), 11/25/43 (144A) | &nbsp;&nbsp; 12782251 |
| 1,386,320(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class A1, 5.224% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 1389786 |
| 1,794,113(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA1, Class M1, 5.224% (SOFR30A + 135 bps), 2/25/44 (144A) | &nbsp;&nbsp; 1794669 |

---

41Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 10,758,910(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class A1, 5.124% (SOFR30A + 125 bps), 5/25/44 (144A) | $10796495 |
| 9,476,817(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA2, Class M1, 5.074% (SOFR30A + 120 bps), 5/25/44 (144A) | &nbsp;&nbsp; 9488645 |
| 13,389,065(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class A1, 4.924% (SOFR30A + 105 bps), 10/25/44 (144A) | &nbsp;&nbsp; 13401769 |
| 38,445(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class M1, 4.874% (SOFR30A + 100 bps), 10/25/44 (144A) | &nbsp;&nbsp; 38433 |
| 27,084,186(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA1, Class A1, 5.124% (SOFR30A + 125 bps), 3/25/44 (144A) | &nbsp;&nbsp; 27164469 |
| 21,325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class A1, 5.124% (SOFR30A + 125 bps), 8/25/44 (144A) | &nbsp;&nbsp; 21438705 |
| 11,405,784(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-HQA2, Class M1, 5.074% (SOFR30A + 120 bps), 8/25/44 (144A) | &nbsp;&nbsp; 11414845 |
| 16,244,642(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class A1, 4.824% (SOFR30A + 95 bps), 1/25/45 (144A) | &nbsp;&nbsp; 16244665 |
| 9,771,058(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA1, Class M1, 4.924% (SOFR30A + 105 bps), 1/25/45 (144A) | &nbsp;&nbsp; 9771070 |
| 8,954,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA4, Class A1, 4.774% (SOFR30A + 90 bps), 10/25/45 (144A) | &nbsp;&nbsp; 8965221 |
| 19,192,794(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-DNA4, Class M1, 4.974% (SOFR30A + 110 bps), 10/25/45 (144A) | &nbsp;&nbsp; 19207861 |
| 9,323,625(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class A1, 4.824% (SOFR30A + 95 bps), 2/25/45 (144A) | &nbsp;&nbsp; 9317638 |
| 18,353,818(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2025-HQA1, Class M1, 5.024% (SOFR30A + 115 bps), 2/25/45 (144A) | &nbsp;&nbsp; 18370557 |
| 46,607(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 237, Class F14, 4.498% (SOFR30A + 51 bps), 5/15/36 | &nbsp;&nbsp; 46242 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2542

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 45,312(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F29, 4.348% (SOFR30A + 36 bps), 8/15/36 | $44857 |
| 195,884(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 239, Class F30, 4.398% (SOFR30A + 41 bps), 8/15/36 | &nbsp;&nbsp; 194239 |
| 54,203(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. STRIPS, Series 244, Class F22, 4.448% (SOFR30A + 46 bps), 12/15/36 | &nbsp;&nbsp; 53722 |
| 4,183,679(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HQA2, Class M2B, 6.639% (SOFR30A + 276 bps), 12/25/29 | &nbsp;&nbsp; 4269405 |
| 1,060,763(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-HRP1, Class M2, 6.439% (SOFR30A + 256 bps), 12/25/42 | &nbsp;&nbsp; 1069020 |
| 7,265,334(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C04, Class 2M2C, 6.839% (SOFR30A + 296 bps), 11/25/29 | &nbsp;&nbsp; 7441162 |
| 1,944,780(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C06, Class 2M2C, 6.789% (SOFR30A + 291 bps), 2/25/30 | &nbsp;&nbsp; 1973821 |
| 3,246,487(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Connecticut Avenue Securities, Series 2018-C04, Class 2M2, 6.539% (SOFR30A + 266 bps), 12/25/30 | &nbsp;&nbsp; 3333611 |
| 669(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 1997-46, Class FA, 4.551% (SOFR30A + 61 bps), 7/18/27 | &nbsp;&nbsp;&nbsp; 669 |
| 9,748(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2000-47, Class FD, 4.539% (SOFR30A + 66 bps), 12/25/30 | &nbsp;&nbsp; 9754 |
| 43,641(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-35, Class F, 4.589% (SOFR30A + 71 bps), 7/25/31 | &nbsp;&nbsp; 43711 |
| 10,195(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-37, Class F, 4.489% (SOFR30A + 61 bps), 8/25/31 | &nbsp;&nbsp; 10194 |
| 90,185(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-50, Class FQ, 4.589% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 90329 |
| 39,681(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-65, Class F, 4.589% (SOFR30A + 71 bps), 11/25/31 | &nbsp;&nbsp; 39745 |

---

43Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 27,333(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-69, Class FA, 4.589% (SOFR30A + 71 bps), 7/25/31 | $27377 |
| 43,661(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-72, Class FB, 4.889% (SOFR30A + 101 bps), 12/25/31 | &nbsp;&nbsp; 43980 |
| 12,949(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2001-81, Class FL, 4.701% (SOFR30A + 76 bps), 1/18/32 | &nbsp;&nbsp; 12972 |
| 33,056(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-1, Class FC, 4.689% (SOFR30A + 81 bps), 1/25/32 | &nbsp;&nbsp; 33178 |
| 60,459(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-13, Class FD, 4.889% (SOFR30A + 101 bps), 3/25/32 | &nbsp;&nbsp; 60739 |
| 28,184(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-34, Class FA, 4.551% (SOFR30A + 61 bps), 5/18/32 | &nbsp;&nbsp; 28181 |
| 49,507(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-56, Class FN, 4.989% (SOFR30A + 111 bps), 7/25/32 | &nbsp;&nbsp; 50025 |
| 19,102(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-58, Class FD, 4.589% (SOFR30A + 71 bps), 8/25/32 | &nbsp;&nbsp; 19130 |
| 36,658(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-77, Class F, 4.589% (SOFR30A + 71 bps), 12/25/32 | &nbsp;&nbsp; 36705 |
| 25,166(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-82, Class FB, 4.489% (SOFR30A + 61 bps), 12/25/32 | &nbsp;&nbsp; 25143 |
| 34,444(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-90, Class FH, 4.489% (SOFR30A + 61 bps), 9/25/32 | &nbsp;&nbsp; 34417 |
| 15,362(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-92, Class FB, 4.639% (SOFR30A + 76 bps), 4/25/30 | &nbsp;&nbsp; 15396 |
| 36,035(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2002-93, Class FH, 4.489% (SOFR30A + 61 bps), 1/25/33 | &nbsp;&nbsp; 35995 |
| 63,641(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-107, Class FD, 4.489% (SOFR30A + 61 bps), 11/25/33 | &nbsp;&nbsp; 63534 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2544

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 89,621(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-31, Class FM, 4.489% (SOFR30A + 61 bps), 4/25/33 | $89510 |
| 36,742(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-42, Class JF, 4.489% (SOFR30A + 61 bps), 5/25/33 | &nbsp;&nbsp; 36690 |
| 29,415(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-7, Class FA, 4.739% (SOFR30A + 86 bps), 2/25/33 | &nbsp;&nbsp; 29562 |
| 15,246(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2003-8, Class FJ, 4.339% (SOFR30A + 46 bps), 2/25/33 | &nbsp;&nbsp; 15227 |
| 69,140(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-52, Class FW, 4.389% (SOFR30A + 51 bps), 7/25/34 | &nbsp;&nbsp; 68836 |
| 16,520(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2004-54, Class FN, 4.439% (SOFR30A + 56 bps), 7/25/34 | &nbsp;&nbsp; 16471 |
| 61,795(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class KT, 4.289% (SOFR30A + 41 bps), 10/25/35 | &nbsp;&nbsp; 61264 |
| 49,413(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2005-83, Class LF, 4.299% (SOFR30A + 42 bps), 2/25/35 | &nbsp;&nbsp; 49281 |
| 41,567(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-104, Class GF, 4.309% (SOFR30A + 43 bps), 11/25/36 | &nbsp;&nbsp; 41187 |
| 10,092(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-11, Class FB, 4.289% (SOFR30A + 41 bps), 3/25/36 | &nbsp;&nbsp; 10020 |
| 20,455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-115, Class BF, 4.229% (SOFR30A + 35 bps), 12/25/36 | &nbsp;&nbsp; 20193 |
| 53,196(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-34, Class FA, 4.299% (SOFR30A + 42 bps), 5/25/36 | &nbsp;&nbsp; 52658 |
| 77,372(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-42, Class CF, 4.439% (SOFR30A + 56 bps), 6/25/36 | &nbsp;&nbsp; 76949 |
| 27,665(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-56, Class FC, 4.279% (SOFR30A + 40 bps), 7/25/36 | &nbsp;&nbsp; 27472 |

---

45Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 5,969(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-70, Class BF, 4.539% (SOFR30A + 66 bps), 8/25/36 | $5951 |
| 18,219(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2006-82, Class F, 4.559% (SOFR30A + 68 bps), 9/25/36 | &nbsp;&nbsp; 18175 |
| 16,421(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-100, Class YF, 4.539% (SOFR30A + 66 bps), 10/25/37 | &nbsp;&nbsp; 16364 |
| 24,948(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-103, Class AF, 4.989% (SOFR30A + 111 bps), 3/25/37 | &nbsp;&nbsp; 25284 |
| 22,963(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-110, Class FA, 4.609% (SOFR30A + 73 bps), 12/25/37 | &nbsp;&nbsp; 22947 |
| 35,886(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-13, Class FA, 4.239% (SOFR30A + 36 bps), 3/25/37 | &nbsp;&nbsp; 35376 |
| 147,441(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-2, Class FT, 4.239% (SOFR30A + 36 bps), 2/25/37 | &nbsp;&nbsp; 145393 |
| 22,785(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-41, Class FA, 4.389% (SOFR30A + 51 bps), 5/25/37 | &nbsp;&nbsp; 22641 |
| 95,574(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-50, Class FN, 4.229% (SOFR30A + 35 bps), 6/25/37 | &nbsp;&nbsp; 94423 |
| 7,663(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-57, Class FA, 4.219% (SOFR30A + 34 bps), 6/25/37 | &nbsp;&nbsp; 7588 |
| 30,311(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-58, Class FA, 4.239% (SOFR30A + 36 bps), 6/25/37 | &nbsp;&nbsp; 29890 |
| 10,069(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-66, Class FB, 4.389% (SOFR30A + 51 bps), 7/25/37 | &nbsp;&nbsp; 10041 |
| 59,176(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-7, Class FJ, 4.189% (SOFR30A + 31 bps), 2/25/37 | &nbsp;&nbsp; 58340 |
| 88,426(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-85, Class FG, 4.489% (SOFR30A + 61 bps), 9/25/37 | &nbsp;&nbsp; 87959 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2546

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 122,740(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-91, Class FB, 4.589% (SOFR30A + 71 bps), 10/25/37 | $122555 |
| 37,592(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-92, Class OF, 4.559% (SOFR30A + 68 bps), 9/25/37 | &nbsp;&nbsp; 37508 |
| 22,651(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-93, Class FD, 4.539% (SOFR30A + 66 bps), 9/25/37 | &nbsp;&nbsp; 22583 |
| 11,249(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2007-98, Class FD, 4.439% (SOFR30A + 56 bps), 6/25/37 | &nbsp;&nbsp; 11173 |
| 14,355(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-6, Class FA, 4.689% (SOFR30A + 81 bps), 2/25/38 | &nbsp;&nbsp; 14383 |
| 63,426(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2008-88, Class FA, 5.209% (SOFR30A + 133 bps), 10/25/38 | &nbsp;&nbsp; 64637 |
| 41,820(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2009-113, Class FB, 4.539% (SOFR30A + 66 bps), 1/25/40 | &nbsp;&nbsp; 41726 |
| 17,951(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class FD, 4.589% (SOFR30A + 71 bps), 5/25/40 | &nbsp;&nbsp; 17914 |
| 72,111(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2010-43, Class IF, 4.489% (SOFR30A + 61 bps), 5/25/40 | &nbsp;&nbsp; 71879 |
| 64,669(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2012-40, Class PF, 4.489% (SOFR30A + 61 bps), 4/25/42 | &nbsp;&nbsp; 64147 |
| 18,563,374(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2024-98, Class F, 4.774% (SOFR30A + 90 bps), 1/25/55 | &nbsp;&nbsp; 18646426 |
| 19,946,118(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-15, Class FE, 4.774% (SOFR30A + 90 bps), 4/25/55 | &nbsp;&nbsp; 20008803 |
| 26,536,942(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-43, Class FH, 4.724% (SOFR30A + 85 bps), 1/25/55 | &nbsp;&nbsp; 26597242 |
| 16,062,666(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-77, Class FC, 4.724% (SOFR30A + 85 bps), 5/25/55 | &nbsp;&nbsp; 16110907 |

---

47Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 7,891,009(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-78, Class PF, 4.774% (SOFR30A + 90 bps), 9/25/55 | $7921004 |
| 31,414,394(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2025-85, Class FH, 4.774% (SOFR30A + 90 bps), 10/25/55 | &nbsp;&nbsp; 31540548 |
| 667,560(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2003-W6, Class F, 4.536% (SOFR30A + 46 bps), 9/25/42 | &nbsp;&nbsp; 664727 |
| 196,888(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 2AF, 4.209% (SOFR30A + 33 bps), 3/25/45 | &nbsp;&nbsp; 195192 |
| 20,164(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W3, Class 3A, 4.991%, 4/25/45 | &nbsp;&nbsp; 20600 |
| 19,842(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Trust, Series 2005-W4, Class 3A, 5.529%, 6/25/45 | &nbsp;&nbsp; 20299 |
| 176,173(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, 4.249% (SOFR30A + 37 bps), 11/25/46 | &nbsp;&nbsp; 174727 |
| 1,482(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2003-7, Class FB, 4.049% (1 Month Term SOFR + 31 bps), 1/16/33 | &nbsp;&nbsp; 1480 |
| 137,906(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-16, Class FA, 4.098% (1 Month Term SOFR + 36 bps), 2/20/35 | &nbsp;&nbsp; 136344 |
| 140,449(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-3, Class FC, 4.099% (1 Month Term SOFR + 36 bps), 1/16/35 | &nbsp;&nbsp; 138938 |
| 53,801(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2008-69, Class FA, 4.348% (1 Month Term SOFR + 61 bps), 8/20/38 | &nbsp;&nbsp; 53800 |
| 53,173(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-66, Class UF, 4.849% (1 Month Term SOFR + 111 bps), 8/16/39 | &nbsp;&nbsp; 53654 |
| 37,434(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-92, Class FJ, 4.529% (1 Month Term SOFR + 79 bps), 10/16/39 | &nbsp;&nbsp; 37479 |
| 2524398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 8/18/43 (144A) | &nbsp;&nbsp; 2448666 |
| 1,225,254(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2014-IVR3, Class B4, 5.913%, 9/25/44 (144A) | &nbsp;&nbsp; 1219902 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2548

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 4,650,083(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 4.596% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | $4570019 |
| 762,074(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class A3, 4.596% (1 Month Term SOFR + 86 bps), 4/25/46 (144A) | &nbsp;&nbsp; 737178 |
| 5,591,343(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B1, 5.468%, 4/25/46 (144A) | &nbsp;&nbsp; 5490931 |
| 5,288,425(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2018-7FRB, Class B2, 5.468%, 4/25/46 (144A) | &nbsp;&nbsp; 5174380 |
| 455,539(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class AM, 4.346% (1 Month Term SOFR + 61 bps), 5/25/33 (144A) | &nbsp;&nbsp; 448843 |
| 680,468(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B1, 4.807%, 5/25/33 (144A) | &nbsp;&nbsp; 675839 |
| 634,304(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B2, 4.807%, 5/25/33 (144A) | &nbsp;&nbsp; 630055 |
| 488,993(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Seasoned Mortgage Trust, Series 2014-1, Class B3, 4.807%, 5/25/33 (144A) | &nbsp;&nbsp; 484823 |
| 70,996(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Trust, Series 2015-1, Class 1A14, 5.59%, 12/25/44 (144A) | &nbsp;&nbsp; 70118 |
| 2,579,893(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - CHASE, Series 2019-CL1, Class M1, 5.196% (1 Month Term SOFR + 146 bps), 4/25/47 (144A) | &nbsp;&nbsp; 2587874 |
| 5,701,580(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, Class M1, 5.174% (SOFR30A + 130 bps), 3/25/51 (144A) | &nbsp;&nbsp; 5690399 |
| 4,490,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1, 7.128%, 3/25/29 (144A) | &nbsp;&nbsp; 4520208 |
| 2,161(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-G, Class A3, 6.00%, 1/25/29 | &nbsp;&nbsp; 2142 |
| 161,884(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Series 2003-H, Class A1, 4.486% (1 Month Term SOFR + 75 bps), 1/25/29 | &nbsp;&nbsp; 143112 |
| 66,875(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-B, Class A2, 4.743% (6 Month Term SOFR + 97 bps), 5/25/29 | &nbsp;&nbsp; 66032 |
| 4,368(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-C, Class A2B, 5.033% (6 Month Term SOFR + 143 bps), 7/25/29 | &nbsp;&nbsp; 4360 |
| 12,685(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2004-D, Class A3, 6.108%, 9/25/29 | &nbsp;&nbsp; 12382 |

---

49Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage<br> Obligations—(continued)** |  |
| 1,390,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2024-RTL1, Class A1, 7.093%, 2/25/29 (144A) | $1395288 |
| 2,564,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2014-1A, Class B4, 5.884%, 6/25/44 (144A) | &nbsp;&nbsp; 2520231 |
| 4,448,285(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 5.346% (1 Month Term SOFR + 161 bps), 6/25/57 (144A) | &nbsp;&nbsp; 4501828 |
| 1,681,711(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktown Re VII, Ltd., Series 2021-2, Class M1B, 6.774% (SOFR30A + 290 bps), 4/25/34 (144A) | &nbsp;&nbsp; 1696249 |
| 1328079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class A, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 1308265 |
| 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M1, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 2237679 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust, Series 2024-HB1, Class M2, 3.00%, 2/25/37 (144A) | &nbsp;&nbsp; 991105 |
| 3,362,282(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onity Loan Investment Trust, Series 2024-HB2, Class A, 5.00%, 8/25/37 (144A) | &nbsp;&nbsp; 3360668 |
| 1,161,184(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-1, Class M2, 7.024% (SOFR30A + 315 bps), 12/27/33 (144A) | &nbsp;&nbsp; 1169367 |
| 3,465,518(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2021-2, Class M1B, 7.574% (SOFR30A + 370 bps), 11/25/31 (144A) | &nbsp;&nbsp; 3501862 |
| 2,503,351(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2023-1, Class M1A, 6.565% (SOFR30A + 270 bps), 7/25/33 (144A) | &nbsp;&nbsp; 2512012 |
| 676,472(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESI Finance LP, Series 2003-CB1, Class B3, 5.337% (1 Month Term SOFR + 156 bps), 6/10/35 (144A) | &nbsp;&nbsp; 571513 |
| 4,105,909(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP1, Class B1, 7.739% (SOFR30A + 386 bps), 4/25/43 (144A) | &nbsp;&nbsp; 4244420 |
| 635,247(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2019-HY1, Class A1, 4.846% (1 Month Term SOFR + 111 bps), 10/25/48 (144A) | &nbsp;&nbsp; 635864 |
| 546893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2020-4, Class XA, 3.25%, 10/25/60 (144A) | &nbsp;&nbsp; 541681 |
| 1,099,229(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-3, Class M1B, 6.774% (SOFR30A + 290 bps), 2/25/34 (144A) | &nbsp;&nbsp; 1100633 |
| 5,899,973(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1A, 7.274% (SOFR30A + 340 bps), 11/25/33 (144A) | &nbsp;&nbsp; 5945176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $768,426,706)** | &nbsp;&nbsp; **$** **770170416** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2550

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—10.5% of Net Assets** |  |
| 12,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrec LLC, Series 2025-FL3, Class A, 5.044% (1 Month Term SOFR + 131 bps), 8/18/42 (144A) | $12459938 |
| 2,018,815(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class A, 4.999% (1 Month Term SOFR + 126 bps), 10/16/36 (144A) | &nbsp;&nbsp; 2018819 |
| 13,325,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACREC, Ltd., Series 2021-FL1, Class AS, 5.349% (1 Month Term SOFR + 161 bps), 10/16/36 (144A) | &nbsp;&nbsp; 13330413 |
| 11,750,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACRES LLC, Series 2025-FL3, Class A, 5.353% (1 Month Term SOFR + 162 bps), 8/18/40 (144A) | &nbsp;&nbsp; 11778353 |
| 8,070,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class A, 5.659% (1 Month Term SOFR + 193 bps), 1/20/41 (144A) | &nbsp;&nbsp; 8095340 |
| 15,475,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Collateralized Loan Obligation, Ltd., Series 2025-BTR1, Class AS, 6.371% (1 Month Term SOFR + 264 bps), 1/20/41 (144A) | &nbsp;&nbsp; 15584283 |
| 8,990,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, 5.088% (1 Month Term SOFR + 135 bps), 1/20/43 (144A) | &nbsp;&nbsp; 8986323 |
| 6,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class B, 6.026% (1 Month Term SOFR + 229 bps), 1/20/43 (144A) | &nbsp;&nbsp; 6976049 |
| 26,952,060(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class A, 5.215% (1 Month Term SOFR + 146 bps), 11/15/36 (144A) | &nbsp;&nbsp; 26952302 |
| 7,829,649(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL1, Class A, 5.434% (SOFR30A + 145 bps), 1/15/37 (144A) | &nbsp;&nbsp; 7829900 |
| 13,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT CRE Trust, Series 2025-CRE11, Class A, 5.55% (1 Month Term SOFR + 155 bps), 7/25/43 (144A) | &nbsp;&nbsp; 13150495 |
| 6,806,925(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2024-CRE9, Class A, 5.437% (1 Month Term SOFR + 169 bps), 5/17/41 (144A) | &nbsp;&nbsp; 6807905 |
| 35,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT, Ltd., Series 2025-CRE10, Class A, 5.347% (1 Month Term SOFR + 139 bps), 12/17/29 (144A) | &nbsp;&nbsp; 35410731 |
| 987,561(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2022-FL11, Class ATS, 5.531% (1 Month Term SOFR + 180 bps), 3/19/39 (144A) | &nbsp;&nbsp; 987999 |
| 4,530,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2024-FL13, Class A, 5.307% (1 Month Term SOFR + 158 bps), 9/19/39 (144A) | &nbsp;&nbsp; 4539454 |
| 10,910,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDS LLC, Series 2025-FL14, Class A, 5.013% (1 Month Term SOFR + 128 bps), 10/17/42 (144A) | &nbsp;&nbsp; 10906116 |
| 5,166,971(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRSP, Ltd., Series 2021-FL1, Class A, 4.996% (1 Month Term SOFR + 126 bps), 8/19/38 (144A) | &nbsp;&nbsp; 5154622 |
| 9,920,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2024-FL11, Class A, 5.388% (1 Month Term SOFR + 164 bps), 7/15/39 (144A) | &nbsp;&nbsp; 9944800 |

---

51Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 9,660,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer LLC, Series 2025-FL12, Class A, 5.122% (1 Month Term SOFR + 139 bps), 1/17/43 (144A) | $9666001 |
| 402,848(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class A, 5.484% (SOFR30A + 150 bps), 2/15/37 (144A) | &nbsp;&nbsp; 402877 |
| 1,457,836(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-21M, Class A, 4.594% (1 Month Term SOFR + 84 bps), 10/15/36 (144A) | &nbsp;&nbsp; 1456960 |
| 10,555,741(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.135% (1 Month Term SOFR + 139 bps), 12/15/38 (144A) | &nbsp;&nbsp; 10545267 |
| 3,752,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-XL2, Class D, 5.261% (1 Month Term SOFR + 151 bps), 10/15/38 (144A) | &nbsp;&nbsp; 3747350 |
| 12,732,255(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 5.441% (1 Month Term SOFR + 169 bps), 8/15/41 (144A) | &nbsp;&nbsp; 12755998 |
| 12,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, 5.074% (1 Month Term SOFR + 132 bps), 1/15/42 (144A) | &nbsp;&nbsp; 12947859 |
| 5,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-SLCT, Class E, 7.141% (1 Month Term SOFR + 339 bps), 1/15/42 (144A) | &nbsp;&nbsp; 5060094 |
| 8,433,270(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class A, 4.612% (1 Month Term SOFR + 86 bps), 11/15/36 (144A) | &nbsp;&nbsp; 8425480 |
| 5,071,397(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXMT, Ltd., Series 2020-FL2, Class A, 5.00% (1 Month Term SOFR + 126 bps), 2/15/38 (144A) | &nbsp;&nbsp; 5058800 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, Series 2017-CQHP, Class B, 4.898% (1 Month Term SOFR + 115 bps), 11/15/34 (144A) | &nbsp;&nbsp; 7395742 |
| 2,171,167(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class B, 5.015% (1 Month Term SOFR + 126 bps), 6/15/31 (144A) | &nbsp;&nbsp; 2122442 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNY Trust, Series 2019-IKPR, Class B, 5.627% (1 Month Term SOFR + 184 bps), 11/15/38 (144A) | &nbsp;&nbsp; 7294076 |
| 14,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2024-WCL1, Class A, 5.591% (1 Month Term SOFR + 184 bps), 6/15/41 (144A) | &nbsp;&nbsp; 14017305 |
| 11,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class A, 5.396% (1 Month Term SOFR + 166 bps), 6/18/42 (144A) | &nbsp;&nbsp; 11829496 |
| 15,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwight Issuer LLC, Series 2025-FL1, Class B, 6.523% (1 Month Term SOFR + 279 bps), 6/18/42 (144A) | &nbsp;&nbsp; 15549988 |
| 9,140,619(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUS Mortgage Trust, Series 2021-EQAZ, Class A, 4.77% (1 Month Term SOFR + 102 bps), 10/15/38 (144A) | &nbsp;&nbsp; 9137790 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2552

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 9,539,990(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto, Series 2021-FL3, Class A, 5.099% (1 Month Term SOFR + 136 bps), 11/16/36 (144A) | $9528319 |
| 23,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2024-FL9, Class A, 5.362% (1 Month Term SOFR + 163 bps), 10/19/39 (144A) | &nbsp;&nbsp; 23117813 |
| 13,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.116% (1 Month Term SOFR + 139 bps), 8/19/42 (144A) | &nbsp;&nbsp; 13241720 |
| 17,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.231% (1 Month Term SOFR + 148 bps), 1/15/43 (144A) | &nbsp;&nbsp; 17747173 |
| 4,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes LLC, Series 2025-FL4, Class AS, 5.889% (1 Month Term SOFR + 214 bps), 1/15/43 (144A) | &nbsp;&nbsp; 4040216 |
| 414,592(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes, Ltd., Series 2021-FL3, Class A, 4.885% (1 Month Term SOFR + 113 bps), 7/15/39 (144A) | &nbsp;&nbsp; 414439 |
| 7,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greystone CRE Notes, Ltd., Series 2021-FL3, Class D, 6.065% (1 Month Term SOFR + 231 bps), 7/15/39 (144A) | &nbsp;&nbsp; 7595995 |
| 8,720,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2018-TWR, Class A, 4.948% (1 Month Term SOFR + 120 bps), 7/15/31 (144A) | &nbsp;&nbsp; 6670887 |
| 9,247,416(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 5.12% (1 Month Term SOFR + 136 bps), 12/15/36 (144A) | &nbsp;&nbsp; 9246889 |
| 4,147,100(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class E, 6.52% (1 Month Term SOFR + 276 bps), 12/15/36 (144A) | &nbsp;&nbsp; 3963977 |
| 10,039,736(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIH Trust, Series 2024-61P, Class A, 5.592% (1 Month Term SOFR + 184 bps), 10/15/41 (144A) | &nbsp;&nbsp; 10064709 |
| 3,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 5.291% (1 Month Term SOFR + 154 bps), 5/15/37 (144A) | &nbsp;&nbsp; 3984944 |
| 5,470,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 5.691% (1 Month Term SOFR + 194 bps), 5/15/37 (144A) | &nbsp;&nbsp; 5480142 |
| 1,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class C, 7.088%, 5/10/39 (144A) | &nbsp;&nbsp; 1015624 |
| 4,515,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.198%, 5/10/39 (144A) | &nbsp;&nbsp; 4616597 |

---

53Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 7,255,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A, 5.592% (1 Month Term SOFR + 184 bps), 9/15/41 (144A) | $7268531 |
| 4,226,153(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class E, 5.958% (1 Month Term SOFR + 221 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3243573 |
| 2,200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class B, 5.797%, 10/5/39 (144A) | &nbsp;&nbsp; 2226243 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class CFL, 5.707% (1 Month Term SOFR + 189 bps), 7/5/33 (144A) | &nbsp;&nbsp; 2840040 |
| 3,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C, 5.965% (1 Month Term SOFR + 221 bps), 9/15/29 (144A) | &nbsp;&nbsp; 3081374 |
| 9,917,199(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KIND Trust, Series 2021-KIND, Class A, 4.82% (1 Month Term SOFR + 106 bps), 8/15/38 (144A) | &nbsp;&nbsp; 9876305 |
| 14,269,059(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF, Ltd., Series 2022-FL3, Class A, 5.181% (1 Month Term SOFR + 145 bps), 2/17/39 (144A) | &nbsp;&nbsp; 14269544 |
| 20,160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMNT CRE LLC, Series 2025-FL3, Class A, 5.55% (1 Month Term SOFR + 155 bps), 7/21/43 (144A) | &nbsp;&nbsp; 20185184 |
| 20,110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMNT CRE LLC, Series 2025-FL3, Class AS, 5.90% (1 Month Term SOFR + 190 bps), 7/21/43 (144A) | &nbsp;&nbsp; 20147680 |
| 6,740,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.121% (1 Month Term SOFR + 139 bps), 8/17/42 (144A) | &nbsp;&nbsp; 6740896 |
| 11,250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer LLC, Series 2025-CRE9, Class A, 5.184% (1 Month Term SOFR + 145 bps), 8/18/42 (144A) | &nbsp;&nbsp; 11253499 |
| 854,325(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class A, 5.165% (1 Month Term SOFR + 141 bps), 11/15/38 (144A) | &nbsp;&nbsp; 854425 |
| 5,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2021-CRE6, Class AS, 5.515% (1 Month Term SOFR + 176 bps), 11/15/38 (144A) | &nbsp;&nbsp; 4992205 |
| 5,030,154(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LoanCore Issuer, Ltd., Series 2022-CRE7, Class A, 5.493% (SOFR30A + 155 bps), 1/17/37 (144A) | &nbsp;&nbsp; 5023906 |
| 3,681,806(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HF1, Class A, 5.543% (1 Month Term SOFR + 179 bps), 12/15/41 (144A) | &nbsp;&nbsp; 3688675 |
| 5,581,835(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-HTL, Class B, 6.159% (1 Month Term SOFR + 241 bps), 2/15/37 (144A) | &nbsp;&nbsp; 5583560 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2554

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class A, 5.924%, 6/12/39 (144A) | $4387709 |
| 13,801,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2024-FL14, Class A, 5.468% (1 Month Term SOFR + 174 bps), 3/19/39 (144A) | &nbsp;&nbsp; 13831555 |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2025-FL19, Class A, 5.223% (1 Month Term SOFR + 149 bps), 5/18/42 (144A) | &nbsp;&nbsp; 19342161 |
| 6,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1 LLC, Series 2025-FL20, Class A, 5.184% (1 Month Term SOFR + 145 bps), 2/18/43 (144A) | &nbsp;&nbsp; 6910750 |
| 5,116,205(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class A, 4.929% (1 Month Term SOFR + 119 bps), 10/16/36 (144A) | &nbsp;&nbsp; 5114619 |
| 6,378,500(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class AS, 5.299% (1 Month Term SOFR + 156 bps), 10/16/36 (144A) | &nbsp;&nbsp; 6370374 |
| 18,967,098(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2022-FL8, Class A, 5.081% (1 Month Term SOFR + 135 bps), 2/19/37 (144A) | &nbsp;&nbsp; 18967003 |
| 13,870,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL15, Class A, 5.422% (1 Month Term SOFR + 169 bps), 8/18/41 (144A) | &nbsp;&nbsp; 13903704 |
| 18,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2024-FL16, Class A, 5.275% (1 Month Term SOFR + 154 bps), 11/18/39 (144A) | &nbsp;&nbsp; 18882742 |
| 11,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHP Commercial Mortgage Trust, Series 2025-MHIL2, Class A, 5.25% (1 Month Term SOFR + 150 bps), 9/15/40 (144A) | &nbsp;&nbsp; 11479941 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2017-ASHF, Class B, 5.298% (1 Month Term SOFR + 155 bps), 11/15/34 (144A) | &nbsp;&nbsp; 8351420 |
| 7,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-BOP, Class B, 5.048% (1 Month Term SOFR + 130 bps), 8/15/33 (144A) | &nbsp;&nbsp; 5246850 |
| 3,490,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class B, 5.63% (1 Month Term SOFR + 188 bps), 7/15/36 (144A) | &nbsp;&nbsp; 3224099 |
| 1,503,543(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFP, Ltd., Series 2024-11, Class A, 5.61% (1 Month Term SOFR + 183 bps), 9/17/39 (144A) | &nbsp;&nbsp; 1506979 |
| 4,350,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Trust, Series 2025-PRM6, Class E, 6.583%, 7/5/33 (144A) | &nbsp;&nbsp; 4356847 |
| 1,386,625(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 5.046% (1 Month Term SOFR + 131 bps), 11/25/36 (144A) | &nbsp;&nbsp; 1386290 |
| 4,825,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 6.796% (1 Month Term SOFR + 306 bps), 11/25/36 (144A) | &nbsp;&nbsp; 4821574 |
| 18,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHR Trust, Series 2024-LXRY, Class A, 5.70% (1 Month Term SOFR + 195 bps), 10/15/41 (144A) | &nbsp;&nbsp; 18879225 |

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55Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed<br> Securities—(continued)** |  |
| 8,188,906(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, Series 2025-LINE, Class A, 6.339% (1 Month Term SOFR + 259 bps), 4/15/42 (144A) | $8229473 |
| 15,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SREIT Trust, Series 2021-MFP2, Class A, 4.686% (1 Month Term SOFR + 94 bps), 11/15/36 (144A) | &nbsp;&nbsp; 15895178 |
| 3,770,806(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2021-FL2, Class A, 5.049% (1 Month Term SOFR + 131 bps), 4/18/38 (144A) | &nbsp;&nbsp; 3771007 |
| 1,834,645(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2022-FL3, Class A, 5.334% (SOFR30A + 135 bps), 11/15/38 (144A) | &nbsp;&nbsp; 1834636 |
| 5,757,060(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class A, 6.994%, 12/10/34 (144A) | &nbsp;&nbsp; 5828930 |
| 4,150,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class B, 7.669%, 12/10/34 (144A) | &nbsp;&nbsp; 4196961 |
| 15,067,019(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class A, 5.386% (1 Month Term SOFR + 165 bps), 2/15/39 (144A) | &nbsp;&nbsp; 15066944 |
| 13,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2022-FL5, Class AS, 5.886% (1 Month Term SOFR + 215 bps), 2/15/39 (144A) | &nbsp;&nbsp; 13514807 |
| 18,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd., Series 2025-FL6, Class A, 5.271% (1 Month Term SOFR + 154 bps), 9/18/42 (144A) | &nbsp;&nbsp; 18690804 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TX Trust, Series 2024-HOU, Class A, 5.341% (1 Month Term SOFR + 159 bps), 6/15/39 (144A) | &nbsp;&nbsp; 6003745 |
| 1,498,288(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2023-1, Class A, 6.47%, 1/25/53 (144A) | &nbsp;&nbsp; 1491854 |
| 3,189,763(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-1, Class A, 6.55%, 1/25/54 (144A) | &nbsp;&nbsp; 3222138 |
| 2,854,341(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-2, Class A, 6.58%, 4/25/54 (144A) | &nbsp;&nbsp; 2892366 |
| 8,715,249(a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2019-1, Class A, 7.737% (1 Month Term SOFR + 386 bps), 11/6/23 (144A) | &nbsp;&nbsp; 610067 |
| 825,633(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XCALI Mortgage Trust, Series 2020-5, Class A, 7.243% (1 Month Term SOFR + 337 bps), 10/15/23 (144A) | &nbsp;&nbsp; 823377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $863,903,591)** | &nbsp;&nbsp; **$** **849368580** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 32.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |
| 8,431,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co., 4.542% (3 Month Term SOFR + 64 bps), 5/5/26 | $8442387 |
| 18126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.40%, 1/15/27 | &nbsp;&nbsp; 18388065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **26830452** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2556

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture — 0.6%** |  |
| 1436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40%, 2/14/26 | $1435947 |
| 14036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., 3.215%, 9/6/26 | &nbsp;&nbsp; 13964759 |
| 15,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc., 4.431% (SOFR + 61 bps), 2/11/28 (144A) | &nbsp;&nbsp; 15110863 |
| 18,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 4.539% (SOFR + 66 bps), 10/27/28 | &nbsp;&nbsp; 18368593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agriculture** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **48880162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 1833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, 4.875%, 1/15/26 | $1833026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1833026** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 2.6%** |  |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.37% (SOFR + 55 bps), 5/11/26 | $16015776 |
| 15,670,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.495% (SOFR + 77 bps), 3/12/27 | &nbsp;&nbsp; 15710563 |
| 12,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.672% (SOFR + 90 bps), 9/1/28 | &nbsp;&nbsp; 12487600 |
| 7,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 4.505% (SOFR + 78 bps), 3/19/27 (144A) | &nbsp;&nbsp; 7930954 |
| 11,890,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW US Capital LLC, 4.734% (SOFR + 92 bps), 8/13/27 (144A) | &nbsp;&nbsp; 11955512 |
| 6,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 4.685% (SOFR + 96 bps), 9/25/27 (144A) | &nbsp;&nbsp; 6418488 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 4.81% (SOFR + 84 bps), 1/13/28 (144A) | &nbsp;&nbsp; 9983692 |
| 14,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.009% (SOFR + 105 bps), 7/15/27 | &nbsp;&nbsp; 14076741 |
| 10,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.175% (SOFR + 135 bps), 5/8/27 | &nbsp;&nbsp; 10256772 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc., 5.181% (SOFR + 117 bps), 4/4/28 | &nbsp;&nbsp; 15456741 |
| 12,570,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.757% (SOFR + 103 bps), 9/24/27 (144A) | &nbsp;&nbsp; 12616680 |
| 5,650,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.767% (SOFR + 104 bps), 6/24/27 (144A) | &nbsp;&nbsp; 5672894 |
| 21,960,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.846% (SOFR + 112 bps), 6/23/27 (144A) | &nbsp;&nbsp; 22086605 |
| 8,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.487% (SOFR + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp; 8153483 |
| 10,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.257% (SOFR + 45 bps), 5/15/26 | &nbsp;&nbsp; 10861421 |

---

57Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.375% (SOFR + 65 bps), 3/19/27 | $10546545 |
| 13,710,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp., 4.425% (SOFR + 45 bps), 4/10/26 | &nbsp;&nbsp; 13720221 |
| 4,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.869% (SOFR + 106 bps), 8/14/26 (144A) | &nbsp;&nbsp; 4564663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp; **$** **208515351** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 16.2%** |  |
| 23,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 5.505% (SOFR + 178 bps), 9/18/27 (144A) | $23500842 |
| 8,607,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group, Ltd., 4.345% (SOFR + 62 bps), 6/18/28 (144A) | &nbsp;&nbsp; 8639652 |
| 16,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.097% (SOFR + 112 bps), 7/15/28 | &nbsp;&nbsp; 16501664 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 5.11% (SOFR + 138 bps), 3/14/28 | &nbsp;&nbsp; 12087057 |
| 10417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.45%, 3/3/26 | &nbsp;&nbsp; 10424507 |
| 14,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.717% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 14098489 |
| 8,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.898% (SOFR + 105 bps), 2/4/28 | &nbsp;&nbsp; 8347867 |
| 14,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5.075% (SOFR + 135 bps), 9/15/27 | &nbsp;&nbsp; 15068741 |
| 15,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA, 4.823% (SOFR + 102 bps), 8/18/26 | &nbsp;&nbsp; 15516794 |
| 8,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.343% (SOFR + 62 bps), 9/15/26 | &nbsp;&nbsp; 8118796 |
| 14,790,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.475% (SOFR + 75 bps), 9/22/28 | &nbsp;&nbsp; 14812616 |
| 16,723,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.756% (SOFR + 86 bps), 1/27/29 | &nbsp;&nbsp; 16757440 |
| 7,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 5.073% (SOFR + 133 bps), 6/5/26 | &nbsp;&nbsp; 7534498 |
| 7,080,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 4.418% (SOFR + 68 bps), 6/9/28 | &nbsp;&nbsp; 7086387 |
| 17,665,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 4.76% (SOFR + 83 bps), 7/21/28 | &nbsp;&nbsp; 17757792 |
| 28,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.483% (SOFR + 76 bps), 9/15/28 | &nbsp;&nbsp; 28544286 |
| 11,130,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.526% (SOFR + 78 bps), 6/4/27 | &nbsp;&nbsp; 11167630 |
| 14,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.699% (SOFR + 89 bps), 2/14/29 | &nbsp;&nbsp; 14482962 |
| 5,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 4.877% (SOFR + 107 bps), 2/16/28 (144A) | &nbsp;&nbsp; 5738486 |
| 3,220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.038% (SOFR + 113 bps), 1/23/27 (144A) | &nbsp;&nbsp; 3237727 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2558

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel S.A., 5.37% (SOFR + 140 bps), 7/13/26 (144A) | $7040868 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 4.375%, 1/12/26 | &nbsp;&nbsp; 17001166 |
| 7,030,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 4.90% (SOFR + 108 bps), 11/11/29 | &nbsp;&nbsp; 7066064 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.215% (SOFR + 149 bps), 3/12/28 | &nbsp;&nbsp; 12628764 |
| 12,316,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.603% (SOFR + 188 bps), 9/13/27 | &nbsp;&nbsp; 12424627 |
| 16,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE S.A., 5.917% (SOFR + 198 bps), 10/19/27 (144A) | &nbsp;&nbsp; 16219103 |
| 6,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 4.658% (SOFR + 93 bps), 9/11/27 | &nbsp;&nbsp; 6921652 |
| 17,160,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 4.668% (SOFR + 94 bps), 6/28/27 | &nbsp;&nbsp; 17280841 |
| 17,830,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, 4.69% (SOFR + 72 bps), 1/13/28 | &nbsp;&nbsp; 17853264 |
| 9,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 4.457% (SOFR + 59 bps), 4/30/26 | &nbsp;&nbsp; 9097281 |
| 12,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank NA, 4.806% (SOFR + 106 bps), 12/4/26 | &nbsp;&nbsp; 12543931 |
| 3,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.508% (SOFR + 77 bps), 6/9/27 | &nbsp;&nbsp; 3764007 |
| 21,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.61% (SOFR + 87 bps), 3/4/29 | &nbsp;&nbsp; 21321918 |
| 15,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.963% (SOFR + 114 bps), 5/7/28 | &nbsp;&nbsp; 15366869 |
| 4,005,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 5.067% (SOFR + 128 bps), 2/24/28 | &nbsp;&nbsp; 4035678 |
| 17,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.53% (SOFR + 60 bps), 1/21/28 | &nbsp;&nbsp; 17665246 |
| 16,170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.531% (SOFR + 59 bps), 10/17/28 | &nbsp;&nbsp; 16223625 |
| 8,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, 4.911% (SOFR + 90 bps), 10/5/26 | &nbsp;&nbsp; 8039418 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole S.A., 4.938% (SOFR + 121 bps), 9/11/28 (144A) | &nbsp;&nbsp; 12063485 |
| 23,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.526% (SOFR + 63 bps), 1/27/27 (144A) | &nbsp;&nbsp; 23359213 |
| 12036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec, 4.55%, 8/23/27 (144A) | &nbsp;&nbsp; 12162431 |
| 9,020,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA, 4.495% (SOFR + 77 bps), 3/18/27 | &nbsp;&nbsp; 9029324 |
| 7,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA/New York NY, 4.539% (SOFR + 75 bps), 5/21/27 | &nbsp;&nbsp; 7490516 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.548% (SOFR + 81 bps), 3/9/27 | &nbsp;&nbsp; 18019149 |
| 4,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.55% (SOFR + 82 bps), 9/10/27 | &nbsp;&nbsp; 4107585 |
| 3,174,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.85% (SOFR + 92 bps), 10/21/27 | &nbsp;&nbsp; 3184192 |

---

59Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 3,369,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.907% (SOFR + 112 bps), 2/24/28 | $3389826 |
| 10,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.871% (3 Month Term SOFR + 201 bps), 10/28/27 | &nbsp;&nbsp; 10630710 |
| 8,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.391% (SOFR + 157 bps), 8/14/27 | &nbsp;&nbsp; 8754114 |
| 8,309,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 4.738% (SOFR + 101 bps), 4/1/27 | &nbsp;&nbsp; 8320861 |
| 20,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 5.288% (SOFR + 156 bps), 9/11/27 | &nbsp;&nbsp; 20238852 |
| 14,055,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.49% (SOFR + 77 bps), 9/22/27 | &nbsp;&nbsp; 14088650 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.702% (SOFR + 80 bps), 1/24/29 | &nbsp;&nbsp; 17615179 |
| 7,780,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.832% (SOFR + 92 bps), 4/22/28 | &nbsp;&nbsp; 7815687 |
| 7,015,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.979% (SOFR + 93 bps), 7/22/28 | &nbsp;&nbsp; 7119498 |
| 4,980,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.108% (SOFR + 120 bps), 1/23/28 | &nbsp;&nbsp; 5015949 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A., 4.74% (SOFR + 100 bps), 12/8/26 | &nbsp;&nbsp; 10080035 |
| 10,245,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 4.849% (SOFR + 106 bps), 11/26/28 | &nbsp;&nbsp; 10294676 |
| 10,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.408% (SOFR + 156 bps), 8/7/27 | &nbsp;&nbsp; 10063131 |
| 13,841,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 5.611% (SOFR + 158 bps), 1/5/28 | &nbsp;&nbsp; 13982037 |
| 11,450,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank, Ltd., 4.465% (SOFR + 74 bps), 6/12/28 (144A) | &nbsp;&nbsp; 11509689 |
| 13,480,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 4.968% (SOFR + 102 bps), 4/13/28 | &nbsp;&nbsp; 13534446 |
| 19,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.637% (SOFR + 87 bps), 5/26/28 | &nbsp;&nbsp; 19055656 |
| 6,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.872% (SOFR + 90 bps), 1/12/29 | &nbsp;&nbsp; 6314928 |
| 6,320,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 4.968% (SOFR + 93 bps), 7/14/28 | &nbsp;&nbsp; 6408126 |
| 10,240,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.026% (SOFR + 108 bps), 1/14/28 | &nbsp;&nbsp; 10308775 |
| 12,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.034% (SOFR + 117 bps), 10/30/26 | &nbsp;&nbsp; 12602496 |
| 19,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA, 4.754% (SOFR + 77 bps), 7/6/28 | &nbsp;&nbsp; 19268075 |
| 17,061,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank, Ltd., 4.373% (SOFR + 65 bps), 6/13/28 (144A) | &nbsp;&nbsp; 17143265 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2560

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 7,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank, Ltd., 4.496% (SOFR + 60 bps), 10/26/27 (144A) | $7460324 |
| 8,190,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada, 4.757% (SOFR + 103 bps), 7/2/27 | &nbsp;&nbsp; 8209550 |
| 15,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Securities Clearing Corp., 4.362% (SOFR + 57 bps), 5/20/27 (144A) | &nbsp;&nbsp; 15352020 |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc, 5.034% (SOFR + 125 bps), 3/1/28 | &nbsp;&nbsp; 6039201 |
| 15,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 4.675% (SOFR + 95 bps), 3/21/28 (144A) | &nbsp;&nbsp; 15489309 |
| 13,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets Plc, 4.707% (SOFR + 90 bps), 5/17/27 (144A) | &nbsp;&nbsp; 13662336 |
| 16,520,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.459% (SOFR + 50 bps), 1/15/27 | &nbsp;&nbsp; 16538023 |
| 16,360,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.543% (SOFR + 63 bps), 5/13/27 | &nbsp;&nbsp; 16383804 |
| 6,550,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA, 4.66% (SOFR + 73 bps), 7/21/28 | &nbsp;&nbsp; 6559039 |
| 14,600,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 5.102% (SOFR + 80 bps), 7/23/27 | &nbsp;&nbsp; 14681237 |
| 4,800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.445% (SOFR + 59 bps), 11/2/26 | &nbsp;&nbsp; 4811611 |
| 4,620,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.466% (SOFR + 57 bps), 4/27/26 | &nbsp;&nbsp; 4626215 |
| 20,320,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.548% (SOFR + 82 bps), 3/27/28 | &nbsp;&nbsp; 20390595 |
| 6,956,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.657% (SOFR + 72 bps), 10/18/27 | &nbsp;&nbsp; 6973645 |
| 4,621,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.732% (SOFR + 83 bps), 1/24/29 | &nbsp;&nbsp; 4632071 |
| 15,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.887% (SOFR + 95 bps), 1/19/27 | &nbsp;&nbsp; 15379975 |
| 4,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 123 bps), 5/31/27 | &nbsp;&nbsp; 4027125 |
| 7,100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander UK Group Holdings Plc, 4.795% (SOFR + 107 bps), 9/22/29 | &nbsp;&nbsp; 7097264 |
| 17,440,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A., 5.38% (SOFR + 141 bps), 4/13/29 (144A) | &nbsp;&nbsp; 17491038 |
| 17,580,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.17% (SOFR + 124 bps), 1/21/29 (144A) | &nbsp;&nbsp; 17703856 |
| 8,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 5.935% (SOFR + 193 bps), 7/6/27 (144A) | &nbsp;&nbsp; 8657939 |
| 5,380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.552% (SOFR + 64 bps), 10/22/27 | &nbsp;&nbsp; 5406997 |
| 10,995,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.852% (SOFR + 95 bps), 4/24/28 | &nbsp;&nbsp; 11062211 |

---

61Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 14,400,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 4.49% (SOFR + 75 bps), 9/11/28 (144A) | $14447952 |
| 9,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 4.866% (SOFR + 112 bps), 3/9/26 (144A) | &nbsp;&nbsp; 9717044 |
| 3,835,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd., 4.88% (SOFR + 115 bps), 9/14/26 (144A) | &nbsp;&nbsp; 3860904 |
| 8,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, 5.103% (SOFR + 138 bps), 6/15/26 (144A) | &nbsp;&nbsp; 8885785 |
| 11,667,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.32% (SOFR + 59 bps), 9/10/26 | &nbsp;&nbsp; 11690538 |
| 11,850,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.675% (SOFR + 91 bps), 6/2/28 | &nbsp;&nbsp; 11906351 |
| 5,985,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.682% (SOFR + 82 bps), 1/31/28 | &nbsp;&nbsp; 6009331 |
| 8,070,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.72% (SOFR + 75 bps), 10/13/28 | &nbsp;&nbsp; 8080807 |
| 13,230,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.741% (SOFR + 73 bps), 4/5/27 | &nbsp;&nbsp; 13279135 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 5.021% (SOFR + 108 bps), 7/17/26 | &nbsp;&nbsp; 4018571 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 3.30%, 5/15/26 | &nbsp;&nbsp; 9971573 |
| 19,350,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 4.671% (SOFR + 59 bps), 5/20/27 | &nbsp;&nbsp; 19383151 |
| 5,630,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank, 4.672% (SOFR + 77 bps), 7/24/28 | &nbsp;&nbsp; 5628616 |
| 12,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 6.047% (SOFR + 205 bps), 6/8/27 | &nbsp;&nbsp; 12096555 |
| 20,930,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 4.602% (SOFR + 69 bps), 10/22/27 | &nbsp;&nbsp; 20974511 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA, 4.717% (SOFR + 91 bps), 5/15/28 | &nbsp;&nbsp; 12052786 |
| 13,700,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.603% (SOFR + 88 bps), 9/15/29 | &nbsp;&nbsp; 13709114 |
| 8,575,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.682% (SOFR + 78 bps), 1/24/28 | &nbsp;&nbsp; 8593918 |
| 23,010,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.982% (SOFR + 107 bps), 4/22/28 | &nbsp;&nbsp; 23136480 |
| 12,760,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 4.886% (SOFR + 106 bps), 8/7/26 | &nbsp;&nbsp; 12818421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | **$1313786039** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.2%** |  |
| 19600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amrize Finance US LLC, 3.50%, 9/22/26 | $19487055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **19487055** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2562

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.4%** |  |
| 5703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 5.643%, 3/13/27 (144A) | $5799733 |
| 25088000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271%, 6/26/26 (144A) | &nbsp;&nbsp; 25310226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **31109959** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 2.7%** |  |
| 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 1/15/27 | $11207968 |
| 15500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.45%, 4/15/27 | &nbsp;&nbsp; 15922298 |
| 6320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 5.30%, 6/25/26 | &nbsp;&nbsp; 6351613 |
| 13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 7.10%, 11/15/27 | &nbsp;&nbsp; 14392761 |
| 24,090,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 4.747% (SOFR + 81 bps), 7/20/29 | &nbsp;&nbsp; 24109150 |
| 8,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 4.828% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 8532827 |
| 10,100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5.043% (SOFR + 93 bps), 7/26/28 | &nbsp;&nbsp; 10270478 |
| 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 4.375%, 5/1/26 (144A) | &nbsp;&nbsp; 17005188 |
| 6072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 3.75%, 7/28/26 | &nbsp;&nbsp; 6059288 |
| 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 3.75%, 3/9/27 | &nbsp;&nbsp; 1585267 |
| 11,700,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 4.927% (SOFR + 206 bps), 5/10/28 | &nbsp;&nbsp; 11837769 |
| 18,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., 4.801% (SOFR + 105 bps), 3/3/27 | &nbsp;&nbsp; 18121524 |
| 14,460,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.433% (SOFR + 71 bps), 9/15/27 (144A) | &nbsp;&nbsp; 14451983 |
| 2,050,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding, LLC, 8/20/51 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,300,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding, LLC, 4.723%, 8/20/51 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,050,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding, LLC , 8/20/51 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2067352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA NewCo LLC, 7.432%, 11/22/55 (144A) | &nbsp;&nbsp; 51250 |
| 19740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.75%, 8/11/26 | &nbsp;&nbsp; 19757759 |
| 8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 4.85%, 1/15/27 | &nbsp;&nbsp; 8858231 |
| 11,430,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Markets Cayman LP, 4.454% (SOFR + 52 bps), 11/16/26 (144A) | &nbsp;&nbsp; 11434366 |
| 20,260,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 4.978% (SOFR + 125 bps), 7/2/27 | &nbsp;&nbsp; 20420047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp; **$** **220369767** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.0%** |  |
| 17,018,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | $17098272 |
| 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp., 3.40%, 4/15/26 | &nbsp;&nbsp; 19961179 |

---

63Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — (continued)** |  |
| 6,645,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 4.648% (SOFR + 80 bps), 2/4/28 | $6668101 |
| 1778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 3.10%, 5/15/26 | &nbsp;&nbsp; 1772131 |
| 16400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 3.70%, 1/30/27 (144A) | &nbsp;&nbsp; 16285036 |
| 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 5.05%, 12/30/26 (144A) | &nbsp;&nbsp; 8560639 |
| 12950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 4.75%, 1/9/26 | &nbsp;&nbsp; 12951415 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **83296773** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.3%** |  |
| 15,060,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., 4.349% (SOFR + 53 bps), 11/15/27 | $15087588 |
| 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 4.25%, 5/15/27 | &nbsp;&nbsp; 6609174 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **21696762** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.2%** |  |
| 15408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 2.742%, 8/15/26 (144A) | $15248369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **15248369** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.3%** |  |
| 12335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.50%, 10/30/26 | $12386406 |
| 16,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 4.642% (SOFR + 87 bps), 3/1/28 | &nbsp;&nbsp; 16103412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **28489818** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.8%** |  |
| 6,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 4.675% (SOFR + 85 bps), 5/8/26 (144A) | $6008978 |
| 18,270,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 4.824% (SOFR + 83 bps), 1/7/27 (144A) | &nbsp;&nbsp; 18308190 |
| 4,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 4.938% (SOFR + 121 bps), 3/25/27 (144A) | &nbsp;&nbsp; 4025011 |
| 7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding, 5.684%, 2/23/26 (144A) | &nbsp;&nbsp; 7765642 |
| 10450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.60%, 12/23/26 | &nbsp;&nbsp; 10502082 |
| 11455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 5.875%, 6/4/27 (144A) | &nbsp;&nbsp; 11708189 |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.643% (SOFR + 77 bps), 1/29/27 (144A) | &nbsp;&nbsp; 3011786 |
| 21,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II, 4.719% (SOFR + 74 bps), 4/9/27 (144A) | &nbsp;&nbsp; 21284945 |
| 10102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 3.45%, 12/18/26 (144A) | &nbsp;&nbsp; 10064808 |
| 9,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.428% (SOFR + 70 bps), 6/11/27 (144A) | &nbsp;&nbsp; 9940594 |
| 8,900,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 4.484% (SOFR + 70 bps), 8/25/28 (144A) | &nbsp;&nbsp; 8935244 |
| 11,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.526% (SOFR + 58 bps), 1/16/26 (144A) | &nbsp;&nbsp; 11001827 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2564

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — (continued)** |  |
| 28,290,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.558% (SOFR + 66 bps), 7/25/28 (144A) | $28334366 |
| 13,420,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding, 4.444% (SOFR + 66 bps), 8/25/28 (144A) | &nbsp;&nbsp; 13440418 |
| 13,600,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.305% (SOFR + 58 bps), 12/20/27 (144A) | &nbsp;&nbsp; 13621289 |
| 16,200,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.684% (SOFR + 85 bps), 2/5/27 (144A) | &nbsp;&nbsp; 16281997 |
| 10,590,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 4.613% (SOFR + 81 bps), 8/18/28 (144A) | &nbsp;&nbsp; 10600081 |
| 19,300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 4.675% (SOFR + 70 bps), 4/10/26 (144A) | &nbsp;&nbsp; 19319750 |
| 5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.209%, 4/14/26 (144A) | &nbsp;&nbsp; 5065698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp; **$** **229220895** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.1%** |  |
| 8439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc., 5.00%, 2/15/26 | $8439636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **8439636** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.2%** |  |
| 19200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 4.25%, 7/1/26 (144A) | $19197446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **19197446** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Construction & Mining — 0.4%** |  |
| 13,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., 4.271% (SOFR + 52 bps), 3/3/28 | $13022555 |
| 15,840,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., 4.447% (SOFR + 64 bps), 8/15/28 | &nbsp;&nbsp; 15979536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Construction & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **29002091** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Diversified — 0.1%** |  |
| 7,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corp., 4.657% (SOFR + 68 bps), 7/15/27 | $7043067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **7043067** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.2%** |  |
| 12,350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Plc, 4.563% (SOFR + 84 bps), 3/14/28 | $12452008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **12452008** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.2%** |  |
| 16,740,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron USA, Inc., 4.384% (SOFR + 57 bps), 8/13/28 | $16878607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **16878607** |

---

65Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.6%** |  |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 5.00%, 2/20/26 | $4526720 |
| 20,140,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co., 4.627% (SOFR + 53 bps), 10/15/28 | &nbsp;&nbsp; 20338246 |
| 14,115,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc., 4.183% (SOFR + 46 bps), 9/15/27 | &nbsp;&nbsp; 14192684 |
| 6,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc., 4.293% (SOFR + 50 bps), 11/15/27 | &nbsp;&nbsp; 6299531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **45357181** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 1.5%** |  |
| 8435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 5.25%, 4/5/27 | $8551441 |
| 10339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.90%, 7/15/26 | &nbsp;&nbsp; 10330065 |
| 20020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.75%, 1/15/26 | &nbsp;&nbsp; 20023504 |
| 14006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.05%, 12/1/26 | &nbsp;&nbsp; 14230742 |
| 4719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.125%, 3/1/27 | &nbsp;&nbsp; 4721099 |
| 4210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.55%, 11/1/26 | &nbsp;&nbsp; 4255332 |
| 10329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | &nbsp;&nbsp; 10398424 |
| 3007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | &nbsp;&nbsp; 3011255 |
| 16080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP, 4.65%, 7/1/26 | &nbsp;&nbsp; 16082557 |
| 8200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 3.75%, 6/15/27 | &nbsp;&nbsp; 8167120 |
| 19844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.40%, 3/2/26 | &nbsp;&nbsp; 19887222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp; **$** **119658761** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.4%** |  |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95%, 2/10/26 (144A) | $17936356 |
| 5165340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA RoyaltyCo LLC, 4.723%, 11/22/55 (144A) | &nbsp;&nbsp; 1086500 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 3.55%, 3/15/26 | &nbsp;&nbsp; 4994100 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp., 4.75%, 2/15/26 | &nbsp;&nbsp; 6003380 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **30020336** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.4%** |  |
| 3931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 1.50%, 1/19/26 (144A) | $3925730 |
| 24862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., 6.25%, 1/17/26 (144A) | &nbsp;&nbsp; 24889746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **28815476** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.6%** |  |
| 1528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.20%, 7/1/26 | $1521376 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 5.15%, 3/15/27 | &nbsp;&nbsp; 10104748 |
| 12,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.614% (SOFR + 76 bps), 8/3/28 | &nbsp;&nbsp; 11841035 |
| 11600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc., 3.70%, 4/14/27 | &nbsp;&nbsp; 11552939 |
| 16145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc., 5.00%, 3/28/26 | &nbsp;&nbsp; 16180298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **51200396** |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2566

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.3%** |  |
| 12180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTT Finance Corp., 4.567%, 7/16/27 (144A) | $12282769 |
| 13223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.75%, 4/15/27 | &nbsp;&nbsp; 13181459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **25464228** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.2%** |  |
| 4460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (144A) | $4429719 |
| 4474000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35%, 1/12/27 (144A) | &nbsp;&nbsp; 4525047 |
| 5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75%, 5/24/26 (144A) | &nbsp;&nbsp; 5672240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **14627006** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $2,650,086,199)** | **$2656920667** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities—0.1%# of<br> Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Event Linked Bonds — 0.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Earthquakes – California — 0.0%†** |  |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 9.696%, (JMMMUSTF + 604 bps), 6/7/27 (144A) | $522800 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Torrey Pines Re, 10.766%, (JMMMUSTF + 711 bps), 6/7/27 (144A) | &nbsp;&nbsp;&nbsp; 260550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $783350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. — 0.0%†** |  |
| 3,000,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanders Re III, 6.95%, (BRMMUSDF + 334 bps), 4/7/26 (144A) | $3015000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – U.S. Regional — 0.1%** |  |
| 3,500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Point Re IV, 7.86%, (BRMMUSDF + 425 bps), 6/1/26 (144A) | $3522750 |
| 234,546(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Re, 5.11%, (BRMMUSDF + 150 bps), 1/8/27 (144A) | &nbsp;&nbsp;&nbsp; 208910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3731660 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Windstorm – Florida — 0.0%†** |  |
| 1,237,756(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Re, 4.08%, (FHMMUSTF + 50 bps), 6/6/30 (144A) | $618878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Linked Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8148888** |

---

67Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Face<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 4,000,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2021-3, 7/31/26 | $102400 |
| 421,041(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alturas Re 2022-2, 12/31/27 | &nbsp;&nbsp; 14779 |
| 3,000,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gleneagles Re 2022, 12/31/27 | &nbsp;&nbsp; 354000 |
| 4,000,000(g)(i)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merion Re 2022-2, 12/31/27 | &nbsp;&nbsp; 2664800 |
| 3,500,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thopas Re 2022, 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 750,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2018, 12/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,500,000(g)(h)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viribus Re 2019, 12/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3135979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **3135979** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $13,090,650)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **11284867** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Government Bond — 0.3% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Korea — 0.3%** |  |
| 25,280,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea National Oil Corp., 4.395%, 9/29/28 (144A) | $25280758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **25280758** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Government Bond<br> (Cost $25,280,000)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **25280758** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency<br> Obligations — 5.8% of Net Assets** |  |
| 6990019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 8/1/53 | $7272731 |
| 3112356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 3217184 |
| 3282022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 3394572 |
| 201765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 9/1/54 | &nbsp;&nbsp; 208238 |
| 10649557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/54 | &nbsp;&nbsp; 11139950 |
| 14563689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 15303728 |
| 11967564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 5/1/54 | &nbsp;&nbsp; 12554143 |
| 691526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 722744 |
| 1315515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1374352 |
| 1651529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 1719338 |
| 2072757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 2160349 |
| 553416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 9/1/54 | &nbsp;&nbsp; 575173 |
| 1034885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/54 | &nbsp;&nbsp; 1093591 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2568

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 1663519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/47 | $1526334 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 1/1/56 (TBA) | &nbsp;&nbsp; 15918047 |
| 9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/56 (TBA) | &nbsp;&nbsp; 9059258 |
| 9200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 2/1/56 (TBA) | &nbsp;&nbsp; 8475859 |
| 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 1/1/56 (TBA) | &nbsp;&nbsp; 25926875 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/41 (TBA) | &nbsp;&nbsp; 16402684 |
| 5547181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/54 | &nbsp;&nbsp; 5704363 |
| 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/56 (TBA) | &nbsp;&nbsp; 27377530 |
| 853(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.730%, (1 Year CMT Index + 211 bps), 10/1/32 | &nbsp;&nbsp;&nbsp; 864 |
| 5231588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 5/1/53 | &nbsp;&nbsp; 5426339 |
| 4886439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 5054016 |
| 4166954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/54 | &nbsp;&nbsp; 4307300 |
| 2469551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/54 | &nbsp;&nbsp; 2574704 |
| 1,742(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.238%, (1 Year CMT Index + 212 bps), 9/1/32 | &nbsp;&nbsp; 1784 |
| 2,925(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.416%, (1 year Refinitiv USD IBOR Consumer Cash Fallbacks + 167 bps), 1/1/48 | &nbsp;&nbsp; 3024 |
| 4,162(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.420%, (1 Year CMT Index + 217 bps), 2/1/34 | &nbsp;&nbsp; 4261 |
| 12013169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 12/1/53 | &nbsp;&nbsp; 12557482 |
| 8611973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 3/1/54 | &nbsp;&nbsp; 8945955 |
| 6303768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/54 | &nbsp;&nbsp; 6571141 |
| 12432685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 6/1/54 | &nbsp;&nbsp; 12941680 |
| 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.000%, 1/20/56 (TBA) | &nbsp;&nbsp; 16304375 |

---

69Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (continued)** |  |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.500%, 1/20/56 (TBA) | $15505078 |
| 100,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 1/2/26 | &nbsp;&nbsp; 100000000 |
| 110,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 2/12/26 | &nbsp;&nbsp; 109550332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $467,915,134)** | &nbsp;&nbsp; **$** **470875378** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 13.7% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — 7.6%** |  |
| 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 3.8%, dated 12/31/25,<br> to be purchased on 1/2/26 for $150,031,667, collateralized by the following:<br> $60,091,613, U.S. Treasury Strip Coupon, 11/15/32,<br> $92,908,387, U.S. Treasury Strip Principal, 2/15/42-8/15/50 | $150000000 |
| 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, 3.85%, dated 12/31/25,<br> to be purchased on 1/2/26 for $150,032,083, collateralized by the following:<br> $13,293,624, Federal Home Loan Mortgage Corporation, 4.61%, 6/1/32,<br> $8,467,881, Federal National Mortgage Association, 3.42%-4.36%, 6/1/28-12/1/55,<br> $131,238,495, Government National Mortgage Association, 3.00%-7.00%, 3/15/33-12/20/55 | &nbsp;&nbsp; 150000000 |
| 56630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotia Capital Inc., 3.82%, dated 12/31/25,<br> to be purchased on 1/2/26 for $56,642,018, collateralized by the following:<br> $24,677,238, Federal Home Loan Mortgage Corporation, 4.00%-6.50%, 7/1/48-11/1/55,<br> $30,292,585, Federal National Mortgage Association, 3.50%-6.50%, 4/1/40-10/1/55,<br> $2,805,089, U.S. Treasury Bond, 5.00%, 5/15/45 | &nbsp;&nbsp; 56630000 |
| 144630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc., 3.76%, dated 12/31/25,<br> to be purchased on 1/2/26 for $144,660,212, collateralized by the following:<br> $65,423,810, U.S. Treasury Bond, 1.38%-4.25%, 11/15/41-2/15/54,<br> $82,129,620, U.S. Treasury Note, 3.38%-4.00%, 4/30/27-9/15/28 | &nbsp;&nbsp; 144630000 |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2570

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements — (continued)** |  |
| 32310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 3.82%, dated 12/31/25,<br> to be purchased on 1/2/26 for $32,316,857, collateralized by $32,956,299, U.S. Treasury Note, 4.00%, 11/15/35 | $32310000 |
| 82310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 3.83%, dated 12/31/25,<br> to be purchased on 1/2/26 for $82,327,514, collateralized by $83,956,200, Government National Mortgage Association, 6.50%, 6/20/54 | &nbsp;&nbsp; 82310000 |
|  |  | &nbsp;&nbsp; $615880000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — 4.9%** |  |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autozone, Inc., 3.773%, 1/7/26 | $37972142 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalonbay Communities, Inc., 3.875%, 1/5/26 | &nbsp;&nbsp; 37979898 |
| 19,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.816%, 1/13/26 | &nbsp;&nbsp; 18973700 |
| 21,500,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerpoint Energy, Inc., 3.721%, 1/2/26 | &nbsp;&nbsp; 21495464 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Inc, 3.816%, 1/5/26 | &nbsp;&nbsp; 37979898 |
| 16,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp, 3.741%, 1/2/26 | &nbsp;&nbsp; 15996592 |
| 16,500,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.843%, 1/7/26 | &nbsp;&nbsp; 16487744 |
| 12,850,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.801%, 1/2/26 | &nbsp;&nbsp; 12847224 |
| 30,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc., 4.104%, 1/8/26 | &nbsp;&nbsp; 29970738 |
| 19,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Global Holdings S.C.A., 3.776%, 1/5/26 | &nbsp;&nbsp; 18989905 |
| 3,800,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., 3.835%, 1/5/26 | &nbsp;&nbsp; 3797990 |
| 34,200,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., 3.814%, 1/8/26 | &nbsp;&nbsp; 34171005 |
| 38,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP, 3.853%, 1/6/26 | &nbsp;&nbsp; 37975843 |
| 40,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Funding LLC, 3.653%, 1/7/26 | &nbsp;&nbsp; 39971360 |
| 10,600,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co.,, 3.776%, 1/12/26 | &nbsp;&nbsp; 10586511 |
| 24,000,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co.,, 3.816%, 1/12/26 | &nbsp;&nbsp; 23969297 |
|  |  | &nbsp;&nbsp; $399165311 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 1.2%** |  |
| 92,186,917(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 3.65% | $92186917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $92186917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $1,107,277,051)** | **$1107232228** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.5%<br> (Cost $8,082,672,261)** | **$8058780497** |

---

71Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TBA Sales Commitments — (1.3)% of Net<br> Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations —<br> (1.3)%** |  |
| (6100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 1/1/56 (TBA) | $(6263038) |
| (14200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 1/1/56 (TBA) | &nbsp;&nbsp;&nbsp; (14572319) |
| (22800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 1/1/56 (TBA) | &nbsp;&nbsp;&nbsp; (23694685) |
| (60500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 1/1/56 (TBA) | &nbsp;&nbsp;&nbsp; (62885871) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TBA SALES COMMITMENTS<br> (Proceeds $107,351,078)** | **$** **(107415913)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 1.8%** | &nbsp;&nbsp;&nbsp; $144768926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$8096133510** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| BRMMUSDF | &nbsp;&nbsp;BlackRock Liquidity Fund Treasury Trust Fund Portfolio Fund Yield. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury. |
| FHMMUSTF | &nbsp;&nbsp;Federated Hermes US Treasury Cash Reserves Fund Yield. |
| IBOR | &nbsp;&nbsp;Interbank Offered Rate. |
| JMMMUSTF | &nbsp;&nbsp;JPMorgan 100% US Treasury Securities Money Market Fund Yield. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| PRIME | &nbsp;&nbsp;U.S. Federal Funds Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| REMICs | &nbsp;&nbsp;Real Estate Mortgage Investment Conduits. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| STRIPS | &nbsp;&nbsp;Separate Trading of Registered Interest and Principal of Securities. |

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2572

------

(unaudited) (continued)

(144A) 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 December 31, 2025, the value
of these securities amounted to $4,196,512,145, or 51.8% of net assets.

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at December 31, 2025. |
| (b) | &nbsp;&nbsp;All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. |
| (c) | &nbsp;&nbsp;Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
| (d) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2025. |
| (e) | &nbsp;&nbsp;Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at December 31, 2025. |
| (f) | &nbsp;&nbsp;Security is in default. |
| (g) | &nbsp;&nbsp;Non-income producing security. |
| (h) | &nbsp;&nbsp;Issued as preference shares. |
| (i) | &nbsp;&nbsp;Issued as participation notes. |
| (j) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (k) | &nbsp;&nbsp;Rate shown represents yield-to-maturity. |
| (l) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at December 31, 2025. |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Alturas Re 2021-3 | 7/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;$326564 | &nbsp;&nbsp;&nbsp;&nbsp;$102400 |
| &nbsp;&nbsp;Alturas Re 2022-2 | 1/6/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14779 |
| &nbsp;&nbsp;Gleneagles Re 2022 | 1/18/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 |
| &nbsp;&nbsp;Integrity Re | 5/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618878 |
| &nbsp;&nbsp;Long Point Re IV | 5/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522750 |
| &nbsp;&nbsp;Matterhorn Re | 6/5/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208910 |
| &nbsp;&nbsp;Merion Re 2022-2 | 2/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664800 |
| &nbsp;&nbsp;Sanders Re III | 3/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015000 |
| &nbsp;&nbsp;Thopas Re 2022 | 2/7/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

73Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;&nbsp;$522800 |
| &nbsp;&nbsp;Torrey Pines Re | 5/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260550 |
| &nbsp;&nbsp;Viribus Re 2018 | 12/22/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Viribus Re 2019 | 12/27/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11284867 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 1 | &nbsp;&nbsp;U.S. 2 Year Note (CBT) | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;$208940 | &nbsp;&nbsp;$208789 | &nbsp;&nbsp;$(151) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;$(15395448) | &nbsp;&nbsp;$(15297079) | &nbsp;&nbsp;$98369 |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;U.S. Long Bond (CBT) | &nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;(13210699) | &nbsp;&nbsp;&nbsp;&nbsp;(13062093) | &nbsp;&nbsp;&nbsp;&nbsp;148606 |
|  |  |  | &nbsp;&nbsp;$(28606147) | &nbsp;&nbsp;$(28359172) | &nbsp;&nbsp;$246975 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;**$(28397207)** | &nbsp;&nbsp;**$(28150383)** | &nbsp;&nbsp;**$246824** |
| CBT | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. | &nbsp;&nbsp;Chicago Board of Trade. |

---

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

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

---

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

---

Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/2574

------

### Schedule of Investments \| 12/31/25
(unaudited) (continued)

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$156274032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$156274032 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2011373571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2011373571 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770170416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770170416 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849368580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849368580 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2656920667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2656920667 |
| Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Event Linked Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3135979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135979 |
| &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;8148888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148888 |
| Foreign Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25280758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25280758 |
| 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;470875378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470875378 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615880000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399165311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399165311 |
| Open-End Fund | &nbsp;&nbsp;&nbsp;92186917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92186917 |
| **Total Investments in Securities** | **$92186917** | &nbsp;&nbsp;**$7963457601** | &nbsp;&nbsp;**$3135979** | &nbsp;&nbsp;**$8058780497** |
| **Liabilities** |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(107415913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(107415913) |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(107415913)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(107415913)** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$246824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246824 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;**$246824** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$246824** |

---

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

75Victory Pioneer Multi-Asset Ultrashort Income Fund \| 12/31/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer Multi-Asset Ultrashort Income Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $8433956937.68

**Total Liabilities:** $389523254.02

**Net Assets:** $8044433683.66

**Delayed Delivery Securities:** $17000000.00

**Stand-by Commitments:** $310108011.18

**Cash Not Reported:** $44217681.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -27343.00000000 | **1-Year:** -213907.00000000 | **5-Year:** -529243.00000000 | **10-Year:** -37602.00000000 | **30-Year:** -13690.00000000

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

- **3-Month:** -3678.00000000 | **1-Year:** -35102.00000000 | **5-Year:** -207242.00000000 | **10-Year:** 9622.00000000 | **30-Year:** 14930.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256538 | 0.20%                | 0.30%                | 0.38%                |
| Class ID C000256539 | 0.18%                | 0.39%                | 0.37%                |
| Class ID C000256540 | 0.16%                | 0.37%                | 0.35%                |
| Class ID C000256541 | 0.21%                | 0.41%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8279517.26             | $-5143410.17                               |
| Month 2  | $-7402429.83             | $6870536.24                                |
| Month 3  | $-632067.11              | $-1406116.60                               |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -113 | NC      | $148605.17    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL SECS CLEARING                      | National Securities Clearing Corp                                                | CUSIP: 637639AP0<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |  15300000 | PA      | $15352020.00  | 0.19%             | 2027-05-20      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2022-FL11 LLC                                                                | CUSIP: 054980AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    987561 | PA      | $987999.02    | 0.01%             | 2039-03-19      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | FISERV INC                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12850000 | PA      | $12847224.40  | 0.16%             | 2026-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PFP III                                     | PFP 2024-11 Ltd                                                                  | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1503543 | PA      | $1506978.76   | 0.02%             | 2039-09-17      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183DA9<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   2308157 | PA      | $2317584.90   | 0.03%             | 2035-10-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | JPMorgan Chase Bank NA - CHASE                                                   | CUSIP: 46591HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2579893 | PA      | $2587874.08   | 0.03%             | 2047-04-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                        | WEC Energy Group Inc                                                             | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |  12950000 | PA      | $12951415.44  | 0.16%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                       | Amrize Finance US LLC                                                            | CUSIP: 43475RAN6<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |  19600000 | PA      | $19487055.20  | 0.24%             | 2026-09-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                                     | CUSIP: 20755RAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    381300 | PA      | $381181.68    | 0.00%             | 2044-09-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |  19740000 | PA      | $19757759.09  | 0.25%             | 2026-08-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECM5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  12316000 | PA      | $12424626.87  | 0.15%             | 2027-09-13      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2025-1                                              | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5940719 | PA      | $5961039.37   | 0.07%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HT86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15246 | PA      | $15227.12     | 0.00%             | 2033-02-25      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                      | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RBY2<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |  17665000 | PA      | $17757792.13  | 0.22%             | 2028-07-21      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                              | Oaktown Re VII Ltd                                                               | CUSIP: 67389JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1681711 | PA      | $1696248.53   | 0.02%             | 2034-04-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78016EZR1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4620000 | PA      | $4626214.96   | 0.06%             | 2026-04-27      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5035898 | PA      | $5055662.31   | 0.06%             | 2031-08-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-1                                        | CUSIP: 89616LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3122247.75   | 0.04%             | 2027-12-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                           | CUSIP: 03881KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6980000 | PA      | $6976049.32   | 0.09%             | 2043-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| STAR 2022-SFR3 Trust                        | STAR 2022-SFR3 Trust                                                             | CUSIP: 78474PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    993765 | PA      | $995425.15    | 0.01%             | 2039-05-17      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137A1K36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21777 | PA      | $21716.02     | 0.00%             | 2040-07-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receiv              | Santander Consumer Auto Receivables Trust 2021-C                                 | CUSIP: 80281HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69133 | PA      | $69002.30     | 0.00%             | 2028-06-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| HOUGHTON MIFFLIN HARCOUR                    | Houghton Mifflin Harcourt Co                                                     | CUSIP: 44157YAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    967500 | PA      | $855753.75    | 0.01%             | 2029-04-09      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Pennantpark CLO                             | Pennantpark Clo IX LLC                                                           | CUSIP: 707915AQ7<br>LEI: 9845006X5800FC503D51 | Long             | ABS-CBDO         | CORP              | US        |   4400000 | PA      | $4392366.00   | 0.05%             | 2034-04-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                | SK hynix Inc                                                                     | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   3931000 | PA      | $3925729.55   | 0.05%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                    | SOLSTICE ADVANCED MATERIALS INC                                                  | CUSIP: 83443PAC9<br>LEI: 2138004GZ4H9TW6HK435 | Long             | LON              | CORP              | US        |   1100000 | PA      | $1107562.50   | 0.01%             | 2032-10-29      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Golub Capital Private Credit F              | GCRED 2025-BSL1A A2                                                              | CUSIP: 3615EMAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $8000000.00   | 0.10%             | 2034-01-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2018-BGS                                           | CUSIP: 20268MAB2<br>LEI: 549300EJIXF1G1X7PN20 | Long             | ABS-O            | CORP              | US        |    583789 | PA      | $576328.64    | 0.01%             | 2045-09-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2021-2                                                  | CUSIP: 35042PAA8<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |   1209600 | PA      | $1149259.54   | 0.01%             | 2042-01-15      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368FAD1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   8100000 | PA      | $8118795.89   | 0.10%             | 2026-09-15      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                 | CUSIP: 46593JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2226242.70   | 0.03%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                                        | CUSIP: 89617CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21576818 | PA      | $12918632.33  | 0.16%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2021-A                                                        | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1746409 | PA      | $1606747.83   | 0.02%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                    | Brex Commercial Charge Card Master Trust                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6134000 | PA      | $6152525.29   | 0.08%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3112356 | PA      | $3217183.83   | 0.04%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HF1 Mortgage Trust                                                      | CUSIP: 55287FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3681806 | PA      | $3688674.74   | 0.05%             | 2041-12-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133WBYU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14563689 | PA      | $15303727.70  | 0.19%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                          | Macquarie Bank Ltd                                                               | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |  11450000 | PA      | $11509688.85  | 0.14%             | 2028-06-12      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                       | US Bank NA/Cincinnati OH                                                         | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12052786.44  | 0.15%             | 2028-05-15      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                    | New York Life Global Funding                                                     | CUSIP: 64953BBK3<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11001826.88  | 0.14%             | 2026-01-16      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                                     | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2018540 | PA      | $2017288.24   | 0.03%             | 2044-02-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA4                                          | CUSIP: 35564UBQ9<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |   8954000 | PA      | $8965221.15   | 0.11%             | 2045-10-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Merion Re 2022-2                            | Merion Re 2022-2                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $2664800.00   | 0.03%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2017-A-GS                                          | CUSIP: 20267VAB3<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |    364703 | PA      | $361162.23    | 0.00%             | 2041-05-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398REQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72111 | PA      | $71879.42     | 0.00%             | 2040-05-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KTA7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |    824348 | PA      | $826153.76    | 0.01%             | 2042-03-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   9020000 | PA      | $9029323.97   | 0.11%             | 2027-03-18      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                          | Pacific Life Global Funding II                                                   | CUSIP: 6944PL3A5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  16200000 | PA      | $16281996.79  | 0.20%             | 2027-02-05      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-HB2                                                | CUSIP: 034648AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17280000 | PA      | $17355658.75  | 0.22%             | 2055-12-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31391BC39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1742 | PA      | $1783.93      | 0.00%             | 2032-09-01      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396WJU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7663 | PA      | $7588.15      | 0.00%             | 2037-06-25      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                   | Jabil Inc                                                                        | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |   6600000 | PA      | $6609173.27   | 0.08%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Novastar Home Equity Loan                   | NovaStar Mortgage Funding Trust Series 2003-1                                    | CUSIP: 66987XCE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30561 | PA      | $30152.42     | 0.00%             | 2033-05-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC          | CLEAR CHANNEL OUTDOOR HO                                                         | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    245481 | PA      | $246504.07    | 0.00%             | 2028-08-23      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| LFS 2023A, LLC                              | LFS 2023A LLC                                                                    | CUSIP: 50205FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2037052 | PA      | $2040120.37   | 0.03%             | 2035-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                      | Santander Holdings USA Inc                                                       | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4027125.40   | 0.05%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                               | CUSIP: 59217GBY4<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |  10102000 | PA      | $10064808.27  | 0.13%             | 2026-12-18      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339NNP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33169 | PA      | $33293.59     | 0.00%             | 2032-03-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6144015 | PA      | $6090694.75   | 0.08%             | 2050-02-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368MXW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  14790000 | PA      | $14812615.54  | 0.18%             | 2028-09-22      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                       | DIRECTV FINANCING LLC                                                            | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    669788 | PA      | $673189.18    | 0.01%             | 2029-08-02      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                                 | CUSIP: 39810MAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4030000 | PA      | $4040216.05   | 0.05%             | 2043-01-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                               | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   7480000 | PA      | $7490516.36   | 0.09%             | 2027-05-21      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA4                                          | CUSIP: 35564UBR7<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |  19192794 | PA      | $19207860.63  | 0.24%             | 2045-10-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva              | American Heritage Auto Receivables Trust 2024-1                                  | CUSIP: 026944AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    995647 | PA      | $997776.94    | 0.01%             | 2028-03-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R02                                     | CUSIP: 20754TAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4302664 | PA      | $4308677.22   | 0.05%             | 2045-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| KOPPERS INC                                 | KOPPERS INC                                                                      | CUSIP: 50060JAH3<br>LEI: LTO4ZL5EBDR1NE6FGJ36 | Long             | LON              | CORP              | US        |    488837 | PA      | $487615.12    | 0.01%             | 2030-04-10      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.                | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        | 144630000 | PA      | $144630000.00 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Receivables Funding Co               | Sierra Timeshare 2021-1 Receivables Funding LLC                                  | CUSIP: 82652QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133054 | PA      | $132793.97    | 0.00%             | 2037-11-20      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd              | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6740000 | PA      | $6740896.42   | 0.08%             | 2042-08-17      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-1 Ltd                                                             | CUSIP: 75279YAD3<br>LEI: 254900PS93C2BX29OQ80 | Long             | ABS-MBS          | CORP              | BM        |   1161184 | PA      | $1169366.68   | 0.01%             | 2033-12-27      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                              | Woodmont 2023-12 Trust                                                           | CUSIP: 979926AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13388016 | PA      | $13402033.72  | 0.17%             | 2032-10-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXIX CLO Ltd                                       | CUSIP: 34990EAE0<br>LEI: 254900314MCCPONEEQ30 | Long             | ABS-CBDO         | CORP              | KY        |   8180000 | PA      | $8180122.70   | 0.10%             | 2033-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2021-FL3 Ltd                                                 | CUSIP: 39809PAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7600000 | PA      | $7595994.80   | 0.09%             | 2039-07-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2019              | Brightwood Capital MM CLO 2023-1 Ltd                                             | CUSIP: 108928BE1<br>LEI: 254900KA4G802DSTDW29 | Long             | ABS-CBDO         | CORP              | JE        |   2850000 | PA      | $2849809.05   | 0.04%             | 2035-10-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                         | LIGHTNING POWER LLC                                                              | CUSIP: 53229LAB3<br>LEI: 254900BWCHJ03XRL8K59 | Long             | LON              | CORP              | US        |   2977443 | PA      | $2996981.39   | 0.04%             | 2031-08-18      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396LLX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41567 | PA      | $41187.42     | 0.00%             | 2036-11-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Recette CLO LLC                             | Recette Clo Ltd                                                                  | CUSIP: 75620TBH0<br>LEI: 549300392I5L5XOJ0016 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10001150.00  | 0.12%             | 2034-04-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XES1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  10200000 | PA      | $10256772.28  | 0.13%             | 2027-05-08      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XLX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   7265334 | PA      | $7441162.35   | 0.09%             | 2029-11-25      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                             | Chevron USA Inc                                                                  | CUSIP: 166756BM7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |  16740000 | PA      | $16878607.20  | 0.21%             | 2028-08-13      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T              | Regional Management Issuance Trust 2024-2                                        | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6240000 | PA      | $6288420.53   | 0.08%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| AVOLON TLB BORROWER 1 US                    | AVOLON TLB BORROWER 1 US                                                         | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |   1201069 | PA      | $1210077.46   | 0.02%             | 2030-06-24      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO              | Morgan Stanley Eaton Vance CLO 2021-1 Ltd                                        | CUSIP: 61773KAL6<br>LEI: 549300IR0OSEGDTMK223 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3999816.00   | 0.05%             | 2037-10-23      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                           | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  26952059 | PA      | $26952302.06  | 0.34%             | 2036-11-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                | CUSIP: 07336QAA0<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |   3344413 | PA      | $3353832.18   | 0.04%             | 2031-12-26      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                   | Auxilior Term Funding 2023-1 LLC                                                 | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    655399 | PA      | $658649.80    | 0.01%             | 2028-12-15      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-B                                                    | CUSIP: 68378QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8011587.20   | 0.10%             | 2033-05-09      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  12500000 | PA      | $12628764.38  | 0.16%             | 2028-03-12      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| FRONERI US INC                              | FRONERI US INC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1750000 | PA      | $1752079.00   | 0.02%             | 2032-09-30      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital MML CLO XIII Ltd                                                  | CUSIP: 61034JAA8<br>LEI: 5493004J0N9XX6VUDK62 | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $5004925.00   | 0.06%             | 2034-02-24      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADY0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  21960000 | PA      | $22086604.89  | 0.27%             | 2027-06-23      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4005000 | PA      | $4035677.74   | 0.05%             | 2028-02-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Equify ABS, LLC                             | Equify ABS 2024-1 LLC                                                            | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3722353 | PA      | $3728385.80   | 0.05%             | 2033-04-18      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                     | ALLIED UNIVERSAL HOLDCO                                                          | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   1149600 | PA      | $1156641.10   | 0.01%             | 2032-08-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital MML CLO XIII Ltd                                                  | CUSIP: 61034JAE0<br>LEI: 5493004J0N9XX6VUDK62 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2976108.00   | 0.04%             | 2034-02-24      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C                        | CUSIP: 59020UDW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4368 | PA      | $4360.35      | 0.00%             | 2029-07-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                     | Jefferies Financial Group Inc                                                    | CUSIP: 47233JAG3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   8800000 | PA      | $8858231.54   | 0.11%             | 2027-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Regatta IX Funding Ltd                      | Regatta IX Funding Ltd                                                           | CUSIP: 75887VAJ0<br>LEI: 254900JVS76S6N8G1I74 | Long             | ABS-CBDO         | CORP              | KY        |   1114286 | PA      | $1113903.51   | 0.01%             | 2037-04-17      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                           | Magnetite XXII Ltd                                                               | CUSIP: 55954HAU6<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3999724.00   | 0.05%             | 2036-07-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                          | BMW US Capital LLC                                                               | CUSIP: 05565ECT0<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |  11890000 | PA      | $11955512.24  | 0.15%             | 2027-08-13      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R04                                     | CUSIP: 20753GAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1648861 | PA      | $1647838.66   | 0.02%             | 2044-05-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38376CR84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37434 | PA      | $37479.41     | 0.00%             | 2039-10-16      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization T              | Willis Engine Structured Trust VI                                                | CUSIP: 97064GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5874983 | PA      | $5686409.92   | 0.07%             | 2046-05-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2017-B-GS                                          | CUSIP: 20268KAD2<br>LEI: 549300KDXV3I7WKXA522 | Long             | ABS-O            | CORP              | US        |     70511 | PA      | $60413.91     | 0.00%             | 2042-09-25      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                            | Trestles Clo IV Ltd                                                              | CUSIP: 89532WAL3<br>LEI: 254900EO5I6CR0IOWS98 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3999592.00   | 0.05%             | 2038-10-30      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                | AUTOZONE INC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  38000000 | PA      | $37972142.20  | 0.47%             | 2026-01-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXI CLO Ltd                                       | CUSIP: 34990GAA3<br>LEI: 25490034R237Z9DZDO05 | Long             | ABS-CBDO         | CORP              | KY        |   8834730 | PA      | $8828112.57   | 0.11%             | 2033-07-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd              | LoanCore 2021-CRE6 Issuer Ltd                                                    | CUSIP: 53948HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    854325 | PA      | $854425.02    | 0.01%             | 2038-11-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  17000000 | PA      | $17001165.69  | 0.21%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  19000000 | PA      | $19055655.75  | 0.24%             | 2028-05-26      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                                      | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |  17000000 | PA      | $17005187.89  | 0.21%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-TWA Mortgage Trust                                                      | CUSIP: 582923AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4330000 | PA      | $4387708.94   | 0.05%             | 2039-06-12      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust 2025-1                                              | CUSIP: 262102AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5621406 | PA      | $5630830.85   | 0.07%             | 2028-08-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R04                                     | CUSIP: 20753GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22119203 | PA      | $22133033.95  | 0.28%             | 2044-05-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183CV4<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   1079520 | PA      | $1083337.45   | 0.01%             | 2035-05-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1590216 | PA      | $1559826.30   | 0.02%             | 2050-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394FG66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49413 | PA      | $49280.61     | 0.00%             | 2035-02-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2020-DUNE                                      | CUSIP: 36258BAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4147100 | PA      | $3963976.62   | 0.05%             | 2036-12-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                | CUSIP: 07336QAC6<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    786921 | PA      | $789448.37    | 0.01%             | 2031-12-26      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2017-B-GS                                          | CUSIP: 20268KAB6<br>LEI: 549300KDXV3I7WKXA522 | Long             | ABS-O            | CORP              | US        |    351319 | PA      | $346677.06    | 0.00%             | 2042-09-25      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX GUARANTOR INC                       | PHOENIX GUARANTOR INC                                                            | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   2938153 | PA      | $2956149.15   | 0.04%             | 2031-02-21      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                    | Sumitomo Mitsui Trust Bank Ltd                                                   | CUSIP: 86563VBF5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   9700000 | PA      | $9717043.77   | 0.12%             | 2026-03-09      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Trust 2015-1                                                           | CUSIP: 46643UAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70996 | PA      | $70118.41     | 0.00%             | 2044-12-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                      | CUSIP: 46591HBZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    915579 | PA      | $899573.93    | 0.01%             | 2050-02-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                         | Nomura Holdings Inc                                                              | CUSIP: 65535HBQ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |  20260000 | PA      | $20420047.31  | 0.25%             | 2027-07-02      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396HUS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99315 | PA      | $98395.88     | 0.00%             | 2036-02-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| BCRED BSL Static CLO Ltd                    | BCRED BSL Static CLO 2025-1 Ltd                                                  | CUSIP: 05556KAA0<br>LEI: 2549001IQYV4NQDSNA79 | Long             | ABS-CBDO         | CORP              | KY        |   6630000 | PA      | $6643233.48   | 0.08%             | 2035-07-24      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Twin Brook CLO                              | Twin Brook Clo 2024-2 LLC                                                        | CUSIP: 901395AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4912425.00   | 0.06%             | 2035-10-20      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-3                                        | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4744552 | PA      | $4317433.75   | 0.05%             | 2028-06-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-2 Trust                                          | CUSIP: 83407HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500614 | PA      | $6538105.35   | 0.08%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140QUSF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8611973 | PA      | $8945954.54   | 0.11%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137HNP44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  26621425 | PA      | $26709145.56  | 0.33%             | 2053-11-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| ReadyCap lending                            | ReadyCap Lending Small Business Loan Trust 2023-3                                | CUSIP: 75576AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5906427 | PA      | $5986925.90   | 0.07%             | 2048-04-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392CM92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28184 | PA      | $28180.74     | 0.00%             | 2032-05-18      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                        | Libra Solutions 2025-1 LLC                                                       | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3770000 | PA      | $3797725.71   | 0.05%             | 2039-08-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                    | CUSIP: 35563PLU1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2060133 | PA      | $2031854.23   | 0.03%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                              | Merck & Co Inc                                                                   | CUSIP: 58933YBU8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |  14115000 | PA      | $14192684.30  | 0.18%             | 2027-09-15      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2025-1                                              | CUSIP: 785923AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1984584.60   | 0.02%             | 2030-10-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2021-1                                                | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2267078 | PA      | $2236071.94   | 0.03%             | 2069-12-26      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392VBS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21325 | PA      | $21354.78     | 0.00%             | 2032-09-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                                     | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5908356 | PA      | $5912176.75   | 0.07%             | 2044-03-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Twin Brook CLO                              | Twin Brook Clo 2024-2 LLC                                                        | CUSIP: 901395AG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $7924240.00   | 0.10%             | 2035-10-20      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAS0<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |   5162685 | PA      | $5160676.32   | 0.06%             | 2033-07-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| AGL CLO 3 Ltd.                              | AGL CLO 3 LTD                                                                    | CUSIP: 00119MAL3<br>LEI: 549300LS0REDUXQSHW18 | Long             | ABS-CBDO         | CORP              | KY        |   3211250 | PA      | $3211914.73   | 0.04%             | 2038-04-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  17580000 | PA      | $17615179.51  | 0.22%             | 2029-01-24      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| JUPITER BUYER INC                           | JUPITER BUYER INC                                                                | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |    509375 | PA      | $515741.73    | 0.01%             | 2031-11-03      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd              | LoanCore 2021-CRE6 Issuer Ltd                                                    | CUSIP: 53948HAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4992205.00   | 0.06%             | 2038-11-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Genworth Mortgage Insurance Co              | Triangle Re 2023-1 Ltd                                                           | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5899973 | PA      | $5945175.70   | 0.07%             | 2033-11-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                 | Rad CLO 3 Ltd                                                                    | CUSIP: 749986AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2833333 | PA      | $2833271.00   | 0.04%             | 2037-07-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CTHR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    691526 | PA      | $722743.84    | 0.01%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                   | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  13480000 | PA      | $13534446.12  | 0.17%             | 2028-04-13      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   6320000 | PA      | $6408126.21   | 0.08%             | 2028-07-14      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                 | Merchants Fleet Funding LLC                                                      | CUSIP: 588926AL9<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   4200000 | PA      | $4213648.74   | 0.05%             | 2039-01-20      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397EB38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     81923 | PA      | $80865.86     | 0.00%             | 2036-08-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393JAZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    105967 | PA      | $105647.19    | 0.00%             | 2033-01-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                                          | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |  10758910 | PA      | $10796495.36  | 0.13%             | 2044-05-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                 | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  14036000 | PA      | $13964759.02  | 0.17%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                                     | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10370000 | PA      | $10420690.63  | 0.13%             | 2044-03-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE ONDEMAND INC                    | Cornerstone OnDemand Inc                                                         | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    240625 | PA      | $221705.93    | 0.00%             | 2028-10-16      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2025-1                                              | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4906596 | PA      | $4897836.41   | 0.06%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                 | Truist Bank                                                                      | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  19350000 | PA      | $19383150.81  | 0.24%             | 2027-05-20      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                      | Federation des Caisses Desjardins du Quebec                                      | CUSIP: 31429KAH6<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |  12036000 | PA      | $12162431.08  | 0.15%             | 2027-08-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                 | Cargill Inc                                                                      | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |  15080000 | PA      | $15110862.43  | 0.19%             | 2028-02-11      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2018, 12/31/21                   | Viribus Re 2018, 12/31/21                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $0.00         | 0.00%             | 2026-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| JUPITER BUYER INC                           | JUPITER BUYER INC                                                                | CUSIP: 48205CAD7<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |     59069 | PA      | $59807.36     | 0.00%             | 2031-11-03      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital II Aircraft Lease Ltd                                          | CUSIP: 09229CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2523151 | PA      | $2395753.62   | 0.03%             | 2046-07-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607PHU1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   6900000 | PA      | $6921651.99   | 0.09%             | 2027-09-11      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                  | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   4525000 | PA      | $4526719.95   | 0.06%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genworth Mortgage Insurance Co              | Triangle Re 2021-3 Ltd                                                           | CUSIP: 89600HAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1099229 | PA      | $1100633.09   | 0.01%             | 2034-02-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-1                                       | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6830000 | PA      | $6762991.55   | 0.08%             | 2029-10-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                     | PPL Capital Funding Inc                                                          | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |   1778000 | PA      | $1772131.04   | 0.02%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES4                                              | CUSIP: 89182QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10291502 | PA      | $10302486.35  | 0.13%             | 2064-09-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                     | Verdant Receivables 2023-1 LLC                                                   | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2192560 | PA      | $2231270.73   | 0.03%             | 2031-01-13      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust                                                     | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2440440 | PA      | $2450229.87   | 0.03%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited               | Lunar 2021-1 Structured Aircraft Portfolio Notes                                 | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |   1113298 | PA      | $1062095.74   | 0.01%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2021-D                                                 | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2374915 | PA      | $2364497.01   | 0.03%             | 2062-04-20      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-B                                                    | CUSIP: 68378QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8029647.20   | 0.10%             | 2033-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4429718.83   | 0.06%             | 2026-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Eastern Power LLC                           | EASTERN POWER LLC                                                                | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |    821082 | PA      | $828608.91    | 0.01%             | 2028-04-03      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAU5<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |   9377470 | PA      | $9316141.35   | 0.12%             | 2033-07-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2021-7 Ltd                                               | CUSIP: 05682NAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6459927.50   | 0.08%             | 2035-01-22      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                                 | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17710000 | PA      | $17747173.29  | 0.22%             | 2043-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn1                                                       | CUSIP: 35563FAA9<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |    257232 | PA      | $256639.39    | 0.00%             | 2051-01-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396H5Q8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10942 | PA      | $10856.66     | 0.00%             | 2036-01-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2024-HE2                                                | CUSIP: 46593HAA6<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |   7226280 | PA      | $7230296.15   | 0.09%             | 2054-10-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-X2                                        | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416080 | PA      | $416200.89    | 0.01%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    815666 | PA      | $818055.51    | 0.01%             | 2031-08-15      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396A5E0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19884 | PA      | $19783.28     | 0.00%             | 2035-08-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   5650000 | PA      | $5672893.80   | 0.07%             | 2027-06-24      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392R6E6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54837 | PA      | $55400.11     | 0.00%             | 2032-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2025-1 LLC                                           | CUSIP: 73747LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3224488 | PA      | $3249592.58   | 0.04%             | 2031-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXIX CLO Ltd                                       | CUSIP: 34990EAA8<br>LEI: 254900314MCCPONEEQ30 | Long             | ABS-CBDO         | CORP              | KY        |  17876764 | PA      | $17871919.86  | 0.22%             | 2033-04-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                       | KeySpan Gas East Corp                                                            | CUSIP: 49338CAB9<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |  15408000 | PA      | $15248368.81  | 0.19%             | 2026-08-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Veritiv Operating Co                        | VERITIV OPERATING CO                                                             | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |   2813317 | PA      | $2816540.64   | 0.04%             | 2030-11-29      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   1527645 | PA      | $1543785.16   | 0.02%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| ASP PIF CLO LLC                             | ASP PIF CLO I LLC                                                                | CUSIP: 044929AA5<br>LEI: 635400PQGSZRLFIJEM43 | Long             | ABS-CBDO         | CORP              | US        |  15000000 | PA      | $15001500.00  | 0.19%             | 2038-01-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                    | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668CJ9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   4550000 | PA      | $4564663.47   | 0.06%             | 2026-08-14      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                      | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   7080000 | PA      | $7086387.01   | 0.09%             | 2028-06-09      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Sculptor CLO Ltd                            | Sculptor CLO XXX Ltd                                                             | CUSIP: 81124NAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3002289.00   | 0.04%             | 2038-07-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                        | Long Point Re IV Ltd                                                             | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3522750.00   | 0.04%             | 2026-06-01      | Floating      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Delta Funding Home Equity Loan              | Delta Funding Home Equity Loan Trust 1997-2                                      | CUSIP: 24763LBN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        78 | PA      | $30.55        | 0.00%             | 2027-06-25      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R02                                     | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47972 | PA      | $48045.16     | 0.00%             | 2045-02-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2022-FL8 Issuer Ltd                                                        | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    402848 | PA      | $402876.89    | 0.01%             | 2037-02-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $10630710.09  | 0.13%             | 2027-10-28      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816EL9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  24090000 | PA      | $24109149.86  | 0.30%             | 2029-07-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | ASURION LLC                                                                      | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1143882 | PA      | $1145168.72   | 0.01%             | 2030-09-19      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052417<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16000000 | PA      | $16402683.52  | 0.20%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                                     | CUSIP: 38179FAW1<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |  11990000 | PA      | $12008392.66  | 0.15%             | 2033-07-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US               | Goldentree Loan Management US Clo 10 Ltd                                         | CUSIP: 38138TAL5<br>LEI: 5493007PBV0WMI12LF68 | Long             | ABS-CBDO         | CORP              | KY        |   2100000 | PA      | $2099842.50   | 0.03%             | 2037-10-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396JKN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35131 | PA      | $34851.01     | 0.00%             | 2036-03-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395DPE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53196 | PA      | $52657.57     | 0.00%             | 2036-05-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                              | Bardot CLO Ltd                                                                   | CUSIP: 06744NBQ9<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |  12352724 | PA      | $12347597.92  | 0.15%             | 2032-10-22      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| INTEGRITY RE LTD                            | Integrity Re Ltd                                                                 | CUSIP: 45833UAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1237756 | PA      | $618878.22    | 0.01%             | 2030-06-06      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| MMP Capital                                 | MMP Capital 2025-A LLC                                                           | CUSIP: 55317QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4484814 | PA      | $4524476.37   | 0.06%             | 2031-12-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2024-CRE9 Ltd                                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6806925 | PA      | $6807904.97   | 0.08%             | 2041-05-17      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| WEX INC                                     | WEX INC                                                                          | CUSIP: 000000000<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |   2678758 | PA      | $2682440.79   | 0.03%             | 2032-03-05      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya Ai Debt Grantor Trust 2024-9                                              | CUSIP: 69546QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520372 | PA      | $521747.36    | 0.01%             | 2032-03-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  14055000 | PA      | $14088649.64  | 0.18%             | 2027-09-22      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                                          | CUSIP: 35564NGY3<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   9323625 | PA      | $9317638.30   | 0.12%             | 2045-02-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                            | Flatiron CLO 21 Ltd                                                              | CUSIP: 33883PAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2993748.00   | 0.04%             | 2037-10-19      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  13710000 | PA      | $13720220.81  | 0.17%             | 2026-04-10      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| PERRIGO INVESTMENTS LLC                     | PERRIGO INVESTMENTS LLC                                                          | CUSIP: 71429TAF7<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | US        |   1227572 | PA      | $1235244.46   | 0.02%             | 2029-04-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                                          | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |   9476817 | PA      | $9488644.75   | 0.12%             | 2044-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                                    | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   5703000 | PA      | $5799732.69   | 0.07%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133WDKC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11967564 | PA      | $12554143.34  | 0.16%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2021-FL7 LLC                                    | CUSIP: 75575WAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1386625 | PA      | $1386289.70   | 0.02%             | 2036-11-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Ellington CLO LTD                           | Ellington Clo III Ltd                                                            | CUSIP: 28852LAJ2<br>LEI: 254900V20GCNJI0I7591 | Long             | ABS-CBDO         | CORP              | KY        |   5947295 | PA      | $5940229.70   | 0.07%             | 2030-07-20      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TME2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  10850000 | PA      | $10861420.71  | 0.14%             | 2026-05-15      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2018-B                                          | CUSIP: 78449LAC2<br>LEI: 549300INMCHM7L5O6M41 | Long             | ABS-O            | CORP              | US        |    758958 | PA      | $758294.27    | 0.01%             | 2037-01-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| CG-CCRE Commercial Mortgage Tr              | CG-CCRE Commercial Mortgage Trust 2014-FL1                                       | CUSIP: 12528MAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2171167 | PA      | $2122442.34   | 0.03%             | 2031-06-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                    | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |   3007000 | PA      | $3011255.15   | 0.04%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1                    | CUSIP: 35563PES4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2399231 | PA      | $2364833.65   | 0.03%             | 2057-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397BBG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90511 | PA      | $89847.31     | 0.00%             | 2036-09-15      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R03                                     | CUSIP: 20753ACJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1362601 | PA      | $1375665.61   | 0.02%             | 2043-04-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2022-N1                                           | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1003024 | PA      | $995291.24    | 0.01%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397GBY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61903 | PA      | $61201.29     | 0.00%             | 2034-07-15      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC                    | Virgin Media Bristol LLC                                                         | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   1025000 | PA      | $1028203.13   | 0.01%             | 2029-01-31      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-5                                       | CUSIP: 64828NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4448285 | PA      | $4501828.36   | 0.06%             | 2057-06-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQZV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4886439 | PA      | $5054016.16   | 0.06%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2024-3                                     | CUSIP: 96043CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2613935 | PA      | $2617216.55   | 0.03%             | 2027-09-15      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Pennantpark CLO                             | Pennantpark Clo IX LLC                                                           | CUSIP: 707915AN4<br>LEI: 9845006X5800FC503D51 | Long             | ABS-CBDO         | CORP              | US        |   4890000 | PA      | $4885144.23   | 0.06%             | 2034-04-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                  | Sixth Street CLO IX Ltd                                                          | CUSIP: 83012CAA3<br>LEI: 549300T5OQR4UD880D68 | Long             | ABS-CBDO         | CORP              | KY        |   2400000 | PA      | $2399980.80   | 0.03%             | 2037-07-21      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-3                                                      | CUSIP: 69547XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7556843 | PA      | $7584436.01   | 0.09%             | 2031-10-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2025-SL1                                     | CUSIP: 362960AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9057477 | PA      | $9135706.92   | 0.11%             | 2067-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                      | Marlette Funding Trust 2025-1                                                    | CUSIP: 570920AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5095715 | PA      | $5105431.19   | 0.06%             | 2035-07-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 313920KG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10195 | PA      | $10193.67     | 0.00%             | 2031-08-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2014-IVR3                                               | CUSIP: 46643BBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1225254 | PA      | $1219901.99   | 0.02%             | 2044-09-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-3                                                      | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3725420 | PA      | $3737574.55   | 0.05%             | 2031-10-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | BOF URSA VI Funding Trust I                                                      | CUSIP: 05603KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1170690 | PA      | $1179151.02   | 0.01%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                                    | CUSIP: 68377KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    106304 | PA      | $106316.39    | 0.00%             | 2032-02-09      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2022-4 Ltd                                               | CUSIP: 05685BAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $3999908.00   | 0.05%             | 2037-10-16      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                           | CUSIP: 12433JAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5080000 | PA      | $5060093.51   | 0.06%             | 2042-01-15      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2022-1                                        | CUSIP: 89616BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    986725 | PA      | $972145.05    | 0.01%             | 2027-08-16      | Fixed         | 7.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HBQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15362 | PA      | $15396.12     | 0.00%             | 2030-04-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Tru              | Newtek Small Business Loan Trust 2021-1                                          | CUSIP: 65253MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010993 | PA      | $1011072.97   | 0.01%             | 2048-12-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2023-1 LLC                                                                  | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9400326 | PA      | $9638108.16   | 0.12%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                            | Symphony CLO 36 Ltd                                                              | CUSIP: 87272HAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2930000 | PA      | $2928535.00   | 0.04%             | 2031-01-16      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PJX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    147441 | PA      | $145392.77    | 0.00%             | 2037-02-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  14006000 | PA      | $14230741.96  | 0.18%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396F4J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24041 | PA      | $23821.68     | 0.00%             | 2035-11-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust                                              | CUSIP: 30166XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6821526 | PA      | $6833209.37   | 0.08%             | 2028-01-18      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A              | Research-Driven Pagaya Motor Asset Trust 2023-4                                  | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4111695 | PA      | $4119435.70   | 0.05%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394V7B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10092 | PA      | $10020.08     | 0.00%             | 2036-03-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                        | GARDA WORLD SECURITY                                                             | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |   1473787 | PA      | $1482076.98   | 0.02%             | 2029-02-01      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                     | National Bank of Canada                                                          | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   8190000 | PA      | $8209549.53   | 0.10%             | 2027-07-02      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393QMP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     39745 | PA      | $40526.05     | 0.00%             | 2033-05-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3760000 | PA      | $3764007.22   | 0.05%             | 2027-06-09      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                     | WINDSTREAM SERVICES LLC                                                          | CUSIP: 97381JAK9<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    950000 | PA      | $954750.00    | 0.01%             | 2032-10-06      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | BROADCOM INC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19000000 | PA      | $18973700.20  | 0.24%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-2                                                      | CUSIP: 694961AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2562792 | PA      | $2571818.74   | 0.03%             | 2031-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| HYPERION REFINANCE SARL                     | HYPERION REFINANCE SARL                                                          | CUSIP: 000000000<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | LU        |   2382805 | PA      | $2391315.92   | 0.03%             | 2031-02-18      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU 2019-1 Ltd                    | Trimaran CAVU 2022-2 Ltd                                                         | CUSIP: 89625BAL7<br>LEI: 549300JHXVOIVLAKRV03 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499996.00    | 0.01%             | 2038-03-27      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                               | VALVOLINE INC                                                                    | CUSIP: 92048DAF9<br>LEI: 549300CMHPBEY6VPOT75 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1006875.00   | 0.01%             | 2032-12-01      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC              | Wheels Fleet Lease Funding 1 LLC                                                 | CUSIP: 96328GBN6<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   2760375 | PA      | $2767526.21   | 0.03%             | 2039-02-18      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC                                 | SCIL IV LLC                                                                      | CUSIP: 000000000<br>LEI: 984500E0P46NA78BDF93 | Long             | LON              | CORP              | US        |   2424000 | PA      | $2432333.71   | 0.03%             | 2032-10-29      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  12570000 | PA      | $12616679.95  | 0.16%             | 2027-09-24      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                                    | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3240000 | PA      | $3247328.88   | 0.04%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA1                                          | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1794113 | PA      | $1794668.80   | 0.02%             | 2044-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2720000 | PA      | $2756768.96   | 0.03%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136BVQS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  19946118 | PA      | $20008802.63  | 0.25%             | 2055-04-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| CenterStone SBA Trust                       | Centerstone SBA Trust 2023-1                                                     | CUSIP: 15202XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3761202 | PA      | $3756086.97   | 0.05%             | 2050-12-27      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                | SAFCO Auto Receivables Trust 2024-1                                              | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1203087 | PA      | $1205364.81   | 0.01%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA1                                          | CUSIP: 35564NAW3<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1386320 | PA      | $1389786.24   | 0.02%             | 2044-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP                       | AADVANTAGE LOYALTY IP LTD                                                        | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   1024021 | PA      | $1027092.90   | 0.01%             | 2028-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                                     | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1935328 | PA      | $1933508.30   | 0.02%             | 2041-12-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2019              | Brightwood Capital MM CLO 2025-1 Ltd                                             | CUSIP: 10950EAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2999796.00   | 0.04%             | 2036-04-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                          | Bank of America NA                                                               | CUSIP: 06428CAB0<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |  15450000 | PA      | $15516793.75  | 0.19%             | 2026-08-18      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2024-1 LLC                                           | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1556908 | PA      | $1563630.90   | 0.02%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-10                                             | CUSIP: 69544MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4270723 | PA      | $4298509.95   | 0.05%             | 2032-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASN87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2469551 | PA      | $2574703.75   | 0.03%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392GRS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36035 | PA      | $35995.49     | 0.00%             | 2033-01-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                              | OWENS-BROCKWAY                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1690000 | PA      | $1706636.36   | 0.02%             | 2032-09-30      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2025-HE1                                         | CUSIP: 10568VAA2<br>LEI: 254900V4GL9A5JTVB991 | Long             | ABS-O            | CORP              | US        |  18251131 | PA      | $18238013.61  | 0.23%             | 2072-09-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AQZW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4166954 | PA      | $4307299.66   | 0.05%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396UR69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122167 | PA      | $121591.71    | 0.00%             | 2036-07-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-150.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032625<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9200000 | PA      | $8475859.35   | 0.11%             | 2056-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust                | Oxford Finance Funding 2022-1 LLC                                                | CUSIP: 69145BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3435182 | PA      | $3345915.58   | 0.04%             | 2030-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SMARTRONIX LLC                              | SMARTRONIX LLC                                                                   | CUSIP: 89617EAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1364145 | PA      | $1347093.19   | 0.02%             | 2032-02-09      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Rosy Blue Carat S.A.                        | Rosy Blue Carat SCS                                                              | CUSIP: 77862UAD0<br>LEI: 222100OTGQJOXUS2K930 | Long             | ABS-O            | CORP              | US        |   5156250 | PA      | $5188218.75   | 0.06%             | 2030-03-15      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   6400000 | PA      | $6418488.45   | 0.08%             | 2027-09-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AAS79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9423 | PA      | $9356.50      | 0.00%             | 2041-05-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Cayuga Park CLO, Ltd.                       | Cayuga Park CLO Ltd                                                              | CUSIP: 149791BE4<br>LEI: 549300SVH2QJEV4A2G21 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3999948.00   | 0.05%             | 2038-10-17      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| FCCU Auto Receivables Trust                 | FCCU Auto Receivables Trust 2025-1                                               | CUSIP: 31424YAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10112924.00  | 0.13%             | 2030-06-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| IMS Ecuadorian Mortagage Trust              | IMS ECUADORIAN MORTGAGE 2021-1 TRUST                                             | CUSIP: 44970EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2524398 | PA      | $2448666.45   | 0.03%             | 2043-08-18      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Regatta X Funding Ltd.                      | Regatta X Funding Ltd                                                            | CUSIP: 75884BAJ7<br>LEI: 549300E2FIIBY7XTJE98 | Long             | ABS-CBDO         | CORP              | KY        |   3533333 | PA      | $3527482.12   | 0.04%             | 2037-07-17      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Continental Credit Card llc                 | Continental Finance Credit Card ABS Master Trust                                 | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3543000 | PA      | $3594806.81   | 0.04%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4800000 | PA      | $4811610.67   | 0.06%             | 2026-11-02      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-HTL Mortgage Trust                                                      | CUSIP: 55286PAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5581835 | PA      | $5583560.20   | 0.07%             | 2037-02-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| TRANS UNION LLC                             | TRANS UNION LLC6/06/2031                                                         | CUSIP: 89334GBF0<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |   2701144 | PA      | $2709247.27   | 0.03%             | 2031-06-24      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2023-1                                              | CUSIP: 924933AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3058154.70   | 0.04%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WFR7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  16000000 | PA      | $16015776.00  | 0.20%             | 2026-05-11      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   6645000 | PA      | $6668100.74   | 0.08%             | 2028-02-04      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2023-2                                         | CUSIP: 36269EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    920248 | PA      | $924463.53    | 0.01%             | 2028-06-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                         | ASSURANT CLO II LTD                                                              | CUSIP: 04623TAG0<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249543.75    | 0.00%             | 2031-04-20      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GZL1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3369000 | PA      | $3389826.42   | 0.04%             | 2028-02-24      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-A                                                    | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19670000 | PA      | $19669828.87  | 0.24%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-10                                             | CUSIP: 69544MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2289917 | PA      | $2301128.74   | 0.03%             | 2032-06-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  11700000 | PA      | $11837768.67  | 0.15%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                              | CarVal CLO IV Ltd                                                                | CUSIP: 14687EAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4000628.00   | 0.05%             | 2038-03-31      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4650083 | PA      | $4570018.96   | 0.06%             | 2046-04-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37592 | PA      | $37507.52     | 0.00%             | 2037-09-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                         | OWL Rock Clo XXI LLC                                                             | CUSIP: 69120UAB9<br>LEI: 2549000CE1W4KBWC2X49 | Long             | ABS-CBDO         | CORP              | US        |   3290000 | PA      | $3268690.67   | 0.04%             | 2034-07-24      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                    | Element Fleet Management Corp                                                    | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  25088000 | PA      | $25310226.49  | 0.31%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2021-P2                                           | CUSIP: 14687TAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $975374.40    | 0.01%             | 2028-05-10      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC                       | JEFFERIES FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |   1710720 | PA      | $1701097.20   | 0.02%             | 2031-10-21      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                                          | CUSIP: 404119CX5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  16000000 | PA      | $16103412.32  | 0.20%             | 2028-03-01      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                | MH SUB I LLC                                                                     | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1214669 | PA      | $1132678.81   | 0.01%             | 2028-05-03      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust                                               | CUSIP: 89617QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18218035 | PA      | $11455274.59  | 0.14%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607L8D8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  17160000 | PA      | $17280840.72  | 0.21%             | 2027-06-28      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2019-1 Ltd                                                              | CUSIP: 92917NAU2<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |   3555556 | PA      | $3556092.43   | 0.04%             | 2037-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2023-C                                          | CUSIP: 83207DAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4572761 | PA      | $4618416.32   | 0.06%             | 2052-11-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Gleneagles Re 2022                          | Gleneagles Re 2022                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $354000.00    | 0.00%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2025-HE1                                     | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-O            | CORP              | US        |   3115145 | PA      | $3122520.33   | 0.04%             | 2055-10-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | Asurion LLC                                                                      | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2575554 | PA      | $2585211.90   | 0.03%             | 2028-08-21      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XWP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22651 | PA      | $22583.30     | 0.00%             | 2037-09-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2025-X2                                        | CUSIP: 00835DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21517175 | PA      | $21537663.29  | 0.27%             | 2030-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                         | ACREC 2021-FL1 Ltd                                                               | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2018815 | PA      | $2018818.95   | 0.03%             | 2036-10-16      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                   | Chesapeake Funding II LLC                                                        | CUSIP: 165183DJ0<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   1413493 | PA      | $1414367.31   | 0.02%             | 2036-05-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                              | Pikes Peak CLO 6                                                                 | CUSIP: 72132YAY1<br>LEI: 635400BKNXKWEO3G2J74 | Long             | ABS-CBDO         | CORP              | KY        |  14300000 | PA      | $14279665.40  | 0.18%             | 2034-05-18      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2023-1 Ltd                                                             | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |   2503351 | PA      | $2512012.12   | 0.03%             | 2033-07-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                           | State Street Corp                                                                | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   5380000 | PA      | $5406997.11   | 0.07%             | 2027-10-22      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-3                                                  | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1228144 | PA      | $1234192.89   | 0.02%             | 2029-03-20      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management               | JPMorgan Chase Bank NA - JPMWM                                                   | CUSIP: 46591HBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5701580 | PA      | $5690399.34   | 0.07%             | 2051-03-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                      | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 100000000 | PA      | $100000000.00 | 1.24%             | 2026-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd              | Golub Capital Partners CLO 61M                                                   | CUSIP: 381738AY9<br>LEI: 254900WW1795MW2WKR08 | Long             | ABS-CBDO         | CORP              | US        |  20460000 | PA      | $20427100.32  | 0.25%             | 2035-07-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2021-2 Ltd                                                              | CUSIP: 26982AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1041059 | PA      | $1044094.29   | 0.01%             | 2034-04-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140NH3Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5231588 | PA      | $5426338.85   | 0.07%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | Bayview Opportunity Master Fund VII Trust 2024-CAR1F                             | CUSIP: 07336MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2007921 | PA      | $2012786.43   | 0.03%             | 2032-07-29      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TRANSDIGM INC                                                                    | CUSIP: 89364MCF9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1496250 | PA      | $1502172.16   | 0.02%             | 2030-03-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2024-1 LLC                                    | CUSIP: 38410KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5003774.50   | 0.06%             | 2028-03-01      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032617<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9800000 | PA      | $9059257.79   | 0.11%             | 2056-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R06                                     | CUSIP: 20754YAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6429610 | PA      | $6433975.91   | 0.08%             | 2045-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities,               | Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-4 | CUSIP: 172973W88<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         0 | PA      | $0.02         | 0.00%             | 2020-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                      | SLM Private Credit Student Loan Trust 2007-A                                     | CUSIP: 78443DAD4<br>LEI: 549300T563MF7L069881 | Long             | ABS-O            | CORP              | US        |   1926902 | PA      | $1909039.09   | 0.02%             | 2041-12-16      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R06                                     | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2091618 | PA      | $2099824.19   | 0.03%             | 2043-07-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US                     | ION PLATFORM FINANCE US                                                          | CUSIP: 46206RAC9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | LON              | CORP              | US        |   1940000 | PA      | $1826995.00   | 0.02%             | 2032-09-30      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CMS INC                            | SEDGWICK CLAIMS MANAGEMENT SERVICES INC                                          | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    992500 | PA      | $997048.63    | 0.01%             | 2031-07-31      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2021-FL7 LLC                                    | CUSIP: 75575WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4825000 | PA      | $4821574.25   | 0.06%             | 2036-11-25      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2022-3                                         | CUSIP: 38014QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4123312 | PA      | $4162681.26   | 0.05%             | 2028-06-15      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2024-A                                         | CUSIP: 00834BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10580000 | PA      | $10596371.49  | 0.13%             | 2029-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                    | Dext ABS 2023-1 LLC                                                              | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    371578 | PA      | $373678.07    | 0.00%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE3                                                             | CUSIP: 31684GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3745354 | PA      | $3812044.85   | 0.05%             | 2054-07-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R05                                     | CUSIP: 20753CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13698301 | PA      | $13716114.36  | 0.17%             | 2045-07-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                              | ACHV ABS TRUST 2024-2PL                                                          | CUSIP: 00092HAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2609443 | PA      | $2624010.43   | 0.03%             | 2031-10-27      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2020-FL2 LTD                                                                | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5071397 | PA      | $5058799.62   | 0.06%             | 2038-02-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393RTT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48812 | PA      | $48628.06     | 0.00%             | 2033-06-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-HQA2                                          | CUSIP: 35564K2F5<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |   1273730 | PA      | $1275716.80   | 0.02%             | 2043-06-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   7015000 | PA      | $7119498.18   | 0.09%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr              | Avid Automobile Receivables Trust 2021-1                                         | CUSIP: 05369LAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1532490.40   | 0.02%             | 2028-10-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt              | Benefit Street Partners CLO XVII Ltd                                             | CUSIP: 08182BAU2<br>LEI: 5493001ND55H5MJDIQ39 | Long             | ABS-CBDO         | CORP              | KY        |   7500000 | PA      | $7499850.01   | 0.09%             | 2037-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUS              | Stream Innovations 2024-1 Issuer Trust                                           | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1914945 | PA      | $1990540.37   | 0.02%             | 2044-07-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                 | Exelon Corp                                                                      | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $19961179.00  | 0.25%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2024-WCL1 MORTGAGE TRUST                                                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14000000 | PA      | $14017305.40  | 0.17%             | 2041-06-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2025-HE2                                              | CUSIP: 46593XAA1<br>LEI: 529900TXCH9G2RM4XB25 | Long             | ABS-O            | CORP              | US        |  16156204 | PA      | $16180735.27  | 0.20%             | 2055-11-20      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2024-1CON                                               | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2722057 | PA      | $2782254.44   | 0.03%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XGEA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1663519 | PA      | $1526333.68   | 0.02%             | 2047-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2024-HE1                                     | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17638185 | PA      | $17675376.80  | 0.22%             | 2054-08-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                  | Affirm Asset Securitization Trust 2025-X1                                        | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9084931 | PA      | $9098178.12   | 0.11%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point Clo XX Ltd                                                           | CUSIP: 83611JAA3<br>LEI: 549300RTEBF0FW35D815 | Long             | ABS-CBDO         | CORP              | KY        |   1416908 | PA      | $1417435.55   | 0.02%             | 2031-07-26      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XI Ltd                                                              | CUSIP: 89641HAN0<br>LEI: 549300T8V1JZG1WFK175 | Long             | ABS-CBDO         | CORP              | KY        |   1035000 | PA      | $1034931.69   | 0.01%             | 2034-07-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R06                                     | CUSIP: 20754YAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9264388 | PA      | $9269345.55   | 0.12%             | 2045-09-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivab              | Securitized Term Auto Receivables Trust                                          | CUSIP: 81378RAB0<br>LEI: 254900DVX7EZK9JMUP63 | Long             | ABS-O            | CORP              | CA        |   1867253 | PA      | $1883606.10   | 0.02%             | 2031-07-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| EQUITABLE AMERICA GLOBAL                    | Equitable America Global Funding                                                 | CUSIP: 29446Q2D4<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |  14460000 | PA      | $14451982.80  | 0.18%             | 2027-09-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    762074 | PA      | $737178.49    | 0.01%             | 2046-04-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368LNU6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   7500000 | PA      | $7534497.68   | 0.09%             | 2026-06-05      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Wilshire Mortgage Loan Trust                | Wilshire Mortgage Loan Trust                                                     | CUSIP: 971885AK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4150 | PA      | $4143.70      | 0.00%             | 2028-05-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd              | LoanCore 2025-CRE9 Issuer LLC                                                    | CUSIP: 538912AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  11250000 | PA      | $11253498.75  | 0.14%             | 2042-08-18      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                                               | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3015000.00   | 0.04%             | 2026-04-07      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31394LYU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26274 | PA      | $26592.88     | 0.00%             | 2033-11-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R05                                     | CUSIP: 20753CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7676133 | PA      | $7686785.67   | 0.10%             | 2045-07-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H060614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  16000000 | PA      | $16304375.04  | 0.20%             | 2056-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                         | OWL Rock Clo XXI LLC                                                             | CUSIP: 69120UAA1<br>LEI: 2549000CE1W4KBWC2X49 | Long             | ABS-CBDO         | CORP              | US        |   5545527 | PA      | $5531280.75   | 0.07%             | 2034-07-24      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                                                | CUSIP: 404280DY2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   8700000 | PA      | $8754114.00   | 0.11%             | 2027-08-14      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| BLACKROCK RAINIER CLO LTD                   | Blackrock Rainier CLO VI Ltd                                                     | CUSIP: 09261MAN6<br>LEI: 549300HF4E86WXQDUX86 | Long             | ABS-CBDO         | CORP              | KY        |  15563333 | PA      | $15519257.98  | 0.19%             | 2037-04-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-CES1                                | CUSIP: 79581VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4542648 | PA      | $4596864.79   | 0.06%             | 2054-03-25      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2025-FL6 Issuer Ltd                                                         | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  18650000 | PA      | $18690804.34  | 0.23%             | 2042-09-18      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2025-1 LLC                                                 | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2638299 | PA      | $2647143.03   | 0.03%             | 2030-07-22      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2023-1                                    | CUSIP: 92259VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1498288 | PA      | $1491854.35   | 0.02%             | 2053-01-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Credit Fund III              | Oxford Finance Credit Fund III 2024-A LP                                         | CUSIP: 69145DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8250000 | PA      | $8400948.60   | 0.10%             | 2032-01-14      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                                                | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   6000000 | PA      | $6039200.52   | 0.08%             | 2028-03-01      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2022-1 LLC                                                      | CUSIP: 96034JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    651598 | PA      | $646185.71    | 0.01%             | 2036-08-20      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339WXS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64904 | PA      | $65571.20     | 0.00%             | 2032-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO                                | ORGANON & CO                                                                     | CUSIP: 68621XAG8<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |   2000000 | PA      | $1934500.00   | 0.02%             | 2031-05-19      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA6                                          | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |   2599952 | PA      | $2607355.33   | 0.03%             | 2041-10-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Achieve Mortgage                            | ACHM Trust 2024-HE2                                                              | CUSIP: 00112DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3958727 | PA      | $3975361.26   | 0.05%             | 2039-10-25      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -133 | NC      | $98369.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                                     | CUSIP: 20754AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    457969 | PA      | $457710.45    | 0.01%             | 2041-12-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                                            | CUSIP: 60510MBK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8580000 | PA      | $8677593.21   | 0.11%             | 2030-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PRIME SECURITY SERVICES BOR                 | PRIME SECURITY SERVICES BOR                                                      | CUSIP: 03765VAQ3<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |    676296 | PA      | $675556.61    | 0.01%             | 2032-03-08      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3U3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4025010.76   | 0.05%             | 2027-03-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT                    | CUSIP: 46645WAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $2840040.00   | 0.04%             | 2033-07-05      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                                 | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5116205 | PA      | $5114618.72   | 0.06%             | 2036-10-16      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   6770000 | PA      | $6952168.51   | 0.09%             | 2033-09-26      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| LC AHAB US BIDCO LLC                        | LC AHAB US BIDCO LLC                                                             | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |   1736842 | PA      | $1742813.37   | 0.02%             | 2031-05-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | STACR Trust 2018-HRP1                                                            | CUSIP: 3137G0VA4<br>LEI: 549300D2VO9JVX6KU482 | Long             | ABS-MBS          | CORP              | US        |   4105909 | PA      | $4244420.10   | 0.05%             | 2043-04-25      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                          | CNO Global Funding                                                               | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |  11455000 | PA      | $11708189.29  | 0.15%             | 2027-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F050619<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  26000000 | PA      | $25926875.00  | 0.32%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392F6D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36658 | PA      | $36705.46     | 0.00%             | 2032-12-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| DK CROWN HOLDINGS INC                       | DK CROWN HOLDINGS INC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3344960 | PA      | $3350813.68   | 0.04%             | 2032-03-04      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133TLWG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8470 | PA      | $8472.51      | 0.00%             | 2028-04-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   8300000 | PA      | $8347866.68   | 0.10%             | 2028-02-04      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                      | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $11841034.44  | 0.15%             | 2028-08-03      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB15 LLC                                                               | CUSIP: 15723AAA9<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |   3675960 | PA      | $3663775.22   | 0.05%             | 2034-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                 | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1436000 | PA      | $1435947.26   | 0.02%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Capital Four US CLO                         | Capital Four US CLO II Ltd                                                       | CUSIP: 14016CAL0<br>LEI: 2138009KMDCX6G3MTA10 | Long             | ABS-CBDO         | CORP              | JE        |    525712 | PA      | $525701.93    | 0.01%             | 2037-01-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  20020000 | PA      | $20023503.70  | 0.25%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                                    | CUSIP: 58003MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13870000 | PA      | $13903704.10  | 0.17%             | 2041-08-18      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2024-2                           | CUSIP: 44644NAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3585288 | PA      | $3605824.57   | 0.04%             | 2032-10-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                                          | CUSIP: 35564NGZ0<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |  18353818 | PA      | $18370557.07  | 0.23%             | 2045-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                    | Foundation Finance Trust 2021-1                                                  | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   2179166 | PA      | $2079741.87   | 0.03%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2019-A                                                        | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1038143 | PA      | $1014985.98   | 0.01%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                     | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688ABL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |  17630000 | PA      | $17665246.07  | 0.22%             | 2028-01-21      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| US ANESTHESIA PARTNERS                      | US Anesthesia Partners Inc                                                       | CUSIP: 90350HAL3<br>LEI: 549300J001GMNRO7SQ51 | Long             | LON              | CORP              | US        |   1292625 | PA      | $1300030.45   | 0.02%             | 2028-10-02      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                                           | CUSIP: 12433JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12960000 | PA      | $12947859.07  | 0.16%             | 2042-01-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                     | SOTERA HEALTH HLDGS LLC                                                          | CUSIP: 83600VAH4<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    848529 | PA      | $854892.73    | 0.01%             | 2031-05-30      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya Ai Debt Grantor Trust 2025-6                                              | CUSIP: 69549BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8005644.80   | 0.10%             | 2033-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395LVP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19721 | PA      | $19628.16     | 0.00%             | 2035-01-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136BXXR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  31414394 | PA      | $31540547.52  | 0.39%             | 2055-10-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                                 | CUSIP: 55284AAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6378500 | PA      | $6370373.79   | 0.08%             | 2036-10-16      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-2                                             | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4519300 | PA      | $4549159.05   | 0.06%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| MEDTRONIC GLOB HLDS SCA                     | MEDTRONIC GLOBAL HOLDINGS SCA                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |  19000000 | PA      | $18989905.30  | 0.24%             | 2026-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL16                                                                    | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18850000 | PA      | $18882742.45  | 0.23%             | 2039-11-18      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXV CLO Ltd                                       | CUSIP: 34966YAA4<br>LEI: 254900MPTCO8UJSR7X39 | Long             | ABS-CBDO         | CORP              | KY        |  13340000 | PA      | $13344669.00  | 0.17%             | 2033-07-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE3                                                             | CUSIP: 31684LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6084751 | PA      | $6148890.82   | 0.08%             | 2055-05-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7765641.90   | 0.10%             | 2026-02-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2024-HE3                                         | CUSIP: 46658JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10143476 | PA      | $10143431.75  | 0.13%             | 2055-02-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392HY23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29415 | PA      | $29561.79     | 0.00%             | 2033-02-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W4                                                         | CUSIP: 31394VQB9<br>LEI: 549300DT3ZN0G36OPC94 | Long             | ABS-MBS          | USGSE             | US        |     19842 | PA      | $20298.69     | 0.00%             | 2045-06-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                               | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  16400000 | PA      | $16501663.60  | 0.21%             | 2028-07-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CV55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94703 | PA      | $93770.98     | 0.00%             | 2036-11-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2024-HE2                                     | CUSIP: 36271AAA1<br>LEI: 254900W4Z6DJOVCWAH28 | Long             | ABS-O            | CORP              | US        |  11274668 | PA      | $11292119.24  | 0.14%             | 2055-01-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-3                                                          | CUSIP: 30339EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2128342.05   | 0.03%             | 2031-02-17      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393T5M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63642 | PA      | $63533.88     | 0.00%             | 2033-11-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2024-3                                                     | CUSIP: 68377NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    798262 | PA      | $798568.89    | 0.01%             | 2029-08-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-2                                              | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4716141 | PA      | $4739936.75   | 0.06%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                         | CHURCHILL DOWNS INC                                                              | CUSIP: 17148PAF8<br>LEI: 529900FODTBQC8MIS994 | Long             | LON              | CORP              | US        |    476250 | PA      | $477738.28    | 0.01%             | 2028-03-17      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| AI ALPINE AT BIDCO GMBH                     | INNIO GROUP HOLDING GMBH                                                         | CUSIP: 000000000<br>LEI: 2549000WCDQX6ZM7AW92 | Long             | LON              | CORP              | DE        |   2005000 | PA      | $2015025.00   | 0.03%             | 2028-11-02      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392GDP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34444 | PA      | $34416.76     | 0.00%             | 2032-09-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2025-1                                                            | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4589042 | PA      | $4587243.55   | 0.06%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2025-P1                                    | CUSIP: 96043LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6269225.00   | 0.08%             | 2028-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                                              | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    721601 | PA      | $723472.40    | 0.01%             | 2027-11-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| ALLSPRING BUYER LLC                         | ALLSPRING BUYER LLC                                                              | CUSIP: 98922AAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    748120 | PA      | $753076.60    | 0.01%             | 2030-11-01      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Highbridge Loan Management Ltd              | HPS Loan Management 10-2016 Ltd                                                  | CUSIP: 40436TBC9<br>LEI: 2549009NI8GVCM3ROT27 | Long             | ABS-CBDO         | CORP              | KY        |    642857 | PA      | $642882.87    | 0.01%             | 2034-04-20      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2024-6 Ltd                                                              | CUSIP: 92920TAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3428571 | PA      | $3428314.28   | 0.04%             | 2038-01-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPER                 | CHARTER COMMUNICATIONS OPERATING LLC                                             | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   2864467 | PA      | $2869342.33   | 0.04%             | 2031-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                          | Mativ Holdings Inc                                                               | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |   1793131 | PA      | $1784165.74   | 0.02%             | 2028-04-20      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                            | Greywolf CLO IV Ltd                                                              | CUSIP: 39809TAS6<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299991.90    | 0.00%             | 2034-04-17      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136BWBJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  26536942 | PA      | $26597241.68  | 0.33%             | 2055-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                         | Charles Schwab Corp/The                                                          | CUSIP: 808513BZ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $18121523.58  | 0.23%             | 2027-03-03      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2019-A-GS                                          | CUSIP: 20268CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    558632 | PA      | $550919.00    | 0.01%             | 2047-01-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu              | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1877154 | PA      | $1884090.39   | 0.02%             | 2060-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-4                                         | CUSIP: 36270YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1846290 | PA      | $1847022.88   | 0.02%             | 2027-10-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                   | Acrec 2025 Fl 3 LLC                                                              | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12460000 | PA      | $12459937.70  | 0.15%             | 2042-08-18      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                 | VFI ABS 2023-1 LLC                                                               | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456664 | PA      | $457743.58    | 0.01%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                         | PFS Financing Corp                                                               | CUSIP: 69335PFS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15250000 | PA      | $15261766.90  | 0.19%             | 2029-01-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                     | Australia & New Zealand Banking Group Ltd                                        | CUSIP: 05252ADS7<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   8607000 | PA      | $8639652.46   | 0.11%             | 2028-06-18      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                                     | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  20100000 | PA      | $20238851.60  | 0.25%             | 2027-09-11      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                  | ARCOSA INC                                                                       | CUSIP: 000000000<br>LEI: 549300WFHLTCZV7D6V29 | Long             | LON              | CORP              | US        |   1344612 | PA      | $1354276.60   | 0.02%             | 2031-10-01      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3285000 | PA      | $3237252.85   | 0.04%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Whole Loan                                                            | CUSIP: 31395D7H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176173 | PA      | $174727.31    | 0.00%             | 2046-11-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAPITAL L                    | OUTFRONT MEDIA CAPITAL LLC                                                       | CUSIP: 000000000<br>LEI: 5493005WC7J0FDMW0610 | Long             | LON              | CORP              | US        |   1160588 | PA      | $1166390.94   | 0.01%             | 2032-09-24      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136BXAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7891009 | PA      | $7921003.78   | 0.10%             | 2055-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   7780000 | PA      | $7815686.94   | 0.10%             | 2028-04-22      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                 | Truist Bank                                                                      | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   5630000 | PA      | $5628616.43   | 0.07%             | 2028-07-24      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060618<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -6100000 | PA      | $-6263037.57  | -0.08%            | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERI 0126                       | PLAINS ALL AMERI 0126                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  38000000 | PA      | $37975843.40  | 0.47%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R01                                     | CUSIP: 207932AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5636938 | PA      | $5748951.91   | 0.07%             | 2042-12-25      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE11                                                                 | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13130000 | PA      | $13150494.62  | 0.16%             | 2043-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                    | Toyota Motor Credit Corp                                                         | CUSIP: 89236TMA0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $10546544.51  | 0.13%             | 2027-03-19      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables I LLC                                                  | CUSIP: 88576NAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190369 | PA      | $188252.43    | 0.00%             | 2041-09-15      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3174000 | PA      | $3184192.06   | 0.04%             | 2027-10-21      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                       | Tricon American Homes 2020-SFR1                                                  | CUSIP: 89613GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11369000 | PA      | $11316254.66  | 0.14%             | 2038-07-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                           | Wellfleet CLO 2022-1 Ltd                                                         | CUSIP: 94950TAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3947368 | PA      | $3949432.91   | 0.05%             | 2037-07-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-EDU1 LLC                                | CUSIP: 07336PAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3662521 | PA      | $3698250.74   | 0.05%             | 2047-06-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| DAYFORCE INC                                | DAYFORCE INC                                                                     | CUSIP: 23958CAD9<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |   2073829 | PA      | $2073828.75   | 0.03%             | 2031-03-03      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                        | KIND Trust 2021-KIND                                                             | CUSIP: 482606AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9917199 | PA      | $9876305.45   | 0.12%             | 2038-08-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-1                                              | CUSIP: 69544NAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1733426 | PA      | $1748137.21   | 0.02%             | 2032-07-15      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Vestis Corp                                 | VESTIS TL B 1L USD                                                               | CUSIP: 92550HAE3<br>LEI: 254900QDW0TA2TMFAP59 | Long             | LON              | CORP              | US        |    623438 | PA      | $574081.82    | 0.01%             | 2031-02-24      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XFF8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  15400000 | PA      | $15456741.45  | 0.19%             | 2028-04-04      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PZL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35886 | PA      | $35375.91     | 0.00%             | 2037-03-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136BXCC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16062666 | PA      | $16110906.95  | 0.20%             | 2055-05-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137HMRD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7517394 | PA      | $7534660.56   | 0.09%             | 2055-09-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                                          | CUSIP: 35564KMA4<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |   1690737 | PA      | $1689148.13   | 0.02%             | 2041-11-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| HOA FUNDING LLC - HOA                       | HOA FUNDING LLC - HOA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $0.00         | 0.00%             | 2051-08-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392AR67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27334 | PA      | $27376.72     | 0.00%             | 2031-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AETW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         6 | PA      | $6.50         | 0.00%             | 2026-08-15      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2025-2                                                           | CUSIP: 75525QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4815850 | PA      | $4835016.15   | 0.06%             | 2032-08-18      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397ASY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25241 | PA      | $25043.83     | 0.00%             | 2036-09-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2021-FL2 Ltd                                                                | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3770806 | PA      | $3771007.34   | 0.05%             | 2038-04-18      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                                          | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   4719000 | PA      | $4721099.48   | 0.06%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397CV89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47196 | PA      | $46744.45     | 0.00%             | 2036-11-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2025-1                                                | CUSIP: 505712AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3177935 | PA      | $3180933.73   | 0.04%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393K5F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71511 | PA      | $71296.02     | 0.00%             | 2033-02-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                   | SHR Trust 2024-LXRY                                                              | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18840000 | PA      | $18879224.88  | 0.23%             | 2041-10-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   6956000 | PA      | $6973644.52   | 0.09%             | 2027-10-18      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2021-C                                                    | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3402608 | PA      | $3346402.18   | 0.04%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397H2N7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4065 | PA      | $4022.22      | 0.00%             | 2037-05-15      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                                  | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  14060000 | PA      | $14076740.82  | 0.17%             | 2027-07-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                    | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAW5<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   7100000 | PA      | $7097264.37   | 0.09%             | 2029-09-22      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                       | JANE STREET GROUP LLC                                                            | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |   3960516 | PA      | $3947521.28   | 0.05%             | 2031-12-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        | -14200000 | PA      | $-14572319.17 | -0.18%            | 2056-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-HQA1                                          | CUSIP: 35564KX79<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | CORP              | US        |   1190166 | PA      | $1199597.63   | 0.01%             | 2043-05-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397EHX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    149785 | PA      | $148004.62    | 0.00%             | 2037-01-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                                            | CUSIP: 60510MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5300000 | PA      | $5336743.84   | 0.07%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  20320000 | PA      | $20390595.13  | 0.25%             | 2028-03-27      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2022-1                                                  | CUSIP: 67571EAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2813000 | PA      | $2834934.37   | 0.04%             | 2029-02-20      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                               | CUSIP: 05964HBC8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  12000000 | PA      | $12087056.76  | 0.15%             | 2028-03-14      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38373Y2N3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1482 | PA      | $1479.57      | 0.00%             | 2033-01-16      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                               | COHERENT CORP                                                                    | CUSIP: 45173JAT1<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1004167.00   | 0.01%             | 2029-07-02      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Z Capital Credit Partners CLO               | Z Capital Credit Partners CLO 2021-1 Ltd                                         | CUSIP: 98878FAW9<br>LEI: 254900E49C9UO1DXFA65 | Long             | ABS-CBDO         | CORP              | KY        |  12010000 | PA      | $12018659.21  | 0.15%             | 2033-07-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| HOA FUNDING LLC - HOA                       | HOA FUNDING LLC - HOA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $0.00         | 0.00%             | 2051-08-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2020-4                                                 | CUSIP: 89179JAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546893 | PA      | $541681.21    | 0.01%             | 2060-10-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FITNESS & SPORTS CLUBS LLC                  | FITNESS & SPORTS CLUBS LLC                                                       | CUSIP: 33818XAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2181433 | PA      | $2190976.89   | 0.03%             | 2029-02-12      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE2                                                             | CUSIP: 316927AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6194419 | PA      | $6357090.85   | 0.08%             | 2054-05-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2025-B                                 | CUSIP: 02007G6S7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3487145 | PA      | $3496355.79   | 0.04%             | 2033-09-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu              | GreenSky Home Improvement Issuer Trust 2025-2                                    | CUSIP: 39571VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1461487.34   | 0.02%             | 2060-06-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I LP                         | HILCORP ENERGY I LP                                                              | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |   2011798 | PA      | $2016826.99   | 0.03%             | 2030-02-11      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO               | ABPCI Direct Lending Fund CLO 21 LLC                                             | CUSIP: 00112WAA2<br>LEI: 98450061QACD62C54F24 | Long             | ABS-CBDO         | CORP              | US        |   4850000 | PA      | $4863550.90   | 0.06%             | 2037-07-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-1                                             | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4148745 | PA      | $4171948.50   | 0.05%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                                     | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2173676 | PA      | $2170959.25   | 0.03%             | 2044-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables I LLC                                                  | CUSIP: 88576NAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68991 | PA      | $68394.65     | 0.00%             | 2041-06-15      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital MML CLO XV LLC                                                    | CUSIP: 61033YAY4<br>LEI: 635400TBPZJGNQT3WB33 | Long             | ABS-CBDO         | CORP              | US        |   8460000 | PA      | $8454949.38   | 0.11%             | 2035-09-23      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Tru              | Newtek Small Business Loan Trust 2023-1                                          | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2559632 | PA      | $2583016.00   | 0.03%             | 2050-07-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                              | CUSIP: 26982EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1511881 | PA      | $1514031.84   | 0.02%             | 2033-09-26      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2022-FL3 Ltd                                                                | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1834645 | PA      | $1834635.96   | 0.02%             | 2038-11-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2024-CES1                                       | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2507515 | PA      | $2537995.59   | 0.03%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31359PF50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       669 | PA      | $668.62       | 0.00%             | 2027-07-18      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                                  | CUSIP: 03881UAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  15475000 | PA      | $15584282.90  | 0.19%             | 2041-01-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393HH21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15784 | PA      | $15742.60     | 0.00%             | 2032-12-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESORTS                  | MARRIOTT OWNERSHIP RESORTS INC                                                   | CUSIP: 57163KAJ7<br>LEI: BW4532OH033VURR0IT68 | Long             | LON              | CORP              | US        |    985000 | PA      | $983768.75    | 0.01%             | 2031-04-01      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395DVV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77372 | PA      | $76949.46     | 0.00%             | 2036-06-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                      | Philip Morris International Inc                                                  | CUSIP: 718172EB1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |  18350000 | PA      | $18368592.95  | 0.23%             | 2028-10-27      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                         | MidOcean Credit CLO XI Ltd                                                       | CUSIP: 59801ABA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8290000 | PA      | $8277125.63   | 0.10%             | 2036-01-18      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                         | BUCKEYE PARTNERS LP                                                              | CUSIP: 11823LAR6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |   2067234 | PA      | $2080871.87   | 0.03%             | 2032-11-22      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BXP Trust 2017-CQHP                                                              | CUSIP: 12433QAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7395741.60   | 0.09%             | 2034-11-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                         | LCM 35 Ltd                                                                       | CUSIP: 50202QAQ6<br>LEI: 549300KLSB4ZQ2S3TJ95 | Long             | ABS-CBDO         | CORP              | KY        |   3450000 | PA      | $3451066.05   | 0.04%             | 2034-10-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2023-1                                        | CUSIP: 89616KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1551654 | PA      | $1523426.81   | 0.02%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Stonepeak                                   | Stonepeak 2021-1 ABS                                                             | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1002476 | PA      | $978562.18    | 0.01%             | 2033-02-28      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                       | QUIKRETE HOLDING 01/30/32                                                        | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1985000 | PA      | $1993436.25   | 0.02%             | 2032-02-10      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2X9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  13230000 | PA      | $13279135.16  | 0.17%             | 2027-04-05      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO                      | Monroe Capital Mml Clo XII Ltd                                                   | CUSIP: 61034VAC7<br>LEI: 549300015LLKJVT5UL74 | Long             | ABS-CBDO         | CORP              | KY        |   9734556 | PA      | $9766319.44   | 0.12%             | 2033-09-14      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                         | ACREC 2021-FL1 Ltd                                                               | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13325000 | PA      | $13330412.62  | 0.17%             | 2036-10-16      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2005-2                                                 | CUSIP: 64031QBX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1712964 | PA      | $1700891.81   | 0.02%             | 2037-03-23      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O              | Ford Credit Floorplan Master Owner Trust A                                       | CUSIP: 34528QHX5<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004011.20   | 0.01%             | 2028-05-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point CLO V-R LTD                                                          | CUSIP: 83607EAA0<br>LEI: 549300UPX3H8ENJXHI23 | Long             | ABS-CBDO         | CORP              | KY        |   4249832 | PA      | $4250945.33   | 0.05%             | 2031-07-18      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| ESC GABS144A HOA FDG 4.723 20AUG51          | ESC GABS144A HOA FDG 4.723 20AUG51                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5300000 | PA      | $0.00         | 0.00%             | 2051-08-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FIRST ADVANTAGE HOLDINGS                    | FIRST ADVANTAGE HOLDINGS LLC                                                     | CUSIP: 78477MAH4<br>LEI: 549300MRQE5MQEH3BI02 | Long             | LON              | CORP              | US        |   2712849 | PA      | $2691230.10   | 0.03%             | 2031-10-31      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38374KXH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137906 | PA      | $136344.23    | 0.00%             | 2035-02-20      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2025-1                                                     | CUSIP: 68377PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2194972 | PA      | $2197780.97   | 0.03%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                      | Harvest SBA Loan Trust 2023-1                                                    | CUSIP: 41757BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4414733 | PA      | $4568104.73   | 0.06%             | 2050-10-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                      | Crossroads Asset Trust 2024-A                                                    | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10935548 | PA      | $11050921.80  | 0.14%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                       | SS&C TECHNOLOGIES INC                                                            | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    799928 | PA      | $805609.09    | 0.01%             | 2031-05-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10063131.50  | 0.13%             | 2027-08-07      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-4                                         | CUSIP: 362929AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3190000 | PA      | $3232881.58   | 0.04%             | 2029-08-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2023-A LLC                                                          | CUSIP: 62890QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1243683 | PA      | $1250318.70   | 0.02%             | 2030-06-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                       | AHEAD DB HOLDINGS LLC                                                            | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |   1728191 | PA      | $1729991.34   | 0.02%             | 2031-02-03      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank C&I Credit-Linked Notes Series 2025-2                                    | CUSIP: 90355PAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2296897 | PA      | $2299196.90   | 0.03%             | 2032-09-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2018-TWR                                       | CUSIP: 36251SAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8720000 | PA      | $6670887.20   | 0.08%             | 2031-07-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                        | DOTDASH MEREDITH INC                                                             | CUSIP: 25849KAH0<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |    544000 | PA      | $499715.14    | 0.01%             | 2032-06-16      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                 | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | RA               | CORP              | US        | 150000000 | PA      | $150000000.00 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136BUDJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  18563374 | PA      | $18646426.40  | 0.23%             | 2055-01-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                                         | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15067019 | PA      | $15066943.87  | 0.19%             | 2039-02-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2019              | Brightwood Capital MM CLO 2019-1 Ltd                                             | CUSIP: 109487AQ1<br>LEI: 2549001FP00M2YWJYD98 | Long             | ABS-CBDO         | CORP              | KY        |  18500000 | PA      | $18445425.00  | 0.23%             | 2034-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393MH61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2527 | PA      | $2523.60      | 0.00%             | 2032-12-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                   | HIH Trust 2024-61P                                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10039736 | PA      | $10064708.86  | 0.13%             | 2041-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                         | Owl Rock CLO IV Ltd                                                              | CUSIP: 691200AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2424220 | PA      | $2422306.98   | 0.03%             | 2033-08-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| CLEARWATER ANALYTICS LLC                    | CLEARWATER ANALYTICS LLC                                                         | CUSIP: 18512EAF9<br>LEI: 894500N8DN2JO5ZDRQ11 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1001875.00   | 0.01%             | 2032-04-21      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4621000 | PA      | $4632070.81   | 0.06%             | 2029-01-24      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115KAF7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   8070000 | PA      | $8080807.10   | 0.10%             | 2028-10-13      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  15500000 | PA      | $15922298.12  | 0.20%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                          | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   8090000 | PA      | $8153482.47   | 0.10%             | 2027-01-08      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                                         | CUSIP: 87277JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13500000 | PA      | $13514806.80  | 0.17%             | 2039-02-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| MCF CLO LLC                                 | MCF CLO VII LLC                                                                  | CUSIP: 58039AAA8<br>LEI: 254900DIPQDV686ECJ34 | Long             | ABS-CBDO         | CORP              | US        |   3800000 | PA      | $3799992.40   | 0.05%             | 2037-07-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                         | General Electric Co                                                              | CUSIP: 36962GW75<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   8431000 | PA      | $8442386.91   | 0.10%             | 2026-05-05      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5591343 | PA      | $5490931.10   | 0.07%             | 2046-04-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE2                                                | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7608357 | PA      | $7637240.57   | 0.09%             | 2054-03-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL14 LLC                                                                | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13801000 | PA      | $13831555.41  | 0.17%             | 2039-03-19      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392AKD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90185 | PA      | $90329.31     | 0.00%             | 2031-11-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                            | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5470000 | PA      | $5480141.93   | 0.07%             | 2037-05-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2024-2                                                           | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1453756 | PA      | $1459707.78   | 0.02%             | 2031-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                              | Starbucks Corp                                                                   | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6003380.76   | 0.07%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVA95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1651529 | PA      | $1719337.47   | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                | Pawneee Equipment Receivables Series 2021-1 LLC                                  | CUSIP: 704100AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1539147 | PA      | $1536215.03   | 0.02%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                      | Northwoods Capital XI-B Ltd                                                      | CUSIP: 66860JAL2<br>LEI: 5493005SOJ8F7B634862 | Long             | ABS-CBDO         | CORP              | KY        |   2368420 | PA      | $2368237.63   | 0.03%             | 2037-07-19      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS                     | Petco Health & Wellness Co Inc                                                   | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    938382 | PA      | $930255.02    | 0.01%             | 2028-03-06      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                                          | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9983691.60   | 0.12%             | 2028-01-13      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                   | Upgrade Receivables Trust 2024-1                                                 | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223165 | PA      | $223219.70    | 0.00%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                                         | CUSIP: 60700JFW0<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |  11430000 | PA      | $11434366.15  | 0.14%             | 2026-11-16      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re 2025-1 Ltd                                                         | CUSIP: 07876NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2723791 | PA      | $2723781.23   | 0.03%             | 2035-10-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCL4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   5700000 | PA      | $5738486.06   | 0.07%             | 2028-02-16      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB14 LLC                                                               | CUSIP: 12530XAA9<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |  10037213 | PA      | $9924042.81   | 0.12%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2025-HE3                                                | CUSIP: 46660CAA5<br>LEI: 529900FDW9QWEZPAFE21 | Long             | ABS-O            | CORP              | US        |  22679336 | PA      | $22721622.01  | 0.28%             | 2056-03-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| LoanCore 2022-CRE7 Issuer Ltd.              | LoanCore 2022-CRE7 Issuer Ltd                                                    | CUSIP: 53946PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5030154 | PA      | $5023905.72   | 0.06%             | 2037-01-17      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| LFT CRE 2021-FL1, LLC                       | LMNT CRE 2025-FL3 LLC                                                            | CUSIP: 50208TAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  20110000 | PA      | $20147680.11  | 0.25%             | 2043-07-21      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  11000000 | PA      | $11207968.31  | 0.14%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392B4X1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60459 | PA      | $60739.35     | 0.00%             | 2032-03-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396V5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95574 | PA      | $94423.22     | 0.00%             | 2037-06-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE6                                                             | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18244825 | PA      | $18187864.20  | 0.23%             | 2055-09-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank C&I Credit-Linked Notes Series 2025-2                                    | CUSIP: 90355PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6431312 | PA      | $6390054.79   | 0.08%             | 2032-09-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2025-LOC5                                | CUSIP: 79581XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12665906 | PA      | $12702949.59  | 0.16%             | 2055-10-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                         | Elevance Health Inc                                                              | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |  12335000 | PA      | $12386405.37  | 0.15%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                           | Cedar Funding XIV CLO Ltd                                                        | CUSIP: 15034AAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    971429 | PA      | $971006.97    | 0.01%             | 2037-10-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                  | BXG Receivables Note Trust 2020-A                                                | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135308 | PA      | $131704.63    | 0.00%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2016-B                                             | CUSIP: 20267UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24244 | PA      | $24182.00     | 0.00%             | 2040-10-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVA87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1315515 | PA      | $1374351.78   | 0.02%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396KYS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18219 | PA      | $18175.18     | 0.00%             | 2036-09-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T              | Lobel Automobile Receivables Trust 2025-1                                        | CUSIP: 53948RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4075011 | PA      | $4082101.03   | 0.05%             | 2027-11-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-2                                                            | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1447368 | PA      | $1448394.24   | 0.02%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-RISE                                                               | CUSIP: 12434EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8433270 | PA      | $8425480.41   | 0.10%             | 2036-11-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052615<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  27000000 | PA      | $27377529.93  | 0.34%             | 2056-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2023-1 LLC                                                      | CUSIP: 96033EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2432073 | PA      | $2484549.67   | 0.03%             | 2037-12-20      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5985000 | PA      | $6009330.58   | 0.07%             | 2028-01-31      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31410GX99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2925 | PA      | $3024.28      | 0.00%             | 2048-01-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31403YH97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4162 | PA      | $4261.47      | 0.00%             | 2034-02-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R02                                     | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2747575 | PA      | $2801316.22   | 0.03%             | 2043-01-25      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                | MH SUB I LLC                                                                     | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    820069 | PA      | $705991.77    | 0.01%             | 2031-12-31      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc                            | PITNEY BOWE 01/31/32                                                             | CUSIP: 72448FAW5<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |   2334143 | PA      | $2325389.54   | 0.03%             | 2032-03-19      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137HNM54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24220091 | PA      | $24317484.63  | 0.30%             | 2055-05-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES INC                   | MINERALS TECHNOLOGIES INC                                                        | CUSIP: 60315GAH1<br>LEI: 549300D3I1QU67GP6403 | Long             | LON              | CORP              | US        |   1080090 | PA      | $1084140.34   | 0.01%             | 2031-11-26      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2025-FL10 Issuer LLC                                                   | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13250000 | PA      | $13241720.08  | 0.16%             | 2042-08-19      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                 | PNC Bank NA                                                                      | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  16360000 | PA      | $16383803.96  | 0.20%             | 2027-05-13      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                            | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                          | CUSIP: 403956AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3980000 | PA      | $3984943.96   | 0.05%             | 2037-05-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2016-B                                             | CUSIP: 20267UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85647 | PA      | $84310.72     | 0.00%             | 2040-10-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                         | SHERWIN-WILLIAMS CO/THE                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10600000 | PA      | $10586510.44  | 0.13%             | 2026-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                        | BlueMountain CLO XXXIII Ltd                                                      | CUSIP: 09630MAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $2199958.20   | 0.03%             | 2038-10-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                         | Owl Rock CLO IV Ltd                                                              | CUSIP: 691200AD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250178.50    | 0.00%             | 2033-08-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| LFT CRE 2021-FL1, LLC                       | LMNT CRE 2025-FL3 LLC                                                            | CUSIP: 50208TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  20160000 | PA      | $20185183.87  | 0.25%             | 2043-07-21      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| PADAGIS LLC                                 | Padagis LLC                                                                      | CUSIP: 69526PAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    790780 | PA      | $749264.05    | 0.01%             | 2028-07-06      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F030611<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  18000000 | PA      | $15918046.92  | 0.20%             | 2056-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2023-4                                                | CUSIP: 50571AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28978 | PA      | $29012.52     | 0.00%             | 2027-12-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CPF IV, LLC, CP EF ASSET SECUR              | CP EF Asset Securitization II LLC                                                | CUSIP: 224092AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1976519 | PA      | $1991227.39   | 0.02%             | 2032-03-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BVY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33056 | PA      | $33177.52     | 0.00%             | 2032-01-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                            | Symphony CLO 36 Ltd                                                              | CUSIP: 87170MAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5500000 | PA      | $5500000.00   | 0.07%             | 2036-01-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                                  | CUSIP: 03881UAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8070000 | PA      | $8095339.80   | 0.10%             | 2041-01-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage Backed Securities Trust 2025 CES1                                    | CUSIP: 36271RAA4<br>LEI: 254900R6PO5A0PCKSU63 | Long             | ABS-MBS          | CORP              | US        |   6929102 | PA      | $6982056.01   | 0.09%             | 2055-05-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396TZ89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9574 | PA      | $9506.19      | 0.00%             | 2036-07-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                 | PNC Bank NA                                                                      | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  16520000 | PA      | $16538023.32  | 0.21%             | 2027-01-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                            | Symphony CLO XIX Ltd                                                             | CUSIP: 87165YAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    651933 | PA      | $651873.30    | 0.01%             | 2031-04-16      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE10 Ltd                                                             | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  35350000 | PA      | $35410731.30  | 0.44%             | 2029-12-17      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCG5<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   7000000 | PA      | $7040867.89   | 0.09%             | 2026-07-13      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu              | Bear Stearns Asset Backed Securities Trust 2001-3                                | CUSIP: 07384YBL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5387 | PA      | $5385.69      | 0.00%             | 2032-10-27      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2024-CES7                                                    | CUSIP: 749414AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    340376 | PA      | $341451.26    | 0.00%             | 2044-10-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2019, 12/31/22                   | Viribus Re 2019, 12/31/22                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $0.00         | 0.00%             | 2026-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| STAR 2025-SFR6 Trust                        | STAR 2025-SFR6 Trust                                                             | CUSIP: 85520EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  23400000 | PA      | $23466706.38  | 0.29%             | 2042-08-17      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2021-1                                           | CUSIP: 74113XAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3240000 | PA      | $3139702.88   | 0.04%             | 2029-03-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB13 LLC                                                               | CUSIP: 12530VAA3<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |   3683144 | PA      | $3639536.66   | 0.05%             | 2034-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL                      | MONDELEZ INTERNATIONAL INC                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3797989.80   | 0.05%             | 2026-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-1                                         | CUSIP: 37988XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2520000 | PA      | $2576566.69   | 0.03%             | 2030-03-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2025-1                              | CUSIP: 039962AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5996465.40   | 0.07%             | 2029-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31395NXA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27665 | PA      | $27472.00     | 0.00%             | 2036-07-25      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31393LBU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29955 | PA      | $29960.65     | 0.00%             | 2033-02-15      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                                    | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12114421 | PA      | $12114435.09  | 0.15%             | 2045-01-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                     | BPCE SA                                                                          | CUSIP: 05571AAP0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |  16060000 | PA      | $16219102.73  | 0.20%             | 2027-10-19      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2021-A                                                 | CUSIP: 64035DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464266 | PA      | $438814.81    | 0.01%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Achieve Mortgage                            | ACHM Mortgage Trust 2024-HE1                                                     | CUSIP: 00449TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5228058 | PA      | $5368292.96   | 0.07%             | 2039-05-25      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                     | John Deere Capital Corp                                                          | CUSIP: 24422EXW4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7043067.22   | 0.09%             | 2027-07-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | Cascade Funding Mortgage Trust                                                   | CUSIP: 12531BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6848541 | PA      | $6726835.96   | 0.08%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                       | AVALONBAY COMMUNITIES INC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  38000000 | PA      | $37979898.00  | 0.47%             | 2026-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                     | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688ABQ4<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |  16170000 | PA      | $16223624.89  | 0.20%             | 2028-10-17      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                            | CUSIP: 06675DCH3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   3220000 | PA      | $3237726.65   | 0.04%             | 2027-01-23      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                     | DUKE ENERGY CORP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16000000 | PA      | $15996592.00  | 0.20%             | 2026-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                           | IRON MOUNTAIN INC                                                                | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |   1013320 | PA      | $1014586.65   | 0.01%             | 2031-01-31      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115KAA8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  11850000 | PA      | $11906351.37  | 0.15%             | 2028-06-02      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                    | New York Life Global Funding                                                     | CUSIP: 64953BCA4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  28290000 | PA      | $28334365.51  | 0.35%             | 2028-07-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Securiti              | Bear Stearns Mortgage Securities Inc                                             | CUSIP: 073914WE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4262 | PA      | $4251.79      | 0.00%             | 2030-06-25      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H                        | CUSIP: 5899296M5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161884 | PA      | $143111.81    | 0.00%             | 2029-01-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-CIP                                            | CUSIP: 12434FAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10555741 | PA      | $10545266.47  | 0.13%             | 2038-12-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                                       | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10660000 | PA      | $10718267.56  | 0.13%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| FLUTTER FINANCING BV                        | FLUTTER FINANCING BV                                                             | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    571021 | PA      | $571020.55    | 0.01%             | 2032-06-04      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FLUTTER ENTERTAINMENT PL                    | FLUTTER ENTERTAINMENT PLC                                                        | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |   1347500 | PA      | $1345395.21   | 0.02%             | 2030-11-29      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 313920TH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43641 | PA      | $43710.65     | 0.00%             | 2031-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        | 182928922 | NS      | $182928921.69 | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062614<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        | -22800000 | PA      | $-23694685.22 | -0.29%            | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                                    | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10559913 | PA      | $10563032.74  | 0.13%             | 2045-01-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus              | Veridian Auto Receivables Trust 2023-1                                           | CUSIP: 92347BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1793348 | PA      | $1798335.19   | 0.02%             | 2028-03-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC               | 321 Henderson Receivables LLC                                                    | CUSIP: 88576PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388079 | PA      | $381027.52    | 0.00%             | 2040-11-15      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397KUH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    203343 | PA      | $202889.66    | 0.00%             | 2037-10-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  14080000 | PA      | $14098489.29  | 0.18%             | 2029-01-24      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL8 Ltd                                                                 | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  18967098 | PA      | $18967003.43  | 0.24%             | 2037-02-19      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396YDZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14355 | PA      | $14383.40     | 0.00%             | 2038-02-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133W9R86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10649557 | PA      | $11139950.39  | 0.14%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                              | CUSIP: 46647PDZ6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4980000 | PA      | $5015949.38   | 0.06%             | 2028-01-23      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                                                   | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |  16080000 | PA      | $16082556.88  | 0.20%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  10245000 | PA      | $10294675.75  | 0.13%             | 2028-11-26      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2014-1                            | CUSIP: 61763YAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2564000 | PA      | $2520231.24   | 0.03%             | 2044-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BAYONNE ENERGY CENTER LLC                   | BAYONNE ENERGY CENTER LLC                                                        | CUSIP: 07288VAF6<br>LEI: 54930011FOZUNGHGHM74 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2013750.00   | 0.03%             | 2032-10-01      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-1                                         | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1935000 | PA      | $2000454.66   | 0.02%             | 2031-01-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| RVR DEALERSHIP HOLDINGS                     | RVR DEALERSHIP HOLDINGS                                                          | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    718658 | PA      | $695975.34    | 0.01%             | 2028-02-08      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | Cascade Funding Mortgage Trust                                                   | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2900000 | PA      | $2767104.89   | 0.03%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                               | Amphenol Corp                                                                    | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |  15060000 | PA      | $15087588.26  | 0.19%             | 2027-11-15      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                  | RCKT Trust 2025-PL1                                                              | CUSIP: 74939RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4167813 | PA      | $4179179.54   | 0.05%             | 2034-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                   | JABIL INC                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30000000 | PA      | $29970738.00  | 0.37%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING INC                        | CENGAGE LEARNING INC                                                             | CUSIP: 15131YAQ8<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1508229.00   | 0.02%             | 2031-03-24      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062622<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        | -60500000 | PA      | $-62885871.35 | -0.78%            | 2056-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOVAE LLC                                   | Novae LLC                                                                        | CUSIP: 66988QAB5<br>LEI: 549300IO3D43N4TFUV08 | Long             | LON              | CORP              | US        |   1447500 | PA      | $1362459.38   | 0.02%             | 2028-12-22      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                     | United Airlines 2020-1 Class B Pass Through Trust                                | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1833000 | PA      | $1833025.85   | 0.02%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392FP92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25166 | PA      | $25142.70     | 0.00%             | 2032-12-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO Ltd                         | 522 Funding CLO 2020-6 Ltd                                                       | CUSIP: 33835AAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1266669 | PA      | $1266633.93   | 0.02%             | 2034-10-23      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| CAL Receivables LLC                         | CAL Receivables 2022-1 LLC                                                       | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |   1700363 | PA      | $1700284.55   | 0.02%             | 2026-10-15      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-7                                              | CUSIP: 69545RAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9750000 | PA      | $9754934.48   | 0.12%             | 2033-05-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                        | ALPHA GENERATION LLC                                                             | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |   1366700 | PA      | $1372679.31   | 0.02%             | 2031-09-30      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BNE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12949 | PA      | $12972.13     | 0.00%             | 2032-01-18      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                   | Anchorage Capital Clo 11 Ltd                                                     | CUSIP: 03330NAS3<br>LEI: 549300NPGT86ACOLIL14 | Long             | ABS-CBDO         | CORP              | KY        |   2571430 | PA      | $2569761.14   | 0.03%             | 2037-07-22      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8532827.00   | 0.11%             | 2028-07-26      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2017-HQA2                                           | CUSIP: 3137G0QG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4183679 | PA      | $4269404.56   | 0.05%             | 2029-12-25      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                       | Playtika Holding Corp                                                            | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |   1306568 | PA      | $1265941.56   | 0.02%             | 2028-03-13      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| KNIGHT HEALTH HOLDINGS L                    | Knight Health Holdings LLC                                                       | CUSIP: 49902TAB8<br>LEI: 2549008OACTDEJGJC870 | Long             | LON              | CORP              | US        |    961821 | PA      | $319805.36    | 0.00%             | 2028-12-26      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                          | Credit Agricole SA                                                               | CUSIP: 22535WAM9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  12000000 | PA      | $12063484.68  | 0.15%             | 2028-09-11      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| MONDELEZ 0 CP 01/08/2026                    | MONDELEZ 0 CP 01/08/2026                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  34200000 | PA      | $34171005.24  | 0.42%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KOREA NATIONAL OIL CORP                     | Korea National Oil Corp                                                          | CUSIP: 50065LAR1<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |  25280000 | PA      | $25280758.40  | 0.31%             | 2028-09-29      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A4F5<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  18270000 | PA      | $18308190.33  | 0.23%             | 2027-01-07      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2023-2                                                          | CUSIP: 30333LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1672012 | PA      | $1684330.34   | 0.02%             | 2029-10-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2024-2                                    | CUSIP: 92259PAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2854341 | PA      | $2892366.42   | 0.04%             | 2054-04-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                      | CENTERPOINT ENERGY INC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21500000 | PA      | $21495463.50  | 0.27%             | 2026-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-XL2                                            | CUSIP: 05609KAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3752000 | PA      | $3747350.15   | 0.05%             | 2038-10-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                        | Signal Peak CLO 4 Ltd                                                            | CUSIP: 82667EAL5<br>LEI: 635400L44OLNOBHFTO08 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500438.00   | 0.02%             | 2034-10-26      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                   | PRM Trust 2025-PRM6                                                              | CUSIP: 74277DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4350000 | PA      | $4356846.47   | 0.05%             | 2033-07-05      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                         | Great Lakes CLO 2019-1 Ltd                                                       | CUSIP: 390578AR3<br>LEI: 2549000VKJWRC8TSA617 | Long             | ABS-CBDO         | CORP              | KY        |   3666250 | PA      | $3665582.74   | 0.05%             | 2037-04-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| HOA NEWCO LLC                               | HOA NewCo LLC                                                                    | CUSIP: 43370DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2067352 | PA      | $51249.65     | 0.00%             | 2055-11-22      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | VISTRA OPERATIONS CO LLC                                                         | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |    536068 | PA      | $539351.92    | 0.01%             | 2030-12-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                     | Cooperatieve Rabobank UA/NY                                                      | CUSIP: 21688AAZ5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   8000000 | PA      | $8039418.40   | 0.10%             | 2026-10-05      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC              | Wheels Fleet Lease Funding 1 LLC                                                 | CUSIP: 96328GCP0<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7018448.50   | 0.09%             | 2040-09-18      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  17830000 | PA      | $17853264.23  | 0.22%             | 2028-01-13      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AQF52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13086 | PA      | $13006.99     | 0.00%             | 2041-12-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    377601 | PA      | $381466.27    | 0.00%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XZJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122740 | PA      | $122554.54    | 0.00%             | 2037-10-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Alterna Funding LLC                         | Alterna Funding III LLC                                                          | CUSIP: 02157JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13279022 | PA      | $13308845.74  | 0.17%             | 2039-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2024-FL11 Issuer LLC                                                       | CUSIP: 05613RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9920000 | PA      | $9944800.00   | 0.12%             | 2039-07-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAT4<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  28520000 | PA      | $28544286.21  | 0.35%             | 2028-09-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U7X2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12602495.63  | 0.16%             | 2026-10-30      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                     | AMERICAN AXLE & MFG INC                                                          | CUSIP: 02406MBB2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   2350000 | PA      | $2354895.05   | 0.03%             | 2032-09-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398RCX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17951 | PA      | $17914.48     | 0.00%             | 2040-05-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2025-HE2                                     | CUSIP: 362934AA9<br>LEI: 254900J0PZAB9KZBPX66 | Long             | ABS-O            | CORP              | US        |  22799954 | PA      | $22899581.15  | 0.28%             | 2065-12-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                  | RCKTL 2025-2                                                                     | CUSIP: 74939HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6119363 | PA      | $6125495.95   | 0.08%             | 2034-11-27      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                            | KNIFE RIVER HOLD CO                                                              | CUSIP: 49889LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1488520 | PA      | $1497823.25   | 0.02%             | 2032-03-08      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   1935960 | PA      | $1941400.18   | 0.02%             | 2034-01-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                        | Signal Peak CLO 4 Ltd                                                            | CUSIP: 82667EAN1<br>LEI: 635400L44OLNOBHFTO08 | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $7997752.00   | 0.10%             | 2034-10-26      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                      | Oscar US Funding XVII LLC                                                        | CUSIP: 68784BAB0<br>LEI: 353800UI8625NXT7ND41 | Long             | ABS-O            | CORP              | US        |    346972 | PA      | $346978.86    | 0.00%             | 2027-12-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133TJC43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16179 | PA      | $16145.72     | 0.00%             | 2029-02-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  19200000 | PA      | $19197446.21  | 0.24%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                       | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |  12350000 | PA      | $12452007.91  | 0.15%             | 2028-03-14      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2072757 | PA      | $2160349.01   | 0.03%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394FUL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61795 | PA      | $61264.37     | 0.00%             | 2035-10-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| AGL CLO 14, LTD.                            | AGL CLO 14 Ltd                                                                   | CUSIP: 00851WAL3<br>LEI: 254900G6P36ERQHAIS15 | Long             | ABS-CBDO         | CORP              | KY        |   6820000 | PA      | $6820634.26   | 0.08%             | 2034-12-02      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396HUM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49772 | PA      | $49345.78     | 0.00%             | 2036-02-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WGJ4<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  12450000 | PA      | $12487599.75  | 0.16%             | 2028-09-01      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-1                                         | CUSIP: 36271KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4281758 | PA      | $4285871.27   | 0.05%             | 2027-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| KREF 2022-Fl3 Ltd                           | KREF 2022-FL3 Ltd                                                                | CUSIP: 48275EAA4<br>LEI: 549300DG0FGL1EU1CT79 | Long             | ABS-CBDO         | CORP              | KY        |  14269059 | PA      | $14269543.67  | 0.18%             | 2039-02-17      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4107585.00   | 0.05%             | 2027-09-10      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31397MXL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63426 | PA      | $64637.01     | 0.00%             | 2038-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD                   | CUSIP: 46591JAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3600000 | PA      | $3081373.92   | 0.04%             | 2029-09-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES2                                              | CUSIP: 89182JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5874700 | PA      | $5924488.25   | 0.07%             | 2064-02-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO               | ABPCI DIRECT LENDING FUND CLO VI LTD                                             | CUSIP: 00086GBC4<br>LEI: 25490067CZLTG0JZ0F97 | Long             | ABS-CBDO         | CORP              | KY        |   4250000 | PA      | $4159585.50   | 0.05%             | 2037-01-27      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136A5AT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64669 | PA      | $64146.79     | 0.00%             | 2042-04-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                           | CUSIP: 853254CV0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   8600000 | PA      | $8657939.32   | 0.11%             | 2027-07-06      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                              | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $10270478.51  | 0.13%             | 2028-07-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31358SH87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9748 | PA      | $9753.92      | 0.00%             | 2030-12-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396RZY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    205656 | PA      | $203637.24    | 0.00%             | 2036-06-15      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                      | Protective Life Global Funding                                                   | CUSIP: 743672AE7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |  19300000 | PA      | $19319749.88  | 0.24%             | 2026-04-10      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE BANK NA                     | JPMorgan Chase Bank NA                                                           | CUSIP: 48125LRV6<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10080034.80  | 0.13%             | 2026-12-08      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  14980000 | PA      | $15068741.07  | 0.19%             | 2027-09-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2023-3                                             | CUSIP: 525931AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4053017 | PA      | $4125874.86   | 0.05%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                       | Palmer Square CLO 2020-3 Ltd                                                     | CUSIP: 69701RAW7<br>LEI: 549300IUW4WDDDVSMS20 | Long             | ABS-CBDO         | CORP              | JE        |   1263158 | PA      | $1266126.30   | 0.02%             | 2036-11-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  14600000 | PA      | $14681236.59  | 0.18%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                                     | CUSIP: 20754XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16652330 | PA      | $16680468.71  | 0.21%             | 2044-07-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392BFS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43661 | PA      | $43980.12     | 0.00%             | 2031-12-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                          | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |  16244642 | PA      | $16244664.89  | 0.20%             | 2045-01-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2024-SIF4 LLC                                                           | CUSIP: 85573YAE3<br>LEI: 254900SH4Z0BDGW60S70 | Long             | ABS-CBDO         | CORP              | US        |   2390000 | PA      | $2394861.26   | 0.03%             | 2036-10-17      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 17327CAX1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  21300000 | PA      | $21321917.70  | 0.27%             | 2029-03-04      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                                     | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   8309000 | PA      | $8320861.18   | 0.10%             | 2027-04-01      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                    | LIVE NATION ENTERTAINMENT INC                                                    | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |    965000 | PA      | $967412.50    | 0.01%             | 2032-10-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38374KPM9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140449 | PA      | $138938.43    | 0.00%             | 2035-01-16      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Trust 2018-SL              | Towd Point Asset Trust 2018-SL1                                                  | CUSIP: 89174UAB2<br>LEI: 54930022FYEFQVX02P24 | Long             | ABS-O            | CORP              | US        |   2325105 | PA      | $2324870.07   | 0.03%             | 2046-01-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Battery Park CLO Ltd.                       | Battery Park Clo Ltd                                                             | CUSIP: 07133YAJ9<br>LEI: 549300HAR0K520KW1A03 | Long             | ABS-CBDO         | CORP              | KY        |   2900000 | PA      | $2900298.70   | 0.04%             | 2036-07-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| SCOTIA CAPITAL INC.                         | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 5493009NLZXZGJDOPC94 | Long             | RA               | CORP              | US        |  56630000 | PA      | $56630000.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sound Point CLO LTD                         | Sound Point Clo XVI Ltd                                                          | CUSIP: 83610KAG8<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3002568.00   | 0.04%             | 2030-07-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2003-W6                                                         | CUSIP: 31393BX75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    667560 | PA      | $664727.08    | 0.01%             | 2042-09-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-1                                         | CUSIP: 36266XAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5540000 | PA      | $6001865.92   | 0.07%             | 2030-03-15      | Fixed         | 11.42%                | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                             | CUSIP: 96949LAD7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   8200000 | PA      | $8167120.46   | 0.10%             | 2027-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB                                 | Swedbank AB                                                                      | CUSIP: 870195AA2<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   8840000 | PA      | $8885785.19   | 0.11%             | 2026-06-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                            | Societe Generale SA                                                              | CUSIP: 83368RCB6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  17440000 | PA      | $17491038.33  | 0.22%             | 2029-04-13      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                          | CUSIP: 35564NFZ1<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |   9771058 | PA      | $9771070.03   | 0.12%             | 2045-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                           | Cedar Funding XV CLO Ltd                                                         | CUSIP: 15032QAJ1<br>LEI: 5493002XZZZCKFWQIL45 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3500000.00   | 0.04%             | 2039-01-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                           | Elevation CLO 2021-12 Ltd                                                        | CUSIP: 28623MAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3094737 | PA      | $3094151.94   | 0.04%             | 2037-04-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38376FRF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     53173 | PA      | $53653.57     | 0.00%             | 2039-08-16      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                  | SKY Trust 2025-LINE                                                              | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8188906 | PA      | $8229473.01   | 0.10%             | 2042-04-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Ascent Career Funding Trust                 | Ascent Career Funding Trust 2024-1                                               | CUSIP: 04363LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5008350 | PA      | $5042363.07   | 0.06%             | 2032-10-25      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                 | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8575000 | PA      | $8593918.25   | 0.11%             | 2028-01-24      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690U7Z7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  10240000 | PA      | $10308774.60  | 0.13%             | 2028-01-14      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAR8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  14460000 | PA      | $14482962.48  | 0.18%             | 2029-02-14      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Space Coast Credit Union                    | SCCU Auto Receivables Trust 2025-1                                               | CUSIP: 80620BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10916207 | PA      | $10945535.84  | 0.14%             | 2028-11-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                    | Principal Life Global Funding II                                                 | CUSIP: 7425APAC9<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |  10590000 | PA      | $10600081.36  | 0.13%             | 2028-08-18      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Alturas Re 2021-3, 7/31/25                  | Alturas Re 2021-3, 7/31/25                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $102400.00    | 0.00%             | 2026-07-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                                     | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5288503 | PA      | $5285223.93   | 0.07%             | 2044-07-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                               | PPM CLO 6-R Ltd                                                                  | CUSIP: 693975AA2<br>LEI: 2549003CULWUB4AA0151 | Long             | ABS-CBDO         | CORP              | JE        |    542857 | PA      | $542845.75    | 0.01%             | 2037-01-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                             | GEN DIGITAL INC                                                                  | CUSIP: 66877AAG3<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |   1488520 | PA      | $1491156.17   | 0.02%             | 2032-04-16      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                         | MEDLINE BORROWER LP                                                              | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    879335 | PA      | $883535.17    | 0.01%             | 2030-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | BOF URSA VI Funding Trust I                                                      | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    371953 | PA      | $374491.40    | 0.00%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                                           | CUSIP: 85325C2F8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  17580000 | PA      | $17703856.20  | 0.22%             | 2029-01-21      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                    | Sumitomo Mitsui Trust Bank Ltd                                                   | CUSIP: 86563VCC1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |  14400000 | PA      | $14447952.00  | 0.18%             | 2028-09-11      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                       | LEVEL 3 FINANCING INC                                                            | CUSIP: 52729KAU0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   1139156 | PA      | $1143605.54   | 0.01%             | 2032-03-29      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                     | TALEN ENERGY SUPPLY LLC                                                          | CUSIP: 87422LBA7<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |    750000 | PA      | $752265.75    | 0.01%             | 2032-11-26      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R03                                     | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4660251 | PA      | $4682499.22   | 0.06%             | 2045-03-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                    | Purchasing Power Funding 2024-A LLC                                              | CUSIP: 745935AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7750000 | PA      | $7770731.25   | 0.10%             | 2028-08-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE3                                                | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |   4886121 | PA      | $4901980.61   | 0.06%             | 2054-05-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                              | Newday Funding Master Issuer PLC - Series 2023-1                                 | CUSIP: 000000000<br>LEI: 213800GBPRAJHSB5YK19 | Long             | ABS-O            | CORP              | GB        |   5700000 | PA      | $5743422.60   | 0.07%             | 2031-11-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL2                                                   | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4490000 | PA      | $4520207.82   | 0.06%             | 2029-03-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                          | BMW US Capital LLC                                                               | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $7930954.33   | 0.10%             | 2027-03-19      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                                                 | CUSIP: 00084DBB5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  23300000 | PA      | $23500842.04  | 0.29%             | 2027-09-18      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XR63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   3246487 | PA      | $3333611.25   | 0.04%             | 2030-12-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                              | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2282252 | PA      | $2295124.12   | 0.03%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B                        | CUSIP: 59020UBV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     66875 | PA      | $66031.62     | 0.00%             | 2029-05-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38375XRG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     53801 | PA      | $53800.22     | 0.00%             | 2038-08-20      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                 | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  23010000 | PA      | $23136479.76  | 0.29%             | 2028-04-22      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                               | CUSIP: 592179KS3<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   8900000 | PA      | $8935243.73   | 0.11%             | 2028-08-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAJ6<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |    634304 | PA      | $630055.01    | 0.01%             | 2033-05-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2018-1 Ltd                                                              | CUSIP: 92917AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    547716 | PA      | $547590.13    | 0.01%             | 2031-04-19      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2021-1 LLC                                                                  | CUSIP: 70472TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    564328 | PA      | $562600.98    | 0.01%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                      | ENERGIZER HOLDINGS INC                                                           | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |   1755100 | PA      | $1759487.90   | 0.02%             | 2032-03-19      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W3                                                         | CUSIP: 31394FSD8<br>LEI: 549300RF7M92JUSGM340 | Long             | ABS-MBS          | USGSE             | US        |     20164 | PA      | $20599.58     | 0.00%             | 2045-04-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| EQUS 2021-EQAZ Mortgage Trust               | EQUS 2021-EQAZ Mortgage Trust                                                    | CUSIP: 29478JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9140619 | PA      | $9137790.30   | 0.11%             | 2038-10-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                 | Citibank NA                                                                      | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   9090000 | PA      | $9097281.09   | 0.11%             | 2026-04-30      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2025-1                           | CUSIP: 446438SX2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7992119 | PA      | $8059880.23   | 0.10%             | 2033-03-21      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                                              | CUSIP: 94988J6E2<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |  12760000 | PA      | $12818421.15  | 0.16%             | 2026-08-07      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| HUDSON RIVER TRADING LLC                    | HUDSON RIVER TRADING LLC                                                         | CUSIP: 44413EAJ7<br>LEI: 549300SMOBUC8O5UOE10 | Long             | LON              | CORP              | US        |   1892791 | PA      | $1903674.17   | 0.02%             | 2030-03-18      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Merit                                       | MHP Commercial Mortgage Trust 2025-MHIL2                                         | CUSIP: 59317DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11480000 | PA      | $11479941.45  | 0.14%             | 2040-09-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-3                                              | CUSIP: 91684FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5206000 | PA      | $5217812.93   | 0.06%             | 2035-09-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                 | Citibank NA                                                                      | CUSIP: 17325FBD9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |  12450000 | PA      | $12543931.02  | 0.16%             | 2026-12-04      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                     | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14000000 | PA      | $14252379.40  | 0.18%             | 2042-01-25      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Private Education Refi Loan Trust 2021-C                                 | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468298 | PA      | $429437.66    | 0.01%             | 2069-10-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2025-HE4                                                             | CUSIP: 31684PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3355598 | PA      | $3381041.11   | 0.04%             | 2055-07-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                               | CUSIP: 02005NBR0<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $14392761.19  | 0.18%             | 2027-11-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2017-HRP1                                           | CUSIP: 3137G0SN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1060763 | PA      | $1069019.74   | 0.01%             | 2042-12-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| HYT Commercial Mortgage Trust               | HYT Commercial Mortgage Trust 2024-RGCY                                          | CUSIP: 449173AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7255000 | PA      | $7268530.58   | 0.09%             | 2041-09-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| MATTERHORN RE LTD                           | Matterhorn Re Ltd                                                                | CUSIP: 577092AD1<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    234546 | PA      | $208909.97    | 0.00%             | 2027-01-08      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2024-B                            | CUSIP: 80280BAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4726990 | PA      | $4773265.17   | 0.06%             | 2033-01-18      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                      | Protective Life Global Funding                                                   | CUSIP: 74368CBS2<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   5050000 | PA      | $5065698.13   | 0.06%             | 2026-04-14      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVEM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    201765 | PA      | $208238.30    | 0.00%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                           | Mountain View CLO XVII Ltd                                                       | CUSIP: 62431QAL5<br>LEI: 2549000TWLB57V29ZR37 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500633.00   | 0.02%             | 2038-10-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2023-2                                    | CUSIP: 80287JAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    636366 | PA      | $637523.04    | 0.01%             | 2028-05-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| LUMEXA IMAGING INC                          | LUMEXA IMAGING INC                                                               | CUSIP: 90372AAN8<br>LEI: 254900QCDFUYXJEFMY06 | Long             | LON              | CORP              | US        |    611101 | PA      | $614347.17    | 0.01%             | 2032-12-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                              | AGL Core CLO 27 Ltd                                                              | CUSIP: 00092DAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3300000 | PA      | $3300570.90   | 0.04%             | 2039-01-21      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                | 7-Eleven Inc                                                                     | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $17936355.96  | 0.22%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas Clo VII Ltd                                                             | CUSIP: 89641CAU5<br>LEI: 549300F3XEPDOX3FOP69 | Long             | ABS-CBDO         | CORP              | KY        |  12000000 | PA      | $11975940.00  | 0.15%             | 2035-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HBN4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1585267.21   | 0.02%             | 2027-03-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2019-MILE                           | CUSIP: 63875FAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3490000 | PA      | $3224099.34   | 0.04%             | 2036-07-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31402DHP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       853 | PA      | $864.17       | 0.00%             | 2032-10-01      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2019-HY1                                               | CUSIP: 89177EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    635247 | PA      | $635863.83    | 0.01%             | 2048-10-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Alturas Re 2022-2, 12/31/2027               | Alturas Re 2022-2, 12/31/2027                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    421041 | PA      | $14778.54     | 0.00%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Thopas Re 2022                              | Thopas Re 2022                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $0.00         | 0.00%             | 2027-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Sculptor CLO Ltd                            | Sculptor CLO XXVII Ltd                                                           | CUSIP: 81124UAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000040.98   | 0.01%             | 2034-07-20      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31392RMJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83143 | PA      | $83966.98     | 0.00%             | 2032-03-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                           | State Street Corp                                                                | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  10995000 | PA      | $11062211.01  | 0.14%             | 2028-04-24      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XR22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24948 | PA      | $25283.98     | 0.00%             | 2037-03-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4474000 | PA      | $4525047.62   | 0.06%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA2                                          | CUSIP: 35564NDY6<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |  21325000 | PA      | $21438704.68  | 0.27%             | 2044-08-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                       | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  11800000 | PA      | $11829496.46  | 0.15%             | 2042-06-18      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339D4M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26988 | PA      | $27030.83     | 0.00%             | 2031-06-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                     | CUSIP: 20754BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137154 | PA      | $137111.70    | 0.00%             | 2042-01-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8560639.00   | 0.11%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                       | QNITY ELECTRONICS INC                                                            | CUSIP: 74737SAB9<br>LEI: 254900RSUG4J9TFFZX53 | Long             | LON              | CORP              | US        |   1896300 | PA      | $1907361.12   | 0.02%             | 2032-11-01      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| PETSMART INC                                | PETSMART INC                                                                     | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |    720000 | PA      | $718650.00    | 0.01%             | 2032-08-18      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-1                                                  | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1263 | PA      | $1264.31      | 0.00%             | 2029-05-21      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                     | National Australia Bank Ltd                                                      | CUSIP: 632525CL3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |  17061000 | PA      | $17143264.73  | 0.21%             | 2028-06-13      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2025-HE1                                         | CUSIP: 46593PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20258917 | PA      | $20244670.77  | 0.25%             | 2055-07-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 49              | Octagon Investment Partners 49 Ltd                                               | CUSIP: 67578FAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3463158 | PA      | $3465807.22   | 0.04%             | 2037-04-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2025-FL14 LLC                                                                | CUSIP: 072921AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10910000 | PA      | $10906116.04  | 0.14%             | 2042-10-17      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Onity Loan Investment Trust 2024-HB2                                             | CUSIP: 68278DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3362282 | PA      | $3360668.13   | 0.04%             | 2037-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAL1<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |    488993 | PA      | $484822.95    | 0.01%             | 2033-05-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust              | Upgrade Master Pass-Thru Trust Series 2025-ST2                                   | CUSIP: 91534JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3815156 | PA      | $3862158.39   | 0.05%             | 2032-06-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                  | Sixth Street CLO XII Ltd                                                         | CUSIP: 829928AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1550000 | PA      | $1550000.00   | 0.02%             | 2039-01-17      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA2                                          | CUSIP: 35564NDZ3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |  11405784 | PA      | $11414845.07  | 0.14%             | 2044-08-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP                  | CUSIP: 46651MAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4226153 | PA      | $3243572.58   | 0.04%             | 2036-07-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XT53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22963 | PA      | $22947.33     | 0.00%             | 2037-12-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12732255 | PA      | $12755998.01  | 0.16%             | 2041-08-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 313921A57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39681 | PA      | $39744.90     | 0.00%             | 2031-11-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XXM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16421 | PA      | $16364.36     | 0.00%             | 2037-10-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                        | Fannie Mae Trust 2005-W3                                                         | CUSIP: 31394FSB2<br>LEI: 549300RF7M92JUSGM340 | Long             | ABS-MBS          | USGSE             | US        |    196888 | PA      | $195192.24    | 0.00%             | 2045-03-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                            | SpringCastle America Funding LLC                                                 | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    919377 | PA      | $868564.93    | 0.01%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF                    | Take-Two Interactive Software Inc                                                | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |  11600000 | PA      | $11552939.03  | 0.14%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                        | EYECARE PARTNERS LLC                                                             | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    942129 | PA      | $418462.81    | 0.01%             | 2028-11-30      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RJS4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   6240000 | PA      | $6404602.46   | 0.08%             | 2029-06-20      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2025-SIF5 LLC                                                           | CUSIP: 85573WAA5<br>LEI: 2549003WQA28FWJYLM96 | Long             | ABS-CBDO         | CORP              | US        |  10110000 | PA      | $10133111.46  | 0.13%             | 2037-04-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAG2<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |    680468 | PA      | $675839.28    | 0.01%             | 2033-05-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                 | Merchants Fleet Funding LLC                                                      | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   3803094 | PA      | $3820009.19   | 0.05%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| MCF CLO LLC                                 | MCF CLO 10 Ltd                                                                   | CUSIP: 55293LAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3918750 | PA      | $3923813.03   | 0.05%             | 2037-04-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAA3<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4750579.50   | 0.06%             | 2034-01-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust               | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4515000 | PA      | $4616597.43   | 0.06%             | 2039-05-10      | Variable      | 8.20%                 | No            |                  2 | On Loan: No      |
| HOA ROYALTYCO LLC                           | HOA RoyaltyCo LLC                                                                | CUSIP: 403962AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5165341 | PA      | $1086499.94   | 0.01%             | 2055-11-22      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                        | INEOS US FINANCE LLC                                                             | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   1723805 | PA      | $1391972.28   | 0.02%             | 2031-02-07      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-1                                              | CUSIP: 69544NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1030932 | PA      | $1039682.01   | 0.01%             | 2032-07-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                    | Caterpillar Financial Services Corp                                              | CUSIP: 14913UAZ3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13022555.52  | 0.16%             | 2028-03-03      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru              | THPT 2023-THL Mortgage Trust                                                     | CUSIP: 87252LAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4150000 | PA      | $4196961.40   | 0.05%             | 2034-12-10      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA1                                          | CUSIP: 35564NBW2<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | CORP              | US        |  27084186 | PA      | $27164468.52  | 0.34%             | 2044-03-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES1                                              | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12919270 | PA      | $12989375.62  | 0.16%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Silver Rock CLO Ltd                         | Silver Rock CLO IV Ltd                                                           | CUSIP: 82811BAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3555556 | PA      | $3555281.78   | 0.04%             | 2037-10-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339GXM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12091 | PA      | $12109.73     | 0.00%             | 2031-11-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                     | National Australia Bank Ltd                                                      | CUSIP: 632525BW0<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   7430000 | PA      | $7460323.91   | 0.09%             | 2027-10-26      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                 | CUSIP: 95000U3Z4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $13709114.47  | 0.17%             | 2029-09-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394AGW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16520 | PA      | $16470.94     | 0.00%             | 2034-07-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396VZF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22785 | PA      | $22641.25     | 0.00%             | 2037-05-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2020-DUNE                                      | CUSIP: 36258BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9247416 | PA      | $9246889.02   | 0.11%             | 2036-12-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| PRIME SECURITY SERVICES BOR                 | PRIME SECURITY SERVICES BOR                                                      | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |   1561552 | PA      | $1565798.96   | 0.02%             | 2030-10-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137HMKB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12868196 | PA      | $12931207.63  | 0.16%             | 2055-06-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | Fiserv Inc                                                                       | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   1528000 | PA      | $1521375.80   | 0.02%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO               | ABPCI DIRECT LENDING FUND CLO V LTD                                              | CUSIP: 000807BC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $4016532.00   | 0.05%             | 2036-01-20      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89114TZH8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  11667000 | PA      | $11690537.71  | 0.15%             | 2026-09-10      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Trust 2023-1                                                                 | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    997091 | PA      | $1001808.83   | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Blue Bridge Funding LLC                     | Blue Bridge Funding 2023-1 LLC                                                   | CUSIP: 09531MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2889718 | PA      | $2914057.66   | 0.04%             | 2030-11-15      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |  16400000 | PA      | $16285036.00  | 0.20%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2023-B                                                  | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1634863 | PA      | $1713616.35   | 0.02%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396LS50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20455 | PA      | $20193.28     | 0.00%             | 2036-12-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVZP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45312 | PA      | $44856.56     | 0.00%             | 2036-08-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2025-FL12 Issuer LLC                                                       | CUSIP: 05619BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9660000 | PA      | $9666000.79   | 0.12%             | 2043-01-17      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                                             | CUSIP: 78016HZU7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  15280000 | PA      | $15379975.36  | 0.19%             | 2027-01-19      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE1                                                | CUSIP: 46656UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3776689 | PA      | $3786728.79   | 0.05%             | 2053-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398GWG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41820 | PA      | $41726.24     | 0.00%             | 2040-01-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396NLA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21454 | PA      | $21282.05     | 0.00%             | 2036-04-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                                | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5166971 | PA      | $5154622.30   | 0.06%             | 2038-08-19      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                        | BlueMountain CLO XXII Ltd                                                        | CUSIP: 09629PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2057621 | PA      | $2058184.99   | 0.03%             | 2031-07-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XSV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   1944780 | PA      | $1973821.08   | 0.02%             | 2030-02-25      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2018-BOP                                          | CUSIP: 61768FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7980000 | PA      | $5246850.00   | 0.07%             | 2033-08-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LP                       | CITADEL SECURITIES LP                                                            | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   1425078 | PA      | $1433984.82   | 0.02%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| SOLENIS HOLDINGS LTD                        | SOLENIS HOLDINGS LTD                                                             | CUSIP: 68163YAJ4<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |   1256467 | PA      | $1247239.84   | 0.02%             | 2031-06-23      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2025-R3                                             | CUSIP: 69549EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17898981 | PA      | $17916960.21  | 0.22%             | 2033-01-18      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2025-LOC4                                | CUSIP: 79589VAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21098482 | PA      | $21132057.66  | 0.26%             | 2055-06-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140ASNX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5547181 | PA      | $5704363.29   | 0.07%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                     | Morgan Stanley Private Bank NA                                                   | CUSIP: 61776NVF7<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |  19230000 | PA      | $19268075.40  | 0.24%             | 2028-07-06      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                          | Aqua Finance Trust 2020-A                                                        | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1147648 | PA      | $1088768.37   | 0.01%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| New York City Tax Lien                      | NYCTL 2025-A Trust                                                               | CUSIP: 62957CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8442462 | PA      | $8443769.01   | 0.10%             | 2038-11-10      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                   | College Ave Student Loans 2019-A LLC                                             | CUSIP: 19421UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2973422 | PA      | $2982631.91   | 0.04%             | 2048-12-28      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-HE1 Trust                                                               | CUSIP: 67121CAA4<br>LEI: 2549002GJHC7CO92J583 | Long             | ABS-O            | CORP              | US        |  10345216 | PA      | $10367638.57  | 0.13%             | 2055-02-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                               | CUSIP: 86765BAT6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  10339000 | PA      | $10330064.52  | 0.13%             | 2026-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396KKH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5969 | PA      | $5950.82      | 0.00%             | 2036-08-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd                                                              | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $522800.00    | 0.01%             | 2027-06-07      | Floating      | 9.70%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XQM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88426 | PA      | $87958.90     | 0.00%             | 2037-09-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                    | WINDSOR HOLDINGS III LLC                                                         | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |   1803224 | PA      | $1811677.32   | 0.02%             | 2030-08-01      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAC9<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5996214.00   | 0.07%             | 2034-01-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                       | CUSIP: 233636AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  15550000 | PA      | $15549987.56  | 0.19%             | 2042-06-18      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Octagon 68 Ltd                              | Octagon 68 Ltd                                                                   | CUSIP: 675949AN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $8002104.00   | 0.10%             | 2038-10-20      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-DNA1                                          | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |   5217744 | PA      | $5282118.18   | 0.07%             | 2043-03-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA3                                          | CUSIP: 35564NEY5<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |  13389065 | PA      | $13401768.54  | 0.17%             | 2044-10-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                         | NatWest Markets PLC                                                              | CUSIP: 63906YAN8<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  15400000 | PA      | $15489308.76  | 0.19%             | 2028-03-21      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R07                                     | CUSIP: 20753BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    597664 | PA      | $600485.15    | 0.01%             | 2043-09-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner              | Kinetic Advantage Master Owner Trust                                             | CUSIP: 49462DAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7610000 | PA      | $7609950.54   | 0.09%             | 2029-10-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| COLONY MORTGAGE CAPITAL LTD                 | CLNY Trust 2019-IKPR                                                             | CUSIP: 12564NAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7294075.50   | 0.09%             | 2038-11-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                                    | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5645000 | PA      | $5672239.67   | 0.07%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                             | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  19844000 | PA      | $19887221.82  | 0.25%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| WISC ELEC POWER                             | WISCONSIN ELECTRIC POWER CO                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24000000 | PA      | $23969296.80  | 0.30%             | 2026-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1020000 | PA      | $991104.62    | 0.01%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396V3X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30311 | PA      | $29890.08     | 0.00%             | 2037-06-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| MCF CLO LLC                                 | MCF CLO VII LLC                                                                  | CUSIP: 58039AAQ3<br>LEI: 254900DIPQDV686ECJ34 | Long             | ABS-CBDO         | CORP              | US        |   4500000 | PA      | $4499595.00   | 0.06%             | 2037-07-20      | Floating      | 10.88%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                           | CUSIP: 61690DK64<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6314927.54   | 0.08%             | 2029-01-12      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                        | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    669660 | PA      | $670299.08    | 0.01%             | 2027-03-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BORROWER                   | HILTON GRAND VACATIONS BORROWER LLC                                              | CUSIP: 43283LAK7<br>LEI: 254900HF0EZ734FDVY79 | Long             | LON              | CORP              | US        |    985056 | PA      | $981362.29    | 0.01%             | 2031-01-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2021-2 Ltd                                                             | CUSIP: 75049GAB5<br>LEI: 254900JO0CMUL2VM8206 | Long             | ABS-MBS          | CORP              | BM        |   3465518 | PA      | $3501862.17   | 0.04%             | 2031-11-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF                    | Take-Two Interactive Software Inc                                                | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |  16145000 | PA      | $16180298.14  | 0.20%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                      | ATHENAHEALTH GROUP INC                                                           | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    647010 | PA      | $649193.86    | 0.01%             | 2029-02-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXV CLO Ltd                                       | CUSIP: 34966YAG1<br>LEI: 254900MPTCO8UJSR7X39 | Long             | ABS-CBDO         | CORP              | KY        |   3960000 | PA      | $3962605.68   | 0.05%             | 2033-07-20      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2021-1 LLC                                                                  | CUSIP: 70472TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2766420.00   | 0.03%             | 2034-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-HE2 Trust                                                               | CUSIP: 67121YAA6<br>LEI: 2549004JS8G77DOXE933 | Long             | ABS-O            | CORP              | US        |  10710439 | PA      | $10723957.87  | 0.13%             | 2055-08-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2022-6 Ltd                                               | CUSIP: 05685LAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4250000 | PA      | $4249668.50   | 0.05%             | 2038-01-22      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2017-ASHF                                         | CUSIP: 61691KAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8500000 | PA      | $8351420.00   | 0.10%             | 2034-11-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                      | American Honda Finance Corp                                                      | CUSIP: 02665WFC0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  15670000 | PA      | $15710563.21  | 0.20%             | 2027-03-12      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                                       | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   6072000 | PA      | $6059287.78   | 0.08%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31394AER3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69140 | PA      | $68835.98     | 0.00%             | 2034-07-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  10417000 | PA      | $10424506.59  | 0.13%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31339GNR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12468 | PA      | $12074.76     | 0.00%             | 2031-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                    | Dext ABS 2023-2 LLC                                                              | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1831915 | PA      | $1842116.18   | 0.02%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                  | Pfizer Inc                                                                       | CUSIP: 717081FC2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |   6280000 | PA      | $6299530.80   | 0.08%             | 2027-11-15      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2024-FL9 Issuer LLC                                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  23030000 | PA      | $23117813.39  | 0.29%             | 2039-10-19      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-11                                             | CUSIP: 69544AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3571504 | PA      | $3590147.51   | 0.04%             | 2032-07-15      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4018571.36   | 0.05%             | 2026-07-17      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd                                                              | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260550.00    | 0.00%             | 2027-06-07      | Floating      | 10.77%                | Yes           |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3529780 | PA      | $3600462.60   | 0.04%             | 2056-10-16      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| COORSTECK INC                               | COORSTECK INC                                                                    | CUSIP: 000000000<br>LEI: GHWONX83GNDLWPBRQQ83 | Long             | LON              | CORP              | US        |    590000 | PA      | $595900.00    | 0.01%             | 2032-10-28      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-1                                         | CUSIP: 36266XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2695000 | PA      | $2745118.92   | 0.03%             | 2029-01-16      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| USAA Auto Owner Trust                       | USAA Auto Owner Trust 2023-A                                                     | CUSIP: 90291VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    415958 | PA      | $418558.07    | 0.01%             | 2028-05-15      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395U2S9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122395 | PA      | $121285.86    | 0.00%             | 2035-05-15      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re Ltd                                                                | CUSIP: 078915AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    834724 | PA      | $835856.83    | 0.01%             | 2034-08-25      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R09                                     | CUSIP: 20753DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1210534 | PA      | $1226990.48   | 0.02%             | 2042-09-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XLIX LLC                                                   | CUSIP: 15675LAE5<br>LEI: 635400GZIDYRSJ6WSJ36 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2997063.00   | 0.04%             | 2034-01-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2024-FL13 LLC                                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4530000 | PA      | $4539454.11   | 0.06%             | 2039-09-19      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Fun              | Gracie Point International Funding 2025-1 LLC                                    | CUSIP: 38411WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12500000 | PA      | $12520318.75  | 0.16%             | 2028-08-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| TX Trust 24-HOU                             | TX Trust 2024-HOU                                                                | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6003745.20   | 0.07%             | 2039-06-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                | Enbridge Inc                                                                     | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   8435000 | PA      | $8551441.13   | 0.11%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                      | CARRIAGE PURCHASER INC                                                           | CUSIP: 14445BAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1440477 | PA      | $1450380.56   | 0.02%             | 2028-09-29      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1328079 | PA      | $1308265.31   | 0.02%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2024-1 LLC                                                      | CUSIP: 96034KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5310013 | PA      | $5400871.19   | 0.07%             | 2038-01-20      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CXY79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1034885 | PA      | $1093591.19   | 0.01%             | 2054-10-01      | Fixed         | 6.50%                 | 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        |   5757060 | PA      | $5828930.21   | 0.07%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan              | Trafigura Securitisation Finance PLC                                             | CUSIP: 892725AW2<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   9950000 | PA      | $9950039.80   | 0.12%             | 2027-11-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2025-1                                             | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7933367 | PA      | $7933743.50   | 0.10%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2023-HQA3                                          | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |  12667483 | PA      | $12782250.51  | 0.16%             | 2043-11-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                             | MVW 2021-1W LLC                                                                  | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    692330 | PA      | $669391.44    | 0.01%             | 2041-01-22      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| SANDISK CORP                                | SANDISK CORP                                                                     | CUSIP: 80004YAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1166750 | PA      | $1175500.35   | 0.01%             | 2032-02-23      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| National Collegiate Trust                   | National Collegiate Trust 2007-A/The                                             | CUSIP: 63543YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    611234 | PA      | $599047.03    | 0.01%             | 2031-05-25      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-2                                        | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2218963 | PA      | $2143107.41   | 0.03%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVJ59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46607 | PA      | $46242.36     | 0.00%             | 2036-05-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya Ai Debt Trust 2025-R1                                                     | CUSIP: 69547CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5480000 | PA      | $5513971.07   | 0.07%             | 2032-06-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                 | Truist Bank                                                                      | CUSIP: 86787GAJ1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9971573.50   | 0.12%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Cerberus                                    | Cerberus Loan Funding XXXVII LP                                                  | CUSIP: 15672QAJ6<br>LEI: 635400N8FQLKT6GMFM47 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3962320.00   | 0.05%             | 2034-04-15      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                          | Wind River 2023-1 CLO Ltd                                                        | CUSIP: 97316RAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1600000 | PA      | $1599947.20   | 0.02%             | 2038-07-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Regatta VII Funding Ltd                     | Regatta VII Funding Ltd                                                          | CUSIP: 75888ABC9<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |    529412 | PA      | $528750.04    | 0.01%             | 2034-06-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                            | NTT Finance Corp                                                                 | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |  12180000 | PA      | $12282769.60  | 0.15%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-HB1                                                | CUSIP: 034936AA2<br>LEI: 254900ZFKOWCY24MSQ94 | Long             | ABS-O            | CORP              | US        |   7199438 | PA      | $7244845.44   | 0.09%             | 2055-02-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                   | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | RA               | CORP              | US        |  82310000 | PA      | $82310000.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC                     | CONSOLIDATED EDISON INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  38000000 | PA      | $37979898.00  | 0.47%             | 2026-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-1                                                            | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1786588 | PA      | $1802332.36   | 0.02%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                      | CACI INTERNATIONAL INC                                                           | CUSIP: 12718FAL8<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | LON              | CORP              | US        |   1980000 | PA      | $1983712.50   | 0.02%             | 2031-10-30      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO 1 Ltd                      | New Mountain CLO 1 Ltd                                                           | CUSIP: 64755RAY9<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1499968.49   | 0.02%             | 2038-01-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                            | Bank of Montreal                                                                 | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  16723000 | PA      | $16757440.35  | 0.21%             | 2029-01-27      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                   | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | RA               | CORP              | US        |  32310000 | PA      | $32310000.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ReadyCap lending                            | ReadyCap Lending Small Business Loan Trust 2019-2                                | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    841180 | PA      | $840611.14    | 0.01%             | 2044-12-27      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                     | CUSIP: 06738EDF9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   7030000 | PA      | $7066063.90   | 0.09%             | 2029-11-11      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Ocwen Loan Investment Trust 2024-HB1                                             | CUSIP: 675952AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2237678.51   | 0.03%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Z CAPITAL CREDIT PARTNERS CLO               | Z Capital Credit Partners CLO 2019-1 Ltd                                         | CUSIP: 98877GAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5989080.00   | 0.07%             | 2031-07-16      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| Zais Matrix CDO I                           | Zais Clo 16 Ltd                                                                  | CUSIP: 98875JBJ2<br>LEI: 549300AH84CSK4XX3T86 | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $7988560.00   | 0.10%             | 2034-10-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31395WUZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5332 | PA      | $5326.19      | 0.00%             | 2035-08-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                            | CUSIP: 04685A3W9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6008977.62   | 0.07%             | 2026-05-08      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXXV CLO Ltd                                       | CUSIP: 34966YAE6<br>LEI: 254900MPTCO8UJSR7X39 | Long             | ABS-CBDO         | CORP              | KY        |   3980000 | PA      | $3972796.20   | 0.05%             | 2033-07-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| WHITEWATER DBR HOLDCO LL                    | WHITEWATER DBR HOLDCO LL                                                         | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |   1220595 | PA      | $1228477.83   | 0.02%             | 2031-03-03      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| NOVELIS HOLDINGS INC                        | NOVELIS HOLDINGS INC                                                             | CUSIP: 67000LAB8<br>LEI: 549300ZJQN1PEAT42X90 | Long             | LON              | CORP              | US        |   2916958 | PA      | $2928806.18   | 0.04%             | 2032-03-11      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                           | Expedia Group Inc                                                                | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8439000 | PA      | $8439636.05   | 0.10%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2023-4                              | CUSIP: 02530CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3424275 | PA      | $3449862.60   | 0.04%             | 2030-09-12      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31398LMJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    121724 | PA      | $121943.17    | 0.00%             | 2039-12-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| PRIMO BRANDS CORP                           | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    982575 | PA      | $985986.50    | 0.01%             | 2028-03-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G                        | CUSIP: 5899295X2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2161 | PA      | $2142.26      | 0.00%             | 2029-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVEU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    553416 | PA      | $575172.87    | 0.01%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-21M                                            | CUSIP: 05609CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1457836 | PA      | $1456959.74   | 0.02%             | 2036-10-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                     | Algonquin Power & Utilities Corp                                                 | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |  17018000 | PA      | $17098272.03  | 0.21%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Tidewater Auto Receivables Tru              | Tidewater Auto Receivables Trust 2020-A                                          | CUSIP: 88641WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1265683 | PA      | $1260224.85   | 0.02%             | 2028-07-17      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                         | Great Lakes Clo VI LLC                                                           | CUSIP: 39057WAK5<br>LEI: 254900RS9ORCRVTFF820 | Long             | ABS-CBDO         | CORP              | US        |   5188235 | PA      | $5197480.73   | 0.06%             | 2037-07-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D                        | CUSIP: 59020UGH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12685 | PA      | $12382.06     | 0.00%             | 2029-09-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                    | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  15270000 | PA      | $15366869.37  | 0.19%             | 2028-05-07      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust               | HTL Commercial Mortgage Trust 2024-T53                                           | CUSIP: 404300AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1015623.70   | 0.01%             | 2039-05-10      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                          | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  11130000 | PA      | $11167629.53  | 0.14%             | 2027-06-04      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr              | JP Morgan Seasoned Mortgage Trust 2014-1                                         | CUSIP: 46643VAE7<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |    455539 | PA      | $448842.89    | 0.01%             | 2033-05-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $13186046.90  | 0.16%             | 2042-01-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2025-SIF5 LLC                                                           | CUSIP: 85573WAG2<br>LEI: 2549003WQA28FWJYLM96 | Long             | ABS-CBDO         | CORP              | US        |   2130000 | PA      | $2136030.03   | 0.03%             | 2037-04-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H062610<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  15000000 | PA      | $15505078.20  | 0.19%             | 2056-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | Starwood 2024-SIF4 LLC                                                           | CUSIP: 85573YAA1<br>LEI: 254900SH4Z0BDGW60S70 | Long             | ABS-CBDO         | CORP              | US        |  14000000 | PA      | $14013356.00  | 0.17%             | 2036-10-17      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                           | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7829649 | PA      | $7829899.85   | 0.10%             | 2037-01-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                     | O'Reilly Automotive Inc                                                          | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4994099.80   | 0.06%             | 2026-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | BOF VII AL Funding Trust I                                                       | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3465895 | PA      | $3526292.64   | 0.04%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                 | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15900000 | PA      | $15895177.53  | 0.20%             | 2036-11-15      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-5                                              | CUSIP: 69544LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1543969 | PA      | $1552986.25   | 0.02%             | 2031-10-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HVZR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    195884 | PA      | $194238.63    | 0.00%             | 2036-08-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                               | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   9900000 | PA      | $9940594.06   | 0.12%             | 2027-06-11      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                         | NatWest Markets PLC                                                              | CUSIP: 63906YAK4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  13580000 | PA      | $13662335.54  | 0.17%             | 2027-05-17      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL20 LLC                                                                | CUSIP: 59319CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6900000 | PA      | $6910750.20   | 0.09%             | 2043-02-18      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL19 LLC                                                                | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  19300000 | PA      | $19342160.85  | 0.24%             | 2042-05-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                 | PNC Bank NA                                                                      | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   6550000 | PA      | $6559039.07   | 0.08%             | 2028-07-21      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.                          | Elmwood CLO I Ltd                                                                | CUSIP: 290015AU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1799789.40   | 0.02%             | 2037-04-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3133THBS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27523 | PA      | $27502.73     | 0.00%             | 2028-12-15      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140AA7F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6303769 | PA      | $6571141.09   | 0.08%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Grantor Trust 2024-11                                             | CUSIP: 69544AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3676620 | PA      | $3693195.32   | 0.05%             | 2032-07-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XNJV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12013169 | PA      | $12557481.98  | 0.16%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA6                                          | CUSIP: 35564KH36<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |    553900 | PA      | $556770.34    | 0.01%             | 2042-09-25      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                      | Harvest SBA Loan Trust 2024-1                                                    | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6636829 | PA      | $6701045.30   | 0.08%             | 2051-12-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach ABS Trust 2025-1                                                           | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8242183 | PA      | $8266703.06   | 0.10%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2022-1 LLC                                                                  | CUSIP: 70472XAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2461034 | PA      | $2496561.35   | 0.03%             | 2034-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC                       | LONG RIDGE ENERGY LLC                                                            | CUSIP: 000000000<br>LEI: 984500764EC9AZ2FC764 | Long             | LON              | CORP              | US        |   1125345 | PA      | $1115498.23   | 0.01%             | 2032-02-19      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396PSN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59176 | PA      | $58340.43     | 0.00%             | 2037-02-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-1                                                      | CUSIP: 69548AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5126838 | PA      | $5142611.18   | 0.06%             | 2031-07-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XIV LLC                                       | CUSIP: 03238BAB9<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |   5359670 | PA      | $5429039.10   | 0.07%             | 2031-07-21      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                        | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4255331.55   | 0.05%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| INEOS US PETROCHEM LLC                      | INEOS US PETROCHEM LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    810562 | PA      | $575499.38    | 0.01%             | 2029-03-29      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2021-FL3 Ltd                                                 | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    414592 | PA      | $414438.70    | 0.01%             | 2039-07-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Resi Finance Limited Partnersh              | RESI Finance LP 2003-CB1                                                         | CUSIP: 74951PBH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    676472 | PA      | $571513.46    | 0.01%             | 2035-06-10      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFA 2024-RTL1 Trust                                                              | CUSIP: 59319NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1390000 | PA      | $1395288.39   | 0.02%             | 2029-02-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                    | MassMutual Global Funding II                                                     | CUSIP: 57629TBR7<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3011786.07   | 0.04%             | 2027-01-29      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                    | Caterpillar Financial Services Corp                                              | CUSIP: 14913UBC3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |  15840000 | PA      | $15979535.83  | 0.20%             | 2028-08-15      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                           | Brown & Brown Inc                                                                | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |  10450000 | PA      | $10502081.55  | 0.13%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                                       | CUSIP: 58940BBC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9680000 | PA      | $9762409.71   | 0.12%             | 2029-07-20      | Fixed         | 10.42%                | No            |                  2 | On Loan: No      |
| GREAT OUTDOORS GROUP LLC                    | GREAT OUTDOORS GROUP LLC                                                         | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |   2068110 | PA      | $2082975.57   | 0.03%             | 2032-01-23      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-1                                        | CUSIP: 89616LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1449414 | PA      | $1420833.87   | 0.02%             | 2027-10-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396XJ88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11249 | PA      | $11172.91     | 0.00%             | 2037-06-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137HMZ78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  31475444 | PA      | $31593502.39  | 0.39%             | 2055-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393BVE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36742 | PA      | $36690.49     | 0.00%             | 2033-05-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2025-CES3                                       | CUSIP: 92842MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  28851033 | PA      | $28890281.89  | 0.36%             | 2055-11-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                                   | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   6320000 | PA      | $6351612.64   | 0.08%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust              | Pagaya AI Debt Trust 2024-1                                                      | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2725195 | PA      | $2732183.35   | 0.03%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                             | GEN DIGITAL INC                                                                  | CUSIP: 66877AAF5<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |    636667 | PA      | $638770.21    | 0.01%             | 2029-09-12      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                            | GLOVES BUYER INC                                                                 | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |   2136000 | PA      | $2129325.00   | 0.03%             | 2032-05-24      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3133CVBH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3282022 | PA      | $3394572.21   | 0.04%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Z CAPITAL CREDIT PARTNERS CLO               | Z Capital Credit Partners CLO 2019-1 Ltd                                         | CUSIP: 98877GAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6503822.00   | 0.08%             | 2031-07-16      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31396WYY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10069 | PA      | $10041.34     | 0.00%             | 2037-07-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31393ALV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89621 | PA      | $89510.03     | 0.00%             | 2033-04-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2022-1 LLC                                                      | CUSIP: 96034JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384349 | PA      | $381868.96    | 0.00%             | 2036-08-20      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                           | L3Harris Technologies Inc                                                        | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |  18126000 | PA      | $18388065.53  | 0.23%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2018-C-GS                                          | CUSIP: 20267XAB9<br>LEI: 549300O1CSZVJJTIR319 | Long             | ABS-O            | CORP              | US        |    231614 | PA      | $229585.42    | 0.00%             | 2046-02-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                   | ACRES 2025-FL3 LLC                                                               | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11750000 | PA      | $11778352.75  | 0.15%             | 2040-08-18      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                    | Sumitomo Mitsui Trust Bank Ltd                                                   | CUSIP: 86563VBL2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   3835000 | PA      | $3860904.31   | 0.05%             | 2026-09-14      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2023-3                              | CUSIP: 02530EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13080000 | PA      | $13315437.38  | 0.17%             | 2029-10-12      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Silver Rock CLO Ltd                         | Silver Rock CLO II Ltd                                                           | CUSIP: 82812LAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    533333 | PA      | $533295.49    | 0.01%             | 2035-01-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owne              | NextGear Floorplan Master Owner Trust                                            | CUSIP: 65341KCB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9280000 | PA      | $9322923.71   | 0.12%             | 2029-09-15      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2025-1                                         | CUSIP: 36271FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6641245 | PA      | $6690397.01   | 0.08%             | 2030-04-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities IX CLO Ltd                                         | CUSIP: 34961JAY0<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |  12891000 | PA      | $12876600.75  | 0.16%             | 2033-10-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | ENERGY TRANSFER LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16500000 | PA      | $16487743.80  | 0.20%             | 2026-01-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                      | Federation des Caisses Desjardins du Quebec                                      | CUSIP: 31429KAN3<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |  23280000 | PA      | $23359212.53  | 0.29%             | 2027-01-27      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Deerpath Capital CLO LTD                    | Deerpath Capital CLO 2021-1 Ltd                                                  | CUSIP: 24460EAU6<br>LEI: 984500P76C2D11B3FA56 | Long             | ABS-CBDO         | CORP              | KY        |  10675000 | PA      | $10705893.45  | 0.13%             | 2036-07-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| x-caliber funding llc                       | XCALI 2020-5 Mortgage Trust                                                      | CUSIP: 98401JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825633 | PA      | $823377.42    | 0.01%             | 2023-10-15      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| EDELMAN FINANCIAL CENTER                    | EDELMAN FINANCIAL ENGINES CENTER LLC/THE                                         | CUSIP: 27943UAM8<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |    960368 | PA      | $966627.74    | 0.01%             | 2028-04-07      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                           | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8990000 | PA      | $8986323.09   | 0.11%             | 2043-01-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| TSTAT 2022-1 Ltd                            | TSTAT 2022-1 Ltd                                                                 | CUSIP: 872899BA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   4959619 | PA      | $4959614.27   | 0.06%             | 2037-07-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-6                                       | CUSIP: 30168AAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1382000 | PA      | $1424889.40   | 0.02%             | 2029-04-06      | Fixed         | 8.03%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                              | Eli Lilly & Co                                                                   | CUSIP: 532457DA3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |  20140000 | PA      | $20338245.67  | 0.25%             | 2028-10-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                       | US Bank NA/Cincinnati OH                                                         | CUSIP: 90331HPQ0<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |  20930000 | PA      | $20974510.58  | 0.26%             | 2027-10-22      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat              | United Auto Credit Securitization Trust 2024-1                                   | CUSIP: 90945DAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3150000 | PA      | $3210082.79   | 0.04%             | 2029-11-12      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                            | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12096555.00  | 0.15%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO Ltd                         | Crown Point CLO IV Ltd                                                           | CUSIP: 22845XAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1440000 | PA      | $1449136.80   | 0.02%             | 2031-04-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                          | Pacific Life Global Funding II                                                   | CUSIP: 6944PL3D9<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  13600000 | PA      | $13621289.44  | 0.17%             | 2027-12-20      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2021-FL3                                                               | CUSIP: 30323CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9539990 | PA      | $9528318.91   | 0.12%             | 2036-11-16      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Continental Credit Card llc                 | Continental Finance Credit Card ABS Master Trust                                 | CUSIP: 66981PAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1972497 | PA      | $1980303.07   | 0.02%             | 2030-10-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd              | Golub Capital Partners CLO 51M LP                                                | CUSIP: 381740AQ2<br>LEI: 254900HGMOW93FXL0907 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5975376.00   | 0.07%             | 2036-05-05      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                 | BASKET COLLAREAL US TRI PARTY                                                    | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | RA               | CORP              | US        | 150000000 | PA      | $150000000.00 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Equipment Finance                | Commercial Equipment Finance 2024-1 LLC                                          | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1642156 | PA      | $1659859.31   | 0.02%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAY9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  13841000 | PA      | $13982037.16  | 0.17%             | 2028-01-05      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                       | CAESARS ENTERTAIN INC                                                            | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |   2506670 | PA      | $2487869.98   | 0.03%             | 2031-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| XCAL 2019-IL-1 Mortgage Trust               | XCAL 2019-IL-1 MORTGAGE TRUST                                                    | CUSIP: 98370LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8715248 | PA      | $610067.39    | 0.01%             | 2023-11-06      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| INEOS US PETROCHEM LLC                      | INEOS US PETROCHEM LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    350962 | PA      | $238653.91    | 0.00%             | 2031-10-07      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3132E0DH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6990019 | PA      | $7272731.11   | 0.09%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alloya Auto Receivables Trust               | Alloya Auto Receivables Trust 2025-1                                             | CUSIP: 01986QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5187294 | PA      | $5194347.43   | 0.06%             | 2027-10-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31398JHK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     80715 | PA      | $82377.95     | 0.00%             | 2037-05-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | Reach Abs Trust 2024-1                                                           | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11070248 | PA      | $11147152.32  | 0.14%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust               | DailyPay Securitization Trust 2025-1                                             | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4740000 | PA      | $4768266.52   | 0.06%             | 2028-06-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                    | MassMutual Global Funding II                                                     | CUSIP: 57629TBS5<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |  21200000 | PA      | $21284945.01  | 0.26%             | 2027-04-09      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R04                                     | CUSIP: 20755TAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4168279 | PA      | $4177843.70   | 0.05%             | 2045-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2018-7FRB                                               | CUSIP: 46650AAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5288425 | PA      | $5174380.38   | 0.06%             | 2046-04-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                               | CUSIP: 3128HWJT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54203 | PA      | $53721.80     | 0.00%             | 2036-12-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $18019148.94  | 0.22%             | 2027-03-09      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                      | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 110000000 | PA      | $109550332.10 | 1.36%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392ERP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49507 | PA      | $50025.16     | 0.00%             | 2032-07-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31392ELD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19102 | PA      | $19130.00     | 0.00%             | 2032-08-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | Pear 2024-1 LLC                                                                  | CUSIP: 704933AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4811284 | PA      | $4864286.42   | 0.06%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BXDL Static CLO 2025-1 LLC                  | BXDL Static CLO 2025-1 LLC                                                       | CUSIP: 05617FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7000000 | PA      | $6990095.00   | 0.09%             | 2035-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO                           | Lake Shore MM CLO IV Ltd                                                         | CUSIP: 510758AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1176094 | PA      | $1175775.03   | 0.01%             | 2037-01-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                                        | CUSIP: 89617CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5320000 | PA      | $803622.71    | 0.01%             | 2029-10-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2024-1                                    | CUSIP: 92261CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3189763 | PA      | $3222137.86   | 0.04%             | 2054-01-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA3                                          | CUSIP: 35564NEZ2<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |     38445 | PA      | $38433.15     | 0.00%             | 2044-10-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                 | OCP CLO 2017-14 Ltd                                                              | CUSIP: 67097QAL9<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999850.00   | 0.02%             | 2037-07-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                | SK hynix Inc                                                                     | CUSIP: 78392BAD9<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |  24862000 | PA      | $24889745.99  | 0.31%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL GLBL                    | Northwestern Mutual Global Funding                                               | CUSIP: 66815L2Y4<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |  13420000 | PA      | $13440418.26  | 0.17%             | 2028-08-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Act              | Prodigy Finance CM2021-1 DAC                                                     | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |   1411576 | PA      | $1408067.15   | 0.02%             | 2051-07-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | Fiserv Inc                                                                       | CUSIP: 337738BJ6<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10104748.40  | 0.13%             | 2027-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396RS81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75241 | PA      | $74709.23     | 0.00%             | 2036-06-15      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                                     | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8451053 | PA      | $8467112.12   | 0.11%             | 2044-09-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association              | US Bank NA                                                                       | CUSIP: 90357PBC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3610653 | PA      | $3620599.33   | 0.05%             | 2032-02-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST               | Commonbond Student Loan Trust 2018-A-GS                                          | CUSIP: 20269DAB1<br>LEI: 5493005PJR3MYTKJFJ48 | Long             | ABS-O            | CORP              | US        |    310167 | PA      | $306971.91    | 0.00%             | 2044-02-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                 | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |  13223000 | PA      | $13181458.62  | 0.16%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                             | Venture 41 Clo Ltd                                                               | CUSIP: 92326JAW2<br>LEI: 549300Q6VG2813TG2830 | Long             | ABS-CBDO         | CORP              | KY        |  10680000 | PA      | $10664802.36  | 0.13%             | 2034-01-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31397KZH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19622 | PA      | $19606.47     | 0.00%             | 2037-10-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Zais CLO 13, Limited                        | Zais Clo 13 Ltd                                                                  | CUSIP: 98876NAW4<br>LEI: 549300GODB02F7ODZK39 | Long             | ABS-CBDO         | CORP              | KY        |    599342 | PA      | $599484.88    | 0.01%             | 2032-07-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2024-1                                                | CUSIP: 33843VAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1094221 | PA      | $1096203.42   | 0.01%             | 2028-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-4                                              | CUSIP: 91684AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15000000 | PA      | $15023931.00  | 0.19%             | 2035-11-20      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                | Post CLO 2021-1 LTD                                                              | CUSIP: 73742FAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13000000 | PA      | $12974312.00  | 0.16%             | 2034-10-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140QUV45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12432685 | PA      | $12941680.43  | 0.16%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FUNDING LLC                      | PRUDENTIAL FUNDING LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40000000 | PA      | $39971360.00  | 0.50%             | 2026-01-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKG8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   5750000 | PA      | $5797289.15   | 0.07%             | 2027-10-20      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-4                                              | CUSIP: 91684AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11212581 | PA      | $11217448.02  | 0.14%             | 2026-11-20      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                    | Sabine Pass Liquefaction LLC                                                     | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |  10329000 | PA      | $10398424.41  | 0.13%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer