NPORT-P
    false
    
      
      
        
          0001068663
          XXXXXXXX
        
      
      
      
      
        S000053588
        C000168424
      
      
    
  
  
    
      Victory Variable Insurance Funds
      811-08979
      0001068663
      549300PUY11D0HHITF56
      4900 Tiedeman Road 4th Floor
      Brooklyn
      
      44144
      800-539-3863
      Victory INCORE Investment Quality Bond VIP Series
      S000053588
      549300ELOYP80Y99NC36
      2022-12-31
      2022-03-31
      Y
    
    
      603855036.44
      67613778.53
      536241257.91
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      21039763.78
      
        
          CAD
          
          
        
        
          JPY
          
          
        
        
          MXN
          
          
        
        
          USD
          
          
        
      
      
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31412MR59
        
          
        
        138291.80000000
        PA
        USD
        149252.20000000
        0.027833031830
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-05-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31416JZC8
        
          
        
        775.68000000
        PA
        USD
        821.65000000
        0.000153223943
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-02-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        312944Y54
        
          
        
        1138571.95000000
        PA
        USD
        1209779.30000000
        0.225603547312
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2041-01-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO COMMERCIAL MORTGAGE TRUST
        N/A
        WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015 P2
        95000AAU1
        
          
        
        1374000.00000000
        PA
        USD
        1391759.80000000
        0.259539858127
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-12-15
          Fixed
          3.80900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PLAINS ALL AMERICAN PIPELINE, L.P.
        5521FA2ITF25TVH63740
        PLAINS ALL AMER PIPELINE
        72650RBB7
        
          
        
        2215000.00000000
        PA
        USD
        2218721.20000000
        0.413754288255
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-01-31
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MOTORS FINANCIAL COMPANY, INC.
        5493008B6JBRUJ90QL97
        GENERAL MOTORS FINL CO
        37045XCL8
        
          
        
        966000.00000000
        PA
        USD
        981427.02000000
        0.183019677341
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-19
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140XAD82
        
          
        
        4227118.77000000
        PA
        USD
        3929140.71000000
        0.732718837284
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CENTERPOINT ENERGY
        N/A
        CENTERPOINT ENERGY
        15189T206
        
          
        
        8930.00000000
        NS
        USD
        454894.20000000
        0.084830138168
        Long
        EP
        CORP
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CBM2
        
          
        
        1311000.00000000
        PA
        USD
        1258969.69000000
        0.234776729956
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2024-02-15
          Fixed
          0.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMG CAPITAL TRUST II
        N/A
        AMG CAPITAL TRUST II
        00170F209
        
          
        
        48455.00000000
        NS
        USD
        2689281.57000000
        0.501505904353
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO COMPANY
        94974BGQ7
        
          
        
        890000.00000000
        PA
        USD
        985141.00000000
        0.183712272315
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2045-11-17
          Fixed
          4.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        ULTRA LONG TERM US TREASURY BOND FUTURE JUN22
        N/A
        
          
        
        161.00000000
        NC
        USD
        -1147683.67000000
        -0.21402375387
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US Ultra T-Bond Futures (Composite) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-21
            29664808.67000000
            USD
            -1147683.67000000
          
        
        
          N
          N
          N
        
      
      
        BROADCOM INC.
        549300WV6GIDOZJTV909
        BROADCOM INC
        11135FBD2
        
          
        
        1300000.00000000
        PA
        USD
        1386203.00000000
        0.258503608133
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31415SPB2
        
          
        
        12134.65000000
        PA
        USD
        13193.20000000
        0.002460310504
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-11-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE
        3136B0AV8
        
          
        
        1373898.80000000
        PA
        USD
        1328115.08000000
        0.247671185387
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-12-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMCAST CORPORATION
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP
        20030NDL2
        
          
        
        1166000.00000000
        PA
        USD
        980885.84000000
        0.182918756349
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-01-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3136AWD20
        
          
        
        1626509.54000000
        PA
        USD
        1648344.47000000
        0.307388595279
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2050-12-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAXTER INTERNATIONAL INC.
        J5OIVXX3P24RJRW5CK77
        BAXTER INTERNATIONAL INC
        071813CQ0
        
          
        
        3469000.00000000
        PA
        USD
        3172122.98000000
        0.591547728416
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2032-02-01
          Fixed
          2.53900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KERRY GROUP FINANCIAL SERVICES UNLIMITED COMPANY
        635400SE9OHFJ8SLDG45
        KERRY GROUP FIN SERVICES
        49245PAA4
        
          
        
        5337000.00000000
        PA
        USD
        5361390.09000000
        0.999809322933
        Long
        DBT
        CORP
        IE
        
        Y
        
        2
        
          2023-04-09
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION
        3133KLKJ5
        
          
        
        5369647.09000000
        PA
        USD
        4996507.52000000
        0.931764843957
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECOPETROL S.A.
        254900IDGKCJICKBPA66
        ECOPETROL SA
        279158AC3
        
          
        
        2780000.00000000
        PA
        USD
        2847526.20000000
        0.531015873545
        Long
        DBT
        CORP
        CO
        
        N
        
        2
        
          2023-09-18
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EOG RESOURCES, INC.
        XWTZDRYZPBUHIQBKDB46
        EOG RESOURCES INC
        26875PAT8
        
          
        
        1196000.00000000
        PA
        USD
        1468807.60000000
        0.273907980472
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-04-15
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        ROCKWELL AUTOMATION, INC.
        VH3R4HHBHH12O0EXZJ88
        ROCKWELL AUTOMATION
        773903AE9
        
          
        
        1351000.00000000
        PA
        USD
        1661027.48000000
        0.309753763907
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2037-12-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC SERVICE ELECTRIC AND GAS COMPANY
        549300RUHPVD434XUK18
        PUBLIC SERVICE ELECTRIC GAS CO
        74456QBF2
        
          
        
        1289000.00000000
        PA
        USD
        1301941.56000000
        0.242790262926
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2044-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SVB FINANCIAL GROUP
        549300D2KJ20JMXE7542
        SVB FINANCIAL GROUP
        78486QAE1
        
          
        
        3110000.00000000
        PA
        USD
        2993686.00000000
        0.558272224645
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-06-05
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        S P500 MIC EMINI FUTURE JUN22
        N/A
        S P500 MIC EMINI FUTURE JUN22
        N/A
        
          
          
        
        -886.00000000
        NC
        USD
        -1433676.98000000
        -0.26735670910
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              NEW YORK MERCANTILE EXCHANGE, INC.
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX MISO Michigan Hub 5 MW Peak Calendar Month Day Ahead Electronic Energy Future Jun 2022
                HWAM22
              
            
            2022-05-31
            -18637545.52000000
            USD
            -1433676.98000000
          
        
        
          N
          N
          N
        
      
      
        SENSATA TECHNOLOGIES, INC.
        5493002MMDDCUNV7NY90
        SENSATA TECHNOLOGIES INC
        81728UAB0
        
          
        
        1094000.00000000
        PA
        USD
        1013459.72000000
        0.188993238593
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AerCap Ireland Capital Designated Activity Company
        549300TI38531ODB1G63
        AERCAP IRELAND CAPITAL DAC
        00774MAS4
        
          
        
        1385000.00000000
        PA
        USD
        1272551.85000000
        0.237309574977
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2026-01-30
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHYSICIANS REALTY L.P.
        549300P6Q1UMT0X60U20
        PHYSICIANS REALTY LP
        71951QAB8
        
          
        
        1180000.00000000
        PA
        USD
        1192873.80000000
        0.222450955125
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEVADA POWER COMPANY
        MJZFGXRJ52U8U4MKJ519
        NEVADA POWER CO
        641423BP2
        
          
        
        600000.00000000
        PA
        USD
        771012.00000000
        0.143780805491
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2036-04-01
          Fixed
          6.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WISCONSIN PUBLIC SERVICE CORPORATION
        549300BJRHJVYNUMQZ30
        WISCONSIN PUBLIC SERVICE CORP
        976843BN1
        
          
        
        1370000.00000000
        PA
        USD
        1174651.70000000
        0.219052839122
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-12-01
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NCR CORPORATION
        549300YKTY8JX1DV2R67
        NCR CORP
        62886EAZ1
        
          
        
        729000.00000000
        PA
        USD
        690523.38000000
        0.128771027930
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-10-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SANTANDER RETAIL AUTO LEASE TRUST
        N/A
        SANTANDER RETAIL AUTO LEASE TRUST 2021 A
        80286TAF0
        
          
        
        6080000.00000000
        PA
        USD
        5830512.00000000
        1.087292690369
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2026-03-20
          Fixed
          1.14000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE CO
        46625HJB7
        
          
        
        980000.00000000
        PA
        USD
        1190386.40000000
        0.221987096748
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2041-07-15
          Fixed
          5.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OLD REPUBLIC INTERNATIONAL CORPORATION
        549300IV6O2YY2A1KH37
        OLD REPUBLIC INTL CORP
        680223AL8
        
          
        
        976000.00000000
        PA
        USD
        907387.20000000
        0.169212492812
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-06-11
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SNAP-ON INCORPORATED
        HHWAT5TDOYZMM26KKQ73
        SNAP ON INC
        833034AL5
        
          
        
        1100000.00000000
        PA
        USD
        1166033.00000000
        0.217445596137
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-03-01
          Fixed
          4.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DTE ENERGY COMPANY
        549300IX8SD6XXD71I78
        DTE ENERGY CO PFD
        233331842
        
          
        
        41640.00000000
        NS
        USD
        2218995.60000000
        0.413805459253
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WJXN3
        
          
        
        1757373.32000000
        PA
        USD
        1744977.39000000
        0.325409013995
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-02-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHASE AUTO CREDIT LINKED NOTES
        N/A
        JPMORGAN CHASE BANK NA CACLN
        48128U2N8
        
          
        
        1290437.01000000
        PA
        USD
        1265670.56000000
        0.236026329815
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2028-12-26
          Fixed
          0.96900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY, INC.
        N/A
        NEXTERA ENERGY INC PFD
        65339F770
        
          
        
        67460.00000000
        NS
        USD
        3518039.00000000
        0.656055263951
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CSX Corporation
        549300JVQR4N1MMP3Q88
        CSX CORP
        126408HR7
        
          
        
        1635000.00000000
        PA
        USD
        1524931.80000000
        0.284374202377
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-09-15
          Fixed
          3.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TotalEnergies Capital International SA
        549300U37G2I8G4RUG09
        TOTAL CAPITAL INTL SA
        89153VAX7
        
          
        
        1431000.00000000
        PA
        USD
        1307790.90000000
        0.243881066723
        Long
        DBT
        CORP
        FR
        
        N
        
        2
        
          2041-06-29
          Fixed
          2.98600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3136B3F62
        
          
        
        999736.78000000
        PA
        USD
        984296.78000000
        0.183554839446
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2049-02-25
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIRIUS XM RADIO INC.
        WP5O65E6BMU84LNO4227
        SIRIUS XM RADIO INC
        82967NBG2
        
          
        
        1190000.00000000
        PA
        USD
        1115065.70000000
        0.207941049583
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-07-01
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CCB5
        
          
        
        3217000.00000000
        PA
        USD
        3030011.88000000
        0.565046391956
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2031-05-15
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YUM! Brands, Inc.
        549300JE8XHZZ7OHN517
        YUM BRANDS INC
        988498AN1
        
          
        
        1478000.00000000
        PA
        USD
        1348512.42000000
        0.251474947163
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-03-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP, INC.
        N/A
        EXPEDIA GROUP INC
        30212PBJ3
        
          
        
        1712000.00000000
        PA
        USD
        1723316.32000000
        0.321369587770
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-12-15
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE FINANCIAL COMPANY LLC
        549300NJFDJOFYVV6789
        JPMORGAN CHASE FINANCIAL
        48129KAE0
        
          
        
        2555000.00000000
        PA
        USD
        2799769.00000000
        0.522109956796
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2023-05-01
          Fixed
          0.25000000
          N
          N
          N
          N
          N
          
            
              JPMORGAN CHASE FINANCIAL COMPANY LLC
              JPMORGAN CHASE FINANCIAL COMPANY LLC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST 2015 P1
        17324DAU8
        
          
        
        1367000.00000000
        PA
        USD
        1379662.93000000
        0.257283994778
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-09-15
          Fixed
          3.71700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DRIVE AUTO RECEIVABLES TRUST
        N/A
        DRIVE AUTO RECEIVABLES TRUST
        262108AE3
        
          
        
        2487000.00000000
        PA
        USD
        2453806.33000000
        0.457593721819
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2027-06-15
          Fixed
          1.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140J92D2
        
          
        
        2379459.15000000
        PA
        USD
        2457211.02000000
        0.458228639395
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-07-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALLEGHANY CORPORATION
        549300DCJE6AYX159479
        ALLEGHANY CORP
        017175AE0
        
          
        
        965000.00000000
        PA
        USD
        971330.40000000
        0.181136827066
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MERITAGE HOMES CORPORATION
        52990044W9UMFJO2FB97
        MERITAGE HOMES CORP
        59001AAY8
        
          
        
        587000.00000000
        PA
        USD
        617752.93000000
        0.115200559615
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE ESTEE LAUDER COMPANIES INC.
        549300VFZ8XJ9NUPU221
        ESTEE LAUDER COS INC
        29736RAK6
        
          
        
        1000000.00000000
        PA
        USD
        1079950.00000000
        0.201392560544
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2047-03-15
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MOTORS COMPANY
        54930070NSV60J38I987
        GENERAL MOTORS CO
        37045VAE0
        
          
        
        1976000.00000000
        PA
        USD
        2036188.96000000
        0.379715087185
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-10-02
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967KJ9
        
          
        
        873000.00000000
        PA
        USD
        906060.51000000
        0.168965087380
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-09
          Fixed
          4.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST
        N/A
        MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST
        61691GAS9
        
          
        
        1335542.00000000
        PA
        USD
        1348428.51000000
        0.251459299356
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-12-15
          Variable
          3.72000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3137BEWK6
        
          
        
        1357070.83000000
        PA
        USD
        1347067.77000000
        0.251205544170
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2037-04-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31414K6M7
        
          
        
        40306.19000000
        PA
        USD
        44085.87000000
        0.008221275284
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-01-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC
        312916VS5
        
          
        
        9629.11000000
        PA
        USD
        9710.81000000
        0.001810903181
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2023-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        5 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        90.00000000
        NC
        USD
        -182421.71000000
        -0.03401858907
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US 5-Year Note (consolidated) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-30
            10504296.71000000
            USD
            -182421.71000000
          
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138EMUW9
        
          
        
        4565217.31000000
        PA
        USD
        4758265.01000000
        0.887336611984
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2043-11-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE SOUTHERN COMPANY
        549300FC3G3YU2FBZD92
        SOUTHERN CO
        842587602
        
          
        
        46025.00000000
        NS
        USD
        2513425.25000000
        0.468711650385
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31385H4W9
        
          
        
        4120.92000000
        PA
        USD
        4625.75000000
        0.000862624785
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2032-02-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mylan Inc.
        30ZMPDNA1RHIBH89C294
        MYLAN INC
        628530BK2
        
          
        
        3228000.00000000
        PA
        USD
        3263895.36000000
        0.608661737950
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-15
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC.
        2S72QS2UO2OESLG6Y829
        VERIZON COMMUNICATIONS
        92343VGB4
        
          
        
        2110000.00000000
        PA
        USD
        1990152.00000000
        0.371129966343
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-03-22
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MSILF PRIME PORTFOLIO
        N/A
        Morgan Stanley Institutional Liquidity Fund - MPFXX 0.25% 7/31/2020 - Extendable
        61747C715
        
          
        
        6735478.25000000
        NS
        USD
        6735478.25000000
        1.256053716614
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31411GJU7
        
          
        
        87523.68000000
        PA
        USD
        89338.69000000
        0.016660167169
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2036-12-01
          Floating
          1.91000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOLLYFRONTIER CORPORATION
        549300J3U2WK73C9ZK26
        HOLLYFRONTIER CORP
        436106AB4
        
          
        
        2069000.00000000
        PA
        USD
        2050068.65000000
        0.382303416561
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-10-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMCAST CORPORATION
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP
        20030NCZ2
        
          
        
        1346000.00000000
        PA
        USD
        1267447.44000000
        0.236357688130
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-02-01
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS MORTGAGE SECURITIES TRUST
        N/A
        GS MORTGAGE SECURITIES TRUST 2015 GC30
        36250GAP0
        
          
        
        1428000.00000000
        PA
        USD
        1422925.52000000
        0.265351742151
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2050-05-10
          Fixed
          3.38200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NETAPP, INC.
        QTX3D84DZDD5JYOCYH15
        NETAPP INC
        64110DAD6
        
          
        
        1345000.00000000
        PA
        USD
        1351092.85000000
        0.251956154076
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-12-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        06051GGA1
        
          
        
        1775000.00000000
        PA
        USD
        1770101.00000000
        0.330094145851
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-21
          Fixed
          3.24800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BROADCOM CORPORATION
        KFFV4ZWM9DJH1ND3BD89
        BROADCOM CORP
        11134LAF6
        
          
        
        3175000.00000000
        PA
        USD
        3213195.25000000
        0.599207017849
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-01-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3137AN2J3
        
          
        
        191535.00000000
        PA
        USD
        192023.18000000
        0.035809102184
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-10-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABBVIE INC.
        FR5LCKFTG8054YNNRU85
        ABBVIE INC
        00287YCV9
        
          
        
        3000000.00000000
        PA
        USD
        3058740.00000000
        0.570403704467
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-06-15
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY
        61746BDJ2
        
          
        
        3000000.00000000
        PA
        USD
        3047010.00000000
        0.568216256219
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-02-25
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQM Midstream Partners, LP
        549300NELT611CL6XM83
        EQT MIDSTREAM PARTNERS LP
        26885BAD2
        
          
        
        737000.00000000
        PA
        USD
        742416.95000000
        0.138448308303
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-07-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CREDIT SUISSE FIRST BOSTON CORPORATION
        N/A
        CREDIT SUISSE FIRST BOSTON MORTGAGE
        22540V2L5
        
          
        
        577311.62000000
        PA
        USD
        581850.81000000
        0.108505416436
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2032-10-25
          Floating
          1.77657000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31394CJS2
        
          
        
        4235804.48000000
        PA
        USD
        4534732.70000000
        0.845651585570
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2035-03-25
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY
        6174824M3
        
          
        
        2718000.00000000
        PA
        USD
        2764070.10000000
        0.515452710739
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-11-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED AUTO CREDIT SECURITIZATION TRUST
        N/A
        UNITED AUTO CREDIT SECURITIZATION TRUST 2022 1
        90944DAE1
        
          
        
        1952000.00000000
        PA
        USD
        1920470.42000000
        0.358135520471
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2027-06-10
          Fixed
          2.61000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR COMPANY
        20S05OYHG0MQM4VUIC57
        FORD MOTOR COMPANY
        345370CZ1
        
          
        
        885000.00000000
        PA
        USD
        1048946.25000000
        0.195610881208
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-15
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              FORD MOTOR COMPANY
              FORD MOTOR COMPANY
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        AKAMAI TECHNOLOGIES, INC.
        OC1LZNN2LF5WTJ5RIL89
        AKAMAI TECHNOLOGIES INC
        00971TAJ0
        
          
        
        1165000.00000000
        PA
        USD
        1538871.80000000
        0.286973778555
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          0.12500000
          N
          N
          N
          N
          N
          
            
              AKAMAI TECHNOLOGIES, INC.
              AKAMAI TECHNOLOGIES, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        AerCap Ireland Capital Designated Activity Company
        549300TI38531ODB1G63
        AERCAP IRELAND CAP GLOBA
        00774MAN5
        
          
        
        1250000.00000000
        PA
        USD
        1325662.50000000
        0.247213820355
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2025-07-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CENTENE CORPORATION
        549300Z7JJ4TQSQGT333
        CENTENE CORP
        15135BAR2
        
          
        
        1410000.00000000
        PA
        USD
        1415428.50000000
        0.263953673672
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31371KP88
        
          
        
        19199.29000000
        PA
        USD
        21749.53000000
        0.004055922530
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2032-06-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MURPHY OIL USA, INC.
        N32S6DTR2ZZ5222WHV58
        MURPHY OIL USA INC
        626738AF5
        
          
        
        1721000.00000000
        PA
        USD
        1577193.24000000
        0.294120084334
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMM MORTGAGE TRUST
        N/A
        COMM 2015 CCRE25 MORTGAGE TRUST
        12593PAW2
        
          
        
        1535000.00000000
        PA
        USD
        1551526.02000000
        0.289333578331
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-08-10
          Fixed
          3.75900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
        VZFZPMWDHTQCFKYOBP05
        CONS EDISON CO OF NY
        209111ES8
        
          
        
        1640000.00000000
        PA
        USD
        2055887.60000000
        0.383388553132
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2037-08-15
          Fixed
          6.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140J9QR5
        
          
        
        238738.57000000
        PA
        USD
        237054.59000000
        0.044206704818
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2048-05-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F022642
        
          
        
        17300000.00000000
        PA
        USD
        16500688.10000000
        3.077101557666
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-04-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        312934HF2
        
          
        
        1173866.34000000
        PA
        USD
        1266832.23000000
        0.236242961785
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-07-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DANAHER CORPORATION
        S4BKK9OTCEWQ3YHPFM11
        DANAHER CORP PFD
        235851409
        
          
        
        349.00000000
        NS
        USD
        551154.76000000
        0.102781117989
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31412NQE9
        
          
        
        219065.83000000
        PA
        USD
        239980.27000000
        0.044752295064
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-12-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AT&T INC.
        549300Z40J86GGSTL398
        AT T INC
        00206RHA3
        
          
        
        2433000.00000000
        PA
        USD
        2775128.46000000
        0.517514909392
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-11-15
          Fixed
          5.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iberdrola International B.V.
        549300ZMLFJKWC63XN87
        IBERDROLA INTERNATIONAL
        29266MAE9
        
          
        
        373000.00000000
        PA
        USD
        455869.41000000
        0.085011998475
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2033-09-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31376J4H9
        
          
        
        25040.21000000
        PA
        USD
        26747.24000000
        0.004987911617
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2033-01-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sensata Technologies B.V.
        PUCKW5P5O3XMOZVH7T53
        SENSATA TECHNOLOGIES BV
        81725WAK9
        
          
        
        1343000.00000000
        PA
        USD
        1278428.56000000
        0.238405482819
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2029-04-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        N/A
        GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
        38379A6E5
        
          
        
        175289.49000000
        PA
        USD
        174719.36000000
        0.032582229998
        Long
        ABS-MBS
        USGA
        US
        
        N
        
        2
        
          2041-07-16
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140QBBK3
        
          
        
        764724.27000000
        PA
        USD
        781167.46000000
        0.145674628439
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2049-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140QLHL3
        
          
        
        15500910.51000000
        PA
        USD
        14838448.87000000
        2.767121822709
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-07-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOLOGIC, INC.
        549300DYP6F5ZJL0LB74
        HOLOGIC INC
        436440AP6
        
          
        
        2186000.00000000
        PA
        USD
        2040696.58000000
        0.380555682707
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-02-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGIONS FINANCIAL CORPORATION
        CW05CS5KW59QTC0DG824
        REGIONS FINANCIAL CORP
        7591EPAT7
        
          
        
        2186000.00000000
        PA
        USD
        1961760.12000000
        0.365835356952
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-08-12
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HCA INC.
        L3CJ6J7LJ2DX62FTXD46
        HCA INC
        404119BX6
        
          
        
        1716000.00000000
        PA
        USD
        1747557.24000000
        0.325890112747
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140X4S72
        
          
        
        3789472.44000000
        PA
        USD
        3838611.32000000
        0.715836624537
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-08-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Suntory Holdings Limited
        54930074QUY8RD0UZM08
        SUNTORY HOLDINGS LTD
        86803UAC5
        
          
        
        4966000.00000000
        PA
        USD
        4974690.50000000
        0.927696335673
        Long
        DBT
        CORP
        JP
        
        Y
        
        2
        
          2022-06-28
          Fixed
          2.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31416VQQ0
        
          
        
        1416050.40000000
        PA
        USD
        1571769.44000000
        0.293108636609
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2037-02-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEXICAN PESO CURRENCY FUTURE JUN22
        N/A
        MEXICAN PESO CURRENCY FUTURE JUN22
        N/A
        
          
          
        
        241.00000000
        NC
        USD
        365110.18000000
        0.068086924423
        N/A
        DFE
        
        US
        
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                Currency Futures
                MXN/USD Future (Consolidated) (GEM) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-13
            5627354.82000000
            USD
            365110.18000000
          
        
        
          N
          N
          N
        
      
      
        COMPAGNIE DE CHEMIN DE FER CANADIEN PACIFIQUE
        54930036474DURYNB481
        CANADIAN PACIFIC RAILWAY CO
        13645RBH6
        
          
        
        813000.00000000
        PA
        USD
        722960.25000000
        0.134819960108
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2051-12-02
          Fixed
          3.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140J9EB3
        
          
        
        3060376.96000000
        PA
        USD
        3166889.65000000
        0.590571800152
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2048-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31418DPR7
        
          
        
        416536.15000000
        PA
        USD
        433301.33000000
        0.080803430099
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2050-05-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWMONT CORPORATION
        549300VSP3RIX7FGDZ51
        NEWMONT CORP
        651639AZ9
        
          
        
        885000.00000000
        PA
        USD
        813934.50000000
        0.151785131784
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-07-15
          Fixed
          2.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN PRIME MONEY MARKET FUND
        N/A
        JPMorgan Prime Money Market Fund - CJPXX 1.67% 1/31/2020 - Extendable
        4812A0367
        
          
        
        1498039.58000000
        NS
        USD
        1498039.57999999
        0.279359254421
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138M1GJ1
        
          
        
        191697.45000000
        PA
        USD
        203723.74000000
        0.037991060366
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-12-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LENNAR CORPORATION
        529900G61XVRLX5TJX09
        LENNAR CORP
        526057CV4
        
          
        
        1781000.00000000
        PA
        USD
        1870281.53000000
        0.348776134326
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3136ADEA3
        
          
        
        364903.34000000
        PA
        USD
        365444.30000000
        0.068149232199
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-04-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JAPANESE YEN FUTURE JUN22
        N/A
        JAPANESE YEN FUTURE JUN22
        N/A
        
          
          
        
        -100.00000000
        NC
        USD
        578123.00000000
        0.107810242399
        N/A
        DFE
        
        JP
        
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                Currency Futures
                JPY/USD Future (Consolidated) (IMM) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-13
            -10874998.00000000
            USD
            578123.00000000
          
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC.
        2S72QS2UO2OESLG6Y829
        VERIZON COMMUNICATIONS
        92343VEN0
        
          
        
        1017000.00000000
        PA
        USD
        1029417.57000000
        0.191969109951
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-15
          Fixed
          3.37600000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        ANTHEM, INC.
        8MYN82XMYQH89CTMTH67
        ANTHEM INC
        94973VBG1
        
          
        
        640000.00000000
        PA
        USD
        4464396.80000000
        0.832535119994
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2042-10-15
          Fixed
          2.75000000
          N
          N
          N
          N
          N
          
            
              ANTHEM, INC.
              ANTHEM, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        FIDELITY GOVERNMENT PORTFOLIO
        N/A
        FIDELITY GOVERNMENT PORTFOLIO FRGXX 0.01% 11/12/2021 - Extendable
        1849969A6
        
          
        
        10559705.52000000
        NS
        USD
        10559705.52000000
        1.969207957096
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        CADENCE DESIGN SYSTEMS, INC.
        GCT7RXJOGLXPV0NXZY22
        CADENCE DESIGN SYSTEMS INC
        127387AL2
        
          
        
        2969000.00000000
        PA
        USD
        3047559.74000000
        0.568318773508
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WHWW8
        
          
        
        192801.70000000
        PA
        USD
        191441.74000000
        0.035700673377
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2046-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VIATRIS INC.
        254900ZZTSW7NL773X71
        VIATRIS INC
        92556VAF3
        
          
        
        1735000.00000000
        PA
        USD
        1464843.15000000
        0.273168677044
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-06-22
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NXP B.V.
        724500RKKW4NOJ9YQF60
        NXP BV NXP FUNDING LLC
        62947QAV0
        
          
        
        2500000.00000000
        PA
        USD
        2537225.00000000
        0.473149904557
        Long
        DBT
        CORP
        NL
        
        Y
        
        2
        
          2023-06-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARATHON OIL CORPORATION
        1FRVQX2CRLGC1XLP5727
        MARATHON OIL CORP
        565849AE6
        
          
        
        2476000.00000000
        PA
        USD
        3017179.32000000
        0.562653334761
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2037-10-01
          Fixed
          6.60000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        06051GKD0
        
          
        
        3040000.00000000
        PA
        USD
        2768740.80000000
        0.516323717945
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-10-20
          Fixed
          2.57200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIFTH THIRD BANCORP
        THRNG6BD57P9QWTQLG42
        FIFTH THIRD BANCORP
        316773CZ1
        
          
        
        1165000.00000000
        PA
        USD
        1153990.75000000
        0.215199918502
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-05-05
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST
        N/A
        JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015 C2
        46644FAD3
        
          
        
        1694000.00000000
        PA
        USD
        1678413.59000000
        0.312995981797
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2048-10-15
          Fixed
          3.22740000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIVERSAL HEALTH SERVICES, INC.
        549300YGMGQDO0NMJD09
        UNIVERSAL HEALTH SERVICES INC
        913903AX8
        
          
        
        3623000.00000000
        PA
        USD
        3322761.99000000
        0.619639377050
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-09-01
          Fixed
          1.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VIATRIS INC.
        254900ZZTSW7NL773X71
        VIATRIS INC
        92556VAC0
        
          
        
        730000.00000000
        PA
        USD
        664540.90000000
        0.123925731225
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-22
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J.P. MORGAN MORTGAGE TRUST
        N/A
        JP MORGAN MORTGAGE TRUST
        466247HP1
        
          
        
        16289.18000000
        PA
        USD
        10638.65000000
        0.001983929778
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2034-11-25
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZIONS BANCORPORATION, NATIONAL ASSOCIATION
        8WH0EE09O9V05QJZ3V89
        ZIONS BANCORP NA
        98971DAB6
        
          
        
        2000000.00000000
        PA
        USD
        1926880.00000000
        0.359330799631
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-29
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEXAS INSTRUMENTS INCORPORATED
        WDJNR2L6D8RWOEB8T652
        TEXAS INSTRUMENTS INC
        882508BD5
        
          
        
        1299000.00000000
        PA
        USD
        1447319.82000000
        0.269900869925
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-05-15
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MICRON TECHNOLOGY, INC.
        B3DXGBC8GAIYWI2Z0172
        MICRON TECHNOLOGY INC
        595112BN2
        
          
        
        4252000.00000000
        PA
        USD
        4622009.04000000
        0.861927159057
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-06
          Fixed
          5.32700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominion Energy, Inc.
        ILUL7B6Z54MRYCF6H308
        DOMINION ENERGY INC PREFERRED STOCK
        25746U133
        
          
        
        28460.00000000
        NS
        USD
        2890113.00000000
        0.538957597418
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AIR LEASE CORPORATION
        5493004NW4M4P8TMMK63
        AIR LEASE CORP
        00914AAL6
        
          
        
        2401000.00000000
        PA
        USD
        2291082.22000000
        0.427248404744
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-15
          Fixed
          0.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Banks
        N/A
        FEDERAL HOME LOAN BANK
        3130APJX4
        
          
        
        6750000.00000000
        PA
        USD
        6332985.00000000
        1.180995476678
        Long
        DBT
        USGSE
        US
        
        N
        
        2
        
          2026-04-29
          Fixed
          1.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST
        N/A
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021 1
        96043FAE3
        
          
        
        3001000.00000000
        PA
        USD
        2906447.43000000
        0.542003694629
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2026-03-16
          Fixed
          0.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST 2015 GC33
        29425AAD5
        
          
        
        1204737.00000000
        PA
        USD
        1217093.39000000
        0.226967502415
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2058-09-10
          Fixed
          3.77800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CCE9
        
          
        
        3471000.00000000
        PA
        USD
        3231555.25000000
        0.602630849889
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2028-05-31
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGENERON PHARMACEUTICALS, INC.
        549300RCBFWIRX3HYQ56
        REGENERON PHARMACEUTICALS INC
        75886FAF4
        
          
        
        1328000.00000000
        PA
        USD
        1063993.60000000
        0.198416959587
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-09-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EURONET WORLDWIDE, INC.
        YG3575C4DSHJPA5KET68
        EURONET WORLDWIDE INC
        298736AL3
        
          
        
        2885000.00000000
        PA
        USD
        3247586.80000000
        0.605620465060
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-03-15
          Fixed
          0.75000000
          N
          N
          N
          N
          N
          
            
              EURONET WORLDWIDE, INC.
              EURONET WORLDWIDE, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        31335B7H3
        
          
        
        1010826.51000000
        PA
        USD
        1074393.43000000
        0.200356353442
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2045-12-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CANADIAN NATURAL RESOURCES LIMITED
        N/A
        CANADIAN NATL RESOURCES
        136385AW1
        
          
        
        1255000.00000000
        PA
        USD
        1260986.35000000
        0.235152803220
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2023-01-15
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31414MJX5
        
          
        
        2853.08000000
        PA
        USD
        2870.11000000
        0.000535227373
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2023-04-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL PLC
        TINT358G1SSHR3L3PW36
        ANGLO AMERICAN CAPITAL
        034863AY6
        
          
        
        1710000.00000000
        PA
        USD
        1612923.30000000
        0.300783141208
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2050-09-10
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY
        61761J3R8
        
          
        
        5500000.00000000
        PA
        USD
        5451270.00000000
        1.016570418554
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-27
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FANNIE MAE
        31397QHQ4
        
          
        
        2286522.38000000
        PA
        USD
        2340823.17000000
        0.436524257593
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-05-25
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC
        3137B8Q75
        
          
        
        2784781.79000000
        PA
        USD
        2832880.96000000
        0.528284781935
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-07-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967KA8
        
          
        
        1000000.00000000
        PA
        USD
        1030940.00000000
        0.192253017609
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-29
          Fixed
          4.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SANTANDER DRIVE AUTO RECEIVABLES TRUST
        N/A
        SANTANDER DRIVE AUTO RECEIVABLES TRUST 2021 4
        80285VAE9
        
          
        
        2213000.00000000
        PA
        USD
        2112429.64000000
        0.393932695188
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2027-02-16
          Fixed
          1.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        10 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        -220.00000000
        NC
        USD
        858250.67000000
        0.160049354155
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Short
            
              
                United States of America
                US 10 Year Treasury Note Future (consolidated) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-21
            -27890750.67000000
            USD
            858250.67000000
          
        
        
          N
          N
          N
        
      
      
        ACUITY BRANDS LIGHTING, INC.
        549300OTPVPFLUC38K21
        ACUITY BRANDS LIGHTING
        00510RAD5
        
          
        
        909000.00000000
        PA
        USD
        798920.10000000
        0.148985198027
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-12-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES COMPANY
        FY8JBF7CCL2VE4F1B628
        PIONEER NATURAL RESOURCE
        723787AP2
        
          
        
        2485000.00000000
        PA
        USD
        5912038.65000000
        1.102496043113
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-15
          Fixed
          0.25000000
          N
          N
          N
          N
          N
          
            
              PIONEER NATURAL RESOURCES COMPANY
              PIONEER NATURAL RESOURCES COMPANY
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        AMEREN ILLINOIS COMPANY
        RC71E2BZ6UOMFPDJSE79
        AMEREN ILLINOIS CO
        02361DAV2
        
          
        
        1910000.00000000
        PA
        USD
        1666818.80000000
        0.310833747947
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-11-15
          Fixed
          1.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHURCH & DWIGHT CO., INC.
        POOXSI30AWAQGYJZC921
        CHURCH DWIGHT CO INC
        17136MAA0
        
          
        
        1231000.00000000
        PA
        USD
        1124186.13000000
        0.209641856798
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-12-15
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VISA INC.
        549300JZ4OKEHW3DPJ59
        VISA INC
        92826CAQ5
        
          
        
        2488000.00000000
        PA
        USD
        1930663.12000000
        0.360036288055
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-08-15
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PULTEGROUP, INC.
        N/A
        PULTEGROUP INC
        745867AX9
        
          
        
        2051000.00000000
        PA
        USD
        2164789.48000000
        0.403696927095
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        CHURCH & DWIGHT CO., INC.
        POOXSI30AWAQGYJZC921
        CHURCH DWIGHT CO INC
        171340AK8
        
          
        
        620000.00000000
        PA
        USD
        621581.00000000
        0.115914430460
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-08-01
          Fixed
          2.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WACHOVIA CORP
        929903AM4
        
          
        
        1000000.00000000
        PA
        USD
        1131660.00000000
        0.211035608190
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2035-08-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWCREST FINANCE PTY LIMITED
        549300I0XDZ4K7PDSS04
        NEWCREST FINANCE PTY LTD
        65120FAE4
        
          
        
        665000.00000000
        PA
        USD
        649339.25000000
        0.121090878484
        Long
        DBT
        CORP
        AU
        
        Y
        
        2
        
          2050-05-13
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VODAFONE GROUP PUBLIC LIMITED COMPANY
        213800TB53ELEUKM7Q61
        VODAFONE GROUP PLC
        92857WBM1
        
          
        
        1718000.00000000
        PA
        USD
        1933694.90000000
        0.360601664171
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2048-05-30
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        D.R. HORTON, INC.
        529900ZIUEYVSB8QDD25
        DR HORTON INC
        23331ABM0
        
          
        
        5960000.00000000
        PA
        USD
        5875964.00000000
        1.095768725983
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAXTER INTERNATIONAL INC.
        J5OIVXX3P24RJRW5CK77
        BAXTER INTERNATIONAL INC
        071813BP3
        
          
        
        862000.00000000
        PA
        USD
        790272.98000000
        0.147372655188
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-08-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROSS STORES, INC.
        549300ENZFLPGRDFZQ60
        ROSS STORES INC
        778296AA1
        
          
        
        1220000.00000000
        PA
        USD
        1223172.00000000
        0.228101061221
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-09-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL PLC
        TINT358G1SSHR3L3PW36
        ANGLO AMERICAN CAPITAL
        034863BA7
        
          
        
        2500000.00000000
        PA
        USD
        2293375.00000000
        0.427675969756
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2031-03-17
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        KITE REALTY GROUP, L.P.
        549300X6R2GYI8Y3OD81
        RETAIL PROPERTIES OF AME
        76131VAA1
        
          
        
        3006000.00000000
        PA
        USD
        3022653.24000000
        0.563674129025
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NIKE, INC.
        787RXPR0UX0O0XUXPZ81
        NIKE INC
        654106AE3
        
          
        
        2026000.00000000
        PA
        USD
        2119277.04000000
        0.395209620434
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2045-11-01
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST 2016 P4
        29429EAD3
        
          
        
        2060505.00000000
        PA
        USD
        2012932.62000000
        0.375378169864
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-07-10
          Fixed
          2.90200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        2 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        150.00000000
        NC
        USD
        -441031.05000000
        -0.08224489322
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US 2-Year Note (CBT) Consolidated Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-30
            32229312.30000000
            USD
            -441031.05000000
          
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        060505682
        
          
        
        2568.00000000
        NS
        USD
        3370500.00000000
        0.628541715185
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        N/A
        CITIGROUP COMMERCIAL MORTGAGE TRUST
        17328RBB4
        
          
        
        2241000.00000000
        PA
        USD
        2140830.03000000
        0.399228891552
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2053-01-15
          Variable
          2.91800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANTHEM, INC.
        8MYN82XMYQH89CTMTH67
        ANTHEM INC
        036752AJ2
        
          
        
        1278000.00000000
        PA
        USD
        1260964.26000000
        0.235148683805
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHERN COPPER CORPORATION
        2549007U6NAP46Q9TU15
        SOUTHERN COPPER CORP
        84265VAG0
        
          
        
        850000.00000000
        PA
        USD
        964724.50000000
        0.179904937520
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2042-11-08
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SABRA HEALTH CARE LIMITED PARTNERSHIP
        549300OVKLRFSIQG0H81
        SABRA HEALTH CARE LP
        14162VAB2
        
          
        
        1230000.00000000
        PA
        USD
        1258732.80000000
        0.234732553945
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO CO
        949746804
        
          
        
        2285.00000000
        NS
        USD
        3027625.00000000
        0.564601278872
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31385PXK5
        
          
        
        6372.42000000
        PA
        USD
        7118.46000000
        0.001327473389
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2030-09-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FRESNILLO PLC
        549300JXWH1UV5J0XV81
        FRESNILLO PLC
        358070AB6
        
          
        
        800000.00000000
        PA
        USD
        706608.00000000
        0.131770539766
        Long
        DBT
        CORP
        GB
        
        Y
        
        2
        
          2050-10-02
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31384VL75
        
          
        
        23583.64000000
        PA
        USD
        26223.52000000
        0.004890246621
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2029-12-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OKLAHOMA GAS AND ELECTRIC COMPANY
        549300VJ8YXGPO8EV472
        OKLAHOMA G E CO
        678858BM2
        
          
        
        1546000.00000000
        PA
        USD
        1753411.36000000
        0.326981807933
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2041-05-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR & CO. INC.
        549300JOHU21WRN2Z451
        KKR CO INC PFD
        48251W401
        
          
        
        23207.00000000
        NS
        USD
        1724512.17000000
        0.321592593736
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        N/A
        GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
        36207ENA8
        
          
        
        13433.25000000
        PA
        USD
        14813.73000000
        0.002762512168
        Long
        ABS-MBS
        USGA
        US
        
        N
        
        2
        
          2033-12-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEMPFUND
        N/A
        Blackrock Liquidity Funds Temp Fund Portfolio - TMPXX 1.67% 1/30/2020 - Extendable
        09248U619
        
          
        
        376461.38000000
        NS
        USD
        376461.38000000
        0.070203732824
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3137BGJD2
        
          
        
        25908.75000000
        PA
        USD
        26024.21000000
        0.004853078649
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2041-01-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND
        N/A
        Goldman Sachs Financial Sq Prime Obligations- FPOXX 0.2% 7/30/2020 - Extendable
        38141W364
        
          
        
        187872.83000000
        NS
        USD
        187872.83000000
        0.035035131524
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        STANLEY BLACK & DECKER, INC.
        549300DJ09SMTO561131
        STANLEY BLACK DECKER I PFD
        854502846
        
          
        
        28302.00000000
        NS
        USD
        2488028.82000000
        0.463975642175
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE CO
        46647PCR5
        
          
        
        3348000.00000000
        PA
        USD
        3055887.00000000
        0.569871667821
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-11-08
          Fixed
          2.54500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ILLUMINA, INC.
        SQ95QG8SR5Q56LSNF682
        ILLUMINA INC
        452327AK5
        
          
        
        2555000.00000000
        PA
        USD
        2814971.25000000
        0.524944921427
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-08-15
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              ILLUMINA, INC.
              ILLUMINA, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST
        N/A
        GM FINANCIAL SECURITIZED AUTOMOBILE RECEIVABLES TR
        380149AF1
        
          
        
        2218000.00000000
        PA
        USD
        2105527.13000000
        0.392645492852
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2027-01-19
          Fixed
          1.28000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP, INC.
        N/A
        EXPEDIA GROUP INC
        30212PBE4
        
          
        
        2760000.00000000
        PA
        USD
        3325386.00000000
        0.620128710901
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-15
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              EXPEDIA GROUP, INC.
              EXPEDIA GROUP, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO COMPANY
        94974BGL8
        
          
        
        3553000.00000000
        PA
        USD
        3691780.18000000
        0.688455079787
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-22
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONTINENTAL RESOURCES, INC.
        XXRTID9RYWOZ0UPIVR53
        CONTINENTAL RESOURCES
        212015AL5
        
          
        
        2084000.00000000
        PA
        USD
        2112967.60000000
        0.394033015705
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-04-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO.
        UDTZ87G0STFETI6HGH41
        SOUTHWEST AIRLINES CO
        844741BG2
        
          
        
        2760000.00000000
        PA
        USD
        3754814.40000000
        0.700209904518
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          1.25000000
          N
          N
          N
          N
          N
          
            
              SOUTHWEST AIRLINES CO.
              SOUTHWEST AIRLINES CO.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31412MQP6
        
          
        
        91180.19000000
        PA
        USD
        98538.64000000
        0.018375803529
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-05-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIFTH THIRD BANCORP
        THRNG6BD57P9QWTQLG42
        FIFTH THIRD BANCORP
        316773CX6
        
          
        
        5053000.00000000
        PA
        USD
        5117981.58000000
        0.954417718611
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-01-25
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LUMEN TECHNOLOGIES, INC.
        8M3THTGWLTYZVE6BBY25
        CENTURYLINK INC
        156700AX4
        
          
        
        962000.00000000
        PA
        USD
        1000229.88000000
        0.186526095343
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-12-01
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F030645
        
          
        
        8100000.00000000
        PA
        USD
        7920252.90000000
        1.476994316116
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-04-25
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOOKING HOLDINGS INC.
        FXM8FAOHMYDIPD38UZ17
        BOOKING HOLDINGS INC
        09857LAN8
        
          
        
        2765000.00000000
        PA
        USD
        4038697.25000000
        0.753149294356
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          0.75000000
          N
          N
          N
          N
          N
          
            
              BOOKING HOLDINGS INC.
              BOOKING HOLDINGS INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31416BL63
        
          
        
        6543.33000000
        PA
        USD
        7118.76000000
        0.001327529334
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-02-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIVERSAL HEALTH SERVICES, INC.
        549300YGMGQDO0NMJD09
        UNIVERSAL HEALTH SERVICES INC
        913903AV2
        
          
        
        854000.00000000
        PA
        USD
        776533.66000000
        0.144810502464
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-10-15
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        7-ELEVEN, INC.
        549300K23JPL0SS3LB18
        7 ELEVEN INC
        817826AB6
        
          
        
        3126000.00000000
        PA
        USD
        3003116.94000000
        0.560030936766
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-02-10
          Fixed
          0.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31417SKK5
        
          
        
        183356.55000000
        PA
        USD
        197733.18000000
        0.036873921408
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2039-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABBVIE INC.
        FR5LCKFTG8054YNNRU85
        ABBVIE INC
        00287YBX6
        
          
        
        2580000.00000000
        PA
        USD
        2549323.80000000
        0.475406127819
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-21
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altria Group, Inc.
        XSGZFLO9YTNO9VCQV219
        ALTRIA GROUP INC
        02209SBC6
        
          
        
        898000.00000000
        PA
        USD
        929591.64000000
        0.173353248428
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-14
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION
        3128MAGF0
        
          
        
        1508597.08000000
        PA
        USD
        1600917.28000000
        0.298544219860
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2044-07-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN ELECTRIC POWER COMPANY, INC.
        1B4S6S7G0TW5EE83BO58
        AMERICAN ELECTRIC POWER PFD
        02557T307
        
          
        
        15205.00000000
        NS
        USD
        849503.35000000
        0.158418125697
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        GS MORTGAGE SECURITIES TRUST
        N/A
        GS MORTGAGE SECURITIES TRUST 2016 GS2
        36252TAR6
        
          
        
        1510087.00000000
        PA
        USD
        1486398.52000000
        0.277188391992
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-05-10
          Fixed
          3.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TYSON FOODS, INC.
        WD6L6041MNRW1JE49D58
        TYSON FOODS INC
        902494BH5
        
          
        
        1271000.00000000
        PA
        USD
        1477702.73000000
        0.275566773015
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-09-28
          Fixed
          5.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONTINENTAL RESOURCES, INC.
        XXRTID9RYWOZ0UPIVR53
        CONTINENTAL RESOURCES INC OK
        212015AU5
        
          
        
        2295000.00000000
        PA
        USD
        2147454.45000000
        0.400464234768
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-11-15
          Fixed
          2.26800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WHIRLPOOL CORPORATION
        WHENKOULSSK7WUM60H03
        WHIRLPOOL CORP
        963320AY2
        
          
        
        1625000.00000000
        PA
        USD
        1484648.75000000
        0.276862089236
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-05-15
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CORPORATION
        ZUE8T73ROZOF6FLBAR73
        CAPITAL ONE FINANCIAL CORP
        14040HBT1
        
          
        
        1935000.00000000
        PA
        USD
        1946861.55000000
        0.363057023547
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-30
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31384VNL2
        
          
        
        2629.02000000
        PA
        USD
        2944.95000000
        0.000549183778
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2030-01-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABBVIE INC.
        FR5LCKFTG8054YNNRU85
        ABBVIE INC
        00287YAW9
        
          
        
        1278000.00000000
        PA
        USD
        1360839.96000000
        0.253773826598
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-05-14
          Fixed
          4.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OSHKOSH CORPORATION
        549300FEKNPCFSA2B506
        OSHKOSH CORP
        688225AH4
        
          
        
        1190000.00000000
        PA
        USD
        1111757.50000000
        0.207324125773
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-01
          Fixed
          3.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F032658
        
          
        
        10800000.00000000
        PA
        USD
        10775062.80000000
        2.009368477538
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-05-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        NVR INC
        62944TAE5
        
          
        
        2375000.00000000
        PA
        USD
        2384761.25000000
        0.444717972521
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-09-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STORE CAPITAL CORPORATION
        5493004EA6C9IHDZ7N66
        STORE CAPITAL CORP
        862121AC4
        
          
        
        1570000.00000000
        PA
        USD
        1425010.50000000
        0.265740555949
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-11-18
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967JL6
        
          
        
        929000.00000000
        PA
        USD
        940891.20000000
        0.175460426836
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-26
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ESSENTIAL PROPERTIES, L.P.
        254900XX9FNFCDE1NX02
        ESSENTIAL PROPER
        29670VAA7
        
          
        
        1148000.00000000
        PA
        USD
        1008104.72000000
        0.187994620915
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-07-15
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINOR ASA
        OW6OFBNCKXC4US5C7523
        STATOIL ASA
        85771PAL6
        
          
        
        930000.00000000
        PA
        USD
        962903.40000000
        0.179565332916
        Long
        DBT
        CORP
        NO
        
        N
        
        2
        
          2043-05-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIR LEASE CORPORATION
        5493004NW4M4P8TMMK63
        AIR LEASE CORP
        00914AAP7
        
          
        
        1340000.00000000
        PA
        USD
        1261502.80000000
        0.235249112482
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-18
          Fixed
          0.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIXTH STREET SPECIALTY LENDING, INC.
        549300TX61566GJWCN05
        TPG SPECIALTY LENDING IN
        87265KAD4
        
          
        
        770000.00000000
        PA
        USD
        943165.30000000
        0.175884508341
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-08-01
          Fixed
          4.50000000
          N
          N
          N
          N
          N
          
            
              SIXTH STREET SPECIALTY LENDING, INC.
              SIXTH STREET SPECIALTY LENDING, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP
        06051GFH7
        
          
        
        1400000.00000000
        PA
        USD
        1434692.00000000
        0.267545993307
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-26
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        01F020646
        
          
        
        12200000.00000000
        PA
        USD
        11315341.40000000
        2.110121374118
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2052-04-25
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AT&T INC.
        549300Z40J86GGSTL398
        AT T INC
        00206RDQ2
        
          
        
        1140000.00000000
        PA
        USD
        1191904.20000000
        0.222270140989
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN DIGITAL CORPORATION
        549300QQXOOYEF89IC56
        WESTERN DIGITAL CORP
        958102AP0
        
          
        
        3972000.00000000
        PA
        USD
        3837547.80000000
        0.715638295896
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-01
          Fixed
          1.50000000
          N
          N
          N
          N
          N
          
            
              WESTERN DIGITAL CORPORATION
              WESTERN DIGITAL CORPORATION
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        ARES CAPITAL CORPORATION
        WEQ82666OJYSI5GUAB47
        ARES CAPITAL CORP
        04010LAW3
        
          
        
        3170000.00000000
        PA
        USD
        3567581.40000000
        0.665294090556
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-01
          Fixed
          4.62500000
          N
          N
          N
          N
          N
          
            
              ARES CAPITAL CORPORATION
              ARES CAPITAL CORPORATION
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        VISHAY INTERTECHNOLOGY, INC.
        5493009O8F3QQJTCQR75
        VISHAY INTERTECHNOLOGY
        928298AP3
        
          
        
        975000.00000000
        PA
        USD
        981669.00000000
        0.183064802552
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          2.25000000
          N
          N
          N
          N
          N
          
            
              VISHAY INTERTECHNOLOGY, INC.
              VISHAY INTERTECHNOLOGY, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          
        
      
      
        DANA INCORPORATED
        KVWHW7YLZPFJM8QYNJ51
        DANA INC
        235825AG1
        
          
        
        1118000.00000000
        PA
        USD
        1129850.80000000
        0.210698222737
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AFLAC INCORPORATED
        549300N0B7DOGLXWPP39
        AFLAC INC
        001055AY8
        
          
        
        341000.00000000
        PA
        USD
        390803.05000000
        0.072878213721
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31384VRZ7
        
          
        
        1318.76000000
        PA
        USD
        1486.50000000
        0.000277207316
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2030-03-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES COMPANY
        FY8JBF7CCL2VE4F1B628
        PIONEER NATURAL RESOURCE
        723787AQ0
        
          
        
        1976000.00000000
        PA
        USD
        1751427.60000000
        0.326611869968
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-08-15
          Fixed
          1.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST
        N/A
        WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021 2
        96042RAE8
        
          
        
        3162000.00000000
        PA
        USD
        3013002.77000000
        0.561874478241
        Long
        ABS-MBS
        CORP
        US
        
        Y
        
        2
        
          2026-07-15
          Fixed
          0.89000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR CREDIT COMPANY LLC
        UDSQCVRUX5BONN0VY111
        FORD MOTOR CREDIT CO LLC
        345397ZX4
        
          
        
        2510000.00000000
        PA
        USD
        2503649.70000000
        0.466888674280
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-01
          Fixed
          4.06300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALE OVERSEAS LIMITED
        254900BA3U6G5DNV5V04
        VALE OVERSEAS LIMITED
        91911TAP8
        
          
        
        1184000.00000000
        PA
        USD
        1298859.84000000
        0.242215573837
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2026-08-10
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLOCK, INC.
        549300OHIIUWSTIZME52
        SQUARE INC
        852234AK9
        
          
        
        505000.00000000
        PA
        USD
        461166.00000000
        0.085999723668
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-11-01
          Fixed
          0.25000000
          N
          N
          N
          N
          N
          
            
              BLOCK, INC.
              BLOCK, INC.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        HILLENBRAND, INC.
        U246OE781574J2BUD366
        HILLENBRAND INC
        431571AB4
        
          
        
        3720000.00000000
        PA
        USD
        3802993.20000000
        0.709194442595
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-09-15
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RIO TINTO FINANCE (USA) LIMITED
        213800RX94ZKEZXPKH58
        RIO TINTO FINANCE USA LTD
        767201AL0
        
          
        
        723000.00000000
        PA
        USD
        867064.98000000
        0.161693075124
        Long
        DBT
        CORP
        AU
        
        N
        
        2
        
          2040-11-02
          Fixed
          5.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK
        N/A
        BANK
        06540JBP6
        
          
        
        2590000.00000000
        PA
        USD
        2406977.08000000
        0.448860852180
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2063-03-15
          Fixed
          2.68700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORP
        3133KJJP8
        
          
        
        1770130.91000000
        PA
        USD
        1697643.75000000
        0.316582084082
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2050-07-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WHST0
        
          
        
        2848255.86000000
        PA
        USD
        2828165.20000000
        0.527405371795
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2046-08-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CELANESE US HOLDINGS LLC
        CD30XVRLT4QO00B1C706
        CELANESE US HOLDINGS LLC
        15089QAD6
        
          
        
        1870000.00000000
        PA
        USD
        1898068.70000000
        0.353957975445
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-11-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY NOTE
        91282CBW0
        
          
        
        8009000.00000000
        PA
        USD
        7460258.40000000
        1.391213057547
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2026-04-30
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUMANA INC.
        529900YLDW34GJAO4J06
        HUMANA INC
        444859BJ0
        
          
        
        1234000.00000000
        PA
        USD
        1241761.86000000
        0.231567758295
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-12-15
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CANADIAN DOLLAR FUTURE JUN22
        N/A
        CANADIAN DOLLAR FUTURE JUN22
        N/A
        
          
          
        
        -106.00000000
        NC
        USD
        -224722.12000000
        -0.04190690602
        N/A
        DFE
        
        CA
        
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                Currency Futures
                CAD/USD Future (Globex) (IMM) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-14
            -8264817.88000000
            USD
            -224722.12000000
          
        
        
          N
          N
          N
        
      
      
        Reynolds American Inc.
        02S2RPPVO9RP4NEU2740
        REYNOLDS AMERICAN INC
        761713BA3
        
          
        
        1835000.00000000
        PA
        USD
        1939998.70000000
        0.361777217135
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2035-08-15
          Fixed
          5.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC HOLDINGS PLC
        MLU0ZO3ML4LN2LL2TL39
        HSBC HOLDINGS PLC
        404280CY3
        
          
        
        2807000.00000000
        PA
        USD
        2555436.66000000
        0.476546073675
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2032-11-22
          Fixed
          2.87100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NORFOLK SOUTHERN CORPORATION
        54930036C8MWP850MI84
        NORFOLK SOUTHERN CORP
        655844CL0
        
          
        
        1073000.00000000
        PA
        USD
        928488.36000000
        0.173147505214
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-08-25
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRON MOUNTAIN INCORPORATED
        SQL3F6CKNNBM3SQGHX24
        IRON MOUNTAIN INC
        46284VAJ0
        
          
        
        910000.00000000
        PA
        USD
        891554.30000000
        0.166259922534
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-07-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FEDERAL HOME LOAN MORTGAGE CORPORATION
        3128M6RR1
        
          
        
        20936.29000000
        PA
        USD
        23596.69000000
        0.004400386887
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2038-09-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31416BTB4
        
          
        
        238189.03000000
        PA
        USD
        256209.70000000
        0.047778811536
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2035-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        APPLE INC.
        HWUPKR0MPOU8FGXBT394
        APPLE INC
        037833BX7
        
          
        
        1074000.00000000
        PA
        USD
        1266117.12000000
        0.236109605764
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-02-23
          Fixed
          4.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE CO
        46625HRV4
        
          
        
        3400000.00000000
        PA
        USD
        3378206.00000000
        0.629978754929
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-01
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Highwoods Realty Limited Partnership
        JUJNVZX73BIYHLR58F51
        HIGHWOODS REALTY LP
        431282AM4
        
          
        
        5523000.00000000
        PA
        USD
        5548958.10000000
        1.034787610641
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-01-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DELTA AIR LINES, INC.
        Q2CCMS6R0AS67HJMBN42
        DELTA AIR LINES INC
        247361ZP6
        
          
        
        2465000.00000000
        PA
        USD
        2490537.40000000
        0.464443450268
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-04-19
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BEAR STEARNS ALT-A TRUST
        N/A
        BEAR STEARNS ALT A TRUST
        07386HCT6
        
          
        
        611214.92000000
        PA
        USD
        585860.97000000
        0.109253244012
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2033-10-25
          Variable
          2.82220000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSAIL COMMERCIAL MORTGAGE TRUST
        N/A
        CSAIL 2016 C7 COMMERCIAL MORTGAGE TRUST
        12637UAW9
        
          
        
        1161000.00000000
        PA
        USD
        1163276.19000000
        0.216931497314
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-11-15
          Fixed
          3.50200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3136ADHH5
        
          
        
        913852.46000000
        PA
        USD
        910366.73000000
        0.169768125180
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2043-02-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NISOURCE INC.
        549300D8GOWWH0SJB189
        NISOURCE INC
        65473P121
        
          
        
        1950.00000000
        NS
        USD
        232011.00000000
        0.043266159881
        Long
        EP
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WESTERN MIDSTREAM OPERATING, LP
        L6D8A6MLSY454J2JXJ60
        WESTERN MIDSTREAM OPERATING LP
        958667AC1
        
          
        
        1626000.00000000
        PA
        USD
        1625138.22000000
        0.303061018902
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-01
          Variable
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WJXK9
        
          
        
        4660154.62000000
        PA
        USD
        4627283.43000000
        0.862910744323
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-02-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31418DP89
        
          
        
        3137119.50000000
        PA
        USD
        3117441.51000000
        0.581350551457
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-06-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        B.A.T CAPITAL CORPORATION
        2138005GYEXN7XRHFA84
        BAT CAPITAL CORP
        05526DBQ7
        
          
        
        1686000.00000000
        PA
        USD
        1666897.62000000
        0.310848446554
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-04-02
          Fixed
          5.28200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        U S TREASURY BOND
        912810SN9
        
          
        
        6600000.00000000
        PA
        USD
        4926281.25000000
        0.918668822537
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2050-05-15
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CINCINNATI FINANCIAL CORPORATION
        254900Q4WEDMZBOZ0002
        CINCINNATI FINANCIAL CORP
        172062AE1
        
          
        
        1795000.00000000
        PA
        USD
        2205947.30000000
        0.411372170167
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2034-11-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        NVR INC
        62944TAF2
        
          
        
        2303000.00000000
        PA
        USD
        2153489.24000000
        0.401589621879
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        BARCLAYS BANK PLC
        06739GCF4
        
          
        
        595000.00000000
        PA
        USD
        660289.35000000
        0.123132888463
        Long
        DBT
        RF
        GB
        
        N
        
        2
        
          2025-02-18
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              BARCLAYS BANK PLC
              BARCLAYS BANK PLC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3140X92S3
        
          
        
        5185992.75000000
        PA
        USD
        4821379.65000000
        0.899106433695
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2051-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST
        N/A
        JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRU
        46590MAR1
        
          
        
        1943000.00000000
        PA
        USD
        1891801.66000000
        0.352789277604
        Long
        ABS-MBS
        CORP
        US
        
        N
        
        2
        
          2049-08-15
          Fixed
          2.82180000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31418VWR9
        
          
        
        815583.98000000
        PA
        USD
        865931.26000000
        0.161481655360
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2040-06-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE SCOTTS MIRACLE-GRO COMPANY
        2TH9E0JTOUXOEGI2R879
        SCOTTS MIRACLE GRO CO THE
        810186AS5
        
          
        
        1626000.00000000
        PA
        USD
        1524033.54000000
        0.284206691954
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        PHYSICIANS REALTY L.P.
        549300P6Q1UMT0X60U20
        PHYSICIANS REALTY LP
        71951QAC6
        
          
        
        1137000.00000000
        PA
        USD
        1025505.78000000
        0.191239626730
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-11-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLOBE LIFE INC.
        5493001JFHKQOPP6XA71
        GLOBE LIFE INC
        37959EAA0
        
          
        
        2094000.00000000
        PA
        USD
        1876182.12000000
        0.349876495387
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-08-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN DIGITAL CORPORATION
        549300QQXOOYEF89IC56
        WESTERN DIGITAL CORP
        958102AQ8
        
          
        
        1293000.00000000
        PA
        USD
        1185357.75000000
        0.221049337870
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-01
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Compagnie des chemins de fer nationaux du Canada
        3SU7BEP7TH9YEQOZCS77
        CANADIAN NATL RAILWAY
        136375CK6
        
          
        
        1525000.00000000
        PA
        USD
        1433545.75000000
        0.267332236909
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2046-08-02
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KITE REALTY GROUP, L.P.
        549300X6R2GYI8Y3OD81
        KITE REALTY GROUP LP
        49803XAB9
        
          
        
        1670000.00000000
        PA
        USD
        1751729.80000000
        0.326668225199
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-04-01
          Fixed
          0.75000000
          N
          N
          N
          N
          N
          
            
              KITE REALTY GROUP, L.P.
              KITE REALTY GROUP, L.P.
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        MARRIOTT INTERNATIONAL, INC.
        225YDZ14ZO8E1TXUSU86
        MARRIOTT INTERNATIONAL
        571900BB4
        
          
        
        2784000.00000000
        PA
        USD
        2814874.56000000
        0.524926890364
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-04-15
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC
        172967MP3
        
          
        
        3763000.00000000
        PA
        USD
        3918336.64000000
        0.730704059451
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-03-31
          Fixed
          4.41200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NORFOLK SOUTHERN CORPORATION
        54930036C8MWP850MI84
        NORFOLK SOUTHERN CORP
        655844CK2
        
          
        
        2139000.00000000
        PA
        USD
        1989847.53000000
        0.371073187795
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-05-15
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Suntory Holdings Limited
        54930074QUY8RD0UZM08
        SUNTORY HOLDINGS LTD
        86803UAD3
        
          
        
        1600000.00000000
        PA
        USD
        1557056.00000000
        0.290364826844
        Long
        DBT
        CORP
        JP
        
        Y
        
        2
        
          2024-10-16
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE GOODYEAR TIRE & RUBBER COMPANY
        5493002BI0S2ZQUY3437
        GOODYEAR TIRE RUBBER
        382550BJ9
        
          
        
        1626000.00000000
        PA
        USD
        1530033.48000000
        0.285325580124
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-04-30
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Government National Mortgage Association
        N/A
        GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
        36201MP63
        
          
        
        52416.67000000
        PA
        USD
        57360.20000000
        0.010696715173
        Long
        ABS-MBS
        USGA
        US
        
        N
        
        2
        
          2032-10-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWCREST FINANCE PTY LIMITED
        549300I0XDZ4K7PDSS04
        NEWCREST FINANCE PTY LTD
        65120FAB0
        
          
        
        1720000.00000000
        PA
        USD
        1966527.60000000
        0.366724412005
        Long
        DBT
        CORP
        AU
        
        Y
        
        2
        
          2041-11-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        31371JL44
        
          
        
        469.82000000
        PA
        USD
        531.35000000
        0.000099087862
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2030-06-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CORPORATION
        ZUE8T73ROZOF6FLBAR73
        CAPITAL ONE FINANCIAL CO
        14040HCG8
        
          
        
        3930000.00000000
        PA
        USD
        3364158.60000000
        0.627359150452
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-07-29
          Fixed
          2.35900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        BARCLAYS BANK PLC
        06738G8A1
        
          
        
        1030000.00000000
        PA
        USD
        1646269.60000000
        0.307001666827
        Long
        DBT
        RF
        GB
        
        N
        
        2
        
          2025-02-04
          None
          0.00000000
          N
          N
          N
          N
          N
          
            
              BARCLAYS BANK PLC
              BARCLAYS BANK PLC
              USD
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        REGENCY CENTERS, L.P.
        5493008PTR2GAOYBXW28
        REGENCY CENTERS LP
        75884RAY9
        
          
        
        1055000.00000000
        PA
        USD
        1135369.90000000
        0.211727442313
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-03-15
          Fixed
          4.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal National Mortgage Association
        B1V7KEBTPIMZEU4LTD58
        FEDERAL NATIONAL MORTGAGE ASSOCIATION
        3138WJ5W4
        
          
        
        439017.01000000
        PA
        USD
        453416.48000000
        0.084554568174
        Long
        ABS-MBS
        USGSE
        US
        
        N
        
        2
        
          2047-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BARRY CALLEBAUT SERVICES N.V.
        213800R1F1EJYM4ICO85
        BARRY CALLEBAUT SERVICES NV
        N/A
        
          
        
        5438000.00000000
        PA
        USD
        5566977.34000000
        1.038147896657
        Long
        DBT
        CORP
        BE
        
        Y
        
        2
        
          2023-06-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-05-02
      Victory Variable Insurance Funds
      Allan Shaer
      Allan Shaer
      Treasurer
    
  
  XXXX




 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares or
Principal Amount
   Value 
Common Stocks (0.9%)          
Communication Services (0.7%):          
Altice USA, Inc., Class A (a)   4,380   $54,662 
iHeartMedia, Inc., Class A (a)   3,500    66,255 
Nexstar Media Group, Inc., Class A   167    31,476 
Sinclair Broadcast Group, Inc., Class A   1,800    50,436 
         202,829 
Health Care (0.2%):          
Surgery Partners, Inc. (a)   939    51,692 
Total Common Stocks (Cost $215,343)        254,521 
           
Senior Secured Loans (22.5%)          
19th Holdings Golf LLC, Initial Term Loans, First Lien, 3.75%  (SOFR03M+325bps), 1/27/29 (b)  $250,000    246,875 
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.25%  (LIBOR06M+425bps), 3/14/25 (b)   497,427    493,518 
Bausch Health Cos., Inc., Term B, First Lien, 1/27/27 (c)(d)   250,000    247,187 
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 3.71%  (LIBOR01M+350bps), 6/19/25 (b)   246,250    245,142 
Chariot Buyer LLC, Initial Term Loans, First Lien, 4.00%  (LIBOR01M+350bps), 11/3/28 (b)   199,500    196,841 
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.25%  (SOFR01M+650bps), 2/14/27 (b)   250,000    228,750 
Dayco Products LLC, Term Loans, First Lien, 4.76%  (LIBOR03M+425bps), 5/19/24 (b)   476,250    465,930 
Diamond Sports Group LLC, Term Loan, First Lien, 9.00%  (SOFR01M+800bps), 5/25/26 (b)   37,944    38,423 
Diamond Sports Group LLC, Term Loan, Second Lien, 3.54%  (SOFR01M+325bps), 8/24/26 (b)(d)   425,000    143,705 
Envision Healthcare Corp., Initial Term Loans, First Lien, 10/10/25 (c)(d)   250,000    165,417 
Great Outdoors Group LLC, Term B1, First Lien, 4.50%  (LIBOR03M+375bps), 3/5/28 (b)   246,884    245,650 
Intelsat Jackson Holdings S.A., Term B Loan, First Lien, 4.75%  (SOFR06M+425bps), 1/27/29 (b)   324,188    318,414 
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.50%  (LIBOR03M+475bps), 6/30/28 (b)   248,750    215,880 
Knight Health Holdings LLC, Term B Loans, First Lien, 5.75%  (LIBOR01M+525bps), 12/17/28 (b)   498,750    451,992 
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 5.75%  (LIBOR03M+475bps), 12/15/24 (b)   80,478    79,975 
LifeScan Global Corp., Initial Term Loan, First Lien, 6.21%  (LIBOR03M+600bps), 10/1/24 (b)   386,250    367,903 
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.00%  (LIBOR01M+425bps), 11/24/28 (b)   500,000    495,315 
Petco Health and Wellness Co., Inc, Initial Term Loans, First Lien, 4.00%  (LIBOR03M+325bps), 2/25/28 (b)   396,000    391,759 
PetSmart, Inc., Initial Term Loans, First Lien, 4.50%  (LIBOR06M+375bps), 2/12/28 (b)   74,625    74,314 
Radiology Partners, Inc., Term Loan New, First Lien, 4.72%  (LIBOR01M+425bps), 7/9/25 (b)   250,000    246,385 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
SWF Holdings Corp. I, Initial Term Loans, First Lien, 4.75%  (LIBOR01M+400bps), 10/6/28 (b)  $400,000   $387,332 
The Michaels Cos., Inc., Term B Loans, First Lien, 5.00%  (LIBOR03M+425bps), 4/15/28 (b)   297,750    278,685 
United Airlines, Inc., Class B Term Loans, First Lien, 4.50%  (LIBOR03M+375bps), 4/21/28 (b)   173,250    170,941 
Total Senior Secured Loans (Cost $6,350,475)        6,196,333 
           
Corporate Bonds (65.8%)          
Communication Services (11.7%):          
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(e)   250,000    222,675 
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 7/1/22 @ 103.38(e)(f)   452,000    452,027 
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(e)   200,000    186,768 
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(e)   250,000    232,195 
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/1/22 @ 104.19   350,000    361,816 
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/15/22 @ 104.22(e)   500,000    506,285 
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(e)(g)   250,000    217,025 
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5(g)   500,000    502,740 
Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(e)   500,000    523,915 
         3,205,446 
Consumer Discretionary (16.8%):          
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(e)   200,000    204,790 
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(e)(g)   250,000    244,213 
Ambience Merger Sub, Inc., 7.13%, 7/15/29, Callable 7/15/24 @ 103.56(e)   200,000    173,170 
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(f)   500,000    468,765 
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94(f)   400,000    386,336 
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100(g)   250,000    286,392 
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(e)   200,000    187,278 
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(e)(g)   250,000    249,713 
Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100   25,000    26,599 
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100   250,000    253,490 
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(e)   100,000    93,513 
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.50%, 5/15/27, Callable 5/15/22 @ 104.25(e)   500,000    518,840 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (e)   200,000    172,178 
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (e)   400,000    342,492 
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(e)   250,000    246,350 
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 4/14/22 @ 104.13(e)   300,000    312,375 
Tenneco, Inc., 5.00%, 7/15/26, Callable 5/13/22 @ 102.5(f)   130,000    127,856 
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(e)(g)   300,000    333,027 
         4,627,377 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Consumer Staples (0.8%):          
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(e)  $50,000   $46,887 
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(e)   200,000    170,908 
         217,795 
Energy (5.8%):          
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(e)   50,000    49,936 
Antero Resources Corp.          
8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (e)   162,000    179,094 
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (e)(g)   84,000    90,940 
Citgo Holding, Inc., 9.25%, 8/1/24, Callable 5/13/22 @ 104.63(e)   250,000    252,572 
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 6/15/22 @ 103.5(e)   250,000    252,915 
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(e)   250,000    257,358 
PBF Holding Co. LLC/PBF Finance Corp.          
9.25%, 5/15/25, Callable 5/15/22 @ 104.63 (e)   200,000    205,776 
6.00%, 2/15/28, Callable 2/15/23 @ 103   250,000    200,975 
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100   100,000    100,833 
         1,590,399 
Financials (6.0%):          
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(e)   150,000    143,291 
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(e)   300,000    286,467 
BCPE Ulysses Intermediate, Inc. (7.75% Cash or 8.50% PIK), 7.75%, 4/1/27, Callable 4/1/23 @ 102(e)   50,000    45,412 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(e)   200,000    188,006 
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(e)   125,000    119,564 
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(e)   250,000    260,732 
LABL Escrow Issuer LLC, 10.50%, 7/15/27, Callable 7/15/22 @ 105.25(e)(g)   250,000    250,917 
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(e)(g)   50,000    42,838 
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(e)   200,000    164,020 
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/13/22 @ 102(e)   150,000    147,822 
         1,649,069 
Health Care (7.2%):          
Air Methods Corp., 8.00%, 5/15/25, Callable 5/13/22 @ 102(e)(f)(g)   350,000    302,722 
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(e)(f)   300,000    279,909 
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 2/1/28, Callable 2/1/23 @ 103.63(e)   148,000    152,399 
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(e)(g)   300,000    301,434 
Regional Care Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 5/13/22 @ 104.88(e)   300,000    314,085 
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 4/28/22 @ 100(e)   350,000    314,919 
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(e)   300,000    304,935 
         1,970,403 
Industrials (12.7%):          
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 5/13/22 @ 100(e)(f)   425,000    395,148 
American Airlines, Inc., 11.75%, 7/15/25(e)   250,000    292,012 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(e)   150,000    149,487 
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/13/22 @ 103.19(e)   250,000    256,745 
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(e)   200,000    179,322 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(e)   250,000    260,285 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(e)  $100,000   $98,569 
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(e)   500,000    470,470 
SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(e)(f)   125,000    116,093 
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(e)(g)   500,000    454,810 
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31   325,000    304,077 
Triumph Group, Inc., 6.25%, 9/15/24, Callable 5/13/22 @ 101.56(e)   175,000    174,009 
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(e)   100,000    90,292 
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(e)   250,000    265,372 
         3,506,691 
Information Technology (1.7%):          
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(e)   250,000    268,152 
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 9/1/25, Callable 5/13/22 @ 103.75(e)   200,000    189,802 
         457,954 
Materials (2.4%):          
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56   250,000    235,625 
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(e)   200,000    200,760 
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(e)   250,000    235,978 
         672,363 
Real Estate (0.7%):          
Adams Homes, Inc., 7.50%, 2/15/25, Callable 4/28/22 @ 103.75(e)   200,000    199,782 
Total Corporate Bonds (Cost $18,528,931)        18,097,279 
           
Yankee Dollars (6.7%)          
Communications (1.1%):          
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(e)   400,000    305,320 
           
Energy (0.8%):          
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(e)   200,000    207,176 
           
Health Care (1.1%):          
Bausch Health Cos., Inc., 6.13%, 4/15/25, Callable 4/19/22 @ 102.04(e)   313,000    315,444 
           
Industrials (1.8%):          
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/13/22 @ 103.94(e)(f)   400,000    391,748 
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(e)(f)   100,000    94,107 
         485,855 
Information Technology (0.7%):          
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(e)   200,000    193,856 
           
Materials (1.2%):          
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/13/22 @ 101.94(e)(g)   250,000    248,630 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory High Yield VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Shares or
Principal Amount

  

Value

 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(e)  $100,000   $92,397 
         341,027 
Total Yankee Dollars (Cost $1,914,195)        1,848,678 
           
Collateral for Securities Loaned (10.3%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   55,165    55,165 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   1,547,374    1,547,374 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   27,530    27,530 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   219,516    219,516 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   986,988    986,988 
Total Collateral for Securities Loaned (Cost $2,836,573)        2,836,573 
Total Investments (Cost $29,845,517) — 106.2%        29,233,384 
Liabilities in excess of other assets — (6.2)%        (1,716,287)
NET ASSETS - 100.00%       $27,517,097 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(c) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(d) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(e) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $16,690,453 and amounted to 60.7% of net assets.
(f) All or a portion of this security is on loan.
(g) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
PIK—Payment-in-Kind
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory INCORE Investment Quality Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description   Principal Amount     Value  
Asset-Backed Securities (4.0%)
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/23 @ 100 (a)   $ 2,487,000     $ 2,453,806  
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)     2,218,000       2,105,527  
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 3/25/25 @ 100 (b)     1,290,437       1,265,671  
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (a)     2,213,000       2,112,430  
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)     6,080,000       5,830,512  
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)     1,952,000       1,920,470  
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b)     3,001,000       2,906,447  
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b)     3,162,000       3,013,003  
Total Asset-Backed Securities (Cost $22,401,289)             21,607,866  
 
Collateralized Mortgage Obligations (3.9%)
BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 (a)     2,590,000       2,406,977  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 1/15/53, Callable 2/15/30 @ 100 (a)     2,241,000       2,140,830  
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 (a)     2,060,505       2,012,933  
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100     1,204,737       1,217,093  
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)     1,367,000       1,379,663  
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)     1,535,000       1,551,526  
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 10/15/26 @ 100     1,161,000       1,163,276  
GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 2/10/26 @ 100 (a)     1,510,087       1,486,398  
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)     1,428,000       1,422,926  
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 (a)     1,943,000       1,891,802  
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)     1,694,000       1,678,414  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 12/15/26 @ 100 (a)     1,335,542       1,348,428  
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)     1,374,000       1,391,760  
Total Collateralized Mortgage Obligations (Cost $22,170,470)             21,092,026  

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Shares or
Principal Amount
   Value 
Preferred Stocks (5.0%)          
Financials (2.0%):          
AMG Capital Trust II, 10/15/37, 5.15% (a)   48,455   $2,689,282 
Bank of America Corp., Series L, 7.25% (a)(c)   2,568    3,370,500 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a)   23,207    1,724,512 
Wells Fargo & Co., Series L, 7.50% (a)(c)   2,285    3,027,625 
         10,811,919 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00%   349    551,155 
           
Industrials (0.5%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a)   28,302    2,488,029 
           
Utilities (2.4%):          
American Electric Power Co., Inc., 8/15/23, 6.13% (d)   15,205    849,503 
CenterPoint Energy, Inc., 9/15/29, 4.57%   8,930    454,894 
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a)   28,460    2,890,113 
DTE Energy Co., 11/1/22, 6.25% (a)   41,640    2,218,996 
NextEra Energy, Inc., 3/1/23, 5.28% (a)   67,460    3,518,039 
NiSource, Inc., 3/1/24, 7.75%   1,950    232,011 
The Southern Co., Series 2019, 8/1/22, 6.75% (a)   46,025    2,513,425 
         12,676,981 
Total Preferred Stocks (Cost $27,052,701)        26,528,084 
           
Corporate Bonds (52.7%)          
Communication Services (2.1%):          
AT&T, Inc.          
4.25%, 3/1/27, Callable 12/1/26 @ 100 (a)  $1,140,000    1,191,904 
5.15%, 11/15/46, Callable 5/15/46 @ 100 (a)   2,433,000    2,775,128 
CenturyLink, Inc., 6.75%, 12/1/23   962,000    1,000,230 
Comcast Corp.          
3.45%, 2/1/50, Callable 8/1/49 @ 100 (a)   1,346,000    1,267,447 
2.80%, 1/15/51, Callable 7/15/50 @ 100   1,166,000    980,886 
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)(b)   1,190,000    1,115,066 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)(d)   1,017,000    1,029,418 
3.55%, 3/22/51, Callable 9/22/50 @ 100 (a)   2,110,000    1,990,152 
         11,350,231 
Consumer Discretionary (7.6%):          
Booking Holdings, Inc., 0.75%, 5/1/25(a)(d)   2,765,000    4,038,697 
D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100(a)   5,960,000    5,875,964 
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81   1,118,000    1,129,851 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a)   1,712,000    1,723,316 
Expedia Group, Inc., 2/15/26(a)(d)(e)   2,760,000    3,325,386 
Ford Motor Co., 3/15/26(e)   885,000    1,048,946 
General Motors Co., 4.88%, 10/2/23(a)   1,976,000    2,036,189 
Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100(a)   1,781,000    1,870,282 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a)   2,784,000    2,814,875 
Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100   587,000    617,753 
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a)(b)   1,721,000    1,577,193 
NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100(a)   2,026,000    2,119,277 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
NVR, Inc.          
3.95%, 9/15/22, Callable 6/15/22 @ 100 (a)  $2,375,000   $2,384,761 
3.00%, 5/15/30, Callable 11/15/29 @ 100 (a)   2,303,000    2,153,489 
PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100(a)(d)   2,051,000    2,164,790 
Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100(a)   1,220,000    1,223,172 
The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100(a)(d)   1,626,000    1,530,034 
Whirlpool Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100(a)   1,625,000    1,484,649 
Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100(a)   1,478,000    1,348,512 
         40,467,136 
Consumer Staples (2.2%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b)   3,126,000    3,003,117 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100(a)   898,000    929,592 
BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100(a)   1,686,000    1,666,897 
Church & Dwight Co., Inc.          
2.45%, 8/1/22, Callable 7/1/22 @ 100 (a)   620,000    621,581 
2.30%, 12/15/31, Callable 9/15/31 @ 100   1,231,000    1,124,186 
Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100(a)   1,000,000    1,079,950 
Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100(a)   1,835,000    1,939,999 
Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100   1,271,000    1,477,703 
         11,843,025 
Energy (4.3%):          
Continental Resources, Inc.          
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   2,084,000    2,112,967 
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b)   2,295,000    2,147,454 
EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100(a)(d)   1,196,000    1,468,808 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a)   737,000    742,417 
HollyFrontier Corp., 2.63%, 10/1/23(a)   2,069,000    2,050,069 
Marathon Oil Corp., 6.60%, 10/1/37(a)(d)   2,476,000    3,017,179 
Pioneer Natural Resources Co.          
0.25%, 5/15/25 (a)   2,485,000    5,912,039 
1.90%, 8/15/30, Callable 5/15/30 @ 100 (a)   1,976,000    1,751,428 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a)   2,215,000    2,218,721 
Western Midstream Operating LP, 4.80%, 2/1/30, Callable 11/1/29 @ 100(a)   1,626,000    1,625,138 
         23,046,220 
Financials (13.6%):          
Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100   341,000    390,803 
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100(a)   965,000    971,330 
Ares Capital Corp., 4.63%, 3/1/24(a)   3,170,000    3,567,582 
Bank of America Corp.          
4.20%, 8/26/24 (a)   1,400,000    1,434,692 
3.25%, 10/21/27, Callable 10/21/26 @ 100, MTN (a)   1,775,000    1,770,101 
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a)(f)   3,040,000    2,768,741 
Capital One Financial Corp.          
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)   1,935,000    1,946,862 
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a)(f)   3,930,000    3,364,159 
Cincinnati Financial Corp., 6.13%, 11/1/34(a)   1,795,000    2,205,947 
Citigroup, Inc.          
3.88%, 3/26/25   929,000    940,891 
4.60%, 3/9/26 (a)   873,000    906,060 
4.45%, 9/29/27 (a)   1,000,000    1,030,940 
4.41% (SOFR+391bps), 3/31/31, Callable 3/31/30 @ 100 (f)   3,763,000    3,918,337 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100   1,165,000    1,153,991 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)  $5,053,000   $5,117,982 
Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100(a)   2,510,000    2,503,650 
General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100   966,000    981,427 
Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100(a)   2,094,000    1,876,182 
JPMorgan Chase & Co.          
2.95%, 10/1/26, Callable 7/1/26 @ 100 (a)   3,400,000    3,378,206 
2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a)(f)   3,348,000    3,055,887 
5.60%, 7/15/41   980,000    1,190,386 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b)   2,555,000    2,799,769 
Morgan Stanley          
4.88%, 11/1/22 (a)   2,718,000    2,764,070 
3.75%, 2/25/23 (a)   3,000,000    3,047,010 
3.13%, 7/27/26, MTN (a)   5,500,000    5,451,270 
Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100   976,000    907,387 
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100(a)   2,186,000    1,961,760 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   770,000    943,165 
SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100(a)   3,110,000    2,993,686 
Wachovia Corp., 5.50%, 8/1/35(a)   1,000,000    1,131,660 
Wells Fargo & Co.          
4.30%, 7/22/27, MTN (a)   3,553,000    3,691,780 
4.90%, 11/17/45 (a)   890,000    985,141 
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100   2,000,000    1,926,880 
         73,077,734 
Health Care (6.8%):          
AbbVie, Inc.          
3.85%, 6/15/24, Callable 3/15/24 @ 100   3,000,000    3,058,740 
3.20%, 11/21/29, Callable 8/21/29 @ 100 (a)   2,580,000    2,549,324 
4.45%, 5/14/46, Callable 11/14/45 @ 100 (a)   1,278,000    1,360,840 
Anthem, Inc.          
2.38%, 1/15/25, Callable 12/15/24 @ 100 (a)   1,278,000    1,260,964 
2.75%, 10/15/42 (a)   640,000    4,464,396 
Baxter International, Inc.          
2.54%, 2/1/32, Callable 11/1/31 @ 100 (a)(b)   3,469,000    3,172,123 
3.50%, 8/15/46, Callable 2/15/46 @ 100   862,000    790,273 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)   1,410,000    1,415,429 
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100(a)   1,716,000    1,747,557 
Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)(b)   2,186,000    2,040,697 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100(a)   1,234,000    1,241,762 
Illumina, Inc., 8/15/23(a)(d)(e)\   2,555,000    2,814,971 
Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100(a)   3,228,000    3,263,895 
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100   1,328,000    1,063,994 
Universal Health Services, Inc.          
1.65%, 9/1/26, Callable 8/1/26 @ 100 (a)(b)   3,623,000    3,322,762 
2.65%, 10/15/30, Callable 7/15/30 @ 100 (b)   854,000    776,534 
Viatris, Inc.          
2.30%, 6/22/27, Callable 4/22/27 @ 100   730,000    664,541 
4.00%, 6/22/50, Callable 12/22/49 @ 100 (a)   1,735,000    1,464,843 
         36,473,645 
Industrials (4.5%):          
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100   909,000    798,920 
Air Lease Corp.          
0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN (a)   2,401,000    2,291,082 
0.80%, 8/18/24, Callable 7/18/24 @ 100 (a)   1,340,000    1,261,503 
CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100(a)   1,635,000    1,524,932 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a)   2,465,000    2,490,537 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100(a)  $3,720,000   $3,802,993 
Norfolk Southern Corp.          
2.30%, 5/15/31, Callable 2/15/31 @ 100 (d)   2,139,000    1,989,848 
2.90%, 8/25/51, Callable 2/25/51 @ 100   1,073,000    928,488 
Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100(a)   1,190,000    1,111,758 
Rockwell Automation, Inc., 6.25%, 12/1/37(a)   1,351,000    1,661,028 
Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(b)   1,094,000    1,013,460 
Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100(a)   1,100,000    1,166,033 
Southwest Airlines Co., 1.25%, 5/1/25(a)   2,760,000    3,754,814 
         23,795,396 
Information Technology (5.6%):          
Akamai Technologies, Inc., 0.13%, 5/1/25(a)   1,165,000    1,538,872 
Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100(a)   1,074,000    1,266,117 
Block, Inc., 0.25%, 11/1/27   505,000    461,166 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(a)   3,175,000    3,213,195 
Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100(a)   1,300,000    1,386,203 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a)   2,969,000    3,047,559 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(d)   2,885,000    3,247,587 
Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100(a)   4,252,000    4,622,009 
NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63(b)   729,000    690,523 
NetApp, Inc., 3.25%, 12/15/22, Callable 9/15/22 @ 100(a)   1,345,000    1,351,093 
Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100(a)   1,299,000    1,447,320 
Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100   2,488,000    1,930,663 
Vishay Intertechnology, Inc., 2.25%, 6/15/25(d)   975,000    981,669 
Western Digital Corp.          
1.50%, 2/1/24 (a)   3,972,000    3,837,548 
2.85%, 2/1/29, Callable 12/1/28 @ 100   1,293,000    1,185,358 
         30,206,882 
Materials (1.0%):          
Celanese US Holdings LLC, 4.63%, 11/15/22(a)   1,870,000    1,898,069 
Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100   885,000    813,934 
Southern Copper Corp., 5.25%, 11/8/42(a)   850,000    964,724 
The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25(a)(d)   1,626,000    1,524,034 
         5,200,761 
Real Estate (3.4%):          
Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100   1,148,000    1,008,105 
Highwoods Realty LP, 3.63%, 1/15/23, Callable 10/15/22 @ 100(a)   5,523,000    5,548,958 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b)   910,000    891,554 
Kite Realty Group LP, 0.75%, 4/1/27(a)(b)   1,670,000    1,751,730 
Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100(a)   3,006,000    3,022,653 
Physicians Realty LP          
3.95%, 1/15/28, Callable 10/15/27 @ 100 (a)   1,180,000    1,192,874 
2.63%, 11/1/31, Callable 8/1/31 @ 100   1,137,000    1,025,506 
Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100   1,055,000    1,135,370 
Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100(a)   1,230,000    1,258,733 
STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100(a)   1,570,000    1,425,010 
         18,260,493 
Utilities (1.6%):          
Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100(a)   1,910,000    1,666,819 
Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37   1,640,000    2,055,888 
Nevada Power Co., 6.65%, 4/1/36(a)   600,000    771,012 

 

 

 

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(Unaudited)

 

Security Description  Principal Amount   Value 
Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100(a)  $1,546,000   $1,753,411 
Public Service Electric & Gas Co., 4.00%, 6/1/44, Callable 12/1/43 @ 100(a)   1,289,000    1,301,941 
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100   1,370,000    1,174,652 
         8,723,723 
Total Corporate Bonds (Cost $288,336,881)        282,445,246 
           
Residential Mortgage-Backed Securities (0.2%)          
Bear Stearns ALT-A Trust, Series 2003-3, Class 2A, 2.82%, 10/25/33, Callable 4/25/22 @ 100 (a)(g)   611,215    585,861 
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 1.78%  (LIBOR01M+132bps), 10/25/32, Callable 4/25/22 @ 100 (f)   577,312    581,851 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a)   16,289    10,638 
Total Residential Mortgage-Backed Securities (Cost $1,198,994)        1,178,350 
           
Yankee Dollars (9.2%)          
Communication Services (0.4%):          
Vodafone Group PLC, 5.25%, 5/30/48(a)   1,718,000    1,933,695 
           
Consumer Staples (3.3%):          
Barry Callebaut Services NV, 5.50%, 6/15/23(b)   5,438,000    5,566,977 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b)   5,337,000    5,361,390 
Suntory Holdings Ltd.          
2.55%, 6/28/22, Callable 5/28/22 @ 100 (a)(b)   4,966,000    4,974,691 
2.25%, 10/16/24, Callable 9/16/24 @ 100 (a)(b)   1,600,000    1,557,056 
         17,460,114 
Energy (0.9%):          
Canadian Natural Resources Ltd., 2.95%, 1/15/23, Callable 12/15/22 @ 100   1,255,000    1,260,986 
Ecopetrol SA, 5.88%, 9/18/23(a)   2,780,000    2,847,526 
Statoil ASA, 3.95%, 5/15/43   930,000    962,904 
         5,071,416 
Financials (2.1%):          
Barclays Bank PLC          
2/4/25 (a)(e)   1,030,000    1,646,270 
2/18/25 (e)   595,000    660,289 
HSBC Holdings PLC, 2.87%, 11/22/32, Callable 11/22/31 @ 100(a)   2,807,000    2,555,437 
Newcrest Finance Pty Ltd.          
5.75%, 11/15/41 (b)   1,720,000    1,966,527 
4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)   665,000    649,339 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)   2,500,000    2,537,225 
Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100(a)   1,431,000    1,307,791 
         11,322,878 

 

 

 

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Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Principal Amount   Value 
Industrials (1.1%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
6.50%, 7/15/25, Callable 6/15/25 @ 100 (a)  $1,250,000   $1,325,662 
1.75%, 1/30/26, Callable 12/30/25 @ 100   1,385,000    1,272,552 
Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100(a)   1,525,000    1,433,546 
Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100   813,000    722,960 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)   1,343,000    1,278,429 
         6,033,149 
Materials (1.3%):          
Anglo American Capital PLC          
2.88%, 3/17/31, Callable 12/17/30 @ 100 (a)(b)(d)   2,500,000    2,293,375 
3.95%, 9/10/50, Callable 3/10/50 @ 100 (b)(d)   1,710,000    1,612,923 
Fresnillo PLC, 4.25%, 10/2/50, Callable 4/2/50 @ 100(b)   800,000    706,608 
Rio Tinto Finance USA Ltd., 5.20%, 11/2/40(a)   723,000    867,065 
Vale Overseas Ltd., 6.25%, 8/10/26(a)   1,184,000    1,298,860 
         6,778,831 
Utilities (0.1%):          
Iberdrola International BV, 6.75%, 9/15/33   373,000    455,870 
Total Yankee Dollars (Cost $50,263,177)        49,055,953 
           
U.S. Government Mortgage-Backed Agencies (25.7%)          
Federal Home Loan Bank          
1.10%, 4/29/26 (a)   6,750,000    6,332,985 
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 - 7/1/39 (a)   1,183,495    1,276,543 
Series 4395, Class PA, 2.50%, 4/15/37 - 7/1/50 (a)   3,127,202    3,044,712 
7.00%, 9/1/38 (a)   20,936    23,597 
Series 4320, Class AP, 3.50%, 7/15/39 - 10/15/40 (a)   2,976,317    3,024,904 
4.50%, 1/1/41 - 12/1/45 (a)   3,657,996    3,885,089 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   25,909    26,024 
2.00%, 3/1/51 (a)   5,369,647    4,996,508 
         16,277,377 
Federal National Mortgage Association          
5.00%, 4/1/23 - 12/1/39 (a)   587,731    632,812 
7.50%, 12/1/29 (a)   23,584    26,224 
8.00%, 1/1/30 - 9/1/30 (a)   10,320    11,550 
8.00%, 6/1/30   470    531 
7.00%, 2/1/32 - 6/1/32 (a)   23,320    26,376 
Series 2005-19, Class PB, 5.50%, 3/25/35 - 12/1/38 (a)   4,605,035    4,937,650 
1.91% (LIBOR12M+166bps), 12/1/36 (a)(f)   87,524    89,339 
6.00%, 2/1/37 (a)   1,416,050    1,571,769 
4.50%, 12/1/38 - 6/1/40 (a)   3,293,804    3,410,478 
5.50%, 2/1/39   776    822 
Series 2013-33, Class UD, 2.50%, 4/25/39 - 7/1/51 (a)   17,239,713    16,532,008 
3.50%, 8/1/39 - 12/25/50 (a)   5,415,982    5,486,955 
3.00%, 6/1/40 - 5/1/48 (a)   11,077,070    11,001,387 
Series 2013-31, Class PA, 2.50%, 2/25/43   913,852    910,367 
4.00%, 11/1/43 - 10/1/48 (a)   10,005,053    10,382,366 
3.00%, 2/1/47 - 2/25/49   2,757,110    2,729,274 
4.00%, 3/1/47 - 6/1/49   1,203,741    1,234,583 
4.50%, 5/1/50   416,536    433,301 
2.00%, 3/1/51 (a)   9,413,112    8,750,521 
2.00%, 4/25/52 (h)   12,200,000    11,315,341 
2.50%, 4/25/52 (h)   17,300,000    16,500,688 
3.00%, 4/25/52 (h)   8,100,000    7,920,253 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Security Description  Shares or
Principal Amount
   Value 
3.50%, 5/25/52 (h)  $10,800,000   $10,775,063 
         114,679,658 
Government National Mortgage Association          
6.00%, 10/15/32 - 12/15/33 (a)   65,850    72,174 
Series 2014-42, Class AD, 2.50%, 7/16/41   175,289    174,719 
         246,893 
Total U.S. Government Mortgage-Backed Agencies (Cost $141,803,806)        137,536,913 
           
U.S. Treasury Obligations (3.7%)          
U.S. Treasury Bonds, 1.25%, 5/15/50 (a)  6,600,000    4,926,281 
U.S. Treasury Notes          
0.13%, 2/15/24   1,311,000    1,258,970 
0.75%, 4/30/26 (a)   8,009,000    7,460,258 
1.25%, 5/31/28 (a)   3,471,000    3,231,555 
1.63%, 5/15/31 (a)   3,217,000    3,030,012 
Total U.S. Treasury Obligations (Cost $20,581,353)        19,907,076 
           
Collateral for Securities Loaned (3.6%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (i)   376,461    376,461 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (i)   10,559,706    10,559,706 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (i)   187,873    187,873 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (i)   1,498,040    1,498,040 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (i)   6,735,478    6,735,478 
Total Collateral for Securities Loaned (Cost $19,357,558)        19,357,558 
Total Investments (Cost $593,166,229) — 108.0%        578,709,072 
Liabilities in excess of other assets — (8.0)%        (42,838,165)
NET ASSETS - 100.00%       $535,870,907 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $67,742,625 and amounted to 12.6% of net assets.
(c) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(d) All or a portion of this security is on loan.
(e) Zero-coupon bond.
(f) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(g) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(h) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.
(i) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Investment Quality Bond VIP Series March 31, 2022

(Unaudited)

 

Futures Contracts Purchased    

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
2-Year U.S. Treasury Note Futures  150  6/30/22  $32,229,312   $31,788,281   $(441,031)
5-Year U.S. Treasury Note Futures  90  6/30/22   10,504,297    10,321,875    (182,422)
Mexican Peso Currency Futures  241  6/13/22   5,627,355    5,992,465    365,110 
Ultra Long Term U.S. Treasury Bond Futures  161  6/21/22   29,664,809    28,517,125    (1,147,684)
                   $(1,406,027)

 

Futures Contracts Sold    

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
10-Year U.S. Treasury Note Futures  220  6/21/22  $27,890,751   $27,032,500   $858,251 
Canadian Dollar Futures  106  6/14/22   8,264,818    8,489,540    (224,722)
Japanese Yen Futures  100  6/13/22   10,874,998    10,296,875    578,123 
Micro E-Mini S&P 500 Futures  886  6/20/22   18,637,546    20,071,223    (1,433,677)
                   $(222,025)
                      
  Total unrealized appreciation           $1,801,484 
  Total unrealized depreciation         (3,429,536)
  Total net unrealized appreciation (depreciation)        $(1,628,052)

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Principal Amount   Value 
Asset-Backed Securities (6.1%)          
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, 10/19/26, Callable 6/18/24 @ 100  $1,815,000   $1,726,309 
CarMax Auto Owner Trust, Series 2020-4, Class B, 0.85%, 6/15/26, Callable 7/15/24 @ 100   497,000    470,134 
GM Financial Automobile Leasing Trust, Series 2021-1, Class C, 0.70%, 2/20/25, Callable 7/20/23 @ 100   1,164,000    1,129,079 
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 10/16/24 @ 100 (a)   951,000    902,776 
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (b)   884,871    867,449 
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, 2/17/26, Callable 12/15/23 @ 100   1,164,000    1,141,761 
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, 6/15/26, Callable 2/15/24 @ 100   1,400,000    1,361,538 
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, 9/15/27, Callable 2/15/24 @ 100   1,023,000    1,004,391 
Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (a)(b)   2,366,000    2,268,913 
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)   833,000    819,545 
Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 3/15/24 @ 100 (a)(b)   1,295,000    1,254,198 
Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 8/15/24 @ 100 (a)(b)   1,348,000    1,284,481 
Total Asset-Backed Securities (Cost $14,724,588)        14,230,574 
           
Collateralized Mortgage Obligations (5.6%)          
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class A4, 3.71%, 9/15/48, Callable 9/15/25 @ 100   540,000    541,673 
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 1/10/48, Callable 12/10/25 @ 100   598,000    605,593 
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 7/15/25 @ 100 (a)   594,000    599,502 
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 9/10/25 @ 100   446,000    450,574 
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100   535,000    531,344 
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 (a)   691,000    698,439 
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5, 3.09%, 1/15/49, Callable 3/15/26 @ 100   833,000    821,723 
Galaxy CLO Ltd., Series 2017-24A, Class A, 1.36%  (LIBOR03M+112bps), 1/15/31, Callable 4/15/22 @ 100 (a)(b)(c)   1,000,000    994,897 
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 (a)   603,000    600,857 
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.58%, 3/15/49, Callable 1/15/26 @ 100   651,000    653,068 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Shares or
Principal Amount

  

Value

 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A4, 3.77%, 12/15/48, Callable 11/15/25 @ 100  $625,000   $631,242 
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 3/15/25 @ 100 (a)   735,000    728,237 
Steele Creek CLO Ltd., Series 2017-1A, Class A, 1.49%  (LIBOR03M+125bps), 1/15/30, Callable 4/15/22 @ 100 (a)(b)(c)   2,175,000    2,164,523 
Voya CLO Ltd., Series 2017-4A, Class A1, 1.37%  (LIBOR03M+113bps), 10/15/30, Callable 4/15/22 @ 100 (a)(b)(c)   1,000,000    996,950 
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.70%, 11/15/48, Callable 10/15/25 @ 100   650,000    655,417 
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class A4, 3.64%, 6/15/48, Callable 6/15/25 @ 100   761,000    765,630 
Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 (a)   607,000    614,846 
Total Collateralized Mortgage Obligations (Cost $13,382,088)        13,054,515 
           
Preferred Stocks (3.2%)          
Financials (1.3%):          
AMG Capital Trust II, 10/15/37, 5.15% (a)   13,215    733,440 
Bank of America Corp., Series L, 7.25% (a)(d)   730    958,125 
KKR & Co., Inc., Series C, 9/15/23, 6.00% (a)   8,083    600,648 
Wells Fargo & Co., Series L, 7.50% (a)(d)   610    808,250 
         3,100,463 
Health Care (0.1%):          
Danaher Corp., Series B, 4/15/23, 5.00%   149    235,307 
           
Industrials (0.3%):          
Stanley Black & Decker, Inc., 11/15/22, 5.25% (a)   8,720    766,575 
           
Utilities (1.5%):          
American Electric Power Co., Inc., 8/15/23, 6.13% (e)   4,295    239,962 
CenterPoint Energy, Inc., 9/15/29, 4.57%   3,690    187,969 
Dominion Energy, Inc., Series A, 6/1/22, 7.25% (a)   7,395    750,962 
DTE Energy Co., 11/1/22, 6.25% (a)   11,370    605,907 
NextEra Energy, Inc., 3/1/23, 5.28% (a)   15,600    813,540 
NiSource, Inc., 3/1/24, 7.75%   815    96,969 
The Southern Co., Series 2019, 8/1/22, 6.75% (a)   12,740    695,731 
         3,391,040 
Total Preferred Stocks (Cost $7,583,324)        7,493,385 
           
Corporate Bonds (52.3%)          
Communication Services (2.9%):          
AT&T, Inc., 1.70%, 3/25/26, Callable 3/25/23 @ 100  $3,500,000    3,320,380 
CenturyLink, Inc., 6.75%, 12/1/23   402,000    417,976 
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 2/1/24, Callable 1/1/24 @ 100   504,000    516,383 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100  $1,412,000   $1,441,511 
Verizon Communications, Inc.          
3.38%, 2/15/25 (a)   325,000    328,968 
1.61% (LIBOR03M+110bps), 5/15/25, Callable 3/15/25 @ 100 (a)(c)   719,000    728,261 
         6,753,479 
Consumer Discretionary (6.6%):          
Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100   2,780,000    2,607,723 
AutoZone, Inc., 3.13%, 4/18/24, Callable 3/18/24 @ 100   2,682,000    2,689,751 
Booking Holdings, Inc., 0.75%, 5/1/25(a)(e)   760,000    1,110,094 
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100(a)   3,006,000    3,054,427 
Expedia Group, Inc., 3.60%, 12/15/23, Callable 11/15/23 @ 100(a)   980,000    986,478 
Expedia Group, Inc., 2/15/26(a)(e)(f)   780,000    939,783 
Ford Motor Co., 3/15/26(f)   325,000    385,206 
General Motors Co., 4.88%, 10/2/23(a)   1,191,000    1,227,278 
Kohl's Corp., 4.25%, 7/17/25, Callable 4/17/25 @ 100(e)   1,138,000    1,153,511 
Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100(a)   1,225,000    1,238,585 
         15,392,836 
Consumer Staples (2.4%):          
7-Eleven, Inc., 0.80%, 2/10/24, Callable 5/13/22 @ 100(a)(b)   2,296,000    2,205,744 
Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100(a)   295,000    305,378 
Constellation Brands, Inc., 4.25%, 5/1/23(a)   954,000    971,888 
Keurig Dr Pepper, Inc., 4.06%, 5/25/23(a)   638,000    648,967 
Tyson Foods, Inc.          
3.90%, 9/28/23, Callable 8/28/23 @ 100 (a)   400,000    406,032 
3.95%, 8/15/24, Callable 5/15/24 @ 100   1,130,000    1,151,787 
         5,689,796 
Energy (3.2%):          
Boardwalk Pipelines LP, 3.38%, 2/1/23, Callable 11/1/22 @ 100   400,000    402,020 
Continental Resources, Inc.          
4.50%, 4/15/23, Callable 1/15/23 @ 100 (a)   732,000    742,175 
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)(b)   1,048,000    980,624 
EQM Midstream Partners LP, 4.75%, 7/15/23, Callable 6/15/23 @ 100(a)   310,000    312,278 
HollyFrontier Corp., 2.63%, 10/1/23(a)   929,000    920,500 
Pioneer Natural Resources Co.          
0.55%, 5/15/23   1,280,000    1,251,494 
0.25%, 5/15/25 (a)   785,000    1,867,586 
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100(a)   925,000    926,554 
         7,403,231 
Financials (16.1%):          
Ares Capital Corp., 4.63%, 3/1/24(a)   945,000    1,063,522 
Bank of America Corp.          
4.20%, 8/26/24 (a)   2,551,000    2,614,214 
1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (c)   1,720,000    1,645,834 
Capital One Financial Corp.          
3.30%, 10/30/24, Callable 9/30/24 @ 100 (a)   627,000    630,843 
1.34%, 12/6/24, Callable 12/6/23 @ 100   2,158,000    2,094,296 
2.64% (SOFR+129bps), 3/3/26, Callable 3/3/25 @ 100 (c)   1,999,000    1,957,201 
Citigroup, Inc., 3.11% (SOFR+284bps), 4/8/26, Callable 4/8/25 @ 100(c)   3,016,000    2,990,635 
Dana Financing Luxembourg Sarl, 5.75%, 4/15/25, Callable 5/13/22 @ 101.44(a)(b)   808,000    816,241 
Fifth Third Bancorp          
1.63%, 5/5/23, Callable 4/5/23 @ 100 (e)   1,880,000    1,862,234 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
3.65%, 1/25/24, Callable 12/25/23 @ 100 (a)  $731,000   $740,401 
Ford Motor Credit Co. LLC, 3.10%, 5/4/23(a)   1,500,000    1,498,545 
General Motors Financial Co., Inc., 5.10%, 1/17/24, Callable 12/17/23 @ 100   2,451,000    2,536,319 
Harley-Davidson Financial Services, Inc., 3.35%, 2/15/23, Callable 1/15/23 @ 100(b)   1,512,000    1,513,527 
JPMorgan Chase & Co.          
2.30%, 10/15/25, Callable 10/15/24 @ 100   3,934,000    3,843,793 
2.60%, 2/24/26, Callable 2/24/25 @ 100 (e)   1,067,000    1,048,050 
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23(a)(b)   1,005,000    1,101,279 
Morgan Stanley, 0.53%, 1/25/24, Callable 1/25/23 @ 100   3,425,000    3,369,686 
Sixth Street Specialty Lending, Inc., 4.50%, 8/1/22   330,000    404,214 
The Bank of New York Mellon Corp., 0.75%, 1/28/26, Callable 12/28/25 @ 100, MTN   1,085,000    1,004,515 
The Goldman Sachs Group, Inc., 2.03% (LIBOR03M+175bps), 10/28/27, Callable 10/28/26 @ 100(a)(c)   1,500,000    1,548,195 
Wells Fargo & Co.          
0.81%, 5/19/25, Callable 5/19/24 @ 100, MTN   700,000    668,612 
2.41%, 10/30/25, Callable 10/30/24 @ 100, MTN   2,488,000    2,438,116 
         37,390,272 
Health Care (6.1%):          
AbbVie, Inc., 3.85%, 6/15/24, Callable 3/15/24 @ 100   3,455,000    3,522,649 
Anthem, Inc., 2.75%, 10/15/42(a)   120,000    837,074 
Biogen, Inc., 3.63%, 9/15/22   925,000    932,862 
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)   588,000    590,264 
HCA, Inc., 5.00%, 3/15/24   2,521,000    2,613,218 
Humana, Inc., 2.90%, 12/15/22, Callable 11/15/22 @ 100(a)   515,000    518,239 
Illumina, Inc., 8/15/23(a)(e)(f)   745,000    820,804 
Mylan, Inc., 3.13%, 1/15/23(b)   2,521,000    2,532,042 
Universal Health Services, Inc., 1.65%, 9/1/26, Callable 8/1/26 @ 100(a)(b)   1,554,000    1,425,220 
Viatris, Inc., 1.13%, 6/22/22   475,000    474,877 
         14,267,249 
Industrials (4.4%):          
Air Lease Corp., 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN(a)   3,385,000    3,230,035 
Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100(a)   1,025,000    1,035,619 
EnPro Industries, Inc., 5.75%, 10/15/26, Callable 5/13/22 @ 104.31(a)   1,000,000    1,024,560 
Sensata Technologies BV, 5.63%, 11/1/24(a)(b)   785,000    815,607 
Southwest Airlines Co.          
4.75%, 5/4/23   1,973,000    2,017,274 
1.25%, 5/1/25 (a)   895,000    1,217,594 
Waste Management, Inc., 2.40%, 5/15/23, Callable 3/15/23 @ 100(a)   782,000    782,000 
         10,122,689 
Information Technology (4.4%):          
Akamai Technologies, Inc., 0.13%, 5/1/25(a)   415,000    548,182 
Block, Inc., 0.25%, 11/1/27(e)   215,000    196,338 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(a)   2,520,000    2,550,315 
Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100(a)   1,334,000    1,369,298 
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100(a)(e)   945,000    1,063,767 
KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100   504,000    522,366 
Marvell Technology Group Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100   842,000    853,434 
NCR Corp., 5.00%, 10/1/28, Callable 10/1/23 @ 102.5(b)   608,000    582,604 
Seagate HDD Cayman, 4.88%, 3/1/24, Callable 1/1/24 @ 100   1,000,000    1,029,450 
Vishay Intertechnology, Inc., 2.25%, 6/15/25   250,000    251,710 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Western Digital Corp., 1.50%, 2/1/24(a)  $1,265,000   $1,222,180 
         10,189,644 
Materials (2.8%):          
Celanese US Holdings LLC, 4.63%, 11/15/22(a)   780,000    791,708 
Graphic Packaging International LLC, 0.82%, 4/15/24, Callable 3/15/24 @ 100(b)   2,022,000    1,923,084 
Nucor Corp., 4.13%, 9/15/22, Callable 6/15/22 @ 100(a)   1,527,000    1,533,413 
Southern Copper Corp., 3.88%, 4/23/25   2,352,000    2,377,566 
         6,625,771 
Real Estate (2.4%):          
American Tower Corp., 3.00%, 6/15/23(a)   1,000,000    1,003,970 
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100   750,000    754,965 
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(b)   602,000    589,797 
Kite Realty Group LP, 0.75%, 4/1/27(a)(b)   550,000    576,917 
Piedmont Operating Partnership LP, 3.40%, 6/1/23, Callable 3/1/23 @ 100(a)   1,680,000    1,682,722 
Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100   250,000    250,753 
Weingarten Realty Investors          
3.38%, 10/15/22, Callable 7/15/22 @ 100 (a)   300,000    301,326 
3.50%, 4/15/23, Callable 1/15/23 @ 100   505,000    508,858 
         5,669,308 
Utilities (1.0%):          
Ameren Corp., 2.50%, 9/15/24, Callable 8/15/24 @ 100   597,000    588,099 
Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100(a)   541,000    553,302 
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23   1,186,000    1,169,420 
         2,310,821 
Total Corporate Bonds (Cost $122,823,623)        121,815,096 
           
Residential Mortgage-Backed Securities (1.5%)          
Bear Stearns ALT-A Trust, Series 2003-3, Class 2A, 2.82%, 10/25/33, Callable 4/25/22 @ 100 (a)(g)   259,022    248,278 
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A8, 4.50%, 10/31/33 (a)   184    184 
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 4A1, 2.46%, 11/25/34, Callable 4/25/22 @ 100 (a)(g)   182,263    176,178 
JPMorgan Mortgage Trust, Series 2004-S2, Class 1A3, 4.75%, 11/25/34, Callable 4/25/22 @ 100 (a)   1,070    698 
JPMorgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 9/25/34, Callable 4/25/22 @ 100 (a)   1,564    1,400 
JPMorgan Mortgage Trust, Series 2014-5, Class A11, 2.86%, 10/25/29, Callable 9/25/23 @ 100 (a)(b)(g)   696,662    684,470 
JPMorgan Mortgage Trust, Series 2017-3, Class 2A2, 2.50%, 8/25/47, Callable 6/25/29 @ 100 (a)(b)(g)   708,846    680,191 
Madison Park Funding Ltd., Series 2007-4A, Class AR, 1.50%  (LIBOR03M+120bps), 7/29/30, Callable 4/29/22 @ 100 (a)(b)(c)   1,750,000    1,743,924 
Total Residential Mortgage-Backed Securities (Cost $3,602,446)        3,535,323 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Principal Amount

  

Value

 
Yankee Dollars (11.7%)          
Communication Services (0.2%):          
SES SA, 3.60%, 4/4/23(b)  $510,000   $513,560 
           
Consumer Discretionary (1.0%):          
Stellantis NV, 5.25%, 4/15/23   2,211,000    2,261,720 
           
Consumer Staples (3.8%):          
Barry Callebaut Services NV, 5.50%, 6/15/23(b)   2,303,000    2,357,622 
Heineken NV, 3.40%, 4/1/22(b)   1,420,000    1,420,000 
Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 1/9/23 @ 100(a)(b)   2,202,000    2,212,063 
Pernod Ricard SA, 4.25%, 7/15/22(a)(b)   767,000    773,159 
Suntory Holdings Ltd., 2.55%, 6/28/22, Callable 5/28/22 @ 100(a)(b)   2,080,000    2,083,640 
         8,846,484 
Energy (1.4%):          
Canadian Natural Resources Ltd.          
2.95%, 1/15/23, Callable 12/15/22 @ 100   1,170,000    1,175,581 
3.80%, 4/15/24, Callable 1/15/24 @ 100   1,201,000    1,217,442 
Ecopetrol SA, 5.88%, 9/18/23(a)   776,000    794,849 
         3,187,872 
Financials (3.0%):          
Barclays Bank PLC          
 2/4/25 (a)(f)   300,000    479,496 
 2/18/25 (f)   265,000    294,079 
HSBC Holdings PLC, 1.16% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100(c)   1,250,000    1,207,725 
NXP BV/NXP Funding LLC, 4.63%, 6/1/23, Callable 5/1/23 @ 100(a)(b)   3,470,000    3,521,668 
The Toronto-Dominion Bank, 2.35%, 3/8/24(e)   1,510,000    1,501,061 
         7,004,029 
Industrials (0.7%):          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26, Callable 12/30/25 @ 100   1,100,000    1,010,691 
Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(b)   651,000    619,700 
         1,630,391 
Materials (1.3%):          
Anglo American Capital PLC, 3.63%, 9/11/24(b)   2,984,000    2,991,997 
           
Utilities (0.3%):          
Enel Generacion Chile SA, 4.25%, 4/15/24, Callable 1/15/24 @ 100(e)   615,000    622,441 
Total Yankee Dollars (Cost $27,597,024)        27,058,494 
           
U.S. Government Mortgage-Backed Agencies (3.4%)          
Federal Home Loan Mortgage Corp.          
5.00%, 6/15/23 - 8/1/40 (a)   354,052    382,078 
5.50%, 10/25/23 (a)   934    947 
Series 4207, Class JD, 1.50%, 5/15/28 (a)   925,755    902,722 
7.00%, 9/1/38 (a)   1,781    2,007 
Series 4320, Class AP, 3.50%, 7/15/39 (a)   414,853    422,019 
Series 3713, Class PA, 2.00%, 2/15/40 - 3/15/40 (a)   2,133,559    2,127,056 
Series 4444, Class CH, 3.00%, 1/15/41 (a)   264,269    265,446 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Security Description 

Shares or
Principal Amount

  

Value

 
Series 4049, Class AB, 2.75%, 12/15/41 (a)  $39,040   $39,146 
         4,141,421 
Federal National Mortgage Association          
Series 2010-156, Class DY, 3.50%, 1/25/26 (a)   461,534    466,226 
6.00%, 2/1/37 (a)   542,509    602,167 
Series 2013-33, Class UD, 2.50%, 4/25/39 (a)   147,894    148,113 
Series 2011-21, Class PA, 4.50%, 5/25/40 (a)   883,096    904,068 
Series 2011-101, Class LA, 3.00%, 10/25/40 (a)   15,341    15,352 
5.00%, 2/1/41 - 10/1/41 (a)   1,449,226    1,564,589 
         3,700,515 
Total U.S. Government Mortgage-Backed Agencies (Cost $7,900,213)        7,841,936 
           
U.S. Treasury Obligations (13.2%)          
U. S. Treasury Notes, 1.50%, 2/15/25   15,058,000    14,639,200 
U.S. Treasury Notes          
0.13%, 7/15/23   1,703,000    1,661,955 
0.13%, 10/15/23   2,127,000    2,061,528 
0.13%, 2/15/24   7,930,000    7,615,278 
0.75%, 11/15/24 (a)   4,923,000    4,705,311 
Total U.S. Treasury Obligations (Cost $31,556,642)        30,683,272 
           
Collateral for Securities Loaned (2.1%)^          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   97,075    97,075 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   2,722,936    2,722,936 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   48,445    48,445 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   386,286    386,286 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   1,736,817    1,736,817 
Total Collateral for Securities Loaned (Cost $4,991,559)        4,991,559 
Total Investments (Cost $234,161,507) — 99.1%        230,704,154 
Other assets in excess of liabilities — 0.9%        2,182,456 
NET ASSETS - 100.00%       $232,886,610 

 

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security has been segregated as collateral for derivative instruments.
(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $45,315,636 and amounted to 19.5% of net assets.
(c) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(d) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(e) All or a portion of this security is on loan.
(f) Zero-coupon bond.
(g) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

bps—Basis points
LIBOR—London InterBank Offered Rate
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory INCORE Low Duration Bond VIP Series March 31, 2022
  (Unaudited)

 

Futures Contracts Purchased  

 

   Number of
Contracts
   Expiration
Date
  Notional
Amount
   Value   Unrealized Appreciation (Depreciation) 
Mexican Peso Currency Futures   103   6/13/22  $2,405,052   $2,561,095   $156,043 

 

Futures Contracts Sold  

 

   Number of
Contracts
   Expiration
Date
  Notional
Amount
   Value   Unrealized Appreciation (Depreciation) 
10-Year U.S. Treasury Note Futures   13   6/21/22  $1,645,627   $1,597,375   $48,252 
5-Year U.S. Treasury Note Futures   100   6/30/22   11,775,434    11,468,750    306,684 
Canadian Dollar Futures   45   6/14/22   3,508,649    3,604,050    (95,401)
Japanese Yen Futures   43   6/13/22   4,676,249    4,427,656    248,593 
Micro E-Mini S&P 500 Futures   226   6/20/22   4,736,962    5,119,748    (382,786)
Ultra Long Term U.S. Treasury Bond Futures   4   6/21/22   736,900    708,500    28,400 
                     $153,742 
                        
    Total unrealized appreciation         $787,972 
    Total unrealized depreciation          (478,187)
    Total net unrealized appreciation (depreciation)   $309,785 

 

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)

 

Underlying Instruments   Fixed Deal
Receive
Rate
   Maturity
Date
  Payment
Frequency
   Implied
Credit
Spread at
March 31,
2022(b)
   Notional
Amount(c)
   Value   Premiums
Paid
(Received)
   Unrealized
Appreciation
(Depreciation)
 
CDX North America High Yield Index; Series 37   5.00%  12/20/26  Quarterly   3.45%  $8,000,000   $507,513   $689,600   $(182,087)
                        $507,513   $689,600   $(182,087)

 

(a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.  
(b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.
(c) The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

 

 

  

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory RS International VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.6%)          
Australia (7.4%):          
Consumer Discretionary (1.0%):          
Aristocrat Leisure Ltd.   47,373   $1,285,455 
           
Financials (1.3%):          
Macquarie Group Ltd.   11,333    1,713,478 
           
Health Care (1.7%):          
CSL Ltd.   11,767    2,348,565 
           
Materials (2.3%):          
BHP Group Ltd.   80,843    3,115,460 
           
Real Estate (1.1%):          
Scentre Group   675,847    1,536,234 
         9,999,192 
Belgium (0.9%):          
Information Technology (0.9%):          
Melexis NV   12,986    1,195,358 
           
China (1.1%):          
Communication Services (0.8%):          
Tencent Holdings Ltd.   21,700    1,000,286 
           
Consumer Discretionary (0.0%):(a)          
JD.com, Inc., Class A  (b)   938    26,654 
           
Financials (0.3%):          
China Merchants Bank Co. Ltd., Class H   54,000    420,375 
         1,447,315 
Denmark (1.4%):          
Consumer Discretionary (0.6%):          
Pandora A/S   8,272    788,167 
           
Consumer Staples (0.8%):          
Royal Unibrew A/S   12,553    1,172,982 
         1,961,149 
France (8.5%):          
Consumer Discretionary (4.0%):          
La Francaise des Jeux SAEM  (c)   38,192    1,514,967 
LVMH Moet Hennessy Louis Vuitton SE   5,408    3,859,692 
         5,374,659 
Energy (0.7%):          
Gaztransport Et Technigaz SA   8,464    945,554 
           
Industrials (0.8%):          
Safran SA   9,400    1,106,561 
           
Information Technology (1.5%):          
Capgemini SE   8,835    1,960,243 
           
Materials (1.5%):          
Arkema SA   17,492    2,090,706 
         11,477,723 
Germany (7.3%):          
Consumer Discretionary (0.8%):          
Volkswagen AG, Preference Shares   6,570    1,128,907 
           
Financials (2.0%):          
Allianz SE, Registered Shares   11,501    2,746,152 
           
Industrials (2.4%):          
Siemens AG, Registered Shares   22,991    3,183,062 

 

   

 

  

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS International VIP Series March 31, 2022
  (Unaudited)

  

Security Description  Shares   Value 
Information Technology (2.1%):          
SAP SE   25,295   $2,803,010 
         9,861,131 
Hong Kong (3.2%):          
Financials (1.4%):          
AIA Group Ltd.   185,200    1,933,911 
           
Real Estate (1.8%):          
CK Asset Holdings Ltd.   350,000    2,392,493 
         4,326,404 
Italy (3.4%):          
Health Care (1.0%):          
Recordati Industria Chimica e Farmaceutica SpA   27,577    1,382,502 
           
Utilities (2.4%):          
Enel SpA   237,247    1,583,821 
Snam SpA   271,345    1,564,508 
         3,148,329 
         4,530,831 
Japan (21.5%):          
Communication Services (1.8%):          
Capcom Co. Ltd.   54,600    1,323,958 
Kakaku.com, Inc.   51,000    1,139,158 
         2,463,116 
Consumer Discretionary (4.2%):          
Toyota Motor Corp.   232,400    4,192,721 
ZOZO, Inc.   53,200    1,420,955 
         5,613,676 
Consumer Staples (1.0%):          
Toyo Suisan Kaisha Ltd.   39,600    1,417,206 
           
Financials (2.8%):          
Mitsubishi UFJ Financial Group, Inc.   429,100    2,652,763 
Tokio Marine Holdings, Inc.   20,300    1,181,517 
         3,834,280 
Health Care (2.7%):          
Hoya Corp.   18,700    2,131,363 
Shionogi & Co. Ltd.   24,300    1,493,319 
         3,624,682 
Industrials (4.5%):          
en Japan, Inc.   25,100    601,916 
Fuji Electric Co. Ltd.   43,900    2,188,372 
Nippon Yusen KK  (d)   14,300    1,251,090 
OKUMA Corp.   18,300    757,963 
Sanwa Holdings Corp.   120,700    1,221,774 
         6,021,115 
Information Technology (3.4%):          
Fujitsu Ltd.   13,600    2,037,965 
Oracle Corp.   17,500    1,212,897 
Ulvac, Inc.   25,600    1,302,192 
         4,553,054 
Real Estate (0.5%):          
Sumitomo Realty & Development Co. Ltd.   25,200    697,533 
           
Utilities (0.6%):          
Chubu Electric Power Co., Inc.   75,800    784,647 
         29,009,309 

 

   

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS International VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Netherlands (5.2%):          
Communication Services (1.7%):          
Koninklijke KPN NV  (d)   639,094   $2,217,338 
           
Financials (1.1%):          
ING Groep NV   146,207    1,526,326 
           
Industrials (1.4%):          
Wolters Kluwer NV   17,766    1,893,708 
           
Information Technology (1.0%):          
ASM International NV   3,801    1,383,873 
         7,021,245 
New Zealand (0.6%):          
Health Care (0.6%):          
Fisher & Paykel Healthcare Corp. Ltd.   46,461    779,342 
           
Norway (2.1%):          
Energy (0.9%):          
Aker BP ASA  (d)   31,835    1,187,956 
           
Financials (1.2%):          
SpareBank 1 SMN   99,399    1,588,561 
         2,776,517 
Russian Federation (0.0%):(a)          
Materials (0.0%):          
Raspadskaya OJSC  (e)(f)   35,301    5,742 
           
Spain (1.6%):          
Communication Services (0.0%):(a)          
Telefonica SA   1    5 
           
Financials (1.6%):          
Banco Bilbao Vizcaya Argentaria SA   377,276    2,153,921 
         2,153,926 
Sweden (2.7%):          
Industrials (2.7%):          
Atlas Copco AB, Class B   51,927    2,355,993 
Nibe Industrier AB, Class B  (b)   121,130    1,343,315 
         3,699,308 
Switzerland (13.8%):          
Consumer Staples (4.7%):          
Coca-Cola HBC AG   27,985    583,544 
Nestle SA, Registered Shares   45,096    5,864,274 
         6,447,818 
Financials (2.2%):          
Partners Group Holding AG   785    972,147 
UBS Group AG   101,801    1,989,648 
         2,961,795 
Health Care (6.0%):          
Novartis AG, Registered Shares   33,415    2,934,031 
Roche Holding AG   12,986    5,138,899 
         8,072,930 
Industrials (0.9%):          
Adecco Group AG   26,648    1,208,991 
         18,691,534 

 

   

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments — continued
Victory RS International VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
United Kingdom (16.9%):          
Communication Services (0.6%):          
ITV PLC (b)   787,666   $842,822 
           
Consumer Discretionary (0.8%):          
Next PLC   13,399    1,053,643 
           
Consumer Staples (3.2%):          
Diageo PLC   52,669    2,671,114 
Imperial Brands PLC   77,448    1,631,117 
         4,302,231 
Energy (3.9%):          
BP PLC   437,170    2,142,774 
Shell PLC   116,975    3,205,536 
         5,348,310 
Financials (3.3%):          
Barclays PLC   606,401    1,175,275 
HSBC Holdings PLC   232,402    1,587,141 
Intermediate Capital Group PLC   27,757    644,316 
Legal & General Group PLC   284,975    1,010,159 
         4,416,891 
Health Care (0.6%):          
CVS Group PLC   32,992    773,321 
           
Industrials (1.2%):          
Ashtead Group PLC   26,286    1,654,774 
           
Materials (3.3%):          
Croda International PLC   16,169    1,663,022 
Rio Tinto PLC   34,430    2,752,046 
         4,415,068 
         22,807,060 
Total Common Stocks (Cost $110,283,265)        131,743,086 
           
Exchange-Traded Funds (0.1%)          
United States (0.1%):          
iShares MSCI EAFE ETF   1,927    141,827 
Total Exchange-Traded Funds (Cost $139,450)        141,827 
           
Collateral for Securities Loaned (3.0%)^          
United States (3.0%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (g)   76,938    76,938 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)   2,158,091    2,158,091 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (g)   38,396    38,396 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (g)   306,155    306,155 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (g)   1,376,532    1,376,532 
Total Collateral for Securities Loaned (Cost $3,956,112)        3,956,112 
Total Investments (Cost $114,378,827) — 100.7%        135,841,025 
Liabilities in excess of other assets — (0.7)%        (893,322)
NET ASSETS - 100.00%       $134,947,703 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $1,514,967 and amounted to 1.1% of net assets.
(d) All or a portion of this security is on loan.
(e) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were less than 0.05% of net assets.
(g) Rate disclosed is the daily yield on March 31, 2022.

 

ETF—Exchange-Traded Fund

PLC—Public Limited Company

 

   

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory RS Large Cap Alpha VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (96.3%)          
Communication Services (3.4%):          
Alphabet, Inc., Class A (a)   4,585   $12,752,490 
Meta Platforms, Inc., Class A (a)   81,620    18,149,023 
         30,901,513 
Consumer Discretionary (3.4%):          
LKQ Corp.   438,320    19,904,111 
Target Corp.   51,120    10,848,687 
         30,752,798 
Consumer Staples (6.5%):          
Keurig Dr Pepper, Inc.   685,180    25,968,322 
Lamb Weston Holdings, Inc.   171,380    10,267,376 
Mondelez International, Inc., Class A   235,140    14,762,089 
US Foods Holding Corp. (a)   223,340    8,404,284 
         59,402,071 
Energy (8.0%):          
Enterprise Products Partners LP   759,870    19,612,245 
Hess Corp.   138,350    14,808,984 
Marathon Oil Corp.   557,540    13,999,829 
Pioneer Natural Resources Co.   55,090    13,774,153 
Valero Energy Corp.   104,220    10,582,499 
         72,777,710 
Financials (20.9%):          
Cboe Global Markets, Inc.   195,720    22,394,282 
Comerica, Inc.   400,980    36,260,622 
Fairfax Financial Holdings Ltd.   10,440    5,696,315 
Interactive Brokers Group, Inc.   257,390    16,964,575 
JPMorgan Chase & Co.   65,660    8,950,771 
KeyCorp   540,110    12,087,662 
State Street Corp.   201,250    17,532,900 
The Progressive Corp.   347,480    39,609,245 
Willis Towers Watson PLC   130,320    30,784,190 
         190,280,562 
Health Care (19.9%):          
AbbVie, Inc.   142,250    23,060,148 
Cigna Corp.   107,990    25,875,484 
Humana, Inc.   73,440    31,958,885 
Johnson & Johnson   83,510    14,800,477 
Medtronic PLC   238,500    26,461,575 
Merck & Co., Inc.   238,400    19,560,720 
Sotera Health Co. (a)   885,170    19,172,782 
UnitedHealth Group, Inc.   40,865    20,839,924 
         181,729,995 
Industrials (10.3%):          
Johnson Controls International PLC   152,190    9,979,098 
L3Harris Technologies, Inc.   42,210    10,487,919 
Leidos Holdings, Inc.   167,470    18,090,109 
PACCAR, Inc.   90,340    7,956,244 
Parker-Hannifin Corp.   33,190    9,417,995 
Raytheon Technologies Corp.   104,071    10,310,314 
Sensata Technologies Holding PLC (a)   246,220    12,520,287 
Union Pacific Corp.   54,930    15,007,425 
         93,769,391 

 

   

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Large Cap Alpha VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Information Technology (8.2%):          
Euronet Worldwide, Inc. (a)   138,310   $18,001,046 
Fidelity National Information Services, Inc.   230,730    23,169,907 
FleetCor Technologies, Inc. (a)   55,470    13,815,358 
Global Payments, Inc.   145,850    19,958,114 
         74,944,425 
Materials (5.1%):          
Freeport-McMoRan, Inc.   166,150    8,264,301 
Newmont Corp.   73,450    5,835,602 
PPG Industries, Inc.   53,400    6,999,138 
Sealed Air Corp.   382,460    25,609,522 
         46,708,563 
Real Estate (2.2%):          
Host Hotels & Resorts, Inc.   1,048,010    20,362,834 
           
Utilities (8.4%):          
Constellation Energy Corp.   176,079    9,904,444 
Exelon Corp.   389,700    18,561,411 
FirstEnergy Corp.   279,580    12,821,539 
Vistra Corp.   1,503,430    34,954,747 
         76,242,141 
Total Common Stocks (Cost $707,234,450)        877,872,003 
Total Investments (Cost $707,234,450) — 96.3%        877,872,003 
Other assets in excess of liabilities — 3.7%        33,501,965 
NET ASSETS - 100.00%       $911,373,968 

 

(a) Non-income producing security.

 

LP—Limited Partnership

PLC—Public Limited Company

 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory RS Small Cap Growth Equity VIP Series  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (97.6%)
Biotechnology (10.7%):    
Apellis Pharmaceuticals, Inc. (a)   23,940   $1,216,391 
Beam Therapeutics, Inc. (a)(b)   16,070    920,811 
Bicycle Therapeutics PLC, ADR (a)   11,110    487,507 
BioCryst Pharmaceuticals, Inc. (a)   61,190    994,949 
DermTech, Inc. (a)(b)   25,580    375,514 
Equillium, Inc. (a)   80,707    254,227 
Fate Therapeutics, Inc. (a)   24,080    933,582 
Intellia Therapeutics, Inc. (a)   13,570    986,132 
Karuna Therapeutics, Inc. (a)   8,220    1,042,214 
Kezar Life Sciences, Inc. (a)   36,900    613,278 
Opthea Ltd., ADR (a)(c)   37,590    231,179 
Rubius Therapeutics, Inc. (a)(b)   72,880    401,569 
Scholar Rock Holding Corp. (a)(b)   35,290    454,888 
SpringWorks Therapeutics, Inc. (a)   18,070    1,019,871 
         9,932,112 
Communication Services (1.1%):          
ZipRecruiter, Inc. (a)   43,050    989,289 
           
Consumer Discretionary (12.3%):          
Acushnet Holdings Corp. (b)   30,700    1,235,982 
Boot Barn Holdings, Inc. (a)   8,860    839,839 
Fox Factory Holding Corp. (a)   7,570    741,482 
Gentherm, Inc. (a)   17,090    1,248,254 
Houghton Mifflin Harcourt Co. (a)   23,200    487,432 
Papa John's International, Inc.   9,480    998,054 
Planet Fitness, Inc., Class A (a)   16,410    1,386,317 
Porch Group, Inc. (a)(b)   65,330    453,717 
SeaWorld Entertainment, Inc. (a)   17,310    1,288,556 
Wingstop, Inc.   10,520    1,234,522 
YETI Holdings, Inc. (a)   23,910    1,434,122 
         11,348,277 
Consumer Staples (7.1%):          
BJ's Wholesale Club Holdings, Inc. (a)   22,140    1,496,885 
elf Beauty, Inc. (a)   69,880    1,805,000 
Freshpet, Inc. (a)   15,660    1,607,343 
The Beauty Health Co. (a)(b)   43,120    727,866 
The Simply Good Foods Co. (a)   23,500    891,825 
         6,528,919 
Energy (3.0%):          
Matador Resources Co.   31,490    1,668,340 
Ranger Oil Corp. (a)   31,820    1,098,745 
         2,767,085 
Financials (7.7%):          
Customers Bancorp, Inc. (a)   19,430    1,013,080 
Focus Financial Partners, Inc., Class A (a)   31,960    1,461,850 
PacWest Bancorp   22,010    949,291 
PRA Group, Inc. (a)   21,210    956,147 
PROG Holdings, Inc. (a)   14,190    408,246 
Walker & Dunlop, Inc.   8,690    1,124,660 
Wintrust Financial Corp.   13,290    1,235,040 
         7,148,314 
Health Care Equipment & Supplies (6.4%):          
Axonics, Inc. (a)   12,840    803,784 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Equity VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
CONMED Corp.   7,490   $1,112,639 
CryoPort, Inc. (a)   33,320    1,163,201 
LivaNova PLC (a)   8,610    704,556 
Nevro Corp. (a)   11,690    845,538 
Shockwave Medical, Inc. (a)   6,380    1,322,957 
         5,952,675 
Health Care Providers & Services (4.6%):          
Acadia Healthcare Co., Inc. (a)   7,960    521,619 
HealthEquity, Inc. (a)   27,400    1,847,856 
Surgery Partners, Inc. (a)   34,440    1,895,922 
         4,265,397 
Health Care Technology (2.9%):          
Health Catalyst, Inc. (a)(b)   25,826    674,834 
Inspire Medical Systems, Inc. (a)   7,880    2,022,717 
         2,697,551 
Industrials (9.9%):          
Chart Industries, Inc. (a)   6,590    1,131,964 
Evoqua Water Technologies Corp. (a)   54,500    2,560,410 
Herc Holdings, Inc.   5,660    945,729 
John Bean Technologies Corp.   6,180    732,145 
Saia, Inc. (a)   4,640    1,131,325 
Simpson Manufacturing Co., Inc.   8,580    935,563 
The AZEK Co., Inc. (a)   21,420    532,073 
Zurn Water Solutions Corp.   32,630    1,155,102 
         9,124,311 
IT Services (4.9%):          
DigitalOcean Holdings, Inc. (a)   21,000    1,214,850 
Flywire Corp. (a)   8,350    255,343 
Paya Holdings, Inc. (a)   65,790    385,529 
Paymentus Holdings, Inc., Class A (a)(b)   26,040    548,923 
WNS Holdings Ltd., ADR (a)   24,456    2,090,744 
         4,495,389 
Life Sciences Tools & Services (0.7%):          
Codexis, Inc. (a)   30,310    624,992 
           
Materials (2.3%):          
Avient Corp.   15,480    743,040 
Summit Materials, Inc., Class A (a)   46,030    1,429,692 
         2,172,732 
Pharmaceuticals (1.3%):          
Compass Pathways PLC, ADR (a)   21,560    277,909 
Intra-Cellular Therapies, Inc. (a)   15,090    923,357 
         1,201,266 
Real Estate (1.4%):          
National Storage Affiliates Trust   20,290    1,273,400 
           
Semiconductors & Semiconductor Equipment (9.4%):          
Advanced Energy Industries, Inc.   29,800    2,565,184 
Impinj, Inc. (a)   12,020    763,751 
Lattice Semiconductor Corp. (a)   15,840    965,448 
MACOM Technology Solutions Holdings, Inc. (a)   44,540    2,666,610 
Silicon Laboratories, Inc. (a)   6,490    974,798 
SiTime Corp. (a)   3,080    763,285 
         8,699,076 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory RS Small Cap Growth Equity VIP Series  March 31, 2022
   (Unaudited)

 
Security Description  

Shares

   

Value

 
Software (11.9%):                
ACI Worldwide, Inc. (a)     35,430     $ 1,115,691  
Avaya Holdings Corp. (a)     182,320       2,309,994  
Jamf Holding Corp. (a)(b)     32,930       1,146,293  
Q2 Holdings, Inc. (a)     8,630       532,039  
Smartsheet, Inc., Class A (a)     20,420       1,118,608  
Sprout Social, Inc., Class A (a)     9,090       728,291  
Telos Corp. (a)     44,340       442,070  
Tenable Holdings, Inc. (a)     13,560       783,632  
Varonis Systems, Inc. (a)     59,950       2,850,023  
              11,026,641  
Total Common Stocks (Cost $91,151,687)             90,247,426  
                 
Collateral for Securities Loaned (4.2%)^                
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d)     75,009       75,009  
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)     2,104,004       2,104,004  
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d)     37,433       37,433  
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d)     298,482       298,482  
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d)     1,342,033       1,342,033  
Total Collateral for Securities Loaned (Cost $3,856,961)             3,856,961  
Total Investments (Cost $95,008,648) — 101.8%             94,104,387  
Liabilities in excess of other assets — (1.8)%             (1,696,133 )
NET ASSETS - 100.00%           $ 92,408,254  

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.3% of net assets.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
PLC—Public Limited Company

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.1%)
Communication Services (9.5%):          
Activision Blizzard, Inc.   2,141   $171,516 
Alphabet, Inc., Class C (a)   865    2,415,936 
Alphabet, Inc., Class A (a)   809    2,250,112 
AT&T, Inc.   19,626    463,762 
Charter Communications, Inc., Class A (a)   320    174,567 
Comcast Corp., Class A   11,999    561,793 
DISH Network Corp., Class A (a)   612    19,370 
Electronic Arts, Inc.   732    92,605 
Endeavor Group Holdings, Inc., Class A (a)   60    1,771 
Live Nation Entertainment, Inc. (a)   409    48,115 
Match Group, Inc. (a)   769    83,621 
Meta Platforms, Inc., Class A (a)   6,025    1,339,719 
Netflix, Inc. (a)   1,207    452,130 
Omnicom Group, Inc.   568    48,212 
Paramount Global, Class A   27    1,091 
Paramount Global, Class B   1,404    53,085 
Pinterest, Inc., Class A (a)   266    6,546 
ROBLOX Corp., Class A (a)   576    26,634 
Roku, Inc. (a)(b)   59    7,391 
Sirius XM Holdings, Inc. (c)   2,170    14,366 
Snap, Inc., Class A (a)   3,368    121,214 
Take-Two Interactive Software, Inc. (a)   314    48,274 
The Interpublic Group of Cos., Inc.   957    33,926 
The Walt Disney Co. (a)   4,476    613,928 
T-Mobile U.S., Inc. (a)   1,915    245,790 
Twitter, Inc. (a)   2,154    83,338 
Verizon Communications, Inc.   11,291    575,164 
Warner Music Group Corp., Class A   223    8,441 
ZoomInfo Technologies, Inc. (a)   140    8,364 
         9,970,781 
Communications Equipment (0.8%):          
Arista Networks, Inc. (a)   748    103,957 
Cisco Systems, Inc.   11,414    636,445 
Motorola Solutions, Inc.   428    103,662 
Ubiquiti, Inc. (c)   16    4,658 
         848,722 
Consumer Discretionary (12.1%):          
Airbnb, Inc., Class A (a)   167    28,684 
Amazon.com, Inc. (a)   1,325    4,319,434 
AutoZone, Inc. (a)   57    116,541 
Bath & Body Works, Inc.   656    31,357 
Best Buy Co., Inc.   584    53,085 
Booking Holdings, Inc. (a)   113    265,375 
Burlington Stores, Inc. (a)   168    30,604 
Caesars Entertainment, Inc. (a)   489    37,829 
CarMax, Inc. (a)   440    42,451 
Carnival Corp. (a)   2,453    49,600 
Carvana Co. (a)   30    3,579 
Chewy, Inc., Class A (a)(c)   145    5,913 
Chipotle Mexican Grill, Inc. (a)   75    118,652 
D.R. Horton, Inc.   902    67,208 
Darden Restaurants, Inc.   281    37,359 
Dollar General Corp.   570    126,899 
Dollar Tree, Inc. (a)   592    94,809 
Domino's Pizza, Inc.   99    40,294 
DoorDash, Inc., Class A (a)   99    11,602 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
DraftKings, Inc., Class A (a)   1,971   $38,375 
eBay, Inc.   1,614    92,418 
Etsy, Inc. (a)(b)   345    42,877 
Expedia Group, Inc. (a)   366    71,615 
Ford Motor Co.   10,659    180,244 
General Motors Co. (a)   3,698    161,750 
Genuine Parts Co.   386    48,644 
Hilton Worldwide Holdings, Inc. (a)   743    112,743 
Las Vegas Sands Corp. (a)(b)   972    37,782 
Lennar Corp., Class A   667    54,140 
Lennar Corp., Class B   42    2,871 
Lowe's Cos., Inc.   1,783    360,505 
Lucid Group, Inc. (a)(c)   1,817    46,152 
Marriott International, Inc., Class A (a)   840    147,630 
McDonald's Corp.   1,871    462,661 
MGM Resorts International   1,092    45,798 
NIKE, Inc., Class B   3,525    474,324 
NVR, Inc. (a)   9    40,205 
O'Reilly Automotive, Inc. (a)   184    126,033 
Pool Corp.   109    46,091 
Rivian Automotive, Inc., Class A (a)(c)   443    22,256 
Ross Stores, Inc.   869    78,610 
Royal Caribbean Cruises Ltd. (a)(c)   523    43,817 
Starbucks Corp.   3,094    281,461 
Target Corp. (b)   1,303    276,523 
Tesla, Inc. (a)   2,481    2,673,526 
The Home Depot, Inc.   2,869    858,778 
The TJX Cos., Inc.   3,278    198,581 
Tractor Supply Co.   307    71,644 
Ulta Beauty, Inc. (a)   149    59,335 
VF Corp.   832    47,307 
Wayfair, Inc., Class A (a)(c)   130    14,401 
Yum! Brands, Inc.   694    82,260 
         12,782,632 
Consumer Staples (6.1%):          
Altria Group, Inc.   4,957    259,003 
Archer-Daniels-Midland Co.   1,366    123,295 
Brown-Forman Corp., Class B   720    48,254 
Bunge Ltd.   340    37,675 
Church & Dwight Co., Inc.   660    65,591 
Colgate-Palmolive Co.   2,243    170,087 
Conagra Brands, Inc.   1,249    41,929 
Constellation Brands, Inc., Class A   461    106,178 
Costco Wholesale Corp.   1,180    679,503 
General Mills, Inc.   1,553    105,169 
Hormel Foods Corp. (c)   832    42,881 
Kellogg Co.   642    41,403 
Keurig Dr Pepper, Inc.   2,543    96,380 
Kimberly-Clark Corp.   926    114,046 
McCormick & Co., Inc.   541    53,992 
Mondelez International, Inc., Class A   3,734    234,421 
Monster Beverage Corp. (a)   1,102    88,050 
PepsiCo, Inc.   3,801    636,211 
Philip Morris International, Inc.   4,258    399,997 
Sysco Corp.   1,365    111,452 
The Clorox Co.   335    46,575 
The Coca-Cola Co.   11,370    704,940 
The Estee Lauder Cos., Inc.   551    150,048 
The Hershey Co.   380    82,319 
The J.M. Smucker Co.   295    39,946 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

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Value

 
The Kraft Heinz Co.   2,053   $80,868 
The Kroger Co.   1,808    103,725 
The Procter & Gamble Co.   6,448    985,254 
Tyson Foods, Inc., Class A   672    60,231 
Walgreens Boots Alliance, Inc.   2,072    92,764 
Walmart, Inc.   4,252    633,208 
         6,435,395 
Electronic Equipment, Instruments & Components (0.5%):          
Amphenol Corp., Class A   1,507    113,552 
CDW Corp.   371    66,368 
Corning, Inc.   2,226    82,162 
Keysight Technologies, Inc. (a)   533    84,198 
Teledyne Technologies, Inc. (a)   119    56,243 
Trimble, Inc. (a)   683    49,272 
Zebra Technologies Corp. (a)   144    59,573 
         511,368 
Energy (3.9%):          
Baker Hughes Co.   1,870    68,087 
Cheniere Energy, Inc.   699    96,916 
Chevron Corp.   5,295    862,185 
ConocoPhillips   3,571    357,100 
Continental Resources, Inc. (c)   105    6,440 
Coterra Energy, Inc.   1,859    50,137 
Devon Energy Corp.   1,806    106,789 
Diamondback Energy, Inc.   488    66,895 
EOG Resources, Inc.   1,388    165,491 
Exxon Mobil Corp.   11,265    930,376 
Halliburton Co.   2,417    91,532 
Hess Corp.   699    74,821 
Kinder Morgan, Inc.   5,837    110,378 
Marathon Oil Corp.   1,860    46,705 
Marathon Petroleum Corp.   1,520    129,960 
Occidental Petroleum Corp.   2,566    145,595 
ONEOK, Inc.   1,199    84,685 
Phillips 66   1,198    103,495 
Pioneer Natural Resources Co.   660    165,020 
Schlumberger NV   3,883    160,407 
Targa Resources Corp.   609    45,961 
The Williams Cos., Inc.   3,338    111,522 
Valero Energy Corp.   1,113    113,014 
         4,093,511 
Financials (11.0%):          
Aflac, Inc.   1,735    111,717 
Ally Financial, Inc.   877    38,132 
American Express Co.   1,757    328,559 
American International Group, Inc.   2,144    134,579 
Ameriprise Financial, Inc.   305    91,610 
Apollo Global Management, Inc.   1,139    70,607 
Arch Capital Group Ltd. (a)   932    45,127 
Ares Management Corp., Class A   551    44,758 
Arthur J Gallagher & Co.   567    98,998 
Bank of America Corp.   20,306    837,013 
Berkshire Hathaway, Inc., Class B (a)   3,735    1,318,119 
Berkshire Hathaway, Inc., Class A (a)   1    528,921 
BlackRock, Inc.   396    302,611 
Blackstone, Inc.   1,924    244,233 
Brown & Brown, Inc.   653    47,192 
Capital One Financial Corp.   1,137    149,277 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Cincinnati Financial Corp.   385   $52,345 
Citigroup, Inc.   5,338    285,049 
Citizens Financial Group, Inc.   1,062    48,140 
CME Group, Inc.   779    185,293 
Coinbase Global, Inc., Class A (a)(c)   550    104,423 
Discover Financial Services   746    82,202 
FactSet Research Systems, Inc.   103    44,717 
Fifth Third Bancorp   1,720    74,029 
First Republic Bank   486    78,781 
Franklin Resources, Inc.   871    24,318 
Huntington Bancshares, Inc.   3,910    57,164 
Intercontinental Exchange, Inc.   1,544    203,993 
JPMorgan Chase & Co.   7,943    1,082,790 
KeyCorp   2,281    51,049 
Loews Corp.   488    31,632 
LPL Financial Holdings, Inc.   206    37,632 
M&T Bank Corp.   332    56,274 
Markel Corp. (a)   35    51,633 
MarketAxess Holdings, Inc.   92    31,298 
Marsh & McLennan Cos., Inc.   1,381    235,350 
MetLife, Inc.   2,006    140,982 
Moody's Corp.   466    157,233 
Morgan Stanley   4,100    358,340 
MSCI, Inc.   223    112,142 
Nasdaq, Inc.   304    54,173 
Northern Trust Corp.   571    66,493 
Principal Financial Group, Inc.   612    44,927 
Prudential Financial, Inc.   1,022    120,770 
Raymond James Financial, Inc.   540    59,351 
Regions Financial Corp.   2,521    56,117 
Rocket Cos., Inc., Class A (c)   287    3,191 
S&P Global, Inc.   966    396,234 
Signature Bank   145    42,556 
State Street Corp.   995    86,684 
SVB Financial Group (a)   160    89,512 
Synchrony Financial   1,191    41,459 
T Rowe Price Group, Inc.   620    93,738 
The Allstate Corp.   771    106,791 
The Bank of New York Mellon Corp.   2,174    107,896 
The Carlyle Group, Inc.   701    34,286 
The Charles Schwab Corp.   4,146    349,549 
The Goldman Sachs Group, Inc.   925    305,342 
The Hartford Financial Services Group, Inc.   796    57,161 
The PNC Financial Services Group, Inc.   1,142    210,642 
The Progressive Corp.   1,607    183,182 
The Travelers Cos., Inc.   650    118,774 
Tradeweb Markets, Inc., Class A   122    10,720 
Truist Financial Corp.   3,611    204,744 
U.S. Bancorp   3,906    207,604 
W.R. Berkley Corp.   606    40,354 
Wells Fargo & Co.   10,371    502,579 
         11,573,091 
Health Care (13.1%):          
Abbott Laboratories   4,859    575,111 
AbbVie, Inc.   4,809    779,587 
ABIOMED, Inc. (a)   113    37,430 
Agilent Technologies, Inc.   756    100,041 
Align Technology, Inc. (a)   214    93,304 
Alnylam Pharmaceuticals, Inc. (a)   247    40,333 
AmerisourceBergen Corp.   436    67,454 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Amgen, Inc.   1,514   $366,115 
Anthem, Inc.   663    325,679 
Avantor, Inc. (a)(c)   1,552    52,489 
Baxter International, Inc.   1,307    101,345 
Becton Dickinson & Co.   725    192,850 
Biogen, Inc. (a)   357    75,184 
BioMarin Pharmaceutical, Inc. (a)   415    31,996 
Bio-Rad Laboratories, Inc., Class A (a)   53    29,851 
Bio-Techne Corp.   107    46,335 
Boston Scientific Corp. (a)   3,879    171,801 
Bristol-Myers Squibb Co.   6,099    445,410 
Cardinal Health, Inc.   721    40,881 
Catalent, Inc. (a)   435    48,241 
Centene Corp. (a)   1,468    123,591 
Cerner Corp.   806    75,409 
Charles River Laboratories International, Inc. (a)   130    36,916 
Cigna Corp.   873    209,180 
CVS Health Corp.   3,417    345,835 
Danaher Corp.   1,945    570,527 
Dexcom, Inc. (a)   264    135,062 
Edwards Lifesciences Corp. (a)   1,712    201,537 
Eli Lilly & Co.   2,286    654,642 
Gilead Sciences, Inc. (b)   3,083    183,284 
HCA Healthcare, Inc.   615    154,131 
Hologic, Inc. (a)   564    43,326 
Horizon Therapeutics PLC (a)   610    64,178 
Humana, Inc.   311    135,338 
IDEXX Laboratories, Inc. (a)   214    117,071 
Illumina, Inc. (a)   395    138,013 
Incyte Corp. (a)   602    47,811 
Insulet Corp. (a)   130    34,631 
Intuitive Surgical, Inc. (a)   962    290,216 
IQVIA Holdings, Inc. (a)   525    121,385 
Johnson & Johnson (b)   6,996    1,239,901 
Laboratory Corp. of America Holdings (a)   257    67,761 
McKesson Corp.   412    126,126 
Merck & Co., Inc.   6,945    569,837 
Mettler-Toledo International, Inc. (a)   58    79,645 
Moderna, Inc. (a)   1,037    178,634 
Molina Healthcare, Inc. (a)   128    42,700 
PerkinElmer, Inc.   285    49,721 
Pfizer, Inc.   15,451    799,898 
Quest Diagnostics, Inc.   334    45,711 
Regeneron Pharmaceuticals, Inc. (a)   185    129,208 
ResMed, Inc.   372    90,214 
Royalty Pharma PLC, Class A   228    8,883 
Seagen, Inc. (a)   497    71,593 
Stryker Corp.   972    259,864 
Teleflex, Inc.   110    39,031 
The Cooper Cos., Inc.   125    52,199 
Thermo Fisher Scientific, Inc.   1,075    634,949 
UnitedHealth Group, Inc.   2,585    1,318,272 
Veeva Systems, Inc., Class A (a)   284    60,339 
Vertex Pharmaceuticals, Inc. (a)   692    180,591 
Waters Corp. (a)   151    46,869 
West Pharmaceutical Services, Inc.   183    75,160 
Zimmer Biomet Holdings, Inc.   538    68,810 
Zoetis, Inc.   1,297    244,601 
         13,784,037 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Industrials (7.7%):          
3M Co.   1,571   $233,890 
AMETEK, Inc.   596    79,375 
Builders FirstSource, Inc. (a)   424    27,365 
Carrier Global Corp.   1,924    88,254 
Caterpillar, Inc.   1,426    317,741 
Cintas Corp.   261    111,027 
Copart, Inc. (a)   645    80,928 
CoStar Group, Inc. (a)(b)   1,062    70,740 
CSX Corp.   5,519    206,687 
Cummins, Inc.   391    80,198 
Deere & Co.   807    335,276 
Delta Air Lines, Inc. (a)   1,647    65,172 
Dover Corp.   387    60,720 
Eaton Corp. PLC   1,096    166,329 
Emerson Electric Co.   1,581    155,017 
Equifax, Inc.   335    79,428 
Expeditors International of Washington, Inc.   440    45,390 
Fastenal Co.   1,581    93,911 
FedEx Corp.   713    164,981 
Fortive Corp.   975    59,407 
Generac Holdings, Inc. (a)   173    51,426 
General Dynamics Corp.   675    162,796 
General Electric Co.   2,671    244,397 
Honeywell International, Inc.   1,845    359,000 
Howmet Aerospace, Inc.   1,151    41,367 
IDEX Corp.   209    40,072 
Illinois Tool Works, Inc.   769    161,029 
Ingersoll Rand, Inc. (b)   944    47,530 
J.B. Hunt Transport Services, Inc.   227    45,579 
Jacobs Engineering Group, Inc.   333    45,891 
Johnson Controls International PLC   1,931    126,616 
L3Harris Technologies, Inc.   514    127,714 
Leidos Holdings, Inc.   362    39,103 
Lockheed Martin Corp.   748    330,167 
Norfolk Southern Corp.   659    187,960 
Northrop Grumman Corp.   415    185,596 
Old Dominion Freight Line, Inc.   276    82,436 
Otis Worldwide Corp.   1,143    87,954 
PACCAR, Inc.   955    84,107 
Parker-Hannifin Corp.   349    99,032 
Plug Power, Inc. (a)   1,417    40,540 
Quanta Services, Inc.   392    51,591 
Raytheon Technologies Corp.   4,057    401,927 
Republic Services, Inc. (b)   595    78,837 
Rockwell Automation, Inc.   319    89,330 
Rollins, Inc.   783    27,444 
Roper Technologies, Inc.   275    129,863 
Southwest Airlines Co. (a)   1,559    71,402 
Stanley Black & Decker, Inc.   449    62,766 
Textron, Inc.   489    36,372 
The Boeing Co. (a)   1,602    306,783 
TransDigm Group, Inc. (a)   133    86,655 
TransUnion   488    50,430 
Uber Technologies, Inc. (a)   5,257    187,570 
Union Pacific Corp.   1,695    463,091 
United Airlines Holdings, Inc. (a)   864    40,055 
United Parcel Service, Inc., Class B   1,863    399,539 
United Rentals, Inc. (a)   199    70,687 
Verisk Analytics, Inc.   444    95,296 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
W.W. Grainger, Inc.   135   $69,632 
Waste Management, Inc.   1,139    180,531 
Westinghouse Air Brake Technologies Corp.   509    48,951 
Xylem, Inc.   464    39,561 
         8,100,461 
IT Services (3.9%):          
Akamai Technologies, Inc. (a)   436    52,054 
Automatic Data Processing, Inc.   1,154    262,581 
Block, Inc. (a)(b)   990    134,244 
Broadridge Financial Solutions, Inc.   317    49,360 
Cognizant Technology Solutions Corp., Class A   1,411    126,524 
Fidelity National Information Services, Inc.   1,657    166,396 
Fiserv, Inc. (a)   1,641    166,397 
FleetCor Technologies, Inc. (a)   202    50,310 
Gartner, Inc. (a)   226    67,226 
Global Payments, Inc.   767    104,956 
International Business Machines Corp.   2,419    314,518 
Mastercard, Inc., Class A   2,409    860,929 
MongoDB, Inc. (a)(c)   139    61,659 
Okta, Inc. (a)   103    15,549 
Paychex, Inc.   876    119,548 
PayPal Holdings, Inc. (a)   3,167    366,264 
Snowflake, Inc., Class A (a)   88    20,164 
Twilio, Inc., Class A (a)   204    33,621 
VeriSign, Inc. (a)   264    58,730 
Visa, Inc., Class A   4,877    1,081,572 
         4,112,602 
Materials (1.9%):          
Air Products and Chemicals, Inc.   603    150,696 
Albemarle Corp.   322    71,210 
Avery Dennison Corp.   210    36,534 
Ball Corp.   809    72,810 
Celanese Corp.   297    42,432 
CF Industries Holdings, Inc.   480    49,469 
Corteva, Inc.   1,998    114,845 
Crown Holdings, Inc.   347    43,406 
Dow, Inc.   2,000    127,440 
DuPont de Nemours, Inc.   1,394    102,571 
Eastman Chemical Co.   319    35,747 
Ecolab, Inc.   738    130,301 
FMC Corp.   305    40,129 
Freeport-McMoRan, Inc.   3,703    184,187 
International Flavors & Fragrances, Inc.   663    87,072 
International Paper Co.   947    43,704 
Martin Marietta Materials, Inc.   157    60,428 
Newmont Corp.   2,168    172,248 
Nucor Corp.   621    92,312 
PPG Industries, Inc.   607    79,559 
Southern Copper Corp.   246    18,671 
The Mosaic Co.   937    62,310 
The Sherwin-Williams Co.   698    174,235 
Vulcan Materials Co.   357    65,581 
         2,057,897 
Real Estate (3.0%):          
Alexandria Real Estate Equities, Inc.   430    86,537 
American Tower Corp.   1,251    314,276 
AvalonBay Communities, Inc.   404    100,341 
Boston Properties, Inc.   412    53,066 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Camden Property Trust   299   $49,694 
CBRE Group, Inc., Class A (a)   910    83,283 
Crown Castle International Corp.   1,188    219,305 
Digital Realty Trust, Inc.   821    116,418 
Duke Realty Corp.   1,107    64,272 
Equinix, Inc.   262    194,304 
Equity Residential   1,000    89,920 
Essex Property Trust, Inc.   189    65,296 
Extra Space Storage, Inc.   388    79,773 
Healthpeak Properties, Inc.   1,560    53,555 
Invitation Homes, Inc.   1,757    70,596 
Iron Mountain, Inc.   695    38,510 
Kimco Realty Corp.   1,784    44,065 
Mid-America Apartment Communities, Inc.   343    71,841 
Prologis, Inc.   2,140    345,567 
Public Storage   457    178,358 
Realty Income Corp.   1,608    111,434 
SBA Communications Corp.   315    108,392 
Simon Property Group, Inc.   884    116,299 
Sun Communities, Inc.   335    58,722 
UDR, Inc.   921    52,838 
Ventas, Inc.   1,155    71,333 
VICI Properties, Inc.   2,165    61,616 
Welltower, Inc.   1,294    124,405 
Weyerhaeuser Co.   1,900    72,010 
WP Carey, Inc.   552    44,624 
         3,140,650 
Semiconductors & Semiconductor Equipment (5.9%):          
Advanced Micro Devices, Inc. (a)   4,471    488,859 
Analog Devices, Inc.   1,408    232,573 
Applied Materials, Inc.   2,427    319,879 
Broadcom, Inc.   912    574,268 
Enphase Energy, Inc. (a)   360    72,641 
Entegris, Inc.   349    45,810 
GLOBALFOUNDRIES, Inc. (a)   170    10,611 
Intel Corp.   11,188    554,477 
KLA Corp.   392    143,495 
Lam Research Corp.   383    205,905 
Marvell Technology, Inc.   2,099    150,519 
Microchip Technology, Inc.   1,512    113,612 
Micron Technology, Inc.   3,077    239,668 
Monolithic Power Systems, Inc.   126    61,196 
NVIDIA Corp.   6,797    1,854,629 
ON Semiconductor Corp. (a)   1,138    71,250 
Qorvo, Inc. (a)   279    34,624 
QUALCOMM, Inc.   3,097    473,284 
Skyworks Solutions, Inc.   446    59,443 
Teradyne, Inc.   413    48,829 
Texas Instruments, Inc.   2,538    465,672 
         6,221,244 
Software (9.4%):          
Adobe, Inc. (a)   1,296    590,483 
ANSYS, Inc. (a)   227    72,107 
AppLovin Corp., Class A (a)   76    4,185 
Autodesk, Inc. (a)   592    126,895 
Bill.com Holdings, Inc. (a)   252    57,151 
Cadence Design Systems, Inc. (a)   754    124,003 
Cloudflare, Inc., Class A (a)   112    13,406 
Crowdstrike Holdings, Inc., Class A (a)   60    13,625 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 

Security Description 

Shares

  

Value

 
Datadog, Inc., Class A (a)   73   $11,057 
DocuSign, Inc. (a)   544    58,273 
Fortinet, Inc. (a)   349    119,267 
HubSpot, Inc. (a)   116    55,093 
Intuit, Inc.   729    350,532 
Microsoft Corp. (b)   19,948    6,150,168 
NortonLifeLock, Inc.   1,430    37,924 
Oracle Corp.   4,480    370,630 
Palantir Technologies, Inc., Class A (a)   821    11,272 
Palo Alto Networks, Inc. (a)(b)   262    163,098 
Paycom Software, Inc. (a)   150    51,957 
Qualtrics International, Inc., Class A (a)   151    4,311 
Salesforce, Inc. (a)   2,649    562,436 
ServiceNow, Inc. (a)(b)   538    299,607 
Splunk, Inc. (a)   432    64,200 
SS&C Technologies Holdings, Inc.   653    48,988 
Synopsys, Inc. (a)   390    129,975 
The Trade Desk, Inc., Class A (a)   839    58,101 
Tyler Technologies, Inc. (a)   111    49,383 
UiPath, Inc., Class A (a)(c)   76    1,641 
Unity Software, Inc. (a)   493    48,911 
VMware, Inc., Class A   485    55,227 
Workday, Inc., Class A (a)   268    64,175 
Zendesk, Inc. (a)   310    37,290 
Zoom Video Communications, Inc., Class A (a)   68    7,972 
Zscaler, Inc. (a)   247    59,596 
         9,872,939 
Technology Hardware, Storage & Peripherals (7.7%):          
Apple, Inc.   44,840    7,829,512 
Dell Technologies, Inc., Class C (a)   597    29,963 
Hewlett Packard Enterprise Co.   3,535    59,070 
HP, Inc.   2,912    105,706 
NetApp, Inc.   495    41,085 
Western Digital Corp. (a)   860    42,699 
         8,108,035 
Utilities (2.6%):          
Alliant Energy Corp.   659    41,174 
Ameren Corp.   634    59,444 
American Electric Power Co., Inc. (b)   1,385    138,181 
American Water Works Co., Inc.   499    82,599 
Atmos Energy Corp.   364    43,494 
Avangrid, Inc. (c)   201    9,395 
CenterPoint Energy, Inc.   1,583    48,503 
CMS Energy Corp.   729    50,986 
Consolidated Edison, Inc. (b)   942    89,189 
Constellation Energy Corp.   840    47,250 
Dominion Energy, Inc.   2,227    189,228 
DTE Energy Co.   482    63,725 
Duke Energy Corp. (b)   2,114    236,049 
Edison International   967    67,787 
Entergy Corp.   517    60,360 
Evergy, Inc. (b)   630    43,054 
Eversource Energy (b)   936    82,546 
Exelon Corp.   2,523    120,171 
FirstEnergy Corp.   1,551    71,129 
NextEra Energy, Inc. (b)   5,393    456,841 
PG&E Corp. (a)   3,809    45,479 
PPL Corp.   2,019    57,663 
Public Service Enterprise Group, Inc.   1,365    95,550 

 

 

 

Victory Variable Insurance Funds  Schedule of Portfolio Investments — continued
Victory 500 Index VIP Series  March 31, 2022
   (Unaudited)

 
Security Description  

Shares

    Value  
Sempra Energy     758     $ 127,435  
The AES Corp.     1,562       40,190  
The Southern Co. (b)     2,913       211,222  
WEC Energy Group, Inc. (b)     848       84,639  
Xcel Energy, Inc. (b)     1,480       106,812  
              2,770,095  
Total Common Stocks (Cost $28,161,385)             104,383,460  
                 
Collateral for Securities Loaned (0.3%)^                
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (d)     7,147       7,147  
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)     200,478       200,478  
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (d)     3,567       3,567  
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (d)     28,441       28,441  
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (d)     127,874       127,874  
Total Collateral for Securities Loaned (Cost $367,507)             367,507  
Total Investments (Cost $28,528,892) — 99.4%             104,750,967  
Other assets in excess of liabilities — 0.6%             677,849  
NET ASSETS - 100.00%           $ 105,428,816  

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security has been segregated as collateral for derivative instruments.
(c) All or a portion of this security is on loan.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

Futures Contracts Purchased    

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation
(Depreciation)
 
E-Mini S&P 500 Futures  5  6/20/22  $1,117,311   $1,132,688   $15,377 
                      
   Total unrealized appreciation            $15,377 
   Total unrealized depreciation              
   Total net unrealized appreciation (depreciation)        $15,377 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investments
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.2%)
Brazil (6.8%):          
Consumer Discretionary (1.3%):          
Vibra Energia SA   92,000   $451,854 
           
Consumer Staples (1.9%):          
Sao Martinho SA   25,600    238,560 
Sendas Distribuidora SA   66,453    227,405 
SLC Agricola SA   16,950    177,323 
         643,288 
Financials (1.0%):          
Itau Unibanco Holding SA, ADR   58,165    332,122 
           
Health Care (0.6%):          
Hypera SA   27,300    221,999 
           
Industrials (0.9%):          
Randon SA Implementos e Participacoes, Preference Shares   77,800    174,549 
SIMPAR SA   60,172    148,398 
         322,947 
Materials (1.1%):          
Dexco SA   51,602    159,133 
Gerdau SA, Preference Shares   32,900    212,938 
         372,071 
         2,344,281 
Canada (0.9%):          
Energy (0.9%):          
Parex Resources, Inc.   15,112    310,098 
           
Chile (0.0%):(a)          
Financials (0.0%):          
Banco de Credito e Inversiones SA  (b)   1    36 
           
China (26.2%):          
Communication Services (5.5%):          
Baidu, Inc., ADR  (b)   1,973    261,028 
NetEase, Inc., ADR   4,583    411,049 
Tencent Holdings Ltd.   26,130    1,204,492 
         1,876,569 
Consumer Discretionary (5.9%):          
Alibaba Group Holding Ltd., ADR  (b)   7,206    784,013 
BYD Co. Ltd., Class H   6,500    180,806 
China Meidong Auto Holdings Ltd.  (c)   34,000    129,221 
Fuyao Glass Industry Group Co. Ltd., Class H  (d)   33,200    134,803 
JD.com, Inc., ADR  (b)(c)   7,142    413,307 
JD.com, Inc., Class A  (b)   1,372    38,987 
Jiumaojiu International Holdings Ltd.  (d)   66,000    139,617 
Meituan, Class B  (b)(d)   10,200    193,236 
         2,013,990 
Consumer Staples (1.9%):          
Chacha Food Co. Ltd., Class A   26,500    223,596 
Chenguang Biotech Group Co. Ltd., Class A  (b)   80,500    222,972 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   36,800    213,181 
         659,749 
Energy (1.2%):          
PetroChina Co. Ltd., Class H   830,000    421,504 
           
Financials (3.2%):          
China Merchants Bank Co. Ltd., Class H   75,500    587,747 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investmentscontinued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Postal Savings Bank of China Co. Ltd., Class H  (c)(d)   619,000   $498,467 
         1,086,214 
Health Care (1.2%):          
Hygeia Healthcare Holdings Co. Ltd.  (d)   27,000    103,581 
Pharmaron Beijing Co. Ltd., Class H  (d)   11,200    134,701 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   3,700    178,778 
         417,060 
Industrials (2.0%):          
China Railway Group Ltd., Class H   579,000    322,499 
Xinte Energy Co. Ltd., Class H  (b)   83,600    202,390 
Zhefu Holding Group Co. Ltd., Class A   199,600    166,469 
         691,358 
Information Technology (2.3%):          
Chinasoft International Ltd.   144,000    118,036 
Luxshare Precision Industry Co. Ltd., Class A   30,900    153,233 
Shenzhen Sunline Tech Co. Ltd., Class A   75,300    159,434 
WUS Printed Circuit Kunshan Co. Ltd., Class A   113,020    234,641 
Yonyou Network Technology Co. Ltd., Class A   35,800    128,714 
         794,058 
Materials (2.1%):          
China Hongqiao Group Ltd.  (c)   220,500    289,693 
Shandong Nanshan Aluminum Co. Ltd., Class A   259,000    164,917 
Wanhua Chemical Group Co. Ltd., Class A   21,600    273,832 
         728,442 
Utilities (0.9%):          
China Longyuan Power Group Corp. Ltd., Class H   140,000    314,696 
         9,003,640 
Greece (1.3%):          
Financials (0.8%):          
National Bank of Greece SA  (b)   68,687    252,963 
           
Industrials (0.5%):          
Mytilineos SA   10,918    178,747 
         431,710 
Hong Kong (3.1%):          
Consumer Discretionary (0.5%):          
Bosideng International Holdings Ltd.   362,000    167,736 
           
Financials (0.7%):          
BOC Hong Kong Holdings Ltd.   66,000    248,354 
           
Industrials (0.8%):          
Pacific Basin Shipping Ltd.   531,000    284,322 
           
Real Estate (1.1%):          
China Resources Land Ltd.   78,000    361,165 
         1,061,577 
India (10.8%):          
Consumer Discretionary (0.8%):          
Balkrishna Industries Ltd.   9,877    277,002 
           
Consumer Staples (0.4%):          
Dabur India Ltd.   20,176    142,291 
           
Energy (1.0%):          
Hindustan Petroleum Corp. Ltd.   93,647    331,570 
           
Financials (2.6%):          
Cholamandalam Investment & Finance Co. Ltd.   35,108    330,648 
ICICI Bank Ltd., ADR   21,029    398,289 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investmentscontinued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
UTI Asset Management Co. Ltd.   13,543   $176,814 
         905,751 
Health Care (0.8%):          
Apollo Hospitals Enterprise Ltd.   4,735    281,031 
           
Industrials (1.0%):          
Larsen & Toubro Ltd.   15,436    357,998 
           
Information Technology (3.3%):          
Infosys Ltd., ADR   33,274    828,190 
WNS Holdings Ltd., ADR  (b)   3,515    300,497 
         1,128,687 
Materials (0.9%):          
Tata Steel Ltd.  (e)   17,774    304,090 
         3,728,420 
Indonesia (1.5%):          
Communication Services (0.9%):          
PT Telkom Indonesia Persero Tbk   954,400    303,697 
           
Financials (0.6%):          
PT Bank Mandiri Persero Tbk   387,700    212,676 
         516,373 
Korea, Republic Of (15.7%):          
Communication Services (1.7%):          
JYP Entertainment Corp.   5,774    289,735 
LG Uplus Corp.   26,415    303,929 
         593,664 
Consumer Discretionary (1.0%):          
Hanon Systems   10,292    99,604 
Shinsegae, Inc.   1,124    236,098 
         335,702 
Financials (2.6%):          
Hana Financial Group, Inc.   8,874    352,991 
Samsung Securities Co. Ltd.   5,809    199,507 
Woori Financial Group, Inc.   26,713    334,854 
         887,352 
Health Care (1.0%):          
InBody Co. Ltd.   5,489    126,112 
Samsung Biologics Co. Ltd.  (b)(d)   337    229,012 
         355,124 
Industrials (1.2%):          
CJ Corp.   2,065    142,856 
Samsung Engineering Co. Ltd.  (b)   12,019    257,996 
         400,852 
Information Technology (7.2%):          
Innox Advanced Materials Co. Ltd.   6,099    267,735 
Samsung Electro-Mechanics Co. Ltd.   1,522    204,955 
Samsung Electronics Co. Ltd.   26,672    1,526,440 
SK Hynix, Inc.   4,763    458,254 
         2,457,384 
Materials (1.0%):          
Kolon Industries, Inc.   2,323    120,424 
PI Advanced Materials Co. Ltd.   6,246    235,875 
         356,299 
         5,386,377 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investmentscontinued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Malaysia (2.2%):          
Consumer Discretionary (0.4%):          
MR DIY Group M Bhd  (d)   163,600   $134,489 
           
Consumer Staples (0.5%):          
Kuala Lumpur Kepong Bhd   27,000    161,920 
           
Financials (0.9%):          
Public Bank Bhd   274,900    305,068 
           
Materials (0.4%):          
Petronas Chemicals Group Bhd   69,500    158,620 
         760,097 
Mexico (2.0%):          
Consumer Discretionary (0.5%):          
Alsea SAB de CV  (b)   68,364    171,404 
           
Financials (1.1%):          
Grupo Financiero Banorte SAB de CV, Class O   50,733    381,521 
           
Real Estate (0.4%):          
Corp Inmobiliaria Vesta SAB de CV  (c)   76,024    145,423 
         698,348 
Peru (1.0%):          
Financials (1.0%):          
Credicorp Ltd.   1,898    326,209 
           
Philippines (0.6%):          
Financials (0.6%):          
BDO Unibank, Inc.   82,180    209,983 
           
Qatar (1.4%):          
Financials (0.8%):          
Qatar Islamic Bank SAQ   39,660    259,560 
           
Industrials (0.6%):          
Industries Qatar QSC   40,796    212,652 
         472,212 
Romaia (0.0%):(a)          
Real Estate (0.0%):          
NEPI Rockcastle PLC   1    7 
           
Russian Federation (0.1%):          
Consumer Staples (0.0%):(a)          
Magnit PJSC  (f)(g)   2,805    102 
           
Energy (0.1%):          
Gazprom PJSC  (f)(g)   117,150    14,143 
Rosneft Oil Co. PJSC, GDR  (f)(g)   48,095    9,203 
         23,346 
Financials (0.0%):(a)          
Sberbank of Russia PJSC, ADR  (f)(g)   31,735    698 
         24,146 
Saudi Arabia (3.8%):          
Consumer Discretionary (0.8%):          
Leejam Sports Co. JSC   8,590    287,507 
           
Financials (2.2%):          
Alinma Bank   31,585    325,720 
The Saudi National Bank   23,636    444,746 
         770,466 

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investmentscontinued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Materials (0.8%):          
Saudi Arabian Mining Co.  (b)   7,333   $260,358 
         1,318,331 
South Africa (4.1%):          
Communication Services (1.0%):          
MTN Group Ltd.   25,993    336,499 
           
Financials (2.2%):          
Absa Group Ltd.   29,715    385,493 
Capitec Bank Holdings Ltd.   2,483    395,647 
         781,140 
Materials (0.9%):          
Impala Platinum Holdings Ltd.   19,591    301,706 
         1,419,345 
Taiwan (13.0%):          
Financials (1.1%):          
CTBC Financial Holding Co. Ltd.   388,000    395,503 
           
Information Technology (11.2%):          
Gold Circuit Electronics Ltd.   91,000    266,541 
Hon Hai Precision Industry Co. Ltd.   81,000    297,486 
MediaTek, Inc.   13,000    404,659 
Taiwan Semiconductor Manufacturing Co. Ltd.   130,259    2,672,677 
Unimicron Technology Corp.   24,000    204,609 
         3,845,972 
Materials (0.7%):          
Formosa Plastics Corp.   61,000    225,663 
         4,467,138 
Thailand (3.7%):          
Energy (0.8%):          
PTT PCL   244,400    281,675 
           
Financials (0.9%):          
The Siam Commercial Bank PCL   89,200    304,198 
           
Health Care (0.6%):          
Mega Lifesciences PCL   143,800    196,284 
           
Materials (0.8%):          
Indorama Ventures PCL   191,600    266,778 
           
Real Estate (0.6%):          
AP Thailand PCL   696,100    229,689 
         1,278,624 
United Kingdom (1.0%):          
Materials (1.0%):          
Anglo American PLC   6,526    339,043 
Total Common Stocks (Cost $29,637,943)        34,095,995 
           
Rights (0.0%)(a)
Korea, Republic Of (0.0%):          
Health Care (0.0%):          
Samsung Biologics Co. Ltd. , Expires 4/11/22  (b)   22     
Total Rights (Cost $–)         

 

 

 

 

Victory Variable Insurance Funds Schedule of Portfolio Investmentscontinued
Victory Sophus Emerging Markets VIP Series March 31, 2022
  (Unaudited)

 

Security Description  Shares   Value 
Collateral for Securities Loaned (3.9%)^
United States (3.9%):          
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.26% (h)   26,306   $26,306 
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (h)   737,883    737,883 
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.34% (h)   13,128    13,128 
JPMorgan Prime Money Market Fund, Capital Shares, 0.32% (h)   104,679    104,679 
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.36% (h)   470,656    470,656 
Total Collateral for Securities Loaned (Cost $1,352,652)        1,352,652 
Total Investments (Cost $30,990,595) — 103.1%        35,448,647 
Liabilities in excess of other assets — (3.1)%        (1,073,367)
NET ASSETS - 100.00%       $34,375,280 

 

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(c) All or a portion of this security is on loan.
(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of March 31, 2022, the fair value of these securities was $1,567,906 and amounted to 4.6% of net assets.
(e) Issuer filed for bankruptcy.
(f) Security was fair valued using significant unobservable inputs as of March 31, 2022.
(g) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.  As of March 31, 2022, illiquid securities were 0.1% of net assets.
(h) Rate disclosed is the daily yield on March 31, 2022.

 

ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PCL—Public Company Limited
PLC—Public Limited Company