TABLE OF CONTENTS

Shareholder Letter (Unaudited)					3
Managers' Commentary / Investment Overview (Unaudited)					5
Investment Objective and Portfolio Holdings (Unaudited)					11
Schedules of Portfolio Investments
VictoryShares USAA Core Short-Term Bond ETF					13
VictoryShares USAA Core Intermediate-Term Bond ETF					27
Financial Statements
Statements of Assets and Liabilities					54
Statements of Operations					55
Statements of Changes in Net Assets					56
Financial Highlights					58
Notes to Financial Statements					60
Report of Independent Registered Public Accounting Firm					72
Supplemental Information (Unaudited)					73
Trustee and Officer Information					73
Proxy Voting and Portfolio Holdings Information					77
Expense Examples					77
Additional Federal Income Tax Information					78
Liquidity Risk Management Program					79
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-3863 and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

The Funds are distributed by Foreside Fund Services, LLC. Victory Capital Management Inc. is the investment adviser to the Funds and receives fees from the Funds for performing services for the Funds.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Victory Funds.

For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863. Read it carefully before you invest or send money.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Funds, markets or securities mentioned herein should not be considered to be indicative of future results.

? NOT FDIC INSURED ? NO BANK GUARANTEE ? MAY LOSE VALUE

Victory Funds Letter to Shareholders
(Unaudited)

Dear Shareholder,

Looking back over our most recent annual reporting period offers us a stark reminder that markets go up and down, and that investor sentiment can shift quickly.

Although most of 2021 was constructive for financial markets, the script flipped as we entered the new calendar year. More recently, investors have been focused on a host of worries. Inflation data has been running hotter than expected. The U.S. Federal Reserve (the "Fed") has embarked on a new rate-hike cycle and a terrible war is raging in Eastern Europe. All these issues, among other factors, have ratcheted up market volatility in both stock and bond markets. Many broad-market stock indices have pulled back substantially during the first half of 2022 and even entered "bear market" territory, which is typically considered a 20% pullback from the most recent highs. Meanwhile, fixed income investors are also dealing with elevated volatility, and wide swaths of the bond market have struggled in the face of rising interest rates.

Throughout the ups and downs of the past annual reporting period, there have been interesting differences playing out within the broader market. In general, large-cap stocks outperformed smaller-capitalization companies for the full annual reporting period. Meanwhile, growth-oriented styles led value-oriented investments during the earlier part of our annual reporting period, while the reverse was true during the latter segment of the reporting period (as measured by the Russell family of indices). Perhaps this reflects investors' realization and expectations for future higher interest rates and corresponding higher borrowing costs.

There were other notable subplots, too. During much of 2021 we watched crypto assets captivate investors, only to see them fall out of favor as sentiment soured. This year we've seen oil prices surge, which helped fuel gains across the energy landscape while many other sectors lagged. The Energy and Utilities sectors (and yes, Cash) have been the lone bright spots for many investor portfolios. If anything, this underscores the importance of diversification.

Looking at the numbers, we see that the S&P 500^? Index, the bell-weather proxy for our domestic stock market, declined by 10.62% for the 12-month period ended June 30, 2022. Over this same annual period, the yield on the 10-Year U.S. Treasury jumped 1.53%, thanks largely to the Fed's shift toward a less accommodative monetary policy and the first rate hike in three years. At the end of our reporting period, the yield on the 10-Year U.S. Treasury finished at 2.98%.

Given the market environment of the past few months, it's no surprise that investors have become more focused on risk management and downside protection. Remember, our experience managing portfolios through various economic cycles has taught us to remain calm in the face of market turmoil. It is our view that a long-term perspective, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are some of the key ingredients for staying the course and progressing on investment goals.

What were the market conditions during the reporting period?

As the world attempted to return to normal, coming out of the historical COVID-19 government-imposed lockdowns, the consequences of those lockdowns began to manifest themselves. In particular, global supply chains that functioned smoothly pre-COVID-19 were disrupted in ways that have yet to work themselves out. Generally speaking, the result was demand that rebounded faster than supply could keep up. To make matters worse, apart from the human tragedy itself, Russia's invasion of Ukraine in February 2022 added to the supply chain issues, with impacts on the price of oil, natural gas, wheat, and fertilizer, to name but a few. While the general price level fell during COVID-19, when demand fell faster than supply, the reverse is now true. As measured by the Consumer Price Index, the price level skyrocketed to 7% in 2021. During 2022, prices have risen even further, to 8.6% as of the end of May 2022.

These events have taken their toll on the financial markets, with the S&P 500^? Index down 10.6% year over year, and 20% year to date; officially "bear market" territory. The bond market did not escape the pain, either. Indeed, the past year has been one of the worst for fixed income markets over the last 50 years, if not all of history. The one-year total return for the period ending June 30, 2022, for the Bloomberg US Aggregate Bond Index was worse than even during the U.S. dollar devaluation period in the late 1970s/early 1980s, down 10.3% year over year and down 10.4% year to date, performance almost as poor as the stock market.

These results were driven primarily by the significant rise in interest rates, as the bond market reacted to the dramatic increases in the price level. While the U.S. Federal Reserve (the "Fed") initially believed these price increases to be transitory, the bond market forced them to quickly abandon that thought. What was originally expected to be a gradual increase of 25 basis points ("bps") (a basis point is 1/100^th of a percentage point) in the Fed Funds rate morphed into rate hikes that haven't been seen since 1994. The Fed started hiking rates by 25 bps in March, then was forced to higher hikes of 50 bps in May and a whopping 75-bps hike in June.

In addition to the jump in U.S. Treasury rates, bond spreads have widened out as well. Year over year, the Bloomberg U.S. Corporate Index option-adjusted spread rose from 0.80% to 1.55%, an increase of 75 bps. This took its toll on the fixed income market, leaving the Bloomberg U.S. Corporate Index with a one-year negative total return of -14.2%.

Some economists are starting to predict a recession. The recent rise in interest rates is already beginning to dampen demand, particularly for housing, as well as automobiles. Higher gasoline and food prices are also taking their toll, forcing consumers to curtail other purchases. Although the employment situation looks decent with the unemployment rate at 3.6%, that's typically a lagging indicator, and the COVID-19 lockdowns caused havoc in the labor markets, as many businesses still cannot fill all the positions they need. Real Gross Domestic Product decreased -1.6% in the first quarter of 2022, and a decrease in the second quarter would fit the textbook definition of recession, although the consensus estimate is for growth in the second quarter. Recession or no recession, economic activity is likely to slow in the near term as the economy readjusts from the COVID-19 pandemic.

How did VictoryShares USAA Core Short-Term Bond ETF (the "Fund") perform during the reporting period?

The Fund returned -3.73% for the fiscal year ended June 30, 2022, underperforming its benchmark, the Bloomberg 1-3 Yr Credit Index (the "Index"), which returned -3.72% for the period.

What strategies did you employ during the reporting period?

The Fund earned a negative total return during the reporting period, driven primarily by the increases in U.S. Treasury rates and credit spreads. Because the Fund's duration is always close to the Index duration, changes in interest rates typically have little effect on the Fund's relative performance. However, the Fund tends to have a more laddered portfolio compared to the Index, which has most of its bonds concentrated in 2-3-year maturities. Since U.S. Treasury rates increased the most in the 1-3-year maturities, the Fund benefited relative to the Index, as rates at both the short end (< 1 year) and longer end (4-7 years) did not increase as much.

The Fund also underperformed the Index due to allocation and selection. Reflecting the portfolio's diversification, the Fund's results were spread among a variety of sectors. Within corporate bonds, the Fund benefited from investments in the Banking, Technology, Utilities, and Pharmaceuticals sectors. Taxable municipal bonds and cash also added to underperformance. Certain other market segments weighed on relative performance. These included Asset-Backed Securities, Commercial Mortgage-Backed Securities, Finance Companies, Airlines, and Wireless. We continued to adhere to our disciplined investment approach, which is to maintain an attractive yield with an acceptable level of risk. From a credit risk perspective, our higher exposure to BBB and high yield bonds caused underperformance as credit spreads rose, while higher-rated investment-grade bonds aided performance.

To identify attractive investment opportunities, we worked with our in-house team of credit analysts, continuing to build the portfolio bond by bond, through fundamental bottom-up analysis. We seek ideas where our fundamental understanding of the credit risk is different than the market. This approach, we believe, will generate total returns that may outperform our peers over the long run, with less volatility. Our credit analysts review all securities considered for purchase and assign their own independent credit rating. They continuously monitor every holding in the Fund. We are committed to building a portfolio diversified among multiple asset classes and across a large number of issuers. To minimize the Fund's exposure to potential surprises, we limit the positions we take in any one issuer.

Investment Overview
(Unaudited)

Average Annual Total Return

Year Ended June 30, 2022

INCEPTION DATE

10/24/17

Net Asset Value

Market Price Value

Bloomberg
1-3 Year
Credit Index¹

One Year

?3.73

?3.78

?3.72

Since Inception

1.82

N/A

The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit www.vcm.com.

Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.

VictoryShares USAA Core Short-Term Bond ETF ? Growth of $10,000

¹The Bloomberg 1-3 Yr Credit Index measures the performance of investment-grade corporate debt and sovereign, supranational, local authority, and non-U.S. agency bonds that have a remaining maturity of at least one year and less than three years. This index does not include the effect of commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index. As of August 24, 2021, Bloomberg rebranded the Bloomberg Barclays fixed income indices as "Bloomberg Indices."

The graph reflects investment of growth of a hypothetical $10,000 investment in the Fund.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.

Past performance is not indicative of future results.

What were the market conditions during the reporting period?

These events have taken their toll on the financial markets, with the S&P 500^? Index down 10.6% year over year, and 20% year to date; officially "bear market" territory. The bond market did not escape the pain, either. Indeed, the past year has been one of the worst for fixed income markets over the last 50 years, if not all of history. The one-year total return for the period ending June 30, 2022, for the Bloomberg US Aggregate Bond Index (the "Index") was worse than even during the U.S. dollar devaluation period in the late 1970s/early 1980s, down 10.3% year over year and down 10.4% year to date, performance almost as poor as the stock market.

How did the VictoryShares USAA Core Intermediate-Term Bond ETF (the "Fund") perform during the reporting period?

The Fund returned -10.35% for the fiscal year ended June 30, 2022, underperforming the Index, which returned -10.29% for the period,

What strategies did you employ during the reporting period?

The negative total returns for both the Fund and the Index were primarily driven by increases in interest rates during the second half of the reporting period. While bond credit spreads held firm during the summer and fall of 2021, spreads began to widen into the end of 2021. This spread widening precipitately increased following Russia's invasion of Ukraine, combined with persistent global inflation pressures. Higher inflation also led to a more restrictive monetary policy by the U.S. Federal Reserve and greater uncertainty regarding economic growth. Global financial markets performed poorly as the macroeconomic and geopolitical environment deteriorated. The Fund, which has a higher allocation to BBB-rated corporate credit relative to the Index, was a primary driver of underperformance. Offsetting this underperformance was the Fund's large underweight to Agency Mortgage-Backed Securities, which performed poorly as interest rates increased.

In keeping with our investment process, we continued to build the Fund bond by bond. We seek ideas where our fundamental understanding of the credit risk is different than that of the market, working with our team of analysts to evaluate each potential investment individually. During the reporting period, we found select attractive opportunities as we continued to seek relative values across the fixed income market.

Our analysts continued to analyze and monitor every holding in the Fund. We are committed to building a portfolio diversified among multiple asset classes and across a large number of issuers. To minimize the Fund's exposure to potential surprises, we limit the positions we take in any one issuer.

Investment Overview
(Unaudited)

Average Annual Total Return

Year Ended June 30, 2022

INCEPTION DATE

10/24/17

Net Asset Value

Market Price Value

Bloomberg US
Aggregate
Bond Index¹

One Year

?10.35

?10.30

?10.29

Since Inception

1.39

1.42

N/A

VictoryShares USAA Core Intermediate-Term Bond ETF ? Growth of $10,000

¹The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities. This index does not include the effect of commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index. As of August 24, 2021, Bloomberg rebranded the Bloomberg Barclays fixed income indices as "Bloomberg Indices."

The graph reflects investment of growth of a hypothetical $10,000 investment in the Fund.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.

Past performance is not indicative of future results.

Security Description	Principal Amount		Value
Asset-Backed Securities (24.5%)
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, 1/19/27, Callable 9/18/24 @ 100	$	1,000,000	$	922,146
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 9/20/25 @ 100 (a)		594,000		571,607
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a)		541,000		505,837
ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 3/15/25 @ 100 (a)		762,000		751,141
ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, Callable 3/15/25 @ 100 (a)		1,000,000		989,831
Atalaya Equipment Leasing Trust, Series 2021-1A, Class A2, 1.23%, 5/15/26, Callable 10/15/24 @ 100 (a)		1,249,194		1,221,074
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, 3/20/24, Callable 4/20/23 @ 100 (a)		1,000,000		995,740
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class B, 2.00%, 7/21/25, Callable 8/19/23 @ 100 (a)		1,156,000		1,124,380
Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class B, 3.16%, 10/21/24, Callable 1/19/23 @ 100 (a)		860,000		857,582
CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 2/17/26, Callable 8/15/24 @ 100		2,000,000		1,940,726
CarMax Auto Owner Trust, Series 2020-4, Class A3, 0.50%, 8/15/25, Callable 8/15/24 @ 100		1,000,000		979,770
CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a)		583,878		552,765
Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 10/15/24 @ 100 (a)		500,000		497,950
Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 2/10/25 @ 100		1,075,315		1,040,525
Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28, Callable 2/10/25 @ 100		685,715		658,624
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72%, 9/11/28, Callable 6/10/25 @ 100		1,000,000		955,622
CNH Equipment Trust, Series 2018-B, Class B, 3.56%, 2/17/26, Callable 9/15/22 @ 100		350,000		350,557
Conn's Receivables Funding LLC, Series 2021-A, Class A, 1.05%, 5/15/26, Callable 8/15/23 @ 100 (a)		668,678		656,855
Conn's Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26, Callable 8/15/23 @ 100.25 (a)		1,000,000		973,530
CP EF Asset Securitization I LLC, Series 2022-1A, Class A, 5.96%, 4/15/30, Callable 11/15/25 @ 100 (a) (b)		1,500,000		1,500,000
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 9/15/23 @ 100 (a)		815,687		813,276
CPS Auto Receivables Trust, Series 2022-A, Class B, 1.70%, 4/16/29, Callable 5/15/26 @ 100 (a)		800,000		766,269
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class B, 4.95%, 8/16/32 (a)		1,000,000		1,003,871
Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 4/15/25 @ 100 (a)		320,000		295,665
Credit Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.26%, 10/15/30, Callable 4/15/25 @ 100 (a)		333,000		313,775

Security Description	Principal Amount		Value
Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 6/15/23 @ 100 (a)	$	1,000,000	$	991,925
Dell Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable 5/22/23 @ 100 (a)		1,000,000		980,749
Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a)		655,000		568,365
DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 8/20/25 @ 100 (a)		1,000,000		995,180
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 12/15/23 @ 100		750,000		744,513
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 12/15/23 @ 100		750,000		745,800
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 12/15/23 @ 100 (c)		708,000		691,435
Encina Equipment Finance LLC, Series 2022-1A, Class A2, 4.88%, 11/15/28, Callable 5/15/26 @ 100 (a)		975,000		977,455
Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 1/20/28, Callable 7/20/25 @ 100 (a)		500,000		491,935
Enterprise Fleet Financing LLC, Series 2022-2, Class A2, 4.65%, 5/21/29, Callable 2/20/26 @ 100 (a)		1,000,000		1,007,463
Evergreen Credit Card Trust, Series 2021-1A, Class A, 0.90%, 10/15/26 (a)		1,500,000		1,417,338
Evergreen Credit Card Trust, Series 2019-2, Class B, 2.27%, 9/15/24 (a)		750,000		749,228
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 9/15/24 @ 100		1,500,000		1,440,763
Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, Callable 9/15/24 @ 100		1,000,000		944,499
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 8/15/24 @ 100		472,000		467,937
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a)		998,642		912,372
FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a)		1,000,000		902,823
FirstKey Homes Trust, Series 2021-SFR3, Class C, 2.54%, 12/17/38 (a)		1,000,000		907,475
Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 7/15/24 @ 100 (a)		1,000,000		949,177
Flagship Credit Auto Trust, Series 4, Class B, 1.49%, 2/15/27, Callable 4/15/25 @ 100 (a)		1,000,000		949,734
Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 4/15/25 @ 100 (a)		1,000,000		933,001
Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100 (a)		1,000,000		909,139
Ford Credit Auto Lease Trust, Series 2022-A, Class B, 3.81%, 8/15/25, Callable 11/15/24 @ 100		643,000		641,801
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 11/15/24 @ 100 (a)		600,000		573,742
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class B, 2.15%, 5/17/27, Callable 11/15/24 @ 100 (a)		1,000,000		937,584
GLS Auto Receivables Issuer Trust, Series 4A, Class B, 1.53%, 4/15/26, Callable 12/15/25 @ 100 (a)		500,000		476,454
GLS Auto Receivables Issuer Trust, Series 4A, Class A, 0.84%, 7/15/25 (a)		648,389		637,125

Security Description	Principal Amount		Value
GLS Auto Receivables Issuer Trust, Series 2022-2A, Class B, 4.70%, 9/15/26 (a)	$	1,000,000	$	998,165
GLS Auto Receivables Issuer Trust, Series 2020-2A, Class B, 3.16%, 6/16/25, Callable 5/15/24 @ 100 (a)		1,250,000		1,245,542
GLS Auto Receivables Trust, Series 2022-1A, Class B, 2.84%, 5/15/26 (a)		1,000,000		969,752
GM Financial Automobile Leasing Trust, Series 2020-3, Class A4, 0.51%, 10/21/24, Callable 4/20/23 @ 100		1,000,000		989,128
Hertz Vehicle Financing III LLC, Series 2022-1A, Class B, 2.19%, 6/25/26, Callable 6/25/25 @ 100 (a)		1,000,000		933,197
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 3/25/25, Callable 3/25/24 @ 100 (a)		1,000,000		985,442
Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, 1.99%, 6/25/26, Callable 6/25/25 @ 100 (a)		1,000,000		937,571
Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, 0.37%, 10/18/24, Callable 12/18/23 @ 100		835,120		820,394
HPEFS Equipment Trust, Series 2022-1A, Class D, 2.40%, 11/20/29, Callable 1/20/25 @ 100 (a)		667,000		618,373
HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 4/20/23 @ 100 (a)		885,000		875,771
HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 2/20/23 @ 100 (a)		1,000,000		987,851
Hyundai Auto Receivables Trust, Series 2020-C, Class A3, 0.38%, 5/15/25, Callable 12/15/24 @ 100		981,327		961,835
John Deere Owner Trust, Series 2021-B, Class A3, 0.52%, 3/16/26, Callable 3/15/25 @ 100		1,500,000		1,423,184
JPMorgan Chase Bank NA ? CACLN, Series 2021-3, Class B, 0.76%, 2/26/29, Callable 4/25/25 @ 100 (a)		478,431		461,528
Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 1/15/26 @ 100 (a)		1,000,000		969,615
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94%, 11/16/26, Callable 7/15/24 @ 100 (a)		1,000,000		954,738
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 7/15/24 @ 100 (a)		621,746		605,585
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a)		1,500,000		1,404,291
Master Credit Card Trust II, Series 2022-1A, Class B, 1.97%, 7/21/26 (a)		1,000,000		944,595
Mercedes-Benz Auto Lease Trust, Series 2020-B, Class A3, 0.40%, 11/15/23, Callable 4/15/23 @ 100		789,972		784,187
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a)		903,000		787,518
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a)		293,000		253,615
Nissan Auto Lease Trust, Series 2020-B, Class A3, 0.43%, 10/16/23, Callable 6/15/23 @ 100		629,163		626,459
NMEF Funding LLC, Series 2022-A, Class B, 3.35%, 10/16/28, Callable 12/15/25 @ 100 (a)		1,000,000		941,867
NMEF Funding LLC, Series 2022-A, Class A2, 2.58%, 10/16/28, Callable 12/15/25 @ 100 (a)		1,000,000		973,902
Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a)		2,500,000		2,299,354

Security Description	Principal Amount		Value
Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A3, 2.30%, 4/10/26, Callable 2/10/26 @ 100 (a)	$	1,000,000	$	961,927
Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 8/15/25 @ 100 (a)		545,000		526,076
Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 10/15/22 @ 100 (a)		1,000,000		1,000,953
PSNH Funding LLC, Series 2018-1, Class A1, 3.09%, 2/1/26		160,118		159,643
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 4/15/25 @ 100 (a)		1,190,728		1,174,652
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 4/15/25 @ 100 (a)		952,583		939,581
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59%, 9/15/25, Callable 3/15/24 @ 100		1,000,000		989,480
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, 1/15/26, Callable 2/15/24 @ 100		1,000,000		985,616
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25, Callable 7/15/23 @ 100		14,232		14,227
Santander Retail Auto Lease Trust, Series 2020-B, Class C, 1.18%, 12/20/24, Callable 2/20/24 @ 100 (a)		500,000		477,190
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a)		1,278,013		1,257,811
SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26, Callable 3/20/24 @ 100 (a)		649,147		640,849
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 6/10/25 @ 100 (a) (c)		1,000,000		965,980
Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a)		1,000,000		906,298
VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a)		1,000,000		938,979
Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, Callable 7/15/25 @ 100 (a)		800,000		797,828
Westlake Automobile Receivables Trust, Series 2021-3A, Class D, 2.12%, 1/15/27, Callable 1/15/25 @ 100 (a)		1,000,000		929,780
Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a)		1,000,000		996,678
Westlake Automobile Receivables Trust, Series 2022-1A, Class B, 2.75%, 3/15/27, Callable 8/15/25 @ 100 (a)		1,000,000		977,755
Wheels Fleet Lease Funding 1 LLC, Series 2022-1A, Class A, 2.47%, 10/18/36, Callable 9/18/24 @ 100 (a)		1,000,000		982,951
World Omni Select Auto Trust, Series 2021-A, Class A3, 0.53%, 3/15/27, Callable 5/15/24 @ 100		2,000,000		1,930,899
World Omni Select Auto Trust, Series 2020-A, Class A3, 0.55%, 7/15/25, Callable 12/15/23 @ 100		726,384		720,773
Total Asset-Backed Securities (Cost $91,444,851)				88,213,515
Collateralized Mortgage Obligations (6.4%)
BBCMS Mortgage Trust, Series 2020-BID, Class A, 3.46% (LIBOR01M+214bps), 10/15/37 (a) (d)		1,000,000		979,052
BBCMS Mortgage Trust, Series 2020-BID, Class B, 3.86% (LIBOR01M+254bps), 10/15/37 (a) (d)		1,750,000		1,715,409

Security Description	Principal Amount		Value
BPR Trust, Series 2021-TY, Class C, 3.02% (LIBOR01M+170bps), 9/15/38 (a) (d)	$	1,000,000	$	944,405
BPR Trust, Series 2021-TY, Class A, 2.37% (LIBOR01M+105bps), 9/15/38 (a) (d)		1,000,000		957,801
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 2.77% (LIBOR01M+145bps), 10/15/36 (a) (d)		2,465,000		2,415,586
BX Trust, Series 2022-LBA6, Class C, 2.88% (TSFR1M+160bps), 1/15/39 (a) (d)		1,000,000		950,203
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a)		500,000		490,968
COMM Mortgage Trust, Series 2014-277P, Class A, 3.73%, 8/10/49, Callable 8/10/24 @ 100 (a) (e)		2,000,000		1,940,708
COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 5/10/25 @ 100 (e)		1,500,000		1,465,505
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.21%, 1/15/46, Callable 7/15/23 @ 100 (e)		1,000,000		982,369
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47, Callable 2/15/23 @ 100		979,433		971,802
KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 2.27% (LIBOR01M+95bps), 5/15/36 (a) (d)		500,000		490,757
KNDL Mortgage Trust, Series 2019-KNSQ, Class C, 2.37% (LIBOR01M+105bps), 5/15/36 (a) (d)		1,175,000		1,148,462
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, 3.92% (LIBOR01M+260bps), 11/15/34 (a) (d)		1,000,000		989,240
Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 2.28% (LIBOR03M+80bps), 2/20/28, Callable 8/20/22 @ 100 (a) (d)		174,346		171,117
SMRT, Series 2022-MINI, Class B, 2.63% (TSFR1M+135bps), 1/15/39 (a) (d)		1,000,000		958,253
SREIT Trust, Series 2021-MFP2, Class B, 2.50% (LIBOR01M+117bps), 11/15/36 (a) (d)		1,000,000		950,132
Stratus CLO Ltd., Series 2021-3A, Class B, 1.77% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a) (d)		821,000		785,917
Stratus CLO Ltd., Series 2021-3A, Class A, 2.01% (LIBOR03M+95bps), 12/29/29, Callable 1/20/23 @ 100 (a) (d)		984,122		968,969
STREIT Trust, Series 2021-MFP2, Class A, 2.15% (LIBOR01M+82bps), 11/15/36 (a) (d)		1,000,000		952,606
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (e)		2,000,000		1,981,848
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class ASB, 2.45%, 11/15/45, Callable 7/15/22 @ 100		3		3
Total Collateralized Mortgage Obligations (Cost $24,019,430)				23,211,112
Senior Secured Loans (1.3%)
CHI Doors Holdings Corp., Initial Term Loan, 7/31/25 (f)		500,000		494,375
Clean Harbors, Inc., Initial Term Loan, First Lien, 2.81% (LIBOR01M+175bps), 6/30/24 (d)		493,507		488,882
Genpact International, Inc., Term Loan, First Lien, 2.43% (LIBOR01M+138bps), 8/9/23 (d)		2,865,672		2,844,179
Plantronics, Inc., Term Loan B, First Lien, 7/2/25 (b) (f)		1,000,000		982,680
Total Senior Secured Loans (Cost $4,847,590)				4,810,116

Security Description	Principal Amount		Value
Corporate Bonds (39.1%)
Communication Services (1.4%):
DISH DBS Corp., 5.88%, 7/15/22	$	1,374,000	$	1,374,110
Netflix, Inc., 5.88%, 2/15/25		500,000		507,990
Sprint Corp., 7.88%, 9/15/23 (c)		1,000,000		1,032,850
TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38 (a) (c)		2,000,000		1,937,540
				4,852,490
Consumer Discretionary (3.8%):
Association of American Medical Colleges, 2.12%, 10/1/24		750,000		712,833
Daimler Trucks Finance North America LLC, 1.63%, 12/13/24 (a)		2,000,000		1,881,660
Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100 (a)		1,000,000		1,031,330
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a)		500,000		449,270
Howard University, 2.74%, 10/1/22		500,000		497,840
Lithia Motors, Inc., 4.63%, 12/15/27, Callable 12/15/22 @ 103.47 (a)		2,000,000		1,843,940
Magallanes, Inc., 3.64%, 3/15/25 (a)		1,000,000		970,560
MGM Resorts International, 6.00%, 3/15/23		1,000,000		998,470
Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 8/8/22 @ 102.81		1,500,000		1,469,985
Newell Brands, Inc., 4.45%, 4/1/26, Callable 1/1/26 @ 100		1,000,000		952,070
Nordstrom, Inc., 2.30%, 4/8/24, Callable 7/22/22 @ 100		1,500,000		1,419,690
QVC, Inc., 4.45%, 2/15/25, Callable 11/15/24 @ 100		617,000		550,432
Toll Brothers Finance Corp., 4.38%, 4/15/23, Callable 1/15/23 @ 100		750,000		746,662
				13,524,742
Consumer Staples (1.0%):
Central Garden & Pet Co., 5.13%, 2/1/28, Callable 1/1/23 @ 102.56		1,000,000		896,590
Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 7/18/22 @ 102.63 (a)		2,500,000		2,424,275
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25 (a)		319,000		324,599
				3,645,464
Energy (6.3%):
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		1,000,000		991,110
Energy Transfer LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100		1,715,000		1,728,651
EnLink Midstream Partners LP, 4.40%, 4/1/24, Callable 1/1/24 @ 100		900,000		879,273
EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100		324,000		304,541
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a)		833,000		809,534
Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 8/8/22 @ 102.81 (a)		3,000,000		2,857,980
HollyFrontier Corp. 2.63%, 10/1/23 (c)		1,000,000		971,880
5.88%, 4/1/26, Callable 1/1/26 @ 100 (c)		1,881,000		1,889,540
Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100 (a)		2,500,000		2,454,150
MPLX LP, 3.50%, 12/1/22, Callable 11/1/22 @ 100		271,000		270,591
Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		2,690,000		2,510,281
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06 (a)		2,000,000		1,862,320
SM Energy Co., 5.63%, 6/1/25, Callable 8/8/22 @ 100.94		1,000,000		944,430
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 7/15/27, Callable 8/8/22 @ 104.88		1,000,000		1,022,010
USX Corp., 8.13%, 7/15/23		400,000		415,724

Security Description	Principal Amount		Value
Western Midstream Operating LP 2.62% (LIBOR03M+185bps), 1/13/23 (d)	$	500,000	$	497,560
3.60%, 2/1/25, Callable 1/1/25 @ 100		2,000,000		1,849,900
WPX Energy, Inc., 8.25%, 8/1/23, Callable 6/1/23 @ 100		500,000		516,050
				22,775,525
Financials (14.7%):
Alexander Funding Trust, 1.84%, 11/15/23 (a)		2,000,000		1,909,360
Ares Capital Corp., 3.25%, 7/15/25, Callable 6/15/25 @ 100		750,000		693,713
Athene Global Funding 2.80%, 5/26/23 (a)		750,000		742,823
1.20%, 10/13/23 (a)		500,000		481,320
1.72%, 1/7/25 (a)		2,000,000		1,866,820
Blackstone Private Credit Fund 1.75%, 9/15/24 (a)		1,000,000		922,990
2.35%, 11/22/24 (a)		1,000,000		916,400
BMW US Capital LLC, 3.25%, 4/1/25 (a)		1,000,000		987,600
Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (d)		1,832,000		1,808,037
DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a)		250,000		232,980
Entergy Texas Restoration Funding II LLC, 3.05%, 12/15/27		667,000		657,555
F&G Global Funding, 5.15%, 7/7/25 (a) (b)		1,000,000		1,004,690
First American Financial Corp., 4.30%, 2/1/23		2,800,000		2,805,404
First Citizens BancShares, Inc., 3.38% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (d)		1,000,000		951,980
First Financial Bancorp, 5.13%, 8/25/25		1,000,000		976,180
FNB Corp., 2.20%, 2/24/23, Callable 1/24/23 @ 100		1,876,000		1,846,584
Ford Motor Credit Co. LLC 2.30%, 2/10/25, Callable 1/10/25 @ 100		2,000,000		1,796,080
3.38%, 11/13/25, Callable 10/13/25 @ 100		1,000,000		900,330
FS KKR Capital Corp. 1.65%, 10/12/24		1,024,000		914,842
4.25%, 2/14/25, Callable 1/14/25 @ 100 (a)		1,400,000		1,332,674
Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100 (d)		1,000,000		937,180
GA Global Funding Trust, 1.63%, 1/15/26 (a)		500,000		450,265
General Motors Financial Co., Inc., 3.80%, 4/7/25		1,000,000		976,310
Main Street Capital Corp. 5.20%, 5/1/24		2,400,000		2,388,192
3.00%, 7/14/26, Callable 6/14/26 @ 100		500,000		437,280
Morgan Stanley, 0.79% (SOFR+53bps), 5/30/25, Callable 5/30/24 @ 100 (d)		2,000,000		1,863,440
OWL Rock Core Income Corp., 5.50%, 3/21/25 (a)		1,000,000		959,580
People's United Bank NA, 4.00%, 7/15/24, Callable 4/16/24 @ 100		1,000,000		993,280
ProAssurance Corp., 5.30%, 11/15/23		1,000,000		999,060
Prudential Financial, Inc., 5.63% (LIBOR03M+392bps), 6/15/43, Callable 6/15/23 @ 100 (d)		500,000		488,010
Radian Group, Inc., 4.50%, 10/1/24, Callable 7/1/24 @ 100		2,503,000		2,374,921
Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100 (d) (g)		1,000,000		994,610
Reliance Standard Life Global Funding II, 2.75%, 5/7/25 (a)		750,000		715,208
Santander Holdings USA, Inc., 3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		249,613

Security Description	Principal Amount		Value
SCE Recovery Funding LLC, 0.86%, 11/15/31	$	1,828,723	$	1,600,992
StanCorp Financial Group, Inc., 5.00%, 8/15/22		2,000,000		2,004,660
Synchrony Financial, 4.88%, 6/13/25, Callable 5/13/25 @ 100		1,000,000		988,470
Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (d)		500,000		483,235
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (d)		1,000,000		914,820
The Huntington National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100 (d)		2,000,000		2,015,240
The Prudential Insurance Co. of America, 8.30%, 7/1/25(a)		1,000,000		1,104,650
TIAA FSB Holdings, Inc. 5.75%, 7/2/25, Callable 6/2/25 @ 100		1,000,000		1,035,270
6.53% (LIBOR03M+470bps), 3/15/26, Callable 8/8/22 @ 100 (d)		750,000		761,445
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (d)		1,000,000		945,220
Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100		2,550,000		2,520,241
				52,949,554
Health Care (1.1%):
Astrazeneca Finance LLC, 0.70%, 5/28/24, Callable 8/8/22 @ 100		1,000,000		948,620
HCA, Inc., 7.50%, 12/15/23		1,000,000		1,034,440
Hikma Finance USA LLC, 3.25%, 7/9/25		2,000,000		1,894,320
				3,877,380
Industrials (4.1%):
Air Lease Corp., 2.25%, 1/15/23		250,000		247,615
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 (a)		1,000,000		921,310
Ashtead Capital, Inc., 4.38%, 8/15/27, Callable 8/15/22 @ 102.19 (a) (c)		3,435,000		3,191,081
Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100 (a)		1,000,000		992,900
Delta Air Lines Pass Through Trust, 2.00%, 6/10/28		880,412		772,491
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25 (a)		1,370,000		1,330,708
EnerSys, 5.00%, 4/30/23, Callable 1/30/23 @ 100 (a)		908,000		900,255
Hillenbrand, Inc., 5.75%, 6/15/25, Callable 8/8/22 @ 102.88		1,000,000		1,019,740
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (a) (c)		1,000,000		982,110
Spirit Airlines Pass Through Trust, 4.45%, 4/1/24		859,159		829,595
The Nature Conservancy, 0.63%, 7/1/24		650,000		611,006
TransDigm, Inc., 8.00%, 12/15/25, Callable 8/8/22 @ 104 (a) (c)		2,000,000		2,026,020
U.S. Airways Pass Through Trust, 3.95%, 11/15/25		307,661		275,710
United Airlines Pass Through Trust 4.15%, 4/11/24		557,032		539,591
4.88%, 1/15/26		284,690		269,411
				14,909,543
Information Technology (0.4%):
Qorvo, Inc., 1.75%, 12/15/24, Callable 12/15/22 @ 100 (a)		1,675,000		1,567,180
Materials (3.2%):
Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100 (a)		1,000,000		973,790
Berry Global, Inc., 4.88%, 7/15/26, Callable 8/8/22 @ 102.44 (a) (c)		3,150,000		3,008,061
Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100		2,625,000		2,608,489
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.5 (c)		3,000,000		2,976,900

Security Description	Principal Amount		Value
Sealed Air Corp., 5.25%, 4/1/23, Callable 1/1/23 @ 100 (a)	$	1,000,000	$	999,070
West Fraser Timber Co. Ltd., 4.35%, 10/15/24, Callable 7/15/24 @ 100 (a)		1,000,000		999,850
				11,566,160
Real Estate (2.6%):
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100		500,000		498,400
Host Hotels & Resorts LP, 4.50%, 2/1/26, Callable 11/1/25 @ 100		1,044,000		1,028,089
LXP Industrial Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		1,000,000		996,380
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 10/15/22 @ 102.5		2,500,000		2,292,425
Newmark Group, Inc., 6.13%, 11/15/23, Callable 10/15/23 @ 100		800,000		799,304
Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		919,000		920,709
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a)		750,000		723,813
VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 8/8/22 @ 101.75 (a)		864,000		811,832
Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		1,500,000		1,334,730
				9,405,682
Utilities (0.5%):
Calpine Corp., 5.25%, 6/1/26, Callable 8/8/22 @ 101.75 (a)		802,000		766,913
CenterPoint Energy Resources Corp., 0.70%, 3/2/23, Callable 8/8/22 @ 100		1,000,000		980,350
				1,747,263
Total Corporate Bonds (Cost $148,716,226)				140,820,983
Yankee Dollars (9.3%)
Communication Services (0.6%):
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a)		1,000,000		1,019,470
Telefonica Chile SA, 3.88%, 10/12/22 (a)		1,000,000		1,000,470
				2,019,940
Communications (0.2%):
Videotron Ltd., 5.38%, 6/15/24, Callable 3/15/24 @ 100 (a)		812,000		811,959
Consumer Staples (0.4%):
Imperial Brands Finance PLC, 3.13%, 7/26/24, Callable 6/26/24 @ 100 (a)		948,000		917,806
Leviathan Bond Ltd., 5.75%, 6/30/23, Callable 3/30/23 @ 100 (a)		500,000		493,125
				1,410,931
Energy (0.8%):
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/27 (a)		446,010		414,549
Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75 (a)		1,500,000		1,370,025
Var Energi ASA, 5.00%, 5/18/27, Callable 4/18/27 @ 100 (a)		1,000,000		994,610
				2,779,184
Financials (3.9%):
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a) (c)		3,000,000		3,014,010
Barclays Bank PLC, 7.63%, 11/21/22		1,000,000		1,008,720
BAT International Finance PLC, 1.67%, 3/25/26, Callable 2/25/26 @ 100		1,000,000		886,950
BBVA Bancomer SA, 6.75%, 9/30/22 (a)		3,305,000		3,314,485
Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100 (a)		400,000		380,196
Ontario Teachers' Finance Trust, 0.38%, 9/29/23 (a)		1,000,000		967,450

Security Description	Principal Amount		Value
Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN	$	2,000,000	$	1,925,000
SA Global Sukuk Ltd., 0.95%, 6/17/24, Callable 5/17/24 @ 100 (a)		416,000		392,717
Santander UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100 (d)		250,000		248,645
SMBC Aviation Capital Finance DAC, 3.00%, 7/15/22		1,000,000		999,858
VEON Holdings BV, 5.95%, 2/13/23		1,000,000		825,000
				13,963,031
Industrials (1.1%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24, Callable 1/15/24 @ 100		1,000,000		971,620
Air Canada Pass Through Trust 5.00%, 12/15/23 (a)		219,999		215,879
4.13%, 5/15/25 (a)		893,086		809,967
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 (c)		500,000		460,565
Avolon Holdings Funding Ltd., 2.13%, 2/21/26, Callable 1/21/26 @ 100 (a)		750,000		652,605
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a)		1,000,000		876,190
				3,986,826
Information Technology (0.2%):
TSMC Global Ltd., 0.75%, 9/28/25, Callable 8/28/25 @ 100 (a)		1,000,000		910,200
Materials (1.7%):
Alcoa Nederland Holding, 5.50%, 12/15/27, Callable 6/15/23 @ 102.75 (a)		667,000		632,016
OCI NV, 4.63%, 10/15/25, Callable 10/15/22 @ 102.31 (a)		2,000,000		1,940,400
POSCO, 2.38%, 1/17/23		2,100,000		2,088,954
Syngenta Finance NV, 4.89%, 4/24/25, Callable 2/24/25 @ 100 (a)		1,500,000		1,494,060
				6,155,430
Utilities (0.4%):
TransAlta Corp., 4.50%, 11/15/22, Callable 8/15/22 @ 100		1,300,000		1,297,114
Total Yankee Dollars (Cost $35,275,243)				33,334,615
Municipal Bonds (13.1%)
Alabama (0.3%):
City of Birmingham, GO, 0.86%, 3/1/24		1,015,000		977,879
California (1.3%):
California Municipal Finance Authority Revenue 0.93%, 2/1/23		1,000,000		985,734
1.36%, 2/1/24		495,000		476,640
California Statewide Communities Development Authority Revenue, 2.15%, 11/15/30, Continuously Callable @100		1,155,000		1,029,349
California Statewide Communities Development Authority Revenue (NBGA ? California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30		1,545,000		1,441,547
City of Gardena Revenue, 1.30%, 4/1/23		565,000		556,045
Placentia Public Financing Authority Revenue, Series A, 1.93%, 6/1/23		300,000		295,502
				4,784,817

Security Description	Principal Amount		Value
Colorado (1.2%):
City of Loveland Electric & Communications Enterprise Revenue, 2.85%, 12/1/23	$	600,000	$	597,503
Colorado Health Facilities Authority Revenue Series B, 2.24%, 11/1/22		750,000		748,725
Series B, 2.80%, 12/1/26		500,000		474,476
County of El Paso Co. Revenue, Series B, 1.05%, 6/1/24		1,230,000		1,175,473
Denver City & County Housing Authority Revenue, 1.33%, 6/1/24, Continuously Callable @100		750,000		718,042
Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23		700,000		691,995
				4,406,214
Florida (0.3%):
Hillsborough County IDA Revenue, 2.16%, 8/1/25		1,250,000		1,191,953
Georgia (0.3%):
Municipal Electric Authority of Georgia Revenue 1.42%, 1/1/25		500,000		471,371
Series B, 1.58%, 1/1/26		555,000		510,892
				982,263
Guam (0.3%):
Territory of Guam Revenue, Series E, 3.25%, 11/15/26		1,000,000		977,498
Hawaii (0.5%):
State of Hawaii Airports System Revenue Series B, 0.90%, 7/1/23		300,000		291,231
Series E, 1.39%, 7/1/25		1,500,000		1,396,596
				1,687,827
Illinois (0.8%):
Chicago O'Hare International Airport Revenue, Series D, 0.96%, 1/1/23		165,000		163,316
Sales Tax Securitization Corp. Revenue, 0.79%, 1/1/23		1,750,000		1,729,592
State of Illinois Sales Tax Revenue, Series B, 0.94%, 6/15/24		1,000,000		939,700
				2,832,608
Indiana (0.5%):
Indiana Finance Authority Revenue 0.96%, 3/1/24		450,000		429,967
2.48%, 3/1/24 (c)		1,000,000		982,109
1.41%, 3/1/25		570,000		533,434
				1,945,510
Kentucky (0.3%):
County of Warren Revenue, Series B, 0.92%, 4/1/25		1,200,000		1,111,772
Maine (0.2%):
Maine State Housing Authority Revenue, Series H, 1.70%, 11/15/26		600,000		552,319
Maryland (0.7%):
County of Howard, GO, Series C, 1.34%, 8/15/23		500,000		491,286
Maryland Health & Higher Educational Facilities Authority Revenue 1.81%, 1/1/25		1,000,000		938,300
1.89%, 1/1/26		1,000,000		914,825
				2,344,411

Security Description	Principal Amount		Value
Michigan (0.8%):
City of Grand Rapids MI Sanitary Sewer System Revenue, 0.94%, 1/1/25	$	1,000,000	$	942,762
Ecorse Public School District, GO, 2.00%, 5/1/24		750,000		731,606
Michigan Finance Authority Revenue 2.21%, 12/1/23		185,000		181,635
2.31%, 12/1/24		105,000		101,667
Series A-1, 2.33%, 6/1/30		497,786		492,091
Ypsilanti School District, GO, 1.89%, 5/1/24		510,000		493,298
				2,943,059
Mississippi (0.1%):
Medical Center Educational Building Corp. Revenue, 0.67%, 6/1/23		280,000		274,474
Missouri (0.4%):
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series B, 0.70%, 1/1/24		1,495,000		1,441,672
Nebraska (0.2%):
Papio-Missouri River Natural Resource District Special Tax, 2.09%, 12/15/24, Continuously Callable @100		630,000		615,974
New Jersey (0.6%):
Essex County Improvement Authority Revenue, Series B, 1.96%, 8/1/22 (a)		350,000		349,438
South Jersey Transportation Authority Revenue Series B, 2.10%, 11/1/24		750,000		718,942
Series B, 2.20%, 11/1/25		750,000		706,434
South Jersey Transportation Authority System Revenue, Series B, 3.02%, 11/1/25		425,000		411,099
				2,185,913
New York (0.2%):
Madison County Capital Resource Corp. Revenue, 2.18%, 7/1/23		500,000		494,225
New York City Housing Development Corp. Revenue, 2.32%, 1/1/23		240,000		239,278
				733,503
Oklahoma (0.2%):
Oklahoma Turnpike Authority Revenue, Series B, 0.63%, 1/1/23		560,000		554,518
The University of Oklahoma Revenue, Series B, 0.93%, 7/1/24		350,000		332,036
				886,554
Pennsylvania (0.1%):
State Public School Building Authority Revenue, 2.75%, 4/1/25		500,000		484,244
Rhode Island (0.3%):
Providence Redevelopment Agency Revenue, Series A, 2.50%, 3/15/26		805,000		759,749
Rhode Island Commerce Corp. Revenue, 2.86%, 5/1/24		500,000		496,053
				1,255,802
Tennessee (0.2%):
Metropolitan Government Nashville & Davidson County Sports Authority Revenue, 1.03%, 8/1/24		600,000		567,598
Texas (2.3%):
Aledo Independent School District, GO (NBGA ? Texas Permanent School Fund), 2/15/24 (i)		250,000		237,876

Security Description	Principal Amount		Value
Boerne School District, GO 0.64%, 2/1/24	$	400,000	$	384,822
0.79%, 2/1/25		250,000		234,920
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42		1,000,000		999,238
Denton Independent School District, GO, Series A, 8/15/24 (i)		500,000		467,428
Harris County Cultural Education Facilities Finance Corp. Revenue 1.59%, 11/15/23		675,000		657,677
1.84%, 11/15/24		500,000		478,917
Series B, 2.30%, 5/15/24		600,000		587,588
Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24		750,000		735,153
Marshall Independent School District, GO (NBGA ? Texas Permanent School Fund), 2/15/24 (i)		1,000,000		950,775
State of Texas, GO, 3.11%, 10/1/23		500,000		500,537
Tarrant County Cultural Education Facilities Finance Corp. Revenue 1.07%, 9/1/23		525,000		508,724
1.36%, 9/1/24		700,000		662,893
White Settlement Independent School District, GO (NBGA ? Texas Permanent School Fund), Series A, 8/15/25 (i)		920,000		831,150
				8,237,698
Virginia (0.9%):
County of Arlington, GO, Series B, 0.64%, 8/1/24 (c)		2,000,000		1,898,314
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, Callable 8/8/22 @ 100 (a)		1,250,000		1,240,311
				3,138,625
Washington (0.1%):
Washington State University Revenue, Series A, 0.86%, 10/1/23		480,000		466,920
Total Municipal Bonds (Cost $48,970,922)				47,027,107
U.S. Treasury Obligations (0.3%)
U S Treasury Notes, 2.50%, 5/31/24		1,000,000		991,133
Total U.S. Treasury Obligations (Cost $989,849)				991,133
Commercial Papers (5.6%) (h)
Aviation Capital Group, 1.67%, 7/5/22 (a)		2,500,000		2,499,420
ConAgra Brands, Inc., 2.14%, 7/1/22 (a) (h)		2,400,000		2,399,857
Constellation Brands, Inc., 2.11%, 7/8/22 (a)		3,200,000		3,198,504
Energy Transfer LP, 2.06%, 7/1/22 (a)		1,800,000		1,799,897
FMC Corp., 2.12%, 7/1/22 (a)		3,500,000		3,499,794
Jabil, Inc., 2.26%, 7/7/22 (a)		3,500,000		3,498,462
Viatris, Inc., 2.09%, 7/6/22 (a)		3,100,000		3,098,919
Total Commercial Papers (Cost $19,995,475)				19,994,853
Total Investments (Cost $374,259,586) ? 99.6%				358,403,434
Other assets in excess of liabilities ? 0.4%				1,333,501
NET ASSETS ? 100.00%			$	359,736,935

(a) 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 June 30, 2022, the fair value of these securities was $179,968,759 and amounted to 50.0% of net assets.

(b) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.

(c) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.

(d) Variable or Floating-Rate Security. Rate disclosed is as of June 30, 2022.

(e) 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 June 30, 2022.

(f) 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.

(g) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.

(h) Rate represents the effective yield at June 30, 2022.

(i) Zero-coupon bond.

bps ? Basis points

GO ? General Obligation

H15T5Y ? 5 Year Treasury Constant Maturity Rate, rate disclosed as of June 30, 2022.

IDA ? Industrial Development Authority

LIBOR ? London InterBank Offered Rate

LIBOR01M ? 1 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security

LIBOR03M ? 3 Month US Dollar LIBOR, rate disclosed as of June 30, 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

TSFR1M ? 1 month Term SOFR, rate disclosed as of June 30, 2022.

USSW5 ? USD 5 Year Swap Rate, rate disclosed as of June 30, 2022.

Credit Enhancements ? Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.

NBGA Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.

Security Description	Principal Amount		Value
Asset-Backed Securities (9.1%)
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a)	$	1,500,000	$	1,327,923
American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 9/13/24 @ 100 (a)		1,000,000		942,975
American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 9/13/24 @ 100 (a)		1,000,000		956,663
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class B, 1.17%, 8/18/27, Callable 3/18/25 @ 100		1,000,000		934,849
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 9/20/25 @ 100 (a)		1,187,000		1,142,252
ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 3/15/25 @ 100 (a)		467,000		462,604
ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 3/15/25 @ 100 (a)		762,000		751,141
ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable 1/15/23 @ 100 (a)		900,000		894,849
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%, 9/22/25, Callable 10/20/24 @ 100 (a)		500,000		487,752
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 5/15/23 @ 100 (a)		1,062,000		1,050,029
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class A4, 1.89%, 3/19/25, Callable 8/19/23 @ 100 (a)		433,000		423,658
CARDS II Trust, Series 2021-1A, Class A, 0.60%, 4/15/27 (a)		2,300,000		2,186,843
CarMax Auto Owner Trust, Series 2021-2, Class B, 1.03%, 12/15/26, Callable 8/15/24 @ 100		2,000,000		1,885,584
CarMax Auto Owner Trust, Series 2020-2, Class D, 5.75%, 5/17/27, Callable 2/15/24 @ 100		780,000		786,938
CarMax Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable 12/15/23 @ 100		1,275,000		1,242,973
CarNow Auto Receivables Trust, Series 2021-1A, Class A, 0.97%, 10/15/24, Callable 1/15/24 @ 100 (a)		154,436		153,937
Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.27%, 3/10/27, Callable 12/10/25 @ 100		1,500,000		1,350,680
CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a)		1,446,758		1,275,338
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 7/15/22 @ 100 (a)		371,764		371,771
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 9/15/23 @ 100 (a)		1,631,374		1,626,553
CPS Auto Receivables Trust, Series 2022-A, Class B, 1.70%, 4/16/29, Callable 5/15/26 @ 100 (a)		1,200,000		1,149,404
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29, Callable 9/15/23 @ 100 (a)		823,000		810,105
Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 6/15/23 @ 100 (a)		1,000,000		991,925
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30, Callable 12/15/24 @ 100 (a)		1,038,000		960,183

Security Description	Principal Amount		Value
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24 (a)	$	301,961	$	298,417
Dell Equipment Finance Trust, Series 2020-1, Class A3, 2.24%, 2/22/23, Callable 10/22/22 @ 100 (a)		285,593		285,234
Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a)		1,000,000		858,763
Diamond Issuer, Series 2021-1A, Class A, 2.31%, 11/20/51, Callable 11/20/25 @ 100 (a)		1,125,000		988,652
DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 8/20/25 @ 100 (a)		2,000,000		1,990,360
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class B, 0.98%, 12/11/34 (a)		1,327,000		1,249,394
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 12/15/23 @ 100		1,500,000		1,491,600
DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, 3/15/24, Callable 9/15/22 @ 100 (a)		40,531		40,537
DT Auto Owner Trust, Series 2021-3A, Class B, 0.58%, 11/17/25, Callable 5/15/25 @ 100 (a)		2,000,000		1,917,875
Encina Equipment Finance LLC, Series 2021-1A, Class B, 1.21%, 2/16/27, Callable 2/15/24 @ 100 (a)		1,187,000		1,126,697
Encina Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26, Callable 2/15/24 @ 100 (a)		877,000		857,012
Enterprise Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25, Callable 7/20/23 @ 100 (a)		820,000		801,956
Enterprise Fleet Financing LLC, Series 22-1, Class A3, 3.27%, 1/20/28, Callable 7/20/25 @ 100 (a)		1,000,000		977,931
Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.05%, 5/15/26, Callable 9/15/24 @ 100		1,000,000		968,597
ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a)		500,000		479,991
First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 2/15/23 @ 100 (a)		750,000		754,273
First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 7/15/23 @ 100 (a)		1,500,000		1,493,395
FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/38 (a)		1,153,846		1,011,801
Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 4/15/24 @ 100 (a)		1,000,000		1,008,464
Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31, Callable 2/15/25 @ 100 (a)		1,500,000		1,410,025
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 10/15/23 @ 100 (a)		1,406,000		1,382,492
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 11/15/24 @ 100 (a)		1,200,000		1,147,485
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 2/15/24 @ 100 (a)		588,499		587,584
GM Financial Consumer Automobile Receivables Trust, Series 19-4, Class A4, 1.76%, 1/16/25, Callable 6/16/23 @ 100		345,000		341,603
GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class B, 2.32%, 12/16/24, Callable 3/16/23 @ 100		2,000,000		1,983,437

Security Description	Principal Amount		Value
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 8/18/25, Callable 12/16/23 @ 100	$	750,000	$	731,486
GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25, Callable 9/16/23 @ 100		1,000,000		983,621
Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/27 (a)		1,000,000		885,194
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (a)		1,333,000		1,234,733
HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 2/20/23 @ 100 (a)		1,000,000		987,851
HPEFS Equipment Trust, Series 2022-1A, Class C, 1.96%, 5/21/29, Callable 1/20/25 @ 100 (a)		2,000,000		1,882,345
HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 12/20/23 @ 100 (a)		1,500,000		1,408,605
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 8/20/22 @ 100 (a)		127,146		127,047
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 2/20/23 @ 100 (a)		369,713		369,241
Hyundai Auto Receivables Trust, Series 2020-C, Class B, 0.81%, 11/16/26, Callable 12/15/24 @ 100		1,271,000		1,186,522
Hyundai Auto Receivables Trust, Series 2021-C, Class B, 1.49%, 12/15/27, Callable 12/15/25 @ 100		2,000,000		1,857,495
John Deere Owner Trust, Series 2020-A, Class A4, 1.21%, 11/16/26, Callable 8/15/23 @ 100		2,000,000		1,949,808
John Deere Owner Trust, Series 22-A, Class A4, 2.49%, 1/16/29, Callable 9/15/25 @ 100		1,000,000		968,143
JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 1/25/25 @ 100 (a)		526,264		511,138
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (a)		494,974		481,336
Kubota Credit Owner Trust, Series 22-1A, Class A4, 2.78%, 2/15/28, Callable 1/15/26 @ 100 (a)		2,000,000		1,929,450
Kubota Credit Owner Trust, Series 2020-1A, Class A4, 2.26%, 7/15/26, Callable 9/15/23 @ 100 (a)		433,000		425,198
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 7/15/24 @ 100 (a)		1,243,493		1,211,170
Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (a)		625,000		587,851
Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a)		539,000		505,493
MMAF Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24 (a)		186,041		185,892
MMAF Equipment Finance LLC, Series 2022-A, Class A4, 3.32%, 6/13/44 (a)		1,500,000		1,473,340
MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 9/20/26 @ 100 (a)		726,972		673,359
Navient Student Loan Trust, Series 2018-2A, Class B, 2.77% (LIBOR01M+115bps), 3/25/67, Callable 2/25/34 @ 100 (a) (b)		1,000,000		962,996
Navient Student Loan Trust, Series 2015-2, Class B, 3.12% (LIBOR01M+150bps), 8/25/50, Callable 8/25/30 @ 100 (b)		3,000,000		2,968,848
Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 4/25/35 @ 100 (a)		3,014,469		2,744,537
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a)		1,807,000		1,575,908

Security Description	Principal Amount		Value
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a)	$	839,167	$	753,473
NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a)		500,000		469,151
Oscar U.S. Funding XIII LLC, Series 2021-2A, Class A4, 1.27%, 9/11/28, Callable 5/10/25 @ 100 (a)		1,500,000		1,372,800
Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 2/15/24 @ 100 (a)		1,000,000		965,829
Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.53%, 2/15/28, Callable 4/15/25 @ 100 (a)		1,000,000		911,337
Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 6/15/23 @ 100 (a)		929,000		920,276
Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 10/15/22 @ 100 (a)		1,000,000		1,000,953
Progress Residential Trust, Series 2021-SFR6, Class A, 1.52%, 7/17/38, Callable 7/17/26 @ 100 (a)		1,098,743		987,279
PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35		1,000,000		960,764
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 4/15/25 @ 100 (a)		952,583		939,722
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 2/15/25 @ 100 (a)		1,673,144		1,630,416
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 4/15/24 @ 100 (a)		1,000,000		1,004,625
Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.13%, 8/16/27, Callable 6/15/26 @ 100		1,062,000		1,055,654
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a)		852,009		838,541
SLM Student Loan Trust, Series 2006-10, Class B, 1.40% (LIBOR03M+22bps), 3/25/44, Callable 10/25/32 @ 100 (b)		189,927		178,901
SLM Student Loan Trust, Series 2007-1, Class B, 1.40% (LIBOR03M+22bps), 1/27/42, Callable 10/25/29 @ 100 (b)		301,597		284,234
Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26		2,000,000		2,002,612
Tesla Auto Lease Trust, Series 2019-A, Class E, 5.48%, 5/22/23, Callable 11/20/22 @ 100 (a)		825,000		828,798
Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 2/27/34, Callable 2/25/26 @ 100 (a) (c)		2,000,000		1,814,134
Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.82%, 4/25/35, Callable 4/25/27 @ 100 (a)		2,000,000		1,981,740
Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 5/23/23 @ 100 (a)		1,280,000		1,268,970
Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a)		2,000,000		1,853,214
Trillium Credit Card Trust II, Series 2021-1A, Class A, 1.53%, 10/26/29 (a)		2,000,000		1,851,439
VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a)		1,000,000		938,979
Volvo Financial Equipment LLC, Series 20-1A, Class A3, 0.51%, 10/15/24, Callable 6/15/24 @ 100 (a)		1,538,808		1,507,451
Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35		1,392,863		1,227,343
Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a)		1,000,000		996,678

Security Description	Principal Amount		Value
Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.85%, 9/15/27, Callable 7/15/25 @ 100 (a)	$	1,071,000	$	1,069,168
Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 1/15/25 @ 100 (a)		1,000,000		947,497
Total Asset-Backed Securities (Cost $118,504,893)				112,991,089
Collateralized Mortgage Obligations (3.4%)
Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class A5, 3.40%, 2/15/55, Callable 1/15/32 @ 100 (a) (c)		2,000,000		1,838,421
Aventura Mall Trust, Series 2018-AVM, Class D, 4.25%, 7/5/40 (a) (c)		1,000,000		876,157
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.72% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a) (b)		500,000		461,627
BBCMS Mortgage Trust, Series 2020-BID, Class B, 3.86% (LIBOR01M+254bps), 10/15/37 (a) (b)		1,750,000		1,715,409
BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 5/15/32 @ 100 (c)		540,540		536,232
Benchmark Mortgage Trust, Series 2020-B17, Class ASB, 2.18%, 3/15/53, Callable 11/15/29 @ 100		1,000,000		898,739
BPR Trust, Series 2022-OANA, Class B, 3.73% (TSFR1M+245bps), 4/15/37 (a) (b)		2,000,000		1,983,951
BPR Trust, Series 2021-TY, Class A, 2.37% (LIBOR01M+105bps), 9/15/38 (a) (b)		865,000		828,498
BPR Trust, Series 2022-OANA, Class D, 4.97% (TSFR1M+370bps), 4/15/37 (a) (b)		1,000,000		963,475
BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 3.89% (TSFR1M+314bps), 6/15/27 (a) (b)		1,500,000		1,473,695
BX Commercial Mortgage Trust, Series 2019-XL, Class B, 2.40% (LIBOR01M+108bps), 10/15/36 (a) (b)		218,450		215,038
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 2.77% (LIBOR01M+145bps), 10/15/36 (a) (b)		1,015,750		995,388
BX Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41 (a)		923,077		827,643
BXP Trust, Series 2021-601L, Class C, 2.87%, 1/15/44 (a) (c)		1,500,000		1,114,256
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class AS, 3.79%, 9/15/50, Callable 9/15/27 @ 100 (c)		500,000		473,320
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/36 (a)		500,000		488,375
Citigroup Commercial Mortgage Trust, Series 2020-555, Class A, 2.65%, 12/10/41 (a)		2,000,000		1,751,038
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AAB, 2.61%, 2/15/53, Callable 11/15/29 @ 100		732,000		673,538
COMM Mortgage Trust, Series 2015-PC1, Class B, 4.44%, 7/10/50, Callable 6/10/25 @ 100 (c)		865,000		828,196
COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 5/10/25 @ 100 (c)		1,750,000		1,709,756
COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48, Callable 10/10/25 @ 100 (c)		250,000		242,223
COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a)		1,500,000		1,236,020

Security Description	Principal Amount		Value
COMM Mortgage Trust, Series 2014-277P, Class A, 3.73%, 8/10/49, Callable 8/10/24 @ 100 (a) (c)	$	1,000,000	$	970,354
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a)		250,000		233,703
Extended Stay America Trust, Series 2021-ESH, Class B, 2.71% (LIBOR01M+138bps), 7/15/38 (a) (b)		773,020		748,258
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a)		1,000,000		996,347
Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a)		1,000,000		950,346
Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 3.04%, 12/10/41 (a) (c)		535,000		477,992
Hudson Yards Mortgage Trust, Series 2019-30HY, Class D, 3.56%, 7/10/39 (a) (c)		595,000		511,314
ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.38%, 3/15/32 (a)		2,000,000		1,759,498
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class B, 2.15%, 1/5/40 (a) (c)		1,000,000		844,724
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 2/15/23 @ 100 (c)		2,300,000		2,281,261
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a)		750,000		662,495
MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 2.12% (LIBOR01M+80bps), 4/15/38 (a) (b)		2,290,000		2,214,482
Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.90%, 11/9/43, Callable 5/9/31 @ 100 (a)		1,000,000		812,886
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a) (d)		800,000		680,897
SMRT, Series 2022-MINI, Class B, 2.63% (TSFR1M+135bps), 1/15/39 (a) (b)		1,500,000		1,437,380
SREIT Trust, Series 2021-MFP2, Class B, 2.50% (LIBOR01M+117bps), 11/15/36 (a) (b)		1,500,000		1,425,198
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (a)		1,000,000		822,489
Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.19%, 8/17/36 (a) (c)		250,000		242,274
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c)		1,939,500		1,921,897
Total Collateralized Mortgage Obligations (Cost $45,914,769)				42,124,790
Corporate Bonds (34.4%)
Communication Services (1.8%):
AT&T, Inc. 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,000,000		985,500
3.10%, 2/1/43, Callable 8/1/42 @ 100 (e)		2,000,000		1,488,160
CenturyLink, Inc., 4.50%, 1/15/29, Callable 1/15/24 @ 102.25 (a)		1,000,000		746,220
Charter Communications Operating LLC/Charter Communications Operating Capital 3.75%, 2/15/28, Callable 11/15/27 @ 100		500,000		460,330
2.25%, 1/15/29, Callable 11/15/28 @ 100		2,000,000		1,645,920
2.30%, 2/1/32, Callable 11/1/31 @ 100 (d)		2,500,000		1,894,200
4.40%, 4/1/33, Callable 1/1/33 @ 100		750,000		671,887

Security Description	Principal Amount		Value
Comcast Corp. 3.55%, 5/1/28, Callable 2/1/28 @ 100	$	750,000	$	727,448
2.89%, 11/1/51, Callable 5/1/51 @ 100 (a)		1,250,000		893,925
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,000,000		981,910
Netflix, Inc., 4.88%, 6/15/30, Callable 3/15/30 @ 100 (a) (e)		469,000		430,420
T-Mobile USA, Inc. 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		643,000		619,807
3.88%, 4/15/30, Callable 1/15/30 @ 100		1,000,000		933,630
2.25%, 11/15/31, Callable 8/15/31 @ 100		4,500,000		3,654,855
Verizon Communications, Inc. 2.10%, 3/22/28, Callable 1/22/28 @ 100		1,500,000		1,332,300
1.75%, 1/20/31, Callable 10/20/30 @ 100		4,000,000		3,212,520
ViacomCBS, Inc., 3.38%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		918,930
				21,597,962
Consumer Discretionary (2.8%):
Advance Auto Parts, Inc., 3.50%, 3/15/32, Callable 12/15/31 @ 100		2,000,000		1,716,080
AutoNation, Inc., 2.40%, 8/1/31, Callable 5/1/31 @ 100		3,000,000		2,305,200
AutoZone, Inc., 3.75%, 6/1/27, Callable 3/1/27 @ 100		500,000		485,140
Brunswick Corp., 2.40%, 8/18/31, Callable 5/18/31 @ 100		1,500,000		1,110,870
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100 (d)		500,000		504,100
Daimler Finance North America LLC 3.70%, 5/4/23 (a)		1,000,000		999,700
3.45%, 1/6/27 (a)		1,000,000		965,140
Daimler Trucks Finance North America LLC, 2.38%, 12/14/28 (a)		1,050,000		904,292
General Motors Financial Co., Inc., 4.30%, 4/6/29, Callable 2/6/29 @ 100		1,500,000		1,382,055
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a)		1,000,000		898,540
Genuine Parts Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100		1,000,000		828,080
GSK Consumer Healthcare Capital US LLC, 3.38%, 3/24/29, Callable 1/24/29 @ 100 (a)		1,500,000		1,402,185
Hasbro, Inc., 3.90%, 11/19/29, Callable 8/19/29 @ 100 (d)		2,000,000		1,836,520
Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100 (e)		1,500,000		1,298,325
Magallanes, Inc. 4.05%, 3/15/29, Callable 1/15/29 @ 100 (a)		2,000,000		1,833,540
4.28%, 3/15/32, Callable 12/15/31 @ 100 (a)		1,000,000		893,390
Marriott International, Inc. 2.85%, 4/15/31, Callable 1/15/31 @ 100 (d)		2,000,000		1,659,100
3.50%, 10/15/32, Callable 7/15/32 @ 100 (d)		1,000,000		862,070
Murphy Oil USA, Inc. 4.75%, 9/15/29, Callable 9/15/24 @ 102.38		1,000,000		903,070
3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) (d)		235,000		200,392
Newell Brands, Inc., 4.45%, 4/1/26, Callable 1/1/26 @ 100		500,000		476,035
Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 (e)		750,000		569,527
Novant Health, Inc., 2.64%, 11/1/36, Callable 8/1/36 @ 100		2,000,000		1,608,980
O'Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100		500,000		482,390
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (a)		1,300,000		1,045,395
Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100 (a)		2,000,000		1,680,240
Stellantis Finance U.S., Inc., 2.69%, 9/15/31, Callable 6/15/31 @ 100 (a)		1,200,000		952,536
The Home Depot, Inc., 2.38%, 3/15/51, Callable 9/15/50 @ 100		1,400,000		945,784

Security Description	Principal Amount		Value
Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100	$	1,000,000	$	785,220
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		2,000,000		1,750,020
Volkswagen Group of America Finance LLC, 4.60%, 6/8/29, Callable 4/8/29 @ 100 (a)		1,500,000		1,460,565
				34,744,481
Consumer Staples (2.1%):
7-Eleven, Inc., 1.80%, 2/10/31, Callable 11/10/30 @ 100 (a)		1,500,000		1,171,410
Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100 (d)		1,500,000		1,129,650
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26, Callable 11/1/25 @ 100		1,000,000		984,830
Anheuser-Busch InBev Worldwide, Inc. 3.50%, 6/1/30, Callable 3/1/30 @ 100		1,500,000		1,405,620
4.38%, 4/15/38, Callable 10/15/37 @ 100		500,000		457,415
5.45%, 1/23/39, Callable 7/23/38 @ 100		500,000		507,840
4.35%, 6/1/40, Callable 12/1/39 @ 100		1,000,000		895,740
3.75%, 7/15/42 (d)		750,000		610,957
BAT Capital Corp. 2.73%, 3/25/31, Callable 12/25/30 @ 100 (d)		1,000,000		787,650
4.39%, 8/15/37, Callable 2/15/37 @ 100		1,250,000		993,400
Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100		2,000,000		1,649,660
Cargill, Inc., 2.13%, 11/10/31, Callable 8/10/31 @ 100 (a)		1,000,000		833,610
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100		1,000,000		843,700
Constellation Brands, Inc. 3.50%, 5/9/27, Callable 2/9/27 @ 100		750,000		720,398
2.25%, 8/1/31, Callable 5/1/31 @ 100		1,769,000		1,433,951
General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100		1,000,000		943,020
JBS Finance Luxembourg Sarl, 2.50%, 1/15/27, Callable 12/15/26 @ 100 (a)		1,500,000		1,304,400
Keurig Dr Pepper, Inc. 3.95%, 4/15/29, Callable 2/15/29 @ 100		750,000		716,063
2.25%, 3/15/31, Callable 12/15/30 @ 100		1,000,000		821,940
4.50%, 4/15/52, Callable 10/15/51 @ 100		1,000,000		880,690
Kraft Heinz Foods Co., 5.00%, 6/4/42		1,000,000		914,730
Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100 (a)		1,000,000		899,510
McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100		1,000,000		794,610
PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100		1,000,000		920,980
Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100		1,500,000		1,246,875
The Coca-Cola Co., 2.00%, 3/5/31		2,000,000		1,721,980
The Kroger Co., 3.50%, 2/1/26, Callable 11/1/25 @ 100		500,000		492,335
				26,082,964
Energy (2.1%):
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/26, Callable 11/15/26 @ 100		1,312,000		1,205,676
Boardwalk Pipelines LP 4.45%, 7/15/27, Callable 4/15/27 @ 100		1,500,000		1,454,310
4.80%, 5/3/29, Callable 2/3/29 @ 100 (d)		500,000		485,275
Boardwalk Pipelines, LP, 3.60%, 9/1/32, Callable 6/1/32 @ 100		1,000,000		848,180
Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100		1,000,000		850,080
Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100 (a)		1,091,000		933,492

Security Description	Principal Amount		Value
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100 (a)	$	1,333,000	$	1,035,301
Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		911,940
Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 (d)		1,000,000		900,450
Enterprise Products Operating LLC, 2.80%, 1/31/30, Callable 10/31/29 @ 100		1,000,000		876,330
EQT Corp., 7.50%, 2/1/30, Callable 11/1/29 @ 100		514,000		552,699
Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100		1,500,000		1,348,110
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a)		1,500,000		1,268,535
Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100 (a)		1,334,000		1,234,417
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13 (a)		1,000,000		929,990
HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100		2,000,000		1,819,320
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (a) (d)		2,500,000		2,360,175
MPLX LP 4.25%, 12/1/27, Callable 9/1/27 @ 100		500,000		481,675
4.00%, 3/15/28, Callable 12/15/27 @ 100		750,000		711,300
4.80%, 2/15/29, Callable 11/15/28 @ 100 (d)		250,000		246,138
Murphy Oil Corp. 6.88%, 8/15/24, Callable 8/8/22 @ 101.72		410,000		410,135
5.75%, 8/15/25, Callable 8/8/22 @ 102.88		500,000		495,425
Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		500,000		400,275
Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 (d)		1,500,000		1,224,825
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100		2,280,000		2,011,826
Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100 (a)		1,000,000		855,280
Southwestern Energy Co., 7.75%, 10/1/27, Callable 10/1/22 @ 103.88		500,000		512,015
				26,363,174
Financials (8.7%):
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 (d)		1,500,000		1,403,685
American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100 (b)		1,500,000		1,499,355
American Honda Finance Corp., 1.30%, 9/9/26		1,000,000		902,720
American National Group, Inc., 6.14%, 6/13/32, Callable 3/13/32 @ 100 (a)		750,000		744,405
AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100 (a)		1,000,000		834,910
Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100		1,000,000		780,520
Athene Global Funding 1.45%, 1/8/26 (a)		1,000,000		891,620
2.72%, 1/7/29 (a)		1,000,000		851,950
Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100 (d)		1,000,000		846,290
AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100		1,000,000		966,030
Bank of America Corp. 1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (b)		500,000		465,285
1.66% (SOFR+91bps), 3/11/27, Callable 3/11/26 @ 100 (b)		1,500,000		1,348,455
3.71% (LIBOR03M+151bps), 4/24/28, Callable 4/24/27 @ 100 (b)		1,000,000		952,620
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b) (d)		2,750,000		2,269,135
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		1,000,000		801,290

Security Description	Principal Amount		Value
Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100 (a)	$	1,290,000	$	1,075,899
Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100 (a) (d)		1,000,000		768,970
BMW US Capital LLC 1.25%, 8/12/26, Callable 7/12/26 @ 100 (a)		1,000,000		895,340
3.75%, 4/12/28, Callable 1/12/28 @ 100 (a)		1,000,000		976,670
3.70%, 4/1/32, Callable 1/1/32 @ 100 (a)		1,500,000		1,410,615
Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100		1,000,000		910,390
Cadence Bank, 4.13% (LIBOR03M+247bps), 11/20/29, Callable 11/20/24 @ 100 (b)		625,000		613,975
Capital One Financial Corp. 3.75%, 7/28/26, Callable 6/28/26 @ 100		1,000,000		956,790
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (b) (d)		1,000,000		761,360
Citigroup, Inc., 2.52% (SOFR+118bps), 11/3/32, Callable 11/3/31 @ 100 (b)		2,000,000		1,621,520
Citizens Financial Group, Inc. 2.50%, 2/6/30, Callable 11/6/29 @ 100		2,000,000		1,681,640
5.64% (H15T5Y+275bps), 5/21/37, Callable 5/21/32 @ 100 (b)		1,000,000		983,270
Compeer Financial FLCA/Compeer Financial PCA, 3.38% (SOFR+197bps), 6/1/36, Callable 6/1/31 @ 100 (a) (b)		978,000		806,889
Corebridge Financial, Inc., 3.85%, 4/5/29, Callable 2/5/29 @ 100 (a)		750,000		692,048
Credit Acceptance Corp., 6.63%, 3/15/26, Callable 7/18/22 @ 103.31		500,000		469,600
F&G Global Funding, 2.00%, 9/20/28 (a)		2,000,000		1,691,000
Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100 (a)		1,750,000		1,613,518
Fifth Third Bancorp 3.95%, 3/14/28, Callable 2/14/28 @ 100		500,000		485,820
4.34% (SOFR+268bps), 4/25/33, Callable 4/25/32 @ 100 (b)		1,739,000		1,654,328
First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100		2,275,000		1,741,786
First Citizens BancShares, Inc., 3.38% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b)		1,000,000		951,980
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		2,000,000		2,041,600
Ford Motor Credit Co. LLC 4.54%, 8/1/26, Callable 6/1/26 @ 100		1,000,000		914,300
5.11%, 5/3/29, Callable 2/3/29 @ 100		500,000		448,040
FS KKR Capital Corp., 4.63%, 7/15/24, Callable 6/15/24 @ 100		1,000,000		981,920
GA Global Funding Trust 1.63%, 1/15/26 (a)		250,000		225,132
1.95%, 9/15/28 (a)		1,000,000		849,010
Glencore Funding LLC 2.50%, 9/1/30, Callable 6/1/30 @ 100 (a)		500,000		407,565
2.85%, 4/27/31, Callable 1/27/31 @ 100 (a)		1,000,000		825,480
Global Atlantic Fin Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a)		1,714,000		1,563,682
Guardian Life Global Funding, 1.25%, 5/13/26 (a)		2,000,000		1,804,520
Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100 (a)		1,000,000		775,450
Hyundai Capital America 3.40%, 6/20/24 (a)		500,000		491,905
3.50%, 11/2/26, Callable 9/2/26 @ 100 (a)		500,000		474,990
ILFC E-Capital Trust I, 4.85%, 12/21/65, Callable 8/8/22 @ 100 (a)		500,000		370,920
JPMorgan Chase & Co. 2.52% (SOFR+204bps), 4/22/31, Callable 4/22/30 @ 100 (b)		2,500,000		2,131,150
1.95% (SOFR+107bps), 2/4/32, Callable 2/4/31 @ 100 (b)		3,333,000		2,662,267

Security Description	Principal Amount		Value
JPMorgan Chase Co., 2.95% (SOFR+117bps), 2/24/28, Callable 2/24/27 @ 100 (b)	$	500,000	$	463,265
KeyBank NA, 3.90%, 4/13/29		1,500,000		1,413,960
KeyCorp, 2.25%, 4/6/27, MTN		500,000		449,625
KeyCorp., 4.79% (SOFR+273bps), 6/1/33, Callable 6/1/32 @ 100, MTN(b)		757,000		746,296
Level 3 Financing, Inc. 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a)		1,500,000		1,161,570
3.88%, 11/15/29, Callable 8/15/29 @ 100 (a)		1,500,000		1,250,940
Lincoln National Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100		500,000		478,380
Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100		2,000,000		1,819,100
Main Street Capital Corp. 4.50%, 12/1/22		500,000		501,130
3.00%, 7/14/26, Callable 6/14/26 @ 100		1,000,000		874,560
MassMutual Global Funding II, 1.20%, 7/16/26 (a)		1,500,000		1,346,460
Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100		1,000,000		978,950
Metropolitan Life Global Funding I 3.30%, 3/21/29 (a)		1,000,000		935,880
2.40%, 1/11/32 (a)		2,000,000		1,683,100
Morgan Stanley 2.51% (SOFR+120bps), 10/20/32, Callable 10/20/31 @ 100, MTN (b)		3,000,000		2,484,120
2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) (d)		1,250,000		961,162
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		1,250,000		1,262,775
New York Life Global Funding, 1.85%, 8/1/31 (a)		1,500,000		1,218,360
OWL Rock Core Income Corp. 5.50%, 3/21/25 (a)		500,000		479,790
3.13%, 9/23/26, Callable 8/23/26 @ 100 (a)		250,000		215,647
4.70%, 2/8/27, Callable 1/8/27 @ 100 (a)		1,125,000		1,029,330
Pacific Life Global Funding II, 1.38%, 4/14/26 (a)		2,000,000		1,806,220
Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100 (a)		500,000		482,440
Primerica, Inc., 2.80%, 11/19/31, Callable 8/19/31 @ 100		1,500,000		1,261,725
Principal Life Global Funding II, 1.25%, 8/16/26 (a)		2,000,000		1,768,180
Protective Life Global Funding, 1.90%, 7/6/28 (a)		2,000,000		1,727,540
Prudential Financial, Inc., 3.94%, 12/7/49, Callable 6/7/49 @ 100		1,000,000		861,570
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 (d)		4,000,000		3,401,640
Santander Holdings USA, Inc. 3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		249,612
4.40%, 7/13/27, Callable 4/14/27 @ 100		750,000		722,047
Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100		2,250,000		1,865,812
Synchrony Financial 4.50%, 7/23/25, Callable 4/23/25 @ 100		500,000		485,855
5.15%, 3/19/29, Callable 12/19/28 @ 100		500,000		468,255
Synovus Bank/Columbus GA, 4.00% (H15T5Y+363bps), 10/29/30, Callable 10/29/25 @ 100 (b)		500,000		484,345
Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (b)		500,000		483,235
TCF National Bank, 4.13% (LIBOR03M+238bps), 7/2/29, Callable 7/2/24 @ 100 (b)		1,000,000		989,800

Security Description	Principal Amount		Value
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (b)	$	1,000,000	$	914,820
Texas Capital Bank NA, 5.25%, 1/31/26		250,000		249,943
The Bank of New York Mellon Corp. 3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b) (f)		1,000,000		821,550
3.99% (SOFR+284bps), 6/13/28, Callable 6/13/27 @ 100, MTN (b)		1,000,000		989,430
The PNC Financial Services Group, Inc. 2.55%, 1/22/30, Callable 10/24/29 @ 100		1,500,000		1,304,670
4.63% (SOFR+278bps), 6/6/33, Callable 6/6/32 @ 100 (b)		500,000		483,430
Torchmark Corp., 4.55%, 9/15/28, Callable 6/15/28 @ 100		500,000		492,260
Truist Bank, 2.25%, 3/11/30, Callable 12/11/29 @ 100		1,050,000		879,281
Truist Financial Corp., 4.25%, 9/30/24		750,000		750,465
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b)		375,000		354,458
US BanCorp, 2.49% (H15T5Y+95bps), 11/3/36, Callable 11/3/31 @ 100 (b)		1,500,000		1,224,600
W R Berkley Corp., 3.55%, 3/30/52, Callable 9/30/51 @ 100		1,172,000		902,499
Webster Financial Corp. 4.38%, 2/15/24, Callable 1/16/24 @ 100		1,000,000		988,330
4.10%, 3/25/29, Callable 12/25/28 @ 100		500,000		473,675
Wells Fargo & Co. 2.19% (SOFR+200bps), 4/30/26, Callable 4/30/25 @ 100 (b)		750,000		703,095
3.00%, 10/23/26		1,000,000		944,200
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		1,000,000		873,050
				107,452,041
Health Care (3.3%):
AbbVie, Inc. 3.20%, 11/21/29, Callable 8/21/29 @ 100 (d)		2,000,000		1,838,860
4.25%, 11/21/49, Callable 5/21/49 @ 100 (d)		500,000		443,185
Amgen, Inc. 3.00%, 1/15/52, Callable 7/15/51 @ 100		1,250,000		889,288
4.20%, 2/22/52, Callable 8/22/51 @ 100		1,250,000		1,096,700
Anthem, Inc. 2.88%, 9/15/29, Callable 6/15/29 @ 100		323,000		291,107
2.55%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		1,728,400
Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 (a) (d)		1,750,000		1,476,072
Bio Rad Laboratories, Inc., 3.30%, 3/15/27, Callable 2/15/27 @ 100		1,250,000		1,181,262
Biogen, Inc., 2.25%, 5/1/30, Callable 2/1/30 @ 100		1,750,000		1,434,930
Boston Medical Center Corp., 3.91%, 7/1/28		500,000		472,535
Bristol Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100		500,000		500,850
Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100		1,500,000		1,197,510
Cigna Corp., 2.38%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		1,689,040
CVS Health Corp. 3.25%, 8/15/29, Callable 5/15/29 @ 100 (d)		500,000		456,650
1.75%, 8/21/30, Callable 5/21/30 @ 100		1,000,000		802,570
2.13%, 9/15/31, Callable 6/15/31 @ 100		2,000,000		1,619,880
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		4,000,000		3,378,240
Duke University Health System, Inc., 2.60%, 6/1/30		2,000,000		1,738,160
Eastern Maine Healthcare Systems, 3.71%, 7/1/26		335,000		318,676
Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100 (a)		2,500,000		1,953,250

Security Description	Principal Amount		Value
Gilead Sciences, Inc., 1.20%, 10/1/27, Callable 8/1/27 @ 100	$	1,000,000	$	861,250
HCA, Inc. 4.50%, 2/15/27, Callable 8/15/26 @ 100		1,250,000		1,202,813
4.38%, 3/15/42, Callable 9/15/41 @ 100 (a)		750,000		595,193
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100		2,000,000		1,625,640
Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		1,000,000		942,840
Orlando Health Obligated Group 3.78%, 10/1/28, Callable 7/1/28 @ 100		500,000		478,045
2.89%, 10/1/35		1,000,000		836,250
PerkinElmer, Inc. 2.55%, 3/15/31, Callable 12/15/30 @ 100		1,500,000		1,221,615
2.25%, 9/15/31, Callable 6/15/31 @ 100		500,000		395,365
Quest Diagnostics, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100		1,250,000		1,217,887
Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100 (a)		1,500,000		1,329,750
Royalty Pharma PLC 2.20%, 9/2/30, Callable 6/2/30 @ 100		2,000,000		1,614,080
2.15%, 9/2/31, Callable 6/2/31 @ 100		1,500,000		1,171,095
Southern Illinois Healthcare Enterprises, Inc., 3.97%, 5/15/50, Callable 11/15/49 @ 100		1,000,000		830,520
Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 (a)		1,000,000		774,210
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100		1,000,000		855,460
				40,459,178
Industrials (3.8%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100		2,250,000		1,782,968
Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100		1,000,000		780,250
American Airlines Pass Through Trust 3.70%, 10/1/26		300,146		251,387
3.85%, 2/15/28		405,241		342,197
3.60%, 10/15/29		391,755		327,088
Arconic, Inc., 5.90%, 2/1/27		250,000		247,752
Ashtead Capital, Inc. 4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a)		1,448,000		1,275,746
2.45%, 8/12/31, Callable 5/12/31 @ 100 (a)		667,000		510,235
British Airways Pass Through Trust 3.35%, 6/15/29 (a)		391,846		342,179
3.80%, 9/20/31 (a)		568,235		529,720
Builders FirstSource, Inc., 6.38%, 6/15/32, Callable 6/15/27 @ 103.19 (a)		500,000		448,195
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		1,000,000		840,010
Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100		2,250,000		1,767,127
CNH Industrial Capital LLC, 1.88%, 1/15/26, Callable 12/15/25 @ 100		1,000,000		907,490
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		2,091,000		1,757,632
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (a)		1,250,000		1,179,800
FedEx Corp., 3.90%, 2/1/35		1,250,000		1,116,012
Fluor Corp., 4.25%, 9/15/28, Callable 6/15/28 @ 100 (e)		1,000,000		874,050
Fortune Brands Home & Security, Inc., 4.00%, 3/25/32, Callable 12/25/31 @ 100		1,250,000		1,106,775
GXO Logistics, Inc., 2.65%, 7/15/31 (a)		2,000,000		1,555,000
Hawaiian Airlines Pass Through Certificates, 3.90%, 1/15/26		98,086		82,328

Security Description	Principal Amount		Value
Hillenbrand, Inc. 5.00%, 9/15/26, Callable 7/15/26 @ 100 (d)	$	1,000,000	$	945,750
3.75%, 3/1/31, Callable 3/1/26 @ 101.88		350,000		284,900
Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100		1,500,000		1,242,255
Hubbell, Inc. 3.50%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		959,330
2.30%, 3/15/31, Callable 12/15/30 @ 100		1,500,000		1,258,170
Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100 (a)		1,500,000		1,276,920
IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100		500,000		434,905
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 8/21/28, Callable 5/21/28 @ 100		500,000		472,455
JetBlue Pass Through Trust, 2.95%, 5/15/28		217,225		181,100
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100		1,058,000		1,030,545
Leidos, Inc., 2.30%, 2/15/31, Callable 11/15/30 @ 100		1,500,000		1,187,220
Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		500,000		475,010
Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100		1,000,000		775,390
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.45%, 1/29/26, Callable 11/29/25 @ 100 (a)		1,000,000		990,590
1.70%, 6/15/26, Callable 5/15/26 @ 100 (a)		1,000,000		889,590
Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 (g)		2,000,000		2,001,240
Quanta Services, Inc. 2.90%, 10/1/30, Callable 7/1/30 @ 100		1,500,000		1,235,100
2.35%, 1/15/32, Callable 10/15/31 @ 100		250,000		192,655
Ryder System, Inc. 3.40%, 3/1/23, Callable 2/1/23 @ 100, MTN		1,000,000		997,080
2.85%, 3/1/27, Callable 2/1/27 @ 100, MTN		2,000,000		1,855,480
Southwest Airlines Co., 5.13%, 6/15/27, Callable 4/15/27 @ 100		800,000		807,088
Teledyne Technologies, Inc., 2.75%, 4/1/31, Callable 1/1/31 @ 100		2,000,000		1,672,580
The Boeing Co. 2.20%, 2/4/26, Callable 2/4/23 @ 100 (d)		1,333,000		1,202,993
3.25%, 2/1/28, Callable 12/1/27 @ 100		1,500,000		1,345,290
3.63%, 2/1/31, Callable 11/1/30 @ 100 (d)		2,750,000		2,380,070
5.71%, 5/1/40, Callable 11/1/39 @ 100		1,000,000		934,240
The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100		1,200,000		1,087,236
Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100		1,000,000		786,010
United Airlines Pass Through Trust 4.88%, 1/15/26		284,690		269,411
3.70%, 3/1/30		416,948		352,876
				47,547,420
Information Technology (2.7%):
Amphenol Corp. 4.35%, 6/1/29, Callable 3/1/29 @ 100		500,000		490,685
2.20%, 9/15/31, Callable 6/15/31 @ 100		1,125,000		920,340
Broadcom, Inc. 4.00%, 4/15/29, Callable 2/15/29 @ 100 (a)		500,000		464,210
2.45%, 2/15/31, Callable 11/15/30 @ 100 (a)		2,500,000		2,010,125
3.42%, 4/15/33, Callable 1/15/33 @ 100 (a)		2,000,000		1,653,340
4.93%, 5/15/37, Callable 2/15/37 @ 100 (a)		500,000		449,095

Security Description	Principal Amount		Value
Dell International LLC/EMC Corp., 3.38%, 12/15/41, Callable 6/15/41 @ 100 (a)	$	500,000	$	357,270
Dell, Inc., 5.40%, 9/10/40 (d)		2,000,000		1,754,520
Global Payments, Inc., 2.90%, 11/15/31, Callable 8/15/31 @ 100		1,500,000		1,227,720
HP, Inc. 4.00%, 4/15/29, Callable 2/15/29 @ 100		1,500,000		1,403,910
2.65%, 6/17/31, Callable 3/17/31 @ 100 (a)		1,500,000		1,203,870
Jabil, Inc. 4.25%, 5/15/27, Callable 4/15/27 @ 100		1,000,000		970,360
3.00%, 1/15/31, Callable 10/15/30 @ 100		1,474,000		1,231,586
Marvell Technology, Inc., 2.45%, 4/15/28, Callable 2/15/28 @ 100		1,050,000		916,062
Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100		2,250,000		1,796,737
Microsoft Corp. 3.45%, 8/8/36, Callable 2/8/36 @ 100		2,000,000		1,888,600
2.53%, 6/1/50, Callable 12/1/49 @ 100		750,000		552,158
Motorola Solutions, Inc. 2.75%, 5/24/31, Callable 2/24/31 @ 100		1,000,000		809,640
5.60%, 6/1/32, Callable 3/1/32 @ 100		1,000,000		1,008,120
Oracle Corp. 2.95%, 4/1/30, Callable 1/1/30 @ 100		1,000,000		853,600
2.88%, 3/25/31, Callable 12/25/30 @ 100		750,000		617,955
3.60%, 4/1/50, Callable 10/1/49 @ 100		1,000,000		697,920
Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69 (a)		3,909,000		3,090,807
Skyworks Solutions, Inc., 3.00%, 6/1/31, Callable 3/1/31 @ 100		1,200,000		977,748
TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100		3,400,000		2,922,504
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100		1,500,000		1,149,135
Workday, Inc., 3.70%, 4/1/29, Callable 2/1/29 @ 100		1,500,000		1,405,920
				32,823,937
Materials (2.2%):
Albemarle Corp., 4.65%, 6/1/27, Callable 5/1/27 @ 100		1,500,000		1,476,645
AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100		1,352,000		1,200,373
Avery Dennison Corp. 2.65%, 4/30/30, Callable 2/1/30 @ 100		800,000		668,344
2.25%, 2/15/32, Callable 11/15/31 @ 100		1,500,000		1,179,450
Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		1,500,000		1,211,895
Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100 (a)		1,500,000		1,460,685
Berry Global, Inc., 4.88%, 7/15/26, Callable 8/8/22 @ 102.44 (a) (d)		1,000,000		954,940
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		1,000,000		908,910
Commercial Metals Co. 3.88%, 2/15/31, Callable 2/15/26 @ 101.94		1,000,000		802,350
4.38%, 3/15/32, Callable 3/15/27 @ 102.19		500,000		412,075
Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 (d)		1,500,000		1,183,485
Ecolab, Inc. 1.65%, 2/1/27, Callable 1/1/27 @ 100		700,000		640,199
2.70%, 12/15/51, Callable 6/15/51 @ 100		1,250,000		893,050
Freeport-McMoRan, Inc., 4.38%, 8/1/28, Callable 8/1/23 @ 102.19		2,000,000		1,877,740
LYB International Finance III LLC 2.25%, 10/1/30, Callable 7/1/30 @ 100 (e)		500,000		412,285
3.38%, 10/1/40, Callable 4/1/40 @ 100		500,000		383,060

Security Description	Principal Amount		Value
Martin Marietta Materials, Inc. 3.50%, 12/15/27, Callable 9/15/27 @ 100	$	625,000	$	590,606
2.40%, 7/15/31, Callable 4/15/31 @ 100		1,000,000		816,920
NewMarket Corp., 2.70%, 3/18/31, Callable 12/18/30 @ 100		1,250,000		1,029,538
Nucor Corp., 4.30%, 5/23/27, Callable 4/23/27 @ 100		2,000,000		1,992,240
Packaging Corp. of America 3.40%, 12/15/27, Callable 9/15/27 @ 100		500,000		480,680
3.05%, 10/1/51, Callable 4/1/51 @ 100		1,875,000		1,326,656
Reliance Steel & Aluminum Co. 4.50%, 4/15/23, Callable 1/15/23 @ 100		500,000		501,455
2.15%, 8/15/30, Callable 5/15/30 @ 100		1,000,000		809,860
The Mosaic Co., 4.05%, 11/15/27, Callable 8/15/27 @ 100		1,000,000		977,680
Vulcan Materials Co. 3.90%, 4/1/27, Callable 1/1/27 @ 100		500,000		491,940
3.50%, 6/1/30, Callable 3/1/30 @ 100		1,000,000		901,240
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (d)		1,500,000		1,263,795
				26,848,096
Real Estate (1.8%):
Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100		2,750,000		2,172,033
AvalonBay Communities, Inc. 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN		750,000		707,565
2.45%, 1/15/31, Callable 10/17/30 @ 100, MTN		1,000,000		863,480
Boston Properties LP, 2.55%, 4/1/32, Callable 1/1/32 @ 100 (d)		2,250,000		1,784,452
CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		500,000		403,125
Crown Castle International Corp. 2.90%, 3/15/27, Callable 2/15/27 @ 100		500,000		462,650
2.25%, 1/15/31, Callable 10/15/30 @ 100		1,500,000		1,217,325
2.90%, 4/1/41, Callable 10/1/40 @ 100		1,750,000		1,267,263
Essex Portfolio LP 1.70%, 3/1/28, Callable 1/1/28 @ 100		1,500,000		1,287,165
2.65%, 3/15/32, Callable 12/15/31 @ 100		1,500,000		1,241,130
GLP Capital LP/GLP Financing II, Inc. 4.00%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		866,900
3.25%, 1/15/32, Callable 10/15/31 @ 100		933,000		749,143
Host Hotels & Resorts LP 3.38%, 12/15/29, Callable 9/15/29 @ 100		500,000		422,260
3.50%, 9/15/30, Callable 6/15/30 @ 100		1,017,000		867,704
Hudson Pacific Properties LP 3.95%, 11/1/27, Callable 8/1/27 @ 100		500,000		476,395
4.65%, 4/1/29, Callable 1/1/29 @ 100		500,000		481,705
3.25%, 1/15/30, Callable 10/15/29 @ 100		1,500,000		1,304,580
Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100		2,000,000		1,551,120
Physicians Realty LP 4.30%, 3/15/27, Callable 12/15/26 @ 100		750,000		734,970
2.63%, 11/1/31, Callable 8/1/31 @ 100		1,000,000		806,640
VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100		2,000,000		1,887,000
Vornado Realty LP, 3.50%, 1/15/25, Callable 11/15/24 @ 100		500,000		484,125
				22,038,730

Security Description	Principal Amount		Value
Utilities (3.1%):
AEP Texas, Inc., 3.45%, 1/15/50, Callable 7/15/49 @ 100	$	1,500,000	$	1,156,440
Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100		2,000,000		1,499,480
Ameren Corp. 1.75%, 3/15/28, Callable 1/15/28 @ 100		1,400,000		1,206,170
3.50%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		916,380
American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100		1,000,000		939,620
Appalachian Power Co., 2.70%, 4/1/31, Callable 1/1/31 @ 100		1,500,000		1,291,695
CenterPoint Energy, Inc., 2.65%, 6/1/31, Callable 3/1/31 @ 100		1,500,000		1,279,215
Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		892,480
Dominion Energy, Inc., 2.25%, 8/15/31, Callable 5/15/31 @ 100		1,500,000		1,235,085
DTE Electric Co. 2.25%, 3/1/30, Callable 12/1/29 @ 100		1,000,000		875,390
3.00%, 3/1/32, Callable 12/1/31 @ 100		1,000,000		904,690
3.65%, 3/1/52, Callable 9/1/51 @ 100 (e)		500,000		432,530
Duke Energy Carolinas LLC, 2.85%, 3/15/32, Callable 12/15/31 @ 100		750,000		665,422
Duke Energy Corp., 2.55%, 6/15/31, Callable 3/15/31 @ 100		2,500,000		2,078,475
Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100 (a)		1,200,000		986,256
Entergy Corp., 1.90%, 6/15/28, Callable 4/15/28 @ 100		2,000,000		1,716,840
Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		1,000,000		950,270
Florida Power & Light Co., 2.88%, 12/4/51, Callable 6/4/51 @ 100		1,000,000		750,000
IPALCO Enterprises, Inc., 4.25%, 5/1/30, Callable 2/1/30 @ 100		1,525,000		1,416,420
ITC Holdings Corp., 2.95%, 5/14/30, Callable 2/14/30 @ 100 (a)		500,000		440,640
National Fuel Gas Co., 4.75%, 9/1/28, Callable 6/1/28 @ 100		1,000,000		974,430
NextEra Energy Capital Holdings, Inc. 1.51% (SOFR+40bps), 11/3/23, Callable 8/8/22 @ 100 (b)		1,500,000		1,481,220
2.44%, 1/15/32, Callable 10/15/31 @ 100		2,000,000		1,665,640
NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100 (a) (d)		1,000,000		894,700
Oglethorpe Power Corp., 4.50%, 4/1/47, Callable 10/1/46 @ 100 (a)		938,000		804,748
Oncor Electric Delivery Co. LLC, 2.70%, 11/15/51, Callable 5/15/51 @ 100 (a)		1,500,000		1,085,670
Public Service Co. of Colorado, 1.88%, 6/15/31, Callable 12/15/30 @ 100		2,000,000		1,670,380
Public Service Electric & Gas Co., 1.90%, 8/15/31, Callable 5/15/31 @ 100, MTN		2,000,000		1,666,080
Rayburn Country Securitization LLC, 2.31%, 12/1/30 (a)		1,000,000		927,420
South Jersey Industries, Inc., 5.02%, 4/15/31		1,000,000		870,450
Southern Co. Gas Capital Corp., 1.75%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		788,700
Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100		750,000		553,380
The AES Corp., 2.45%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		804,360
The Cleveland Electric Illuminating Co., 4.55%, 11/15/30, Callable 8/15/30 @ 100 (a)		500,000		493,505
The Southern Co., 5.11%, 8/1/27		600,000		605,886
Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100 (a)		500,000		448,630
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100		1,250,000		907,550
Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100		500,000		414,095
				38,690,342
Total Corporate Bonds (Cost $488,371,705)				424,648,325

Security Description	Principal Amount		Value
Yankee Dollars (8.1%)
Communication Services (0.4%):
British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100 (a)	$	1,000,000	$	887,780
Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100 (a)		4,000,000		3,663,280
				4,551,060
Consumer Discretionary (0.3%):
Ascot Group Ltd., 4.25%, 12/15/30, Callable 12/15/25 @ 100 (a)		1,000,000		881,550
GENM Capital Labuan Ltd., 3.88%, 4/19/31, Callable 1/19/31 @ 100 (a)		1,500,000		1,201,440
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (a)		1,000,000		905,640
Nemak SAB de CV, 3.63%, 6/28/31, Callable 3/28/31 @ 100 (a)		1,269,000		881,067
				3,869,697
Consumer Staples (0.7%):
Alimentation Couche-Tard, Inc. 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a)		667,000		574,414
3.44%, 5/13/41, Callable 11/13/40 @ 100 (a)		750,000		559,935
Bacardi Ltd. 4.45%, 5/15/25, Callable 3/15/25 @ 100 (a)		1,500,000		1,488,600
2.75%, 7/15/26, Callable 4/15/26 @ 100 (a)		500,000		461,310
4.70%, 5/15/28, Callable 2/15/28 @ 100 (a) (d)		500,000		494,350
Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (a)		1,750,000		1,440,547
Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100 (a)		1,000,000		898,020
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 2/2/29, Callable 12/2/28 @ 100 (a)		750,000		640,718
JDE Peet's NV, 2.25%, 9/24/31, Callable 6/24/31 @ 100 (a)		3,000,000		2,329,080
				8,886,974
Energy (0.2%):
Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100 (a)		750,000		674,002
Korea National Oil Corp., 2.63%, 4/18/32 (a)		1,500,000		1,288,185
Petroleos Mexicanos, 6.70%, 2/16/32, Callable 11/16/31 @ 100 (a)		500,000		381,210
Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 8/8/22 @ 101.47 (a)		303,199		281,023
				2,624,420
Financials (4.7%):
ABN AMRO Bank NV, 4.80%, 4/18/26 (a)		500,000		493,675
Banco Santander SA 4.18% (H15T1Y+200bps), 3/24/28, Callable 3/24/27 @ 100 (b)		1,000,000		955,660
4.38%, 4/12/28		600,000		577,290
Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100 (b)		1,500,000		1,226,910
Bank of New Zealand 1.00%, 3/3/26 (a)		1,600,000		1,433,440
2.87%, 1/27/32 (a)		750,000		662,130
Barclays PLC 3.93% (LIBOR03M+161bps), 5/7/25, Callable 5/7/24 @ 100 (b)		500,000		492,285
2.28% (H15T1Y+105bps), 11/24/27, Callable 11/24/26 @ 100 (b)		2,000,000		1,774,420
BNP Paribas SA, 4.71% (LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100 (a) (b)		1,000,000		1,000,120

Security Description	Principal Amount		Value
BP Capital Markets PLC 4.88% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b) (f)	$	750,000	$	656,250
4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b) (d) (f)		1,500,000		1,416,375
BPCE SA 4.00%, 9/12/23 (a)		500,000		499,285
3.25%, 1/11/28 (a)		1,000,000		928,660
Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100		1,000,000		847,500
Commonwealth Bank of Australia 2.69%, 3/11/31 (a)		1,000,000		815,200
3.78%, 3/14/32 (a)		2,000,000		1,763,800
Cooperatieve Rabobank UA 1.11% (H15T1Y+55bps), 2/24/27, Callable 2/24/26 @ 100 (a) (b)		2,000,000		1,766,640
4.00% (USSW5+189bps), 4/10/29, Callable 4/10/24 @ 100, MTN (b)		600,000		587,191
Credit Agricole SA, 3.25%, 10/4/24 (a)		1,250,000		1,218,475
Credit Suisse Group AG, 1.31% (SOFR+98bps), 2/2/27, Callable 2/2/26 @ 100 (a) (b)		1,000,000		860,520
Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25		500,000		484,670
Deutsche Bank AG 1.69%, 3/19/26		1,500,000		1,345,455
3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100 (b)		2,000,000		1,478,660
Enel Finance International NV, 1.88%, 7/12/28, Callable 5/12/28 @ 100 (a)		2,000,000		1,682,360
HSBC Holdings PLC 3.80% (LIBOR03M+121bps), 3/11/25, Callable 3/11/24 @ 100 (b)		500,000		493,055
2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b)		1,000,000		839,890
ING Groep NV, 2.73% (SOFR+112bps), 4/1/32, Callable 4/1/31 @ 100 (b)		2,000,000		1,666,240
JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100 (a)		500,000		346,085
Lloyds Banking Group PLC 2.91% (LIBOR03M+81bps), 11/7/23, Callable 11/7/22 @ 100 (b)		250,000		249,132
1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)		1,000,000		889,400
3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b)		250,000		234,090
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a) (b)		1,250,000		1,003,000
Macquarie Group Ltd., 4.10% (SOFR+213bps), 6/21/28, Callable 6/21/27 @ 100 (a) (b)		1,000,000		956,990
Mizuho Financial Group, Inc. 2.56%, 9/13/31		1,000,000		800,000
2.17% (H15T1Y+87bps), 5/22/32, Callable 5/22/31 @ 100 (b)		1,500,000		1,192,605
National Australia Bank Ltd., 3.93% (H15T5Y+188bps), 8/2/34, Callable 8/2/29 @ 100 (a) (b)		1,500,000		1,361,385
Nationwide Building Society 4.36% (LIBOR03M+139bps), 8/1/24, Callable 8/1/23 @ 100 (a) (b)		750,000		750,855
4.30% (LIBOR03M+145bps), 3/8/29, Callable 3/8/28 @ 100 (a) (b)		250,000		239,565
3.96% (LIBOR03M+186bps), 7/18/30, Callable 7/18/29 @ 100 (a) (b)		500,000		465,860
Nomura Holdings, Inc., 5.61%, 7/6/29(g)		1,500,000		1,501,019
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100 (a) (d)		1,500,000		1,232,790
Royal Bank of Scotland Group PLC 4.27% (LIBOR03M+176bps), 3/22/25, Callable 3/22/24 @ 100 (b)		1,000,000		989,530
5.08% (LIBOR03M+191bps), 1/27/30, Callable 1/27/29 @ 100 (b)		500,000		489,735
4.45% (LIBOR03M+187bps), 5/8/30, Callable 5/8/29 @ 100 (b)		1,000,000		944,470

Security Description	Principal Amount		Value
Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100 (b)	$	2,000,000	$	1,664,560
Shell International Finance BV, 2.88%, 11/26/41, Callable 5/26/41 @ 100		1,500,000		1,160,775
Siemens Financieringsmaatschappij NV 1.70%, 3/11/28 (a)		1,000,000		877,330
2.15%, 3/11/31 (a)		1,000,000		847,680
Societe Generale SA 1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a) (b)		500,000		441,020
3.34% (H15T1Y+160bps), 1/21/33, Callable 1/21/32 @ 100 (a) (b)		1,000,000		818,850
6.22% (H15T1Y+320bps), 6/15/33, Callable 6/15/32 @ 100 (a) (b)		1,000,000		956,240
Standard Chartered PLC, 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a) (b)		500,000		470,650
Sumitomo Mitsui Financial Group, Inc., 2.22%, 9/17/31		1,500,000		1,213,395
Swedbank AB, 0.85%, 3/18/24 (a)		1,500,000		1,426,785
The Bank of Nova Scotia 4.50%, 12/16/25		500,000		500,615
1.30%, 9/15/26		1,500,000		1,331,070
2.45%, 2/2/32		1,000,000		830,380
The Toronto-Dominion Bank, 2.00%, 9/10/31		1,500,000		1,219,830
Westpac Banking Corp. 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b)		1,000,000		963,120
2.67% (H15T5Y+2bps), 11/15/35, Callable 11/15/30 @ 100 (b)		1,000,000		802,480
3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100 (b)		1,000,000		806,100
				57,943,547
Health Care (0.4%):
Olympus Corp., 2.14%, 12/8/26, Callable 11/8/26 @ 100 (a)		758,000		692,683
Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100		3,500,000		2,774,450
STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		1,688,320
				5,155,453
Industrials (0.8%):
Air Canada Pass Through Trust, 4.13%, 5/15/25 (a)		1,785,578		1,619,394
Aircastle Ltd. 4.40%, 9/25/23, Callable 8/25/23 @ 100		500,000		494,885
4.25%, 6/15/26, Callable 4/15/26 @ 100 (d)		1,000,000		921,130
BAE Systems PLC, 3.40%, 4/15/30, Callable 1/15/30 @ 100 (a)		750,000		685,823
Canadian Pacific Railway Co., 2.45%, 12/2/31, Callable 9/2/31 @ 100		833,000		714,656
CK Hutchison International 19 II Ltd., 2.75%, 9/6/29, Callable 6/6/29 @ 100 (a)		1,500,000		1,359,840
Ferguson Finance PLC 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		1,800,000		1,557,270
4.65%, 4/20/32, Callable 1/20/32 @ 100 (a)		750,000		705,480
Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31, Callable 8/24/31 @ 100 (a)		1,000,000		909,800
Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100 (a)		275,000		243,963
				9,212,241
Information Technology (0.1%):
CGI, Inc., 1.45%, 9/14/26, Callable 8/14/26 @ 100		533,000		470,570

Security Description	Principal Amount		Value
Materials (0.3%):
Anglo American Capital PLC, 4.00%, 9/11/27 (a)	$	1,000,000	$	953,960
Braskem Netherlands Finance BV, 4.50%, 1/31/30 (a)		1,000,000		851,620
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		2,500,000		2,167,300
				3,972,880
Real Estate (0.2%):
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100 (a)		3,233,000		2,753,255
Technology (0.0%): (h)
NXP BV/NXP Funding LLC/NXP USA,Inc., 4.40%, 6/1/27, Callable 5/1/27 @ 100		333,000		329,254
Total Yankee Dollars (Cost $114,213,111)				99,769,351
Municipal Bonds (2.7%)
Arizona (0.1%):
The University of Arizona Revenue, Series A, 1.82%, 6/1/30		1,000,000		837,312
California (0.2%):
California Statewide Communities Development Authority Revenue, 1.73%, 4/1/27		1,000,000		885,708
City of El Cajon Revenue Series A, 1.70%, 4/1/27		620,000		557,429
Series A, 1.90%, 4/1/28		500,000		442,478
San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 3.13%, 8/1/28, Continuously Callable @100		500,000		476,023
				2,361,638
Colorado (0.1%):
City & County of Denver Co. Airport System Revenue, Series C, 2.14%, 11/15/29		1,500,000		1,300,296
Connecticut (0.0%): (h)
State of Connecticut, GO, Series A, 3.43%, 4/15/28		500,000		490,678
Florida (0.3%):
County of Miami-Dade Seaport Department Revenue, Series B-3, 2.34%, 10/1/33, Continuously Callable @100		1,500,000		1,195,071
Florida Development Finance Corp. Revenue, Series A, 3.22%, 2/1/32, Continuously Callable @100		1,020,000		898,100
Hillsborough County IDA Revenue, 3.58%, 8/1/35, Continuously Callable @100		1,500,000		1,413,299
Hillsborough County School Board Certificate of Participation, Series B, 1.92%, 7/1/25		750,000		707,897
				4,214,367
Georgia (0.1%):
City of Atlanta GA Water & Wastewater Revenue, 2.26%, 11/1/35, Continuously Callable @100		1,500,000		1,216,060
Hawaii (0.1%):
State of Hawaii Airports System Revenue, Series E, 1.81%, 7/1/27		915,000		820,781

Security Description	Principal Amount		Value
Illinois (0.0%): (h)
Illinois Finance Authority Revenue, 3.55%, 8/15/29	$	500,000	$	477,593
Louisiana (0.2%):
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue 1.55%, 2/1/27		700,000		632,164
Series A, 4.48%, 8/1/39		835,000		853,287
Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30		500,000		429,500
				1,914,951
Michigan (0.1%):
Michigan Finance Authority Revenue 2.47%, 12/1/25		1,000,000		956,447
3.08%, 12/1/34		1,000,000		885,320
				1,841,767
New Jersey (0.2%):
New Jersey Economic Development Authority Revenue, Series NNN, 3.47%, 6/15/27		1,000,000		960,553
New Jersey Health Care Facilities Financing Authority Revenue, Series A, 3.36%, 7/1/40		1,000,000		830,524
New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39		385,000		348,106
South Jersey Transportation Authority Revenue, Series B, 2.38%, 11/1/27		900,000		810,417
				2,949,600
New York (0.2%):
New York City Industrial Development Agency Revenue, 2.73%, 3/1/34		1,500,000		1,255,917
New York State Dormitory Authority Revenue, Series A, 2.46%, 7/1/32		750,000		627,071
				1,882,988
Oklahoma (0.1%):
The University of Oklahoma Revenue, Series C, 2.05%, 7/1/29		1,000,000		876,359
Pennsylvania (0.2%):
Commonwealth Financing Authority Revenue, Series A, 3.63%, 6/1/29		500,000		484,417
Public Parking Authority Of Pittsburgh Revenue, 2.33%, 12/1/29		895,000		784,713
State Public School Building Authority Revenue, 3.15%, 4/1/30		1,290,000		1,196,714
				2,465,844
Texas (0.6%):
City of Houston Airport System Revenue, Series C, 2.09%, 7/1/28		750,000		671,347
City of San Antoni, GO, 1.76%, 2/1/31, Continuously Callable @100		630,000		535,020
County of Bexar Revenue, 2.28%, 8/15/32, Continuously Callable @100		1,070,000		863,151
Harris County Cultural Education Facilities Finance Corp. Revenue 3.34%, 11/15/37		2,000,000		1,727,774
Series D, 2.28%, 7/1/34		370,000		296,181
North Texas Tollway Authority Revenue, 1.02%, 1/1/25		1,000,000		934,315
San Antonio Education Facilities Corp. Revenue, 2.50%, 4/1/29		1,270,000		1,095,419

Security Description	Principal Amount		Value
Tarrant County Cultural Education Facilities Finance Corp. Revenue 1.63%, 9/1/26	$	525,000	$	473,028
1.82%, 9/1/27		700,000		617,798
Uptown Development Authority Tax Allocation Series B, 2.58%, 9/1/31		270,000		229,344
Series B, 2.78%, 9/1/33, Continuously Callable @100		500,000		418,989
				7,862,366
Virginia (0.1%):
Virginia Housing Development Authority Revenue Series J, 1.97%, 11/1/28		225,000		202,731
Series J, 2.27%, 11/1/31, Continuously Callable @100		225,000		198,255
Series J, 2.42%, 11/1/32, Continuously Callable @100		275,000		241,811
Series J, 2.47%, 11/1/33, Continuously Callable @100		270,000		235,013
Series J, 2.52%, 11/1/34, Continuously Callable @100		250,000		215,511
Series J, 2.57%, 11/1/35, Continuously Callable @100		300,000		256,280
				1,349,601
Washington (0.1%):
Washington State University Revenue, Series A, 2.24%, 10/1/28		1,000,000		907,879
Total Municipal Bonds (Cost $38,184,968)				33,770,080
U.S. Government Agency Mortgages (7.1%)
Federal Home Loan Mortgage Corp. Series K028, Class A2, 3.11%, 2/25/23		978,396		975,364
Series K059, Class A2, 3.12%, 9/25/26 (c)		1,000,000		990,703
Series KIR3, Class A2, 3.28%, 8/25/27		1,500,000		1,493,075
Series K069, Class A2, 3.19%, 9/25/27 (c)		86,000		85,202
Series K071, Class A2, 3.29%, 11/25/27		500,000		497,642
Series K075, Class A2, 3.65%, 2/25/28 (c)		500,000		506,312
Series K087, Class A2, 3.77%, 12/25/28 (d)		500,000		509,397
Series K091, Class A2, 3.51%, 3/25/29		1,250,000		1,253,524
Series K095, Class A2, 2.79%, 6/25/29		1,000,000		961,358
Series K097, Class A2, 2.51%, 7/25/29		2,000,000		1,887,110
Series K096, Class A2, 2.52%, 7/25/29		1,000,000		944,621
Series KG02, Class A2, 2.41%, 8/25/29		909,000		843,892
Series K100, Class A2, 2.67%, 9/25/29		545,000		518,490
Series K159, Class A2, 3.95%, 11/25/30 (c)		500,000		510,649
3.00%, 3/1/31 ? 2/1/33		252,310		250,305
3.50%, 5/1/33 ? 11/1/47		1,300,074		1,279,073
Series K-1510, Class A3, 3.79%, 1/25/34		1,000,000		985,301
Series K-1512, Class A3, 3.06%, 4/25/34		1,000,000		922,301
4.00%, 7/1/42 ? 5/1/46		1,110,536		1,119,579
4.50%, 12/1/45		81,194		83,732
				16,617,630
Federal National Mortgage Association Series M4, Class A2, 3.16%, 3/25/28 (c)		453,035		446,920
Series 2019-M1, Class A2, 3.67%, 9/25/28 (c)		746,176		753,331
Series 2019-M12, Class A2, 2.89%, 6/25/29 (c)		1,000,000		968,093

Security Description	Principal Amount		Value
2.50%, 11/1/34 (d)	$	294,558	$	283,645
4.00%, 12/1/41 ? 6/1/52		28,774,169		28,435,428
3.50%, 9/1/45 ? 2/1/50		4,299,695		4,199,083
4.50%, 8/1/47 ? 6/1/52		24,931,431		25,069,451
3.50%, 9/1/49 (d)		350,268		340,402
3.00%, 2/1/50 ? 2/1/52		2,484,873		2,327,434
2.00%, 11/1/51 ? 12/1/51		3,321,520		2,888,169
5.00%, 6/1/52		2,990,249		3,058,364
				68,770,320
Government National Mortgage Association 3.00%, 10/20/51		2,777,863		2,630,899
Total U.S. Government Agency Mortgages (Cost $90,873,952)				88,018,849
U.S. Treasury Obligations (33.8%)
U.S. Treasury Bonds 4.38%, 2/15/38		750,000		872,930
3.50%, 2/15/39 (d)		2,770,000		2,892,486
4.38%, 11/15/39		1,000,000		1,154,687
1.13%, 5/15/40 (d)		1,000,000		696,094
1.38%, 11/15/40		5,000,000		3,600,000
1.88%, 2/15/41 (d)		9,000,000		7,057,969
1.75%, 8/15/41 (d)		21,000,000		15,969,844
2.00%, 11/15/41		4,000,000		3,176,250
2.75%, 8/15/47		500,000		447,109
2.75%, 11/15/47 (d)		500,000		447,812
3.00%, 2/15/48		3,500,000		3,297,656
3.38%, 11/15/48 (d)		2,012,000		2,044,381
1.38%, 8/15/50 (d)		7,000,000		4,606,875
1.63%, 11/15/50		3,000,000		2,109,375
1.88%, 2/15/51		3,000,000		2,250,469
2.00%, 8/15/51		2,000,000		1,545,937
U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/29		572,380		577,416
U.S. Treasury Notes 2.00%, 10/31/22		400,000		399,766
0.13%, 8/31/23		5,000,000		4,838,672
0.13%, 10/15/23		2,500,000		2,410,449
0.25%, 11/15/23		7,000,000		6,743,789
0.13%, 1/15/24		10,000,000		9,572,266
0.25%, 6/15/24		10,000,000		9,481,641
0.38%, 7/15/24		7,000,000		6,639,609
0.38%, 8/15/24		10,000,000		9,459,375
0.38%, 9/15/24		5,000,000		4,717,969
1.50%, 10/31/24		3,000,000		2,898,047
1.00%, 12/15/24		30,000,000		28,565,625
2.25%, 12/31/24		5,000,000		4,906,641
1.13%, 1/15/25		4,000,000		3,814,063
2.75%, 2/28/25		850,000		843,758
2.63%, 4/15/25		8,000,000		7,913,125

Security Description	Principal Amount		Value
2.88%, 6/15/25	$	5,000,000	$	4,980,469
2.75%, 5/31/29		5,000,000		4,980,469
0.25%, 6/30/25 (d)		10,000,000		9,206,250
3.00%, 9/30/25		300,000		299,508
0.25%, 9/30/25		3,500,000		3,197,031
0.38%, 11/30/25 (d)		18,000,000		16,439,062
0.38%, 1/31/26 (d)		4,000,000		3,636,563
0.75%, 5/31/26		5,000,000		4,574,609
1.50%, 8/15/26		2,000,000		1,878,125
1.38%, 8/31/26		8,000,000		7,476,875
1.13%, 10/31/26		4,000,000		3,686,875
1.63%, 10/31/26		5,000,000		4,708,594
2.00%, 11/15/26		2,700,000		2,581,453
1.25%, 12/31/26		10,000,000		9,242,969
0.50%, 6/30/27		2,500,000		2,203,125
2.25%, 8/15/27		1,000,000		960,234
2.25%, 11/15/27		1,700,000		1,629,609
0.63%, 11/30/27		13,000,000		11,414,609
0.75%, 1/31/28		10,000,000		8,807,812
2.75%, 2/15/28 (d)		2,000,000		1,964,687
1.25%, 3/31/28		8,000,000		7,227,500
1.25%, 4/30/28		10,000,000		9,021,094
2.88%, 5/15/28		4,000,000		3,953,125
1.25%, 6/30/28		15,000,000		13,492,969
1.00%, 7/31/28		22,000,000		19,457,969
2.88%, 8/15/28		630,000		622,273
1.13%, 8/31/28		5,000,000		4,450,000
1.25%, 9/30/28		10,000,000		8,957,031
3.13%, 11/15/28 (d)		1,000,000		1,001,953
1.75%, 1/31/29		4,000,000		3,688,750
2.63%, 2/15/29		1,000,000		973,437
2.38%, 3/31/29		15,000,000		14,362,500
1.63%, 8/15/29 (d)		10,000,000		9,104,688
0.63%, 5/15/30 (d)		2,500,000		2,084,766
0.63%, 8/15/30 (d)		5,000,000		4,145,312
0.88%, 11/15/30		17,000,000		14,351,719
1.13%, 2/15/31		12,000,000		10,310,625
1.63%, 5/15/31 (d)		20,000,000		17,868,750
1.25%, 8/15/31 (d)		5,000,000		4,303,906
1.38%, 11/15/31		4,000,000		3,469,375
1.88%, 2/15/32		6,000,000		5,435,625
Total U.S. Treasury Obligations (Cost $455,794,006)				418,104,380
Commercial Papers (0.8%) (i)
Hannover Funding Co. LLC, 1.63%, 7/1/22 (a)		4,500,000		4,499,796
Hannover Funding Co. LLC, 1.65%, 7/5/22 (a)		5,000,000		4,998,853
Total Commercial Papers (Cost $9,498,989)				9,498,649

Security Description	Shares		Value
Collateral for Securities Loaned (0.3%)^
BlackRock Liquidity Funds TempFund, Institutional Shares, 1.47% (j)		127,328	$	127,328
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 1.42% (j)		63,543		63,543
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (j)		792,508		792,508
JPMorgan Prime Money Market Fund, Capital Shares, 1.50% (j)		506,671		506,671
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 1.39% (j)		337,893		337,893
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 1.53% (j)		2,278,093		2,278,093
Total Collateral for Securities Loaned (Cost $4,106,036)				4,106,036
Total Investments (Cost $1,365,462,429) ? 99.7%				1,233,031,549
Other assets in excess of liabilities ? 0.3%				3,176,090
NET ASSETS ? 100.00%			$	1,236,207,639

^ Purchased with cash collateral from securities on loan.

(b) Variable or Floating-Rate Security. Rate disclosed is as of June 30, 2022.

(c) 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 June 30, 2022.

(d) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.

(e) All or a portion of this security is on loan.

(f) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.

(g) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.

(h) Amount represents less than 0.05% of net assets.

(i) Rate represents the effective yield at June 30, 2022.

(j) Rate disclosed is the daily yield on June 30, 2022.

bps ? Basis points

GO ? General Obligation

H15T1Y ? 1 Year Treasury Constant Maturity Rate, rate disclosed as of June 30, 2022.

H15T5Y ? 5 Year Treasury Constant Maturity Rate, rate disclosed as of June 30, 2022.

IDA ? Industrial Development Authority

	VictoryShares USAA Core Short-Term Bond ETF			VictoryShares USAA Core Intermediate-Term Bond ETF
Assets:
Investments, at value (Cost $374,259,586 and $1,365,462,429)	$	358,403,434		$	1,233,031,549	(a)
Cash		702,457			9,366,036
Deposit with broker for futures contracts		?			40,214
Receivables:
Interest and dividends		2,315,086			7,083,814
Investments sold		2,430,175			982,578
Prepaid expenses		2,253			7,287
Total Assets		363,853,405			1,250,511,478
Liabilities:
Payables:
Collateral received on loaned securities		?			4,106,036
Investments purchased		3,981,101			9,724,212
Accrued expenses and other payables:
Investment advisory fees		74,078			301,315
Administration fees		5,056			49,623
Custodian fees		3,995			11,187
Compliance fees		214			726
Trustees' fees		600			2,010
Other accrued expenses		51,426			108,730
Total Liabilities		4,116,470			14,303,839
Net Assets:
Capital		377,081,830			1,369,184,340
Total accumulated earnings/(loss)		(17,344,895	)		(132,976,701	)
Net Assets	$	359,736,935		$	1,236,207,639
Shares (unlimited shares authorized, with no par value):		7,350,000			26,200,000
Net asset value:	$	48.94		$	47.18

(a) Includes $3,980,183 of securities on loan.

	VictoryShares USAA Core Short-Term Bond ETF			VictoryShares USAA Core Intermediate-Term Bond ETF
Investment Income:
Interest	$	6,829,172		$	24,400,652
Securities lending (net of fees)		1,443			16,162
Total Income		6,830,615			24,416,814
Expenses:
Investment advisory fees		844,725			3,440,008
Administration fees		182,941			620,976
Sub-Administration fees		19,943			24,911
Custodian fees		20,662			58,810
Servicing fees		15,029			15,024
Trustees' fees		20,052			62,660
Compliance fees		2,346			7,878
Legal and audit fees		30,743			69,645
Other expenses		65,768			132,228
Total Expenses		1,202,209			4,432,140
Expenses waived/reimbursed by Adviser		(107,121	)		?
Net Expenses		1,095,088			4,432,140
Net Investment Income (Loss)		5,735,527			19,984,674
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(1,615,096	)		(290,125	)
Net change in unrealized appreciation/depreciation on investment securities		(18,669,472	)		(155,730,262	)
Net realized/unrealized gains (losses) on investments		(20,284,568	)		(156,020,387	)
Change in net assets resulting from operations	$	(14,549,041	)	$	(136,035,713	)

	VictoryShares USAA Core Short-Term Bond ETF						VictoryShares USAA Core Intermediate-Term Bond ETF
	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net Investment Income (Loss)	$	5,735,527		$	3,587,482		$	19,984,674		$	12,759,697
Net realized gains (losses)		(1,615,096	)		1,090,676			(290,125	)		3,145,663
Net change in unrealized appreciation/depreciation		(18,669,472	)		1,492,704			(155,730,262	)		(2,477,903	)
Change in net assets resulting from operations		(14,549,041	)		6,170,862			(136,035,713	)		13,427,457
Change in net assets resulting from distributions to shareholders		(6,848,232	)		(4,553,556	)		(23,367,285	)		(14,839,541	)
Change in net assets resulting from capital transactions		108,838,303			165,678,281			501,277,517			444,955,757
Change in net assets		87,441,030			167,295,587			341,874,519			443,543,673
Net Assets:
Beginning of period		272,295,905			105,000,318			894,333,120			450,789,447
End of period	$	359,736,935		$	272,295,905		$	1,236,207,639		$	894,333,120
Capital Transactions:
Proceeds from shares issued	$	123,658,260		$	181,229,714		$	501,277,517		$	458,507,492
Cost of shares redeemed		(14,819,957	)		(15,551,433	)		?			(13,551,735	)
Change in net assets resulting from capital transactions	$	108,838,303		$	165,678,281		$	501,277,517		$	444,955,757
Share Transactions:
Issued		2,400,000			3,500,000			9,550,000			8,500,000
Redeemed		(300,000	)		(300,000	)		?			(250,000	)
Change in Shares		2,100,000			3,200,000			9,550,000			8,250,000

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses)			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares USAA Core Short-Term Bond ETF
Year Ended June 30: 2022	$	51.87		0.86		(2.78	)		(1.92	)		(0.84	)		(0.17	)
2021	$	51.22		0.84		0.93			1.77			(0.90	)		(0.22	)
Ten Months Ended June 30, 2020 (h)	$	50.65		1.10		0.48			1.58			(1.01	)		?
Year Ended August 31, 2019	$	49.50		1.37		1.13			2.50			(1.35	)		?
October 24, 2017 (j) through August 31, 2018	$	50.00		0.93		(0.59	)		0.34			(0.84	)		?
VictoryShares USAA Core Intermediate-Term Bond ETF
Year Ended June 30: 2022	$	53.71		0.89		(6.37	)		(5.48	)		(0.92	)		(0.13	)
2021	$	53.67		1.08		0.27			1.35			(1.11	)		(0.20	)
Ten Months Ended June 30, 2020 (h)	$	52.48		1.21		1.12			2.33			(1.14	)		?
Year Ended August 31, 2019	$	48.61		1.62		3.81			5.43			(1.56	)		?
October 24, 2017 (j) through August 31, 2018	$	49.93		1.29		(1.46	)		(0.17	)		(1.15	)		?

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)			Gross Expenses(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(e)
VictoryShares USAA Core Short-Term Bond ETF
Year Ended June 30: 2022		(1.01	)	$	48.94		(3.73	)%		0.32	%(f)		1.70	%		0.36	%	$	359,737		67	%
2021		(1.12	)	$	51.87		3.48	%		0.34	%(g)		1.62	%		0.37	%	$	272,296		80	%
Ten Months Ended June 30, 2020 (h)		(1.01	)	$	51.22		3.17	%		0.35	%		2.62	%		0.44	%	$	105,000		72	%(i)
Year Ended August 31, 2019		(1.35	)	$	50.65		5.11	%		0.35	%		2.75	%		0.40	%	$	83,573		30	%
October 24, 2017 (j) through August 31, 2018		(0.84	)	$	49.50		0.70	%		0.35	%		2.21	%		0.40	%	$	61,872		22	%
VictoryShares USAA Core Intermediate-Term Bond ETF
Year Ended June 30: 2022		(1.05	)	$	47.18		(10.35	)%		0.39	%		1.74	%		0.39	%	$	1,236,208		24	%
2021		(1.31	)	$	53.71		2.55	%		0.37	%(g)		2.01	%		0.41	%	$	894,333		16	%
Ten Months Ended June 30, 2020 (h)		(1.14	)	$	53.67		4.52	%		0.38	%(k)		2.80	%		0.42	%	$	450,789		13	%
Year Ended August 31, 2019		(1.56	)	$	52.48		11.37	%		0.39	%		3.27	%		0.44	%	$	314,856		3	%(l)
October 24, 2017 (j) through August 31, 2018		(1.15	)	$	48.61		(0.33	)%		0.40	%		3.10	%		0.45	%	$	150,703		10	%

See notes to financial statements.

1. Organization:

Victory Portfolios II (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds ("ETFs"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the following two Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

Funds (Legal Name)				Funds (Short Name)
VictoryShares USAA Core Short-Term Bond ETF				USAA Core Short-Term Bond ETF
VictoryShares USAA Core Intermediate-Term Bond ETF				USAA Core Intermediate-Term Bond ETF

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). The Funds issue and redeem shares at net asset value ("NAV") only in aggregations of 50,000 shares, (each a "Creation Unit"). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), and/or with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the distributor. Only Authorized Participants may purchase or redeem the shares directly from a Fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions.

Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transactional costs associated with the purchase of Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital.

The transaction fees for each Fund are listed below:

	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
USAA Core Short-Term Bond ETF	$	100		2.00	%
USAA Core Intermediate-Term Bond ETF		100		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:

? Level 1 ? quoted prices in active markets for identical securities

? Level 2 ? other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

? Level 3 ? significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees' (the "Board") oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board.

Investments in open-end investment companies are valued at their NAV. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
USAA Core Short-Term Bond ETF
Asset-Backed Securities	$	?	$	88,213,515	$	?	$	88,213,515
Collateralized Mortgage Obligations		?		23,211,112		?		23,211,112
Senior Secured Loans		?		4,810,116		?		4,810,116

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	?	$	140,820,983	$	?	$	140,820,983
Yankee Dollars		?		33,334,615		?		33,334,615
Municipal Bonds		?		47,027,107		?		47,027,107
U.S. Treasury Obligations		?		991,133		?		991,133
Commercial Papers		?		19,994,853		?		19,994,853
Total	$	?	$	358,403,434	$	?	$	358,403,434
USAA Core Intermediate-Term Bond ETF
Asset-Backed Securities	$	?	$	112,991,089	$	?	$	112,991,089
Collateralized Mortgage Obligations		?		42,124,790		?		42,124,790
Corporate Bonds		?		424,648,325		?		424,648,325
Yankee Dollars		?		99,769,351		?		99,769,351
Municipal Bonds		?		33,770,080		?		33,770,080
U.S. Government Agency Mortgages		?		88,018,849		?		88,018,849
U.S. Treasury Obligations		?		418,104,380		?		418,104,380
Commercial Papers		?		9,498,649		?		9,498,649
Collateral for Securities Loaned		4,106,036		?		?		4,106,036
Total	$	4,106,036	$	1,228,925,513	$	?	$	1,233,031,549

For the year ended June 30, 2022, there were no transfers in or out of Level 3 in the fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Funds may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis, or for delayed draws on loans can take place a month or more after the trade date. At the time a Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for when-issued securities. If a Fund owns when-issued securities, these values are included in Payables for Investments purchased on the accompanying Statements of Assets and Liabilities and the segregated assets are identified on the Schedules of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

Mortgage- and Asset-Backed Securities:

The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities

are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Below-Investment-Grade Securities:

Certain Funds may invest in below-investment-grade securities (i.e., lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment-grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

Collateralized Loan Obligations ("CLOs"):

CLOs are securities issued by entities that are collateralized by a pool of loans. CLOs are issued in multiple classes (tranches) and can be equity or debt with specific adjustable or fixed interest rates and varying maturities. The cash flow from the underlying loans is used to pay off each tranche separately within the debt, or senior tranches. Equity, or subordinated tranches, typically are not paid a cash flow but do offer ownership in the CLO itself in the event of a sale.

Loans:

Floating rate loans in which a Fund invests are primarily "senior" loans. Senior floating rate loans typically hold a senior position in the capital structures of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of a Fund's floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See the note below regarding below investment grade securities.

The Funds may purchase second-lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations.

Transactions in loans often settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan or pay for a loan purchase for a substantial period of time after entering into the transactions.

Investment Companies:

Open-End Funds:

The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend

date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as a component of Interest income on the Statements of Operations.

The Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statements of Operations.

Securities Lending:

The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Funds' securities lending transactions as of June 30, 2022.

				Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
USAA Core Intermediate-Term Bond ETF				$	3,980,183			$	?			$	4,106,036

Federal Income Taxes:

Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30.

For the year ended June 30, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the year ended June 30, 2021, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses):

				Purchases				Sales				Net Realized Gains (Losses)
USAA Core Intermediate-Term Bond ETF				$	19,298,531			$	?			$	?

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended June 30, 2022, are included in the table below. There were no purchases and sales associated with in-kind transactions during the year ended June 30, 2022.

	Excluding U.S. Government Securities				U.S. Government Securities
	Purchases		Sales		Purchases		Sales
USAA Core Short-Term Bond ETF	$	292,375,662	$	178,981,402	$	32,921,094	$	31,603,047
USAA Core Intermediate-Term Bond ETF		422,388,670		87,710,387		357,284,878		177,213,825

4. Affiliated Fund Ownership:

The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds annual and semi-annual reports may be viewed at www.vcm.com. As of June 30, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows:

USAA Core Short-Term Bond ETF	Ownership %
USAA Cornerstone Aggressive Fund		1.4
USAA Cornerstone Conservative Fund		9.1
USAA Cornerstone Moderate Fund		4.6
USAA Cornerstone Moderately Aggressive Fund		13.2
USAA Cornerstone Moderately Conservative Fund		0.7
USAA Target Retirement 2030 Fund		11.4
USAA Target Retirement 2040 Fund		6.7
USAA Target Retirement Income Fund		6.0
USAA Core Intermediate-Term Bond ETF	Ownership %
USAA Cornerstone Aggressive Fund		2.1
USAA Cornerstone Conservative Fund		1.3
USAA Cornerstone Moderate Fund		24.4
USAA Cornerstone Moderately Aggressive Fund		42.8
USAA Cornerstone Moderately Conservative Fund		4.7

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below.

	Flat Rate
USAA Core Short-Term Bond ETF		0.25	%
USAA Core Intermediate-Term Bond ETF		0.30	%

Amounts incurred and paid to VCM for the year ended June 30, 2022, are reflected on the Statements of Operations as Investment advisory fees.

Administration and Servicing Fees:

VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below:

Net Assets
Up to $15 billion	$15 billion ? $30 billion	Over $30 billion
0.08%, plus	0.05%, plus	0.04%

Amounts incurred for the year ended June 30, 2022, are reflected on the Statements of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator, sub-fund accountant, and transfer agent to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the year ended June 30, 2022, are reflected on the Statements of Operations as Sub-Administration fees.

The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and USAA Mutual Funds (collectively, the "Victory Funds Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the year ended June 30, 2022, are reflected on the Statements of Operations as Compliance fees.

Distributor/Underwriting Services:

Foreside Fund Services, LLC serves as the Funds' distributor.

Other Fees:

Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the year ended June 30, 2022, are reflected on the Statements of Operations as Custodian fees.

Sidley Austin LLP provides legal services to the Trust.

The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limits (excluding voluntary waivers) are as follows:

	In Effect Until October 31, 2022
USAA Core Short-Term Bond ETF		0.35	%
USAA Core Intermediate-Term Bond ETF		0.40	%

Under the terms of the expense limitation agreements, as amended May 1, 2022, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of June 30, 2022, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at June 30, 2022.

				Expires 2023
USAA Core Short-Term Bond ETF				$	41,935

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the year ended June 30, 2022, the Adviser voluntarily waived the following amounts:

USAA Core Short-Term Bond ETF

107,121

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and distributor.

6. Risks:

The Funds may be subject to other risks in addition to these identified risks.

Debt Securities or Bond Risk ? The Funds are subject to the risk that the market value of the bonds in the Funds' portfolios will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration,

which is a measure of a bond's sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Funds may be subject to risks associated with rising interest rates. The fixed-income securities in the Funds' portfolios also are subject to credit risk, which is the possibility that an issuer of a fixed income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Funds accept some credit risk as a recognized means to enhance an investor's return.

High-Yield Bond Risk ? Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Funds' values could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer's continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Funds may lose their entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.

Asset-Backed and Mortgage-Backed Securities Risk ? Mortgage- and asset-backed securities ("MBS" or "ABS," respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Funds may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time.

LIBOR Discontinuation Risk ? The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking

floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR ? including SOFR-based rates and non-SOFR-based rates ? will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

Market Risk ? Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

7. Borrowing:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from July 1, 2021, through June 27, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month SOFR plus 1.10 percent. Interest charged to each fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Funds had no borrowings under the Line of Credit agreement during the year ended June 30, 2022.

8. Federal Income Tax Information:

Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

	Declared	Paid
USAA Core Short-Term Bond ETF	Monthly	Monthly
USAA Core Intermediate-Term Bond ETF	Monthly	Monthly

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within

the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

As of June 30, 2022, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows:

				Total Accumulated Earnings/(Loss)				Capital
USAA Core Intermediate-Term Bond ETF				$	(1	)		$	1

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid).

	Year Ended June 30, 2022
	Distributions paid from:
	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
USAA Core Short-Term Bond ETF	$	6,045,684	$	802,548	$	6,848,232
USAA Core Intermediate-Term Bond ETF		20,527,607		2,839,678		23,367,285

	Year Ended June 30, 2021
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
USAA Core Short-Term Bond ETF	$	4,110,866	$	442,690	$	4,553,556	$	4,553,556
USAA Core Intermediate-Term Bond ETF		13,763,785		1,075,756		14,839,541		14,839,541

As of June 30, 2022, the components of accumulated earnings/(loss) on a tax basis were as follows:

	Undistributed Ordinary Income		Accumulated Earnings		Qualified Late-Year Losses*			Unrealized Appreciation (Depreciation)**			Total Accumulated Earnings (Loss)
USAA Core Short-Term Bond ETF	$	1,078,141	$	1,078,141	$	(2,112,458	)	$	(16,310,578	)	$	(17,344,895	)
USAA Core Intermediate-Term Bond ETF		1,883,261		1,883,261		(2,427,421	)		(132,432,541	)		(132,976,701	)

* Qualified late-year losses are comprised of post-October capital losses incurred after October 31 and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31 and specified losses incurred after October 31. These losses are deemed to arise on the first day of the Fund's next taxable year.

** The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on as of trades.

To the Shareholders and Board of Trustees of Victory Portfolios II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of VictoryShares USAA Core Short-Term Bond ETF and VictoryShares USAA Core Intermediate-Term Bond ETF (the "Funds"), each a series of Victory Portfolios II, as of June 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for the years ended June 30, 2022 and 2021, for the ten months ended June 30, 2020, and for the year ended August 31, 2019 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended June 30, 2022 and 2021, for the ten months ended June 30, 2020, and for the year ended August 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the period ended August 31, 2018, were audited by other auditors whose report dated October 25, 2018, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Victory Capital Management, Inc. since 2015.

COHEN & COMPANY, LTD.
Cleveland, Ohio
August 26, 2022

Trustee and Officer Information

Board of Trustees:

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently nine Trustees, eight of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, position with the Trust, commencement of service, principal occupations during the past five years and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 25 portfolios in the Trust, six portfolios in Victory Variable Insurance Funds, and 40 portfolios in Victory Portfolios, each a registered investment company that, together with the Trust, comprise the Victory Fund Complex. David C. Brown is a Trustee of USAA Mutual Funds Trust and oversees 45 portfolios of the USAA Mutual Funds Trust. Each Trustee's address is c/o Victory Portfolios II, 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144. Each Trustee has an indefinite term.

Name and Date of Birth

Position
Held with
the Trust

Date
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

David Brooks Adcock,
Born October 1951

Trustee

May 2015

Consultant (since 2006).

Chair and Trustee, Turner Funds (December 2016-December 2017).

Nigel D. T. Andrews,
Born April 1947

Trustee

May 2015

Retired.

Director, Carlyle Secured Lending, Inc. (formerly TCG BDC I, Inc.) (since 2012); Director, Carlyle Credit Solutions, Inc. (formerly TCG BDC II, Inc.) (since 2017); Trustee, Carlyle Secured Lending III (since 2021).

E. Lee Beard,*
Born August 1951

Trustee

May 2015

Retired.

None.

Dennis M. Bushe,
Born January 1944

Trustee

July 2016

Retired.

None.

Name and Date of Birth

Position
Held with
the Trust

Date
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

John L. Kelly,
Born April 1953

Chair
and Trustee

May 2015

Partner, McCarvill Capital Partners (September 2016- September 2017).

Director, Caledonia Mining Corporation (since May 2012).

David L. Meyer,
Born April 1957

Trustee

May 2015

Retired.

None.

Gloria S. Nelund,
Born May 1961

Trustee

July 2016

Chair, CEO and Co-Founder of TriLinc Global, LLC, an investment firm.

TriLinc Global Impact Fund, LLC (since 2012).

Leigh A. Wilson,
Born December 1944

Trustee

May 2015

Private Investor.

Chair (since 2013), Caledonia Mining Corporation.

Interested Trustee.

David C. Brown,**
Born May 1972

Trustee

May 2015

Chairman and Chief Executive Officer (since 2013), the Adviser; Chairman and Chief Executive Officer (since 2013), Victory Capital Holdings, Inc.

Trustee, USAA Mutual Funds Trust.

* The Board has designated Ms. Beard as its Audit Committee Financial Expert.

** Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

Officers:

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

Name and Date of Birth

Position with
the Trust

Date
Commenced
Service

Principal Occupation During Past 5 Years

Christopher K. Dyer,
Born February 1962

President

May 2015

Director of Mutual Fund Administration, the Adviser (since 2004); Chief Operating Officer, Victory Capital Services, Inc. (since 2020); Vice President, Victory Capital Transfer Agency, Inc. (since 2019).

Scott A. Stahorsky,
Born July 1969

Vice President

May 2015

Manager, Fund Administration, the Adviser (since 2015).

Erin G. Wagner,
Born February 1974

Secretary*

May 2015-
April 2022

Associate General Counsel, the Adviser (2013-2022).

Thomas Dusenberry,
Born July 1977

Secretary

May 2022

Manager, Fund Administration, the Adviser (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019).

Allan Shaer,
Born March 1965

Treasurer

December 2017

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016).

Christopher A. Ponte,
Born March 1984

Assistant Treasurer

May 2015

Manager, Fund Administration, the Adviser (since 2017); Senior Analyst, Fund Administration, the Adviser (prior to 2017); Chief Financial Officer, Victory Capital Services, Inc. (since 2018).

Colin Kinney,
Born October 1973

Chief Compliance Officer**

July 2017-
June 2022

Chief Compliance Officer (2013-2022) and Chief Risk Officer (2009-2017), the Adviser.

Sean Fox,
Born September 1976

Chief Compliance
Officer

June 2022

Sr. Compliance Officer, the Adviser (since 2019); Compliance Officer, the Adviser (2015-2019).

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/22		Actual Ending Account Value 6/30/22		Hypothetical Ending Account Value 6/30/22		Actual Expenses Paid During Period 1/1/22- 6/30/22*		Hypothetical Expenses Paid During Period 1/1/22- 6/30/22*		Annualized Expense Ratio During Period 1/1/22- 6/30/22
USAA Core Short-Term Bond ETF	$	1,000.00	$	962.30	$	1,023.16	$	1.61	$	1.66		0.33	%
USAA Core Intermediate- Term Bond ETF		1,000.00		898.10		1,022.76		1.93		2.06		0.41	%

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Liquidity Risk Management Program:

The Victory Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration each Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short- and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The Victory Funds' Board of Trustees approved the appointment of the Funds' investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Funds' investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of each Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Funds' portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on February 24, 2022, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Funds did not experience any significant liquidity challenges during the covered period, and the Funds' LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure each Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in each Fund. During the review period, each Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that each Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Funds have not adopted a highly liquid investment minimum. The Funds' investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

	Cost of Investments for Federal Tax Purposes		Net Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
USAA Core Short-Term Bond ETF	$	374,714,012	$	85,793	$	(16,396,371	)	$	(16,310,578	)
USAA Core Intermediate-Term Bond ETF		1,365,464,089		746,032		(133,178,572	)		(132,432,540	)

	Amount
USAA Core Short-Term Bond ETF	$	488,756
USAA Core Intermediate-Term Bond ETF		199,297

Visit our website at:				Call Victory at:
www.vcm.com				866-376-7890