Victory Portfolios	Schedule of Portfolio Investments
Victory Diversified Stock Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Common Stocks (98.1%)
Communication Services (9.8%):
Alphabet, Inc., Class C (a)		4,148	$	11,218
Charter Communications, Inc., Class A (a)		5,711		4,249
Facebook, Inc., Class A (a)		20,445		7,284
Iridium Communications, Inc. (a)		38,552		1,628
Nexstar Media Group, Inc., Class A		19,587		2,881
Zynga, Inc., Class A (a)		394,846		3,988
				31,248
Communications Equipment (0.6%):
Lumentum Holdings, Inc. (a)		21,824		1,833
Consumer Discretionary (14.3%):
Amazon.com, Inc. (a)		3,073		10,226
Asbury Automotive Group, Inc. (a)(b)		26,526		5,450
Brunswick Corp.		40,185		4,195
D.R. Horton, Inc.		32,303		3,083
Group 1 Automotive, Inc.		18,539		3,221
LCI Industries		29,318		4,275
LGI Homes, Inc. (a)		17,053		2,914
Lowe's Cos., Inc.		8,148		1,570
Meritage Homes Corp. (a)		39,896		4,332
Rent-A-Center, Inc.		81,628		4,671
Tesla, Inc. (a)		2,046		1,406
				45,343
Consumer Staples (4.7%):
BJ's Wholesale Club Holdings, Inc. (a)		92,663		4,692
PepsiCo, Inc.		21,199		3,327
Performance Food Group Co. (a)		51,591		2,364
Philip Morris International, Inc.		44,699		4,474
				14,857
Energy (2.8%):
Chevron Corp.		29,212		2,974
Matador Resources Co.		103,558		3,200
Pioneer Natural Resources Co.		10,634		1,546
Valero Energy Corp.		18,903		1,266
				8,986
Financials (10.6%):
Ally Financial, Inc.		37,867		1,945
Ameriprise Financial, Inc.		8,562		2,205

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Diversified Stock Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Bank of America Corp.		113,302	$	4,346
Flagstar Bancorp, Inc.		46,932		2,148
JPMorgan Chase & Co.		39,580		6,007
Morgan Stanley		43,838		4,207
Primerica, Inc.		25,931		3,792
ServisFirst Bancshares, Inc.		36,104		2,566
T. Rowe Price Group, Inc.		17,113		3,494
Western Alliance Bancorp		30,206		2,804
				33,514
Health Care (12.1%):
AbbVie, Inc.		48,697		5,663
Charles River Laboratories International, Inc. (a)		12,914		5,255
ICON PLC (a)		16,064		3,908
Insulet Corp. (a)		6,139		1,717
McKesson Corp.		22,430		4,572
Regeneron Pharmaceuticals, Inc. (a)		9,159		5,263
Stryker Corp.		16,922		4,585
Thermo Fisher Scientific, Inc.		8,710		4,703
UnitedHealth Group, Inc.		6,855		2,826
				38,492
Industrials (11.8%):
Builders FirstSource, Inc. (a)		81,978		3,648
Chart Industries, Inc. (a)		12,628		1,963
Marten Transport Ltd.		203,136		3,214
Masco Corp.		60,946		3,639
Masonite International Corp. (a)		15,031		1,701
Old Dominion Freight Line, Inc.		18,365		4,943
Parker-Hannifin Corp.		10,409		3,248
Patrick Industries, Inc.		45,845		3,788
Trex Co., Inc. (a)		30,013		2,914
UFP Industries, Inc.		60,250		4,474
XPO Logistics, Inc. (a)		27,790		3,854
				37,386
IT Services (3.2%):
Akamai Technologies, Inc. (a)		30,793		3,693
CACI International, Inc., Class A (a)		7,028		1,876
EPAM Systems, Inc. (a)(b)		7,970		4,462
				10,031
Materials (3.9%):
Avery Dennison Corp.		15,585		3,284

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Diversified Stock Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Dow, Inc.		45,570	$	2,833
Summit Materials, Inc., Class A (a)		128,545		4,319
Valvoline, Inc.		68,164		2,091
				12,527
Real Estate (1.5%):
American Tower Corp.		9,495		2,685
Simon Property Group, Inc.		15,163		1,919
				4,604
Semiconductors & Semiconductor Equipment (8.6%):
Advanced Micro Devices, Inc. (a)		53,681		5,700
Applied Materials, Inc.		22,473		3,145
Broadcom, Inc.		8,549		4,150
Lam Research Corp.		4,763		3,036
NVIDIA Corp.		37,040		7,222
Qorvo, Inc. (a)		22,032		4,177
				27,430
Software (7.9%):
Adobe, Inc. (a)		2,861		1,779
Cadence Design Systems, Inc. (a)		21,511		3,176
Microsoft Corp.		70,538		20,097
				25,052
Technology Hardware, Storage & Peripherals (6.3%):
Apple, Inc.		137,127		20,001
Total Common Stocks (Cost $198,772)				311,304
Exchange-Traded Funds (1.6%)
SPDR S&P 500 ETF Trust (b)		11,888		5,213
Total Exchange-Traded Funds (Cost $3,977)				5,213
Collateral for Securities Loaned^ (2.3%)
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (c)		144,236		144
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.01% (c)		3,830,499		3,830
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		71,981		72
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)		573,953		574
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		2,580,607		2,581
Total Collateral for Securities Loaned (Cost $7,201)				7,201

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Diversified Stock Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Total Investments (Cost $209,950) — 102.0%		$	323,718
Liabilities in excess of other assets — (2.0)%			(6,458	)
NET ASSETS - 100.00%		$	317,260

^ Purchased with cash collateral from securities on loan.

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on July 31, 2021.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory New Bridge Large Cap Growth Fund			July 31, 2021
(Amounts in Thousands, Except for Shares)			(Unaudited)
Security Description	Shares		Value
Common Stocks (98.1%)
Communication Services (11.3%):
Alphabet, Inc., Class C (a)		386	$	1,044
Facebook, Inc., Class A (a)		1,778		633
Snap, Inc., Class A (a)		5,505		410
				2,087
Consumer Discretionary (17.9%):
Airbnb, Inc., Class A (a)		2,257		325
Amazon.com, Inc. (a)		392		1,304
Burlington Stores, Inc. (a)		1,684		564
Lululemon Athletica, Inc. (a)		1,383		553
NIKE, Inc., Class B		3,340		560
				3,306
Financials (2.8%):
MSCI, Inc.		869		518
Health Care (13.8%):
Align Technology, Inc. (a)		713		496
Masimo Corp. (a)		1,611		439
TG Therapeutics, Inc. (a)		2,701		95
Thermo Fisher Scientific, Inc.		911		492
Veeva Systems, Inc., Class A (a)		1,578		525
Zoetis, Inc.		2,447		496
				2,543
Industrials (10.8%):
CoStar Group, Inc. (a)		5,520		490
Generac Holdings, Inc. (a)		1,362		571
Trane Technologies PLC		2,449		499
Uber Technologies, Inc. (a)		10,074		438
				1,998
IT Services (18.9%):
EPAM Systems, Inc. (a)		1,274		713
PayPal Holdings, Inc. (a)		3,326		916
Shopify, Inc., Class A (a)		319		478
Twilio, Inc., Class A (a)		1,118		418
Visa, Inc., Class A		3,854		950
				3,475
Semiconductors & Semiconductor Equipment (8.0%):
Micron Technology, Inc. (a)		5,748		446

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory New Bridge Large Cap Growth Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
NVIDIA Corp.		5,267	$	1,027
				1,473
Software (14.6%):
Adobe, Inc. (a)		1,243		773
Autodesk, Inc. (a)		1,078		346
Cadence Design Systems, Inc. (a)		2,522		372
ServiceNow, Inc. (a)		1,134		667
The Trade Desk, Inc., Class A (a)		6,505		533
				2,691
Total Common Stocks (Cost $7,946)				18,091
Total Investments (Cost $7,946) — 98.1%				18,091
Other assets in excess of liabilities — 1.9%				343
NET ASSETS - 100.00%			$	18,434

(a) Non-income producing security.

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Special Value Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (98.3%)
Communication Services (9.8%):
Alphabet, Inc., Class C (a)		639	$	1,728
Charter Communications, Inc., Class A (a)		882		656
Facebook, Inc., Class A (a)		3,233		1,152
Iridium Communications, Inc. (a)		6,033		255
Nexstar Media Group, Inc., Class A		3,173		466
Zynga, Inc., Class A (a)		61,855		625
				4,882
Communications Equipment (0.6%):
Lumentum Holdings, Inc. (a)		3,469		291
Consumer Discretionary (14.3%):
Amazon.com, Inc. (a)		465		1,547
Asbury Automotive Group, Inc. (a)		4,216		866
Brunswick Corp.		6,387		667
D.R. Horton, Inc.		5,230		499
Group 1 Automotive, Inc.		2,903		504
LCI Industries		4,656		679
LGI Homes, Inc. (a)		2,702		462
Lowe's Cos., Inc.		1,288		248
Meritage Homes Corp. (a)		6,367		691
Rent-A-Center, Inc.		12,974		743
Tesla, Inc. (a)		318		219
				7,125
Consumer Staples (4.7%):
BJ's Wholesale Club Holdings, Inc. (a)(b)		14,682		743
PepsiCo, Inc.		3,371		529
Performance Food Group Co. (a)		8,359		383
Philip Morris International, Inc.		7,082		709
				2,364
Energy (2.9%):
Chevron Corp.		4,733		482
Matador Resources Co.		16,223		501
Pioneer Natural Resources Co.		1,722		250
Valero Energy Corp.		2,909		195
				1,428
Financials (10.7%):
Ally Financial, Inc.		5,985		308
Ameriprise Financial, Inc.		1,325		341

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Special Value Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Bank of America Corp.		18,355	$	704
Flagstar Bancorp, Inc.		7,503		343
JPMorgan Chase & Co.		6,412		973
Morgan Stanley (b)		6,869		659
Primerica, Inc.		4,082		597
ServisFirst Bancshares, Inc.		5,565		396
T. Rowe Price Group, Inc.		2,702		552
Western Alliance Bancorp		4,786		444
				5,317
Health Care (12.2%):
AbbVie, Inc.		7,543		877
Charles River Laboratories International, Inc. (a)		2,031		826
ICON PLC (a)		2,527		615
Insulet Corp. (a)		962		269
McKesson Corp.		3,545		723
Regeneron Pharmaceuticals, Inc. (a)		1,454		836
Stryker Corp.		2,675		725
Thermo Fisher Scientific, Inc.		1,393		752
UnitedHealth Group, Inc.		1,066		439
				6,062
Industrials (11.8%):
Builders FirstSource, Inc. (a)		13,011		579
Chart Industries, Inc. (a)		1,976		307
Marten Transport Ltd.		32,128		508
Masco Corp.		9,269		553
Masonite International Corp. (a)		2,436		276
Old Dominion Freight Line, Inc.		2,786		750
Parker-Hannifin Corp.		1,645		513
Patrick Industries, Inc.		7,391		611
Trex Co., Inc. (a)		4,863		472
UFP Industries, Inc.		9,529		708
XPO Logistics, Inc. (a)		4,392		609
				5,886
IT Services (3.2%):
Akamai Technologies, Inc. (a)		4,838		580
CACI International, Inc., Class A (a)		1,111		297
EPAM Systems, Inc. (a)		1,254		702
				1,579
Materials (4.0%):
Avery Dennison Corp.		2,524		532

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Special Value Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Dow, Inc.		7,231	$	450
Summit Materials, Inc., Class A (a)		20,440		687
Valvoline, Inc.		10,575		324
				1,993
Real Estate (1.5%):
American Tower Corp.		1,504		426
Simon Property Group, Inc.		2,405		304
				730
Semiconductors & Semiconductor Equipment (8.7%):
Advanced Micro Devices, Inc. (a)		8,276		879
Applied Materials, Inc.		3,553		497
Broadcom, Inc.		1,351		656
Lam Research Corp.		755		481
NVIDIA Corp.		5,888		1,148
Qorvo, Inc. (a)		3,580		679
				4,340
Software (7.8%):
Adobe, Inc. (a)		448		279
Cadence Design Systems, Inc. (a)		3,370		498
Microsoft Corp.		10,812		3,080
				3,857
Technology Hardware, Storage & Peripherals (6.1%):
Apple, Inc.		20,751		3,027
Total Common Stocks (Cost $31,717)				48,881
Exchange-Traded Funds (2.2%)
SPDR S&P 500 ETF Trust		2,549		1,118
Total Exchange-Traded Funds (Cost $1,004)				1,118
Collateral for Securities Loaned^ (1.7%)
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (c)		16,789		17
Fidelity  Investments Money Market Government Portfolio, Institutional Class, 0.01% (c)		445,870		446
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		8,378		8
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)		66,807		67
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		300,377		300
Total Collateral for Securities Loaned (Cost $838)				838

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Special Value Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares	Value
Total Investments (Cost $33,559 ) — 102.2%		$	50,837
Liabilities in excess of other assets — (2.2)%			(1,106	)
NET ASSETS - 100.00%		$	49,731

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on July 31, 2021.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Strategic Allocation Fund			July 31, 2021
(Amounts in Thousands, Except for Shares)			(Unaudited)
Security Description	Shares		Value
Affiliated Exchange-Traded Funds (7.3%)
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		54,280	$	2,130
Total Affiliated Exchange-Traded Funds (Cost $1,400)				2,130
Affiliated Mutual Funds (92.3%)
Victory INCORE Investment Grade Convertible Fund, Class I		92,194		1,823
Victory INCORE Total Return Bond Fund, Class R6		323,383		3,221
Victory Integrity Discovery Fund, Class Y		23,089		1,138
Victory Market Neutral Income Fund, Class I		590,532		5,645
Victory RS Global Fund, Class Y (a)		453,355		8,895
Victory RS Partners Fund, Class Y		33,602		1,076
Victory Sophus Emerging Markets Fund, Class R6		110,521		2,869
Victory Trivalent International Small-Cap Fund, Class I		118,131		2,184
Total Affiliated Mutual Funds (Cost $21,725)				26,851
Total Investments (Cost $23,125) — 99.6%				28,981
Other assets in excess of liabilities — 0.4%				126
NET ASSETS - 100.00%			$	29,107

(a) Represents investments greater than 25% of the Fund’s net assets. Performance of the Fund may be adversely impacted by concentrated investments in securities. The financial statements and portfolio holdings for these securities can be found at www.sec.gov.

ETF—Exchange-Traded Fund

Affiliated Holdings

													Net Change
					Proceeds			Net			Capital		in Unrealized
	Fair Value		Purchases		from			Realized			Gain		Appreciation/			Fair Value		Dividend
Strategic Allocation Fund	10/31/2020		at Cost		Sales			Gains(Losses)			Distributions		Depreciation			7/31/21		Income
Victory INCORE Investment Grade Convertible Fund	$	-	$	1,831	$	-		$	-		$	-	$	(8	)	$	1,823	$	6
Victory INCORE Total Return Bond Fund Class R6		3,081		129		-			-			-		11			3,221		58
Victory Integrity Discovery Fund Class Y		820		-		(248	)		10			-		556			1,138		-
Victory Market Neutral Income Fund Class I		5,412		314		-			-			101		(81	)		5,645		143
Victory RS Global Fund Class Y		7,049		64		(453	)		108			3		2,127			8,895		61
Victory RS Partners Fund Class Y		830		14		(219	)		68			14		383			1,076		-
Victory Sophus Emerging Markets Fund Class R6		-		2,990		-			-			-		(121	)		2,869		-
Victory Sophus Emerging Markets Small Cap Fund Class Y*		1,916		682		(2,579	)		(682	)		170		663			-		512
Victory Trivalent Emerging Markets Small-Cap Fund Class Y*		1,987		20		(2,454	)		281			-		166			-		19
Victory Trivalent International Small-Cap Fund Class I		1,710		9		(81	)		25			-		521			2,184		8
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		1,629		42		-			-			-		459			2,130		24
* Position was sold prior to July 31, 2021	$	24,434	$	6,095	$	(6,034	)	$	(190	)	$	288	$	4,676		$	28,981	$	831

Victory Portfolios	Schedule of Portfolio Investments
Victory INCORE Fund for Income		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Principal Amount			Value
Government National Mortgage Association (72.5%)
Multi-family (0.3%):
Collateralized Mortgage Obligations (0.1%):
Government National Mortgage Assoc.
Series 2012-33, Class AB, 7.00%, 3/16/46	$	449		$	458
Pass-throughs (0.2%):
Government National Mortgage Assoc.
7.92%, 7/1/23		145			145
8.00%, 1/15/31 - 11/15/33		1,054			1,055
7.75%, 9/15/33		385			386
					1,586
Single Family (72.2%):
Collateralized Mortgage Obligations (3.2%):
Government National Mortgage Assoc.
Series 1999-4, Class ZB, 6.00%, 2/20/29		159			159
Series 2001-10, Class PE, 6.50%, 3/16/31		130			130
Series 2005-74, Class HB, 7.50%, 9/16/35		9			10
Series 2005-74, Class HC, 7.50%, 9/16/35		51			58
Series 2011-166, Class NT, 7.75%, 11/20/31 (a)		777			892
Series 2012-106, Class JM, 7.33%, 10/20/34 (a)		583			688
Series 2012-30, Class WB, 7.05%, 11/20/39 (a)		2,233			2,587
Series 2013-190, Class KT, 8.13%, 9/20/30 (a)		234			269
Series 2013-51, Class BL, 6.06%, 4/20/34 (a)		1,725			1,999
Series 2013-64, Class KY, 6.79%, 12/20/38 (a)		906			1,033
Series 2013-70, Class KP, 7.05%, 2/20/39 (a)		825			971
Series 2014-69, Class W, 7.20%, 11/20/34 (a)		116			136
Series 2014-74, Class PT, 7.80%, 5/16/44 (a)		179			201
Series 2015-77, Class PT, 7.47%, 6/20/39 (a)		349			404
Series 2019-22, Class PT, 7.92%, 2/20/49 (a)		6,227			7,129
Series 2021-1, Class WT, 7.84%, 1/20/51 (a)		6,371			7,417
					24,083
Pass-throughs (69.0%):
Government National Mortgage Assoc.
9.00%, 9/15/21 - 9/15/30		1,471			1,659
8.50%, 11/15/21 - 7/15/32		5,318			6,055
8.00%, 12/15/21 - 5/15/49		35,154			41,188
9.50%, 12/15/21 - 3/15/23		—	(b)		–	(b)

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Fund for Income		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares or Principal Amount		Value
6.00%, 1/15/22 - 9/20/50	$	83,408	$	97,971
7.00%, 12/20/22 - 9/20/50		89,885		105,464
7.13%, 3/15/23 - 7/15/25		193		196
5.50%, 7/15/23 - 11/15/45		14,509		16,996
7.50%, 8/15/23 - 5/15/49		60,741		69,888
10.00%, 4/15/25 - 2/15/26		1		1
6.50%, 12/15/25 - 2/20/41		135,679		158,505
6.13%, 6/20/28 - 11/20/28		308		330
6.28%, 10/20/28 - 9/20/29		623		683
6.10%, 5/20/29 - 7/20/31		461		506
7.30%, 4/20/30 - 2/20/31		182		190
6.49%, 5/20/31 - 3/20/32		901		1,004
4.50%, 12/15/33 - 5/15/41		3,989		4,580
5.00%, 1/20/34 - 1/15/40		9,316		10,711
4.00%, 8/15/41		716		803
				516,730
Total Government National Mortgage Association (Cost $534,895)				542,857
U.S. Treasury Obligations (26.7%)
U.S. Treasury Bills, 0.04%, 1/13/22 (c)		41,574		41,564
U.S. Treasury Bonds, 7.13%, 2/15/23		143,212		158,629
Total U.S. Treasury Obligations (Cost $200,220)				200,193
Investment Companies (0.0%)(d)
BlackRock Liquidity Funds Fedfund Portfolio, 0.02% (c)		99,607		100
Total Investment Companies (Cost $100)				100
Total Investments (Cost $735,215) — 99.2%				743,150
Other assets in excess of liabilities — 0.8%				5,890
NET ASSETS - 100.00%			$	749,040

(a)	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 July 31, 2021.
(b)	Rounds to less than $1 thousand.
(c)	Rate represents the effective yield at July 31, 2021.
(d)	Amount represents less than 0.05% of net assets.

Victory Portfolios	Schedule of Portfolio Investments
Victory INCORE Investment Grade Convertible Fund			July 31, 2021
(Amounts in Thousands, Except for Shares)			(Unaudited)
Security Description	Principal Amount		Value
Convertible Corporate Bonds (66.4%)
Communication Services (1.3%):
Snap, Inc., 0.75%, 8/1/26	$	1,595	$	5,220
Consumer Discretionary (8.9%):
Booking Holdings, Inc.
0.90%,  9/15/21		2,722		2,911
0.75%,  5/1/25 (a)		11,285		15,920
Expedia Group, Inc., 0.00%, 2/15/26 (a)(b)		11,981		12,866
Ford Motor Co., 0.00%, 3/15/26 (b)		3,120		3,341
				35,038
Energy (4.0%):
Pioneer Natural Resources Co., 0.25%, 5/15/25		10,825		15,914
Financials (16.7%):
Ares Capital Corp.
3.75%,  2/1/22		8,240		8,724
4.63%,  3/1/24		9,015		9,870
Barclays Bank PLC
0.00%,  2/4/25		6,120		8,973
0.00%,  2/18/25		2,730		3,174
BlackRock Capital Investment Corp., 5.00%, 6/15/22		3,712		3,743
BlackRock TCP Capital Corp., 4.63%, 3/1/22		1,390		1,421
GSK Finance NO 3 PLC, 0.00%, 6/22/23 (b)		5,418		5,448
JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b)		12,505		13,845
MGIC Investment Corp. Convertible Subordinated Notes, 9.00%, 4/1/63		4,127		5,448
TPG Specialty Lending, Inc., 4.50%, 8/1/22		4,391		5,260
				65,906
Health Care (9.2%):
Anthem, Inc., 2.75%, 10/15/42		3,492		18,873
Bristol-Myers Squibb Co., Convertible Subordinated Notes, 0.24% (LIBOR03M-50bps), 9/15/23, Callable 9/7/21 @ 100 (c) (d)		2,466		4,358
Illumina, Inc., 0.00%, 8/15/23 (a)		10,297		13,083
				36,314
Industrials (10.5%):
Fortive Corp., 0.88%, 2/15/22		18,851		18,940
Parsons Corp., 0.25%, 8/15/25 (b)		3,385		3,563

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Grade Convertible Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares or Principal Amount		Value
Southwest Airlines Co., 1.25%, 5/1/25	$	12,720	$	18,680
				41,183
Information Technology (13.9%):
Akamai Technologies, Inc., 0.13%, 5/1/25		2,704		3,611
Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (a)		12,440		14,449
Nuance Communication, Inc. Convertible Subordinated Notes, 1.00%, 12/15/35, Callable 12/20/22 @ 100		1,410		3,198
ON Semiconductor Corp., 0.00%, 5/1/27 (b)		245		260
ServiceNow, Inc., 0.00%, 6/1/22		520		2,264
Square, Inc., 0.25%, 11/1/27 (a)(b)		5,030		5,910
Vishay Intertechnology, Inc., 2.25%, 6/15/25		5,655		5,929
Western Digital Corp., 1.50%, 2/1/24		18,378		18,951
				54,572
Real Estate (1.9%):
Kite Realty Group LP, 0.75%, 4/1/27 (b)		7,365		7,457
Total Convertible Corporate Bonds (Cost $232,233)				261,604
Convertible Preferred Stocks (32.5%)
Financials (13.0%):
AMG Capital Trust II, 5.15%, 10/15/37		232,075		13,746
Bank of America Corp., Series L, 7.25% (e)		7,130		10,549
KKR & Co., Inc., Series C, 6.00%, 9/15/23 (a)		89,950		7,469
New York Community Capital Trust, 6.00%, 11/1/51		57,174		2,939
Wells Fargo & Co., Series L, 7.50% (e)		10,809		16,349
				51,052
Industrials (4.8%):
Stanley Black & Decker, Inc., 5.25%, 11/15/22 (a)		158,925		18,753
Utilities (14.7%):
American Electric Power Co., Inc., 6.13%, 3/15/22		49,970		2,512
American Electric Power Co., Inc., 6.13%, 8/15/23		49,910		2,649
CenterPoint Energy, Inc., Convertible Subordinated Notes, 4.57%, 9/15/29		80,000		5,290
Dominion Energy, Inc., Series A, 7.25%, 6/1/22 (a)		122,978		12,265
DTE Energy Co., 6.25%, 11/1/22		195,215		10,014
NextEra Energy, Inc., 4.87%, 9/1/22		127,545		7,496
NextEra Energy, Inc., 5.28%, 3/1/23		124,805		6,407

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory INCORE Investment Grade Convertible Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
The Southern Co., Series 2019, 6.75%, 8/1/22		229,220	$	11,885
				58,518
Total Convertible Preferred Stocks (Cost $115,188)				128,323
Collateral for Securities Loaned^ (16.4%)
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (f)		1,295,667		1,296
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (f)		34,409,850		34,410
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (f)		646,402		646
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (f)		5,155,802		5,156
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (f)		23,181,491		23,181
Total Collateral for Securities Loaned (Cost $64,689)				64,689
Total Investments (Cost $412,110) — 115.3%				454,616
Liabilities in excess of other assets — (15.3)%				(60,295	)
NET ASSETS - 100.00%			$	394,321

^	Purchased with cash collateral from securities on loan.
(a)	All or a portion of this security is on loan.
(b)	Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of July 31, 2021, the fair value of these securities was $52,690 (thousands) and amounted to 13.4% of net assets.
(c)	Variable or Floating-Rate Security. Rate disclosed is as of July 31, 2021.
(d)	Continuously callable with 30 days' notice.
(e)	Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.
(f)	Rate disclosed is the daily yield on July 31, 2021.

bps—Basis points

LIBOR—London InterBank Offered Rate

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of July 31, 2021, based on the last reset date of the security

LLC—Limited Liability Company

LP—Limited Partnership

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory THB US Small Opportunities Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Common Stocks (97.9%)
Communication Services (1.2%):
EverQuote, Inc., Class A (a)		36,390	$	1,098
Consumer Discretionary (16.7%):
America's Car-Mart, Inc. (a)		8,060		1,282
Aspen Group, Inc. (a)		33,090		218
Bassett Furniture Industries, Inc.		56,050		1,277
BJ's Restaurants, Inc. (a)		18,624		756
Century Communities, Inc.		12,370		859
Chuy's Holdings, Inc. (a)(b)		14,844		490
Del Taco Restaurants, Inc.		53,606		456
Guess?, Inc.		26,932		601
Johnson Outdoors, Inc., Class A		5,446		645
Lazydays Holdings, Inc. (a)		38,380		801
M/I Homes, Inc. (a)		19,475		1,260
MasterCraft Boat Holdings, Inc. (a)		23,230		619
Movado Group, Inc.		53,500		1,609
Noodles & Co. (a)		13,149		157
Red Robin Gourmet Burgers, Inc. (a)		33,540		880
Ruth's Hospitality Group, Inc. (a)		57,900		1,156
The Cheesecake Factory, Inc. (a)		11,890		538
Universal Technical Institute, Inc. (a)		86,130		524
Vera Bradley, Inc. (a)		69,210		762
				14,890
Energy (7.5%):
Clean Energy Fuels Corp. (a)		131,360		987
Frank's International NV (a)		334,058		919
Geospace Technologies Corp. (a)		49,200		430
Natural Gas Services Group, Inc. (a)		16,698		167
Profire Energy, Inc. (a)		552,220		591
Renewable Energy Group, Inc. (a)		16,899		1,034
REX American Resources Corp. (a)		3,486		286
RPC, Inc. (a)		314,070		1,319
TETRA Technologies, Inc. (a)		292,570		904
				6,637
Financials (7.8%):
BayCom Corp. (a)		28,656		524
First Busey Corp.		92,631		2,186
Heritage Financial Corp.		47,805		1,156

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory THB US Small Opportunities Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Old Second Bancorp, Inc.		86,592	$	1,003
Randolph Bancorp, Inc. (a)		29,203		621
The First Bancshares, Inc.		15,287		590
Trean Insurance Group, Inc. (a)		57,610		777
				6,857
Health Care (16.9%):
Addus HomeCare Corp. (a)		6,731		584
Amneal Pharmaceuticals, Inc. (a)		200,418		988
ANI Pharmaceuticals, Inc. (a)		5,073		172
Apollo Medical Holdings, Inc. (a)		7,916		700
Atrion Corp.		644		405
BioLife Solutions, Inc. (a)		37,744		1,769
Cardiovascular Systems, Inc. (a)		11,375		458
Coherus Biosciences, Inc. (a)		18,090		236
CryoLife, Inc. (a)		22,855		617
Lantheus Holdings, Inc. (a)		25,401		665
LeMaitre Vascular, Inc.		30,566		1,665
Ligand Pharmaceuticals, Inc. (a)		2,534		288
Meridian Bioscience, Inc. (a)		17,010		349
ModivCare, Inc. (a)		4,722		803
Orthofix Medical, Inc. (a)		20,676		822
Pro-Dex, Inc. (a)		10,616		326
Retractable Technologies, Inc. (a)		64,170		755
The Joint Corp. (a)		26,407		2,085
Vericel Corp. (a)		23,640		1,251
				14,938
Industrials (23.1%):
Allied Motion Technologies, Inc.		25,377		835
Ameresco, Inc., Class A (a)		12,195		836
Broadwind, Inc. (a)		84,980		323
CIRCOR International, Inc. (a)(b)		30,140		930
Concrete Pumping Holdings, Inc. (a)		49,120		427
Echo Global Logistics, Inc. (a)		13,890		430
Graham Corp.		61,894		847
Harsco Corp. (a)		46,470		935
Hyster-Yale Materials Handling, Inc.		27,600		1,977
IES Holdings, Inc. (a)		10,300		560
Insteel Industries, Inc.		35,925		1,395
MYR Group, Inc. (a)		4,851		464
NN, Inc. (a)		173,370		1,186
Northwest Pipe Co. (a)		23,450		666

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory THB US Small Opportunities Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Orion Energy Systems, Inc. (a)		62,890	$	315
Orion Group Holdings, Inc. (a)		140,893		757
Preformed Line Products Co.		7,970		546
The Greenbrier Cos., Inc.		37,000		1,584
The Shyft Group, Inc.		12,276		484
TPI Composites, Inc. (a)		33,785		1,322
Transcat, Inc. (a)		30,701		1,960
Ultralife Corp. (a)		67,869		539
US Xpress Enterprises, Inc., Class A (a)		69,940		611
Willdan Group, Inc. (a)		10,060		415
				20,344
Information Technology (21.4%):
Axcelis Technologies, Inc. (a)		11,896		459
ePlus, Inc. (a)		20,386		1,886
Grid Dynamics Holdings, Inc. (a)		55,260		1,163
Ichor Holdings Ltd. (a)		27,820		1,435
Iteris, Inc. (a)		176,300		1,098
Luna Innovations, Inc. (a)		132,300		1,631
Mesa Laboratories, Inc.		1,623		478
Methode Electronics, Inc.		4,829		231
Napco Security Technologies, Inc. (a)		37,150		1,313
NVE Corp.		1,671		125
PAR Technology Corp. (a)(b)		27,506		1,680
Perficient, Inc. (a)		30,770		2,902
Ping Identity Holding Corp. (a)		21,480		474
Ultra Clean Holdings, Inc. (a)		32,573		1,759
Upland Software, Inc. (a)		26,790		964
Vishay Precision Group, Inc. (a)		12,394		450
Wayside Technology Group, Inc.		18,590		527
Zix Corp. (a)		40,701		302
				18,877
Materials (1.9%):
Kaiser Aluminum Corp.		6,150		748
Koppers Holdings, Inc. (a)		30,357		932
				1,680
Real Estate (1.4%):
Gladstone Land Corp.		35,960		839
Postal Realty Trust, Inc., Class A		21,030		404
				1,243
Total Common Stocks (Cost $60,954)				86,564

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory THB US Small Opportunities Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.4%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (c)		7,499	$	7
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (c)		199,499		199
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (c)		3,753		4
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (c)		29,927		30
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (c)		134,557		135
Total Collateral for Securities Loaned (Cost $375)				375
Total Investments (Cost $61,329) — 98.3%				86,939
Other assets in excess of liabilities — 1.7%				1,505
NET ASSETS - 100.00%			$	88,444

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on July 31, 2021.

Victory Portfolios	Schedule of Portfolio Investments
Victory Sycamore Established Value Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Common Stocks (96.2%)
Communication Services (1.2%):
The Interpublic Group of Cos., Inc.		5,550,000	$	196,248
Consumer Discretionary (9.6%):
Aptiv PLC (a)		1,123,000		187,373
BorgWarner, Inc.		6,881,100		337,036
Las Vegas Sands Corp. (a)		4,250,000		179,988
Newell Brands, Inc.		4,147,600		102,653
Ross Stores, Inc.		1,935,000		237,405
VF Corp.		2,525,000		202,505
Yum! Brands, Inc.		2,185,000		287,087
				1,534,047
Consumer Staples (6.8%):
Archer-Daniels-Midland Co.		5,095,000		304,273
Sysco Corp.		3,265,000		242,263
The Hershey Co.		1,610,000		287,997
Tyson Foods, Inc., Class A		3,565,000		254,755
				1,089,288
Energy (3.9%):
Cimarex Energy Co.		2,880,000		187,776
Devon Energy Corp.		8,765,000		226,488
Valero Energy Corp.		3,100,000		207,607
				621,871
Financials (13.9%):
Alleghany Corp. (a)		475,000		314,972
American Financial Group, Inc.		2,440,000		308,636
Arthur J. Gallagher & Co.		1,175,000		163,689
Everest Re Group Ltd.		960,000		242,717
Huntington Bancshares, Inc.		11,800,000		166,144
Old Republic International Corp.		4,850,000		119,601
Prosperity Bancshares, Inc. (b)		2,725,000		185,818
The Bank of New York Mellon Corp.		4,120,000		211,479
W.R. Berkley Corp.		3,500,000		256,095
Zions Bancorp NA		4,740,000		247,191
				2,216,342
Health Care (5.7%):
Hill-Rom Holdings, Inc.		1,960,800		271,493
Molina Healthcare, Inc. (a)		400,000		109,204
Quest Diagnostics, Inc.		2,035,000		288,563
The Cooper Cos., Inc.		560,000		236,191
				905,451

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sycamore Established Value Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Industrials (21.7%):
AGCO Corp.		1,825,000	$	241,101
Alaska Air Group, Inc. (a)		4,150,000		240,824
Hubbell, Inc.		1,210,000		242,557
J.B. Hunt Transport Services, Inc.		1,230,000		207,194
Landstar System, Inc.		1,360,000		213,520
Lincoln Electric Holdings, Inc.		1,065,000		148,493
ManpowerGroup, Inc.		1,625,000		192,693
Oshkosh Corp.		1,655,000		197,855
Owens Corning, Inc.		1,890,000		181,742
Parker-Hannifin Corp.		668,000		208,436
Republic Services, Inc.		1,240,000		146,766
Textron, Inc. (b)		5,400,000		372,654
The Middleby Corp. (a)		1,200,000		229,788
The Toro Co.		1,735,000		197,339
United Rentals, Inc. (a)		475,000		156,536
Vertiv Holdings Co.		7,100,000		199,084
Xylem, Inc.		677,000		85,200
				3,461,782
Information Technology (10.0%):
Amphenol Corp., Class A		2,410,000		174,701
DXC Technology Co. (a)		5,520,000		220,690
Flex Ltd. (a)		11,850,000		212,944
Genpact Ltd.		5,200,000		259,012
Hewlett Packard Enterprise Co.		9,000,000		130,500
Leidos Holdings, Inc.		1,850,000		196,877
MAXIMUS, Inc.		2,350,000		209,150
Motorola Solutions, Inc.		828,300		185,473
				1,589,347
Materials (11.2%):
AptarGroup, Inc.		1,005,600		129,642
Avery Dennison Corp.		1,165,000		245,442
Corteva, Inc.		3,830,000		163,847
Eastman Chemical Co.		1,660,000		187,115
International Flavors & Fragrances, Inc.		1,690,000		254,582
Packaging Corp. of America		1,665,000		235,598
Reliance Steel & Aluminum Co.		1,200,000		188,580
Steel Dynamics, Inc.		3,050,000		196,573
Westlake Chemical Corp.		2,195,000		182,009
				1,783,388
Real Estate (9.9%):
Alexandria Real Estate Equities, Inc.		1,015,000		204,360
American Homes 4 Rent, Class A (b)		5,170,000		217,140

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sycamore Established Value Fund		July 31, 2021
(Amounts in Thousands, Except for Shares)		(Unaudited)

Security Description	Shares		Value
Americold Realty Trust		4,750,000	$	184,538
Camden Property Trust		1,450,000		216,615
Equity LifeStyle Properties, Inc.		2,615,000		219,137
Highwoods Properties, Inc.		3,335,000		159,046
Lamar Advertising Co., Class A		1,875,000		199,875
National Retail Properties, Inc.		3,745,100		183,023
				1,583,734
Utilities (2.3%):
Alliant Energy Corp.		3,575,000		209,245
Xcel Energy, Inc.		2,270,000		154,927
				364,172
Total Common Stocks (Cost $11,277,485)				15,345,670
Exchange-Traded Funds (0.9%)
iShares Russell Mid-Cap Value ETF (b)		1,305,000		150,949
Total Exchange-Traded Funds (Cost $82,743)				150,949
Collateral for Securities Loaned^ (0.4%)
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (c)		1,132,996		1,133
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.01% (c)		30,089,705		30,090
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (c)		565,421		565
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (c)		4,508,493		4,509
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (c)		20,271,063		20,271
Total Collateral for Securities Loaned (Cost $56,568)				56,568
Total Investments (Cost $11,416,796) — 97.5%				15,553,187
Other assets in excess of liabilities — 2.5%				396,706
NET ASSETS - 100.00%			$	15,949,893

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Rate disclosed is the daily yield on July 31, 2021.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Portfolios	Schedule of Portfolio Investments
Victory Sycamore Small Company Opportunity Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Common Stocks (95.5%)
Aerospace & Defense (0.6%):
Hexcel Corp. (a)		773,300	$	42,083
Air Freight & Logistics (0.6%):
Forward Air Corp.		510,000		45,104
Airlines (0.4%):
Frontier Group Holdings, Inc. (a)(b)		1,794,400		26,450
Building Products (1.1%):
UFP Industries, Inc.		1,085,500		80,609
Commercial Services & Supplies (4.3%):
ABM Industries, Inc.		951,700		44,244
McGrath RentCorp		748,505		58,698
U.S. Ecology, Inc. (a)		1,375,000		48,125
UniFirst Corp.		400,000		87,108
Viad Corp. (a)(c)		1,335,200		61,219
				299,394
Communication Services (0.7%):
The E.W. Scripps Co., Class A		2,607,300		49,747
Construction & Engineering (3.0%):
EMCOR Group, Inc.		1,006,200		122,565
MYR Group, Inc. (a)		420,000		40,165
Valmont Industries, Inc.		195,000		46,205
				208,935
Consumer Discretionary (13.0%):
Carter's, Inc.		694,000		67,832
Choice Hotels International, Inc.		793,100		95,093
Citi Trends, Inc. (a)(c)		515,500		41,111
Columbia Sportswear Co.		694,500		69,186
Core-Mark Holding Co., Inc.		2,005,000		86,295
Helen of Troy Ltd. (a)(b)		332,100		74,188
Hyatt Hotels Corp., Class A (a)(b)		872,400		69,679
LCI Industries		394,600		57,541
Mattel, Inc. (a)		3,568,900		77,516
Murphy USA, Inc.		165,000		24,339
Purple Innovation, Inc. (a)		1,272,200		33,510

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sycamore Small Company Opportunity Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Signet Jewelers Ltd. (b)		497,200	$	31,990
Sonic Automotive, Inc., Class A (b)		963,600		52,564
Steven Madden Ltd.		1,310,590		57,443
Visteon Corp. (a)		665,000		75,843
				914,130
Consumer Staples (4.1%):
Edgewell Personal Care Co.		1,249,100		51,313
Ingredion, Inc.		660,800		58,025
Lancaster Colony Corp. (b)		215,000		42,542
Performance Food Group Co. (a)		1,770,900		81,142
Sanderson Farms, Inc.		277,600		51,867
				284,889
Electrical Equipment (1.0%):
Encore Wire Corp.		919,956		72,152
Energy (2.4%):
Delek U.S. Holdings, Inc.		2,922,100		50,786
Helix Energy Solutions Group, Inc. (a)(c)		8,138,500		33,775
PDC Energy, Inc.		2,037,300		80,575
				165,136
Financials (18.4%):
American Financial Group, Inc.		183,400		23,198
AMERISAFE, Inc.		936,800		53,585
Bank of Hawaii Corp.		1,125,000		94,174
Cohen & Steers, Inc.		420,300		34,973
Columbia Banking System, Inc.		1,650,600		57,672
Eagle Bancorp, Inc.		1,036,000		57,011
First American Financial Corp.		751,700		50,597
Independent Bank Corp. (b)		1,365,000		96,478
Kemper Corp.		710,000		46,867
Lakeland Financial Corp.		991,400		66,295
Pinnacle Financial Partners, Inc.		952,300		85,336
RenaissanceRe Holdings Ltd.		538,900		82,285
Renasant Corp.		2,230,000		78,451
Ryan Specialty Group Holdings, Inc., Class A (a)(b)		1,070,200		31,571
Selective Insurance Group, Inc.		970,200		78,926
South State Corp.		1,328,400		91,447
State Auto Financial Corp. (b)		797,500		39,875
Stewart Information Services Corp.		1,035,400		61,099
UMB Financial Corp.		1,194,600		111,814
White Mountains Insurance Group Ltd.		40,900		46,281
				1,287,935

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sycamore Small Company Opportunity Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Health Care (4.0%):
AngioDynamics, Inc. (a)		1,695,200	$	45,143
Hanger, Inc. (a)(c)		2,433,800		59,726
ICU Medical, Inc. (a)		386,700		78,612
Natus Medical, Inc. (a)		1,687,200		45,048
NuVasive, Inc. (a)(b)		151,696		9,701
Patterson Cos., Inc. (b)		1,317,400		41,011
				279,241
Industrial Conglomerates (1.2%):
Carlisle Cos., Inc.		421,300		85,204
Information Technology (9.3%):
ADTRAN, Inc.		2,400,800		53,802
Advanced Energy Industries, Inc.		223,100		23,147
Avnet, Inc.		1,620,900		66,976
Cognyte Software Ltd. (a)		1,893,500		49,174
Fabrinet (a)		624,600		59,037
Littelfuse, Inc.		130,100		34,605
ManTech International Corp., Class A		515,500		45,086
MAXIMUS, Inc.		277,600		24,706
NETGEAR, Inc. (a)(c)		2,050,000		70,212
Plexus Corp. (a)(b)		664,200		59,990
ScanSource, Inc. (a)(b)(c)		1,549,100		42,740
Sykes Enterprises, Inc. (a)		1,115,000		59,831
Verint Systems, Inc. (a)		1,380,000		58,885
				648,191
Machinery (10.1%):
Alamo Group, Inc.		446,100		65,474
Altra Industrial Motion Corp.		1,179,800		73,950
Astec Industries, Inc. (c)		1,165,000		71,426
Columbus McKinnon Corp.		941,800		43,699
Crane Co.		1,154,900		112,291
Hillenbrand, Inc.		1,967,900		89,146
Kennametal, Inc.		1,645,700		59,657
Mueller Industries, Inc.		1,370,000		59,458
The Manitowoc Co., Inc. (a)		1,060,000		24,539
TriMas Corp. (a)		1,785,000		58,405
Watts Water Technologies, Inc., Class A		310,000		46,736
				704,781
Materials (6.7%):
Avient Corp.		1,308,600		63,493
Cabot Corp.		1,487,100		81,880

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sycamore Small Company Opportunity Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Kaiser Aluminum Corp.		565,100	$	68,761
Minerals Technologies, Inc.		863,800		69,294
Silgan Holdings, Inc.		1,850,000		74,962
Sonoco Products Co.		1,383,000		88,222
Worthington Industries, Inc.		396,500		25,364
				471,976
Professional Services (2.3%):
ICF International, Inc.		748,500		68,540
Korn Ferry		1,350,000		92,799
				161,339
Real Estate (5.6%):
Apple Hospitality REIT, Inc.		5,492,200		82,108
Corporate Office Properties Trust		3,142,600		92,518
First Industrial Realty Trust, Inc.		1,373,000		75,213
Healthcare Realty Trust, Inc.		677,700		21,605
Rayonier, Inc.		2,081,900		78,509
Sunstone Hotel Investors, Inc. (a)		3,850,000		44,429
				394,382
Road & Rail (2.2%):
Marten Transport Ltd.		4,132,400		65,375
Saia, Inc. (a)		99,100		22,397
Werner Enterprises, Inc. (b)		1,385,000		63,308
				151,080
Trading Companies & Distributors (2.0%):
Applied Industrial Technologies, Inc.		1,045,000		93,736
Core & Main, Inc., Class A (a)(b)		1,728,600		45,808
				139,544
Utilities (2.5%):
ALLETE, Inc.		654,300		46,011
MGE Energy, Inc.		485,500		37,927
NorthWestern Corp.		728,700		45,172
ONE Gas, Inc.		604,700		44,615
				173,725
Total Common Stocks (Cost $4,985,519)				6,686,027
Exchange-Traded Funds (1.1%)
iShares Russell 2000 Value ETF		485,000		77,581
Total Exchange-Traded Funds (Cost $56,617)				77,581

Victory Portfolios	Schedule of Portfolio Investments — continued
Victory Sycamore Small Company Opportunity Fund	July 31, 2021
(Amounts in Thousands, Except for Shares)	(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (1.0%)
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (d)		1,353,866	$	1,354
Fidelity  Investments Money Market Government Portfolio, Institutional Class, 0.01% (d)		35,955,491		35,955
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.02% (d)		675,646		676
JPMorgan Prime Money Market Fund, Capital Class, 0.07% (d)		5,387,393		5,387
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (d)		24,222,770		24,223
Total Collateral for Securities Loaned (Cost $67,595)				67,595
Total Investments (Cost $5,109,731) — 97.6%				6,831,203
Other assets in excess of liabilities — 2.4%				171,286
NET ASSETS - 100.00%			$	7,002,489

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Affiliated security.
(d)	Rate disclosed is the daily yield on July 31, 2021.

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

Affiliated Holdings

												Net Change
					Proceeds			Net		Capital		in Unrealized
	Fair Value		Purchases		from			Realized		Gain		Appreciation/		Fair Value		Dividend
Sycamore Small Company Opportunity Fund	10/31/2020		at Cost		Sales			Gains(Losses)		Distributions		Depreciation		7/31/21		Income
Astec Industries, Inc.	$	37,744	$	26,529	$	(620	)	$	307	$	-	$	7,466	$	71,426	$	265
Citi Trends, Inc.		-		26,838		(390	)		228		-		14,435		41,111		-
Hanger, Inc.		39,179		9,320		(4,353	)		590		-		14,990		59,726		-
Helix Energy Solutions Group, Inc.		14,980		13,527		(370	)		24		-		5,614		33,775		-
NETGEAR, Inc.		54,958		25,150		(18,788	)		4,222		-		4,670		70,212		-
ScanSource, Inc.		24,596		9,500		(357	)		27		-		8,974		42,740		-
Viad Corp.		20,071		13,810		(570	)		398		-		27,510		61,219		-
	$	191,528	$	124,674	$	(25,448	)	$	5,796	$	-	$	83,659	$	380,209	$	265